Fornebu, 23[rd] August 2023, Ocean Yield AS ("Ocean Yield" or the "Company")
announces results for the second quarter and first half year of 2023.

Highlights

  · EBITDA for Q2 2023 was USD 59.1 million and EBITDA adjusted for finance
lease effects was USD 86.5 million.
  · Net profit for Q2 2023 was USD 27.7 million.
  · Strong balance sheet, with an equity ratio of 31.1% and USD 115.9 million in
cash.
  · Signed an agreement to acquire four LR1 newbuilding product tankers with
sustainability-linked long-term bareboat charters to Braskem S.A..
  · Agreement with CMB N.V. that the final transaction scope for the
Newcastlemax transaction announced on 6 December 2022 will be eight or nine
vessels.
  · During the quarter, Ocean Yield repurchased another USD 42.3 million of its
hybrid perpetual bonds, OCY06.
  · An active quarter on the financing side, with refinancing and upsizing of
several loan agreements, at attractive terms.
  · The EBITDA charter backlog at the end of Q2 2023 was USD 3.9 billion with an
average remaining contract duration of 9.8 years.

Andreas Røde, CEO of Ocean Yield, said in a comment:
"Ocean Yield delivers another strong quarter, where the results were positively
impacted by one-off gains related to vessel sales. During the quarter, we signed
our first sustainability-linked lease for four newbuilding product tankers with
Braskem S.A.. I am pleased to see that Ocean Yield, through partnering with
clients that share our vision, is continuing to play an active role as
facilitator for the decarbonisation of the maritime industry."

Company contacts:

Andreas Røde (CEO), Tel +47 24 13 42 45

Eirik Eide (CFO), Tel +47 24 13 01 91

Investor Relations contact:

Karl Fredrik Schjøtt-Pedersen (SVP Finance & Investor Relations), Tel +47 951 32
335

Company information:

Ocean Yield AS is a ship owning company with investments in vessels on long-term
charters. The company has a significant contract backlog that offers visibility
with respect to future earnings.