Aker ASA: Sale of shares in Ocean Yield under voluntary offer completed

Reference is made to Aker’s announcement on 13 September 2021 and the announcement as of today by Octopus Bidco AS (the “Bidder”), a company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates, regarding the voluntary offer for all outstanding shares in Ocean Yield ASA (“Ocean Yield”) (the “Offer”). The Bidder announced that settlement of the Offer has been made today and that the settlement amount can be expected received on 2 December 2021. As part of the transaction, Aker Capital AS ("Aker Capital"), a wholly owned subsidiary of Aker ASA (collectively referred to as "Aker"), has sold its entire shareholding of 108,066,832 shares (61.65%) in Ocean Yield. The sale will result in app. NOK 4.5 billion cash release to Aker, which will be deployed in further investments in current and new business opportunities.

In addition, the previously announced sale by Aker Capital to the Bidder of Aker Capital’s 50% ownership interest in a joint venture with Ocean Yield holding four LR2 product tankers with long-term charters to the Navig8 Group, will be completed this week.

Following completion of the abovementioned transactions, Aker will no longer hold any shares in Ocean Yield or in companies in which Ocean Yield directly or indirectly holds shares.

-ENDS-