Ocean Yield sells cable-lay vessel

Norwegian shipowner Ocean Yield has entered into an agreement to sell the offshore construction and cable-lay vessel Connector to an unnamed third party.

The vessel is expected to be delivered to its new owners before the end of December 2020.

Built in 2011, Connector had been operating on a long-term bareboat charter until February 2017. In anticipation of a market recovery, Ocean Yield has traded the vessel in the short-term market for the past years.

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 Connector as this will reduce the portfolio risk and improve net profit and cash flow.