Arbitration Award Related to Purchase Options for Four VLCCs on Charter to Okeanis ECO Tankers
NEWS PROVIDED BY
Feb 26, 2020, 09:15 ET
STOCKHOLM, Feb. 26, 2020 /PRNewswire/ -- In October 2019, Okeanis ECO Tankers ("Okeanis") served a notice to exercise options to repurchase four VLCCs ("the Vessels") that earlier had been bought by Ocean Yield ASA ("Ocean Yield") and chartered back to Okeanis on long-term charters. The parties disagreed if the conditions for exercising the options had been fulfilled