Recent LNGC entrant, Norway-based investor, Ocean Yield has reported a third quarter 2024 net profit of $23.2 mill.
In addition, EBITDA was $55.9 mill and adjusted EBITDA was $94.6 mill.
Ocean Yield said it had a strong balance sheet, with an equity ratio of 34% and $395.1 mill in available liquidity.
During the quarter, the company agreed to acquire 34% indirect economic interest in France LNG Shipping, a company owning LNGCs on long-term charters to three European investment grade counterparties.
The company also completed a successful placement of a new five-year unsecured bond totalling NOK1,251 mill.
EBITDA charter backlog at the end of 3Q24 was $4.5 bill with an average remaining contract duration of 10 years, including the recently announced LNG transaction.
Andreas Røde, CEO of Ocean Yield, said: “This quarter, focus has been on obtaining regulatory approvals for the announced LNG transaction and preparing for closing.
“The LNG transaction will be transformational for Ocean Yield, introducing a new segment to the portfolio, with strong partners and end users. “The infrastructure like characteristics of LNG fits well with our strategy of investing in long-term, stable cash flows to tier-one counterparties, ” he said.
