Kjell Inge Røkke’s Ocean Yield Has Billions of Write-offs – E24

The crisis in the crown and the fall in oil prices hit oil services hard. Ocean Yield, in which Kjell Inge Røkke’s Aker Capital is the largest shareholder, is forced to write off values ​​for one billion.

Ocean Yield is a shipping company with investments in oil services and industrial transportation.

In the third quarter, the company makes writedowns of $ 95 and 35 million, respectively, on the Dhirubhai-1 and Connector ships. This corresponds to a total of NOK 1,170 million.

This is not the first time that Ocean Yield has written down Dhirubhai-1. Last year, the company posted values ​​of $ 68.4 million related to the ship.

Ocean Yield has long tried to find assignments for the production ship, without success. For a long time, the ship provided great income to Ocean Yield, which in turn could pay generous dividends.

After the previous mission in India ended abruptly in 2018, Ocean Yield was looking for other alternatives.

One of the alternatives that Ocean Yield had long waited for was to be able to lease the ship to Kjell Inge Røkke and Aker’s oil project in Ghana through Aker Energy. However, in early 2020, it became clear that that dream was shattered for Ocean Yield.