Norway-based Ocean Yield and Aker Energy have once again extended the option for a long-term bareboat charter of the FPSO Dhirubhai-1.
The previously agreed options are set to expire on May 30, 2019. Therefore, the parties reached a deal to stretch the options by three months against an additional compensation. With this move, Aker Energy has until September 1 to decide whether it would execute a 15-year charter for the laid-up FPSO.
Aker Energy is currently evaluating different opportunities for the unit at the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana. As there is uncertainty related to a contract for Dhirubhai-1 with Aker Energy, Ocean Yield is in parallel pursuing other employment opportunities for the FPSO.
In that respect, Ocean Yield has entered into an agreement to perform a fully-paid engineering study for the potential use of the unit on behalf of a non-related independent oil company.
“When reviewing future dividends of Ocean Yield, the prospects for long-term employment of the FPSO will be taken into consideration. If no satisfactory employment can be firmed up within the end of Q1 2020, an adjustment of the current dividend level of USD 0.191 per share per quarter will be considered,” the company explained.
Based on the expected earnings from the existing portfolio of vessels with long term charters and Ocean Yield’s continued growth ambitions, a quarterly dividend of about USD 0.15 per share as from Q1 2020 “is currently considered to be an appropriate dividend level until a new employment contract is secured for the FPSO.”