Ocean Yield has today entered into an agreement to sell the offshore construction and cable-lay vessel Connector to Jan de Nul, Belgium.
The vessel is expected to be delivered to the buyer during the fourth quarter.
Connector is a highly advanced subsea construction & cable-lay vessel that was operating on a long-term bareboat charter until February 2017. In anticipation of a market recovery, Ocean Yield has for the past years traded the vessel in the short-term market. As the market has remained challenging, Connector has contributed negatively to both net profit and cash flow.
Considering the current weak outlook for the oil service segment and that an industrial setup is required to operate the vessel efficiently in the cable-lay market, Ocean Yield believes it is in the best interest of the Company to dispose of the vessel as this will reduce the portfolio risk and improve net profit and cash flow.