Hello everyone, and good morning. Welcome to this presentation of Ocean Yield's Q3 2021 Results. My name is Marius Magelie, and I'm head of investor relations. We will start this presentation with our CEO, Lars Solbakken, that will go through the main events for the quarter. Our CFO, Eirik Eide, will then cover the key financials. We will at the end open up for questions from the web. You can submit your questions through the chat function. With that short introduction, I hand the word over to you, Lars. Thank you very much. Welcome everyone to a presentation of the Q3 results for Ocean Yield. Slide 1, Q3 2021 financial highlights. Net profit for the quarter was - $2.5 million. The net profit was negatively impacted by an impairment of $16.4 million on the FPSO Dhirubhai-1, and one-off expenses of $8.5 million related to the offer from KKR for all the outstanding shares in Ocean Yield. The adjusted net profit was $21.5 million. Both the net profit and adjusted net profit includes $2.1 million in payments to the hybrid capital. Earnings per share were - $0.027 and adjusted earnings per share were $0.111. Ocean Yield announced a dividend of $0.057 per share for Q3 2021. This is the same dividend as for Q2. The dividend yield based on the announced dividend is 4.7% per annum. At the end of the quarter, Ocean Yield had a cash position of $114 million. The adjusted EBITDA backlog was $2.7 billion. The adjusted EBITDA charter backlog does not include the EBITDA contribution from the transaction with International Seaways, as this transaction was done after the end of the quarter. This transaction will contribute about $500 million to the adjusted EBITDA backlog. Slide two. Cash offer from KKR for all outstanding shares in Ocean Yield. The key terms of the offer are as follows. Cash offer per share of NOK 41, which gives an implied market cap of about NOK 7.2 billion or $850 million. The price per share will be adjusted for dividends and the potential sale of the FPSO. A sale of the FPSO at the option price of $35 million will increase the base price per share by NOK 0.74. Shareholders accepting the offer will receive the increase in the offer price if the option for the FPSO is exercised. Banks and the competition authorities have now approved the transaction. Aker Capital owning 61.65% of the shares has accepted the offer. Timeline of the offer. Expiry of the acceptance period for the voluntary offer is fifth of November. Expiry of the FPSO purchase option is eighth of November. Expected settlement of the offer is the second of December. It is KKR Infrastructure that is behind the offer for Ocean Yield. They have assets under management of $38 billion, whereas KKR overall has $431 billion under management. Capital commitments for infrastructure fund number four that is investing in Ocean Yield is $17 billion. The infrastructure capital in KKR has a long-term investment perspective with focus on downside protection. Slide number three, investments during Q3. Purchase of six VLCCs. Ocean Yield has just committed to invest in six eco VLCCs, five built in 2016 and one built in 2015. Delivery of the vessels will be in Q4. Net investments will be $375 million after a seller credit of 10%. The vessels will be on 10-year bareboat charters to International Seaways with purchase obligations at the end of the charters. This transaction illustrates that Ocean Yield is able on short notice to do reasonably large transaction at competitive terms to financially strong counterparties. Purchase of 50% of 3 Suezmax tankers. During Q3, Ocean Yield acquired 50% equity interest in three Suezmax tankers from Aker Capital at an acquisition price of $5.9 million. The vessels have remaining bareboat charters of seven years to Nordic American Tankers with purchase obligations at the end of the charters. Purchase of a container newbuilding. Box Holdings Inc., a joint venture with Quantum Pacific, where Ocean Yield owns 49.9%, has acquired 1 container newbuilding contract. The vessel is a 15,000 TEU dual fuel newbuilding with delivery in Q3 2022, and the vessel will be on a 10-year bareboat charter to MSC. Sale of vessels. Navig8 has exercised options in the charter contracts to sell two LR2 tankers to third parties. The vessels are owned by a joint venture owned 50% by Ocean Yield. Expected delivery is in Q1 2022. Slide number four, financing. Bonds. Bondholders meetings have been summoned to request approval for change of control and to waive a delisting requirement for the shares. Bondholders in the three outstanding bonds have now approved the requests. Ocean Yield has arranged financing for the acquisition of the six VLCCs consisting of a $98 million loan facility with 10-year tenor and a $193 million loan facility with five-year tenor. The 49.9% owned Box Holdings Inc. are in the process of refinancing the outstanding bank debt. The joint venture will increase the bank debt by $132 million, of which $47 million will be used for financing of the equity portion of the container new building. The excess cash will be available for new investments and or dividends. Refinancing of Aker Wayfarer. Ocean Yield is in the process of signing a new $70 million loan facility for the refinancing of the offshore construction vessel, Aker Wayfarer. The new facility will have maturity in 2027. Slide number 5, long-term charters secures stable cash flow. Ocean Yield has an adjusted EBITDA backlog of $2.7 billion, with an average duration of 8.4 years. On the left-hand side of the slide, we can see that the adjusted EBITDA charter backlog for the Q4 of 2021 is $306 million. This number includes the sales proceeds from options that have been declared. For the years 2022 to 2026, the adjusted EBITDA charter backlog remains stable at about $278 million per year. Please note that the figure does not include the adjusted EBITDA from the International Seaways transaction, as this transaction was entered into after the end of the quarter. The annual adjusted EBITDA from this transaction is about $45 million and will increase the adjusted EBITDA backlog by about $500 million. In the middle of the slide, the adjusted EBITDA charter backlog has been split between the different segments. As can be seen from the slide, tankers are by far the largest segment, with 41% of the adjusted EBITDA charter backlog, followed by container vessels with 23%. The oil service segment has been reduced to only 10% of the charter backlog and consists of two PSVs on charter to