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Aker ASA's Ocean Yield Acquires Lewek Connector Vessel from AMC Connector AS

Thursday, 11 Oct 2012 02:31am EDT 

Aker ASA announced that Ocean Yield, a wholly owned subsidiary of Aker ASA, has entered into an agreement to acquire the offshore construction and cable lay vessel, Lewek Connector, from AMC Connector AS for a total consideration of USD 315 million. After delivery, the vessel will be chartered on a hell and high water bareboat charter contract to EMAS AMC AS, a wholly owned subsidiary of Ezra Holdings Ltd. (Ezra). The bareboat charter will be fully guaranteed by Ezra. Lewek Connector was built in 2011 and is a subsea construction vessel. The vessel is equipped for subsea installation in harsh environments and can operate down to 3,000 meters water depth. EMAS AMC AS will have options to acquire the vessel during the charter period, with the first option being exercisable after five years. Ezra, operating under the brand name EMAS, is a global contracting group providing offshore/subsea construction, marine, production and well intervention services. The company is listed in Singapore. Ocean Yield has secured long-term financing with banks for approximately 75% of the investment. The remaining amount will be funded with equity. Ocean Yield's charter backlog will after the transaction stand at USD 1.7 billion. The delivery is expected in October 2012. The seller of the vessel, AMC Connector AS, is a 50/50 joint venture between Ezra and Aker Solutions ASA. Aker ASA indirectly owns 28% in Aker Solutions ASA through Aker Kvaerner Holding AS. 

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