Ocean Yield AS ("Ocean Yield" or the "Company") announced last year an investment in Geogas LNG, which provided an indirect economic interest of 34% in the French company France LNG Shipping ("FLS").

Ocean Yield is pleased to announce that it has now agreed to purchase Access Capital Partners' share in Geogas LNG. The transaction will increase Ocean Yield's indirect economic interest in FLS from 34% to 45%. 

FLS owns a portfolio of 12 LNG carriers on long-term charters to tier-one investment grade-rated European energy companies and is 50/50 owned by NYK and Geogas LNG. The fleet consists of 7 vessels on the water and 5 newbuildings, with an average contract duration of 9 years, or 13 years including extension options. The transaction will add approximately USD 250 million to Ocean Yield's EBITDA backlog. Closing of the transaction is expected to occur during the second or third quarter of 2025, subject to certain customary conditions. 

Chief Executive Officer Andreas Røde said in a comment: "We are pleased to increase our exposure in France LNG Shipping and further grow our presence in the LNG segment. FLS has proven to be a well-established and solid performing platform, backed by industry-leading partners in NYK and Geogas Maritime, both of which retain their shareholding and economic interest in FLS." 

BAHR acted as legal advisor to the Company in connection with the transaction.