Aker BP and one vessel on charter to Akastor Aker Solutions, with sub-charter to Petrobras. The chart at the right-hand side of the slide shows that based on book values, 94% of Ocean Yield's vessels are on long-term charters, 4% on charters with variable charter rates and the FPSO without charter only makes up 2% of the book values. Our Finance Director, Eirik Eide, will take you through the financials. Thank you, Lars. We move on to the next slide, which shows a financial snapshot of the company as of the third quarter. The graph on the left shows the adjusted net profit being $21.5 million compared to $24.3 million in Q2. $2.1 million of this is allocated to dividends on hybrid capital, and $19.4 million is allocated to common shares. Adjusted earnings per share $0.116 and $0.057 per share will be paid out to the shareholders, and this is equivalent to NOK 0.4810 per share. Available liquidity $114 million, and the equity ratio was 30.1%. If we look at the income statement under operating revenues, we have this quarter recorded $17.4 million compared to $17.2 million in the second quarter. This figure is more or less in line with the previous quarter. Finance lease revenues, $21.6 million in Q3 compared to $21.3 million in Q2. The small increase here is mainly due to the repurchase of 50% of the shares in the JV from Aker Capital, owning three tankers. Income from investments in associates, which is now related to the 50% ownership in four tankers and the 49.9% ownership in seven container vessels, was $5.4 million compared to $5.9 million in the second quarter. The decrease here is then related to the acquisition of the JV that I just mentioned, which was previously owned 50%. Other revenues $0.2 million compared with $3 million last quarter. The figure for Q2 was related to extraordinary revenues related to the sale of dry bulk vessels and minor amendments to the finance lease on a VLCC. That gives us total revenues of $44.7 million compared to $47.3 million last quarter. Vessel operating expenses were 0 compared to $0.2 million last quarter. The figure in the second quarter was related to final payments on the ship management contract for the Connector, which was sold in Q4 last year. Wages and personnel and other operating expenses in total $11.7 million in Q3 compared to $2 million in the second quarter. The increase here is mainly related to legal fees and provisions for transaction costs relating to the voluntary offer from KKR. Operating profit $25.6 million compared to $37.9 million in Q2. Financial expenses $12 million compared to $12.9 million last quarter. Foreign exchange movements and mark-to-market of financial instruments were in total positive with $1.6 million. That gives us a net profit before tax of $15.7 million compared to $27.7 million in the second quarter. Net profit from continuing operations $15 million and net loss from discontinued operations was $17.5 million compared to a loss of $1.2 million in Q2. This is related to the FPSO which is in layup and mainly then due to the impairment of the book value of the FPSO of $16.4 million. In total, net profit for the period including discontinued operations was negative with $2.5 million. Moving on to the next slide, adjusted EBITDA and adjusted net profit. EBITDA adjusted for finance lease effects was $54.7 million, which includes the repayment of finance lease element that was $21.8 million. The adjusted net profit $21.5 million and adjusted net profit from continuing operations was 22.6. The adjustments we have made is then related to the impairment on the FPSO, foreign exchange gains, and the change in fair value of financial instruments, plus change in deferred tax and loss from discontinued operations. If we then move on to the balance sheet, there are not that many things to comment on this time. On the left-hand side, the long-term portion of finance lease receivables has increased as a consequence of the acquisition of the 50% of the JV from Aker Capital. Finance lease receivables was $1.05 billion compared with $976 million last quarter. This is also then reflected in the long-term interest-bearing debt on the right-hand side, where the debt related to these vessels now is fully consolidated, and we see that the long-term interest-bearing debt has increased to $1.167 billion compared to $1.102 billion last quarter. On the cash and cash equivalents, $114 million compared to $101 million last quarter. The book equity in total was $654 million, and total assets, $2,176 million. That gives us then the equity ratio of 30.1% at the end of the quarter. That summarizes my part of the presentation, and then I will give the word back to Lars, who will summarize. Okay, the last slide is outlook. Start with the voluntary cash offer from KKR. The voluntary cash offer from KKR expires on the fifth of November. The expiry of the purchase option for the FPSO Dhirubhai-1 is on the eighth of November. The settlement date for the voluntary offer is on the second of December. With the offer from KKR, Ocean Yield may be taken private during the first half of 2022. The Board of Directors recommends the shareholders to accept the offer from KKR. Move on to new investments. With respect to new investments, we are currently actively looking for new investment opportunities, including vessels with dual fuel technology that have a lower carbon footprint. Our main focus continues to be on investments in modern tankers, bulkers, and container vessels with long-term charters. The final item, which is dividends. The dividend for Q3 is $0.057 or NOK 0.4810, with payment of the dividend on the nineteenth of November. This gives a dividend yield of 4.7% per annum. I will open up for questions. We will now open up for questions from the web. You may submit your questions through the chat function. We have received one question. I noted that everyone in management will sell its shares. Will management no longer be invested in the company or aligned with the shareholders? Yeah. It's correct that management have all accepted the offer from KKR. The intention is that we will enter into a new investment schemes with KKR. That's all the questions that we have received. With that, we have reached the end of today's webcast. This presentation will be available on our webpage. If you have any follow-up questions, feel free to contact us afterwards. We would like to thank everyone for listening in. Goodbye.
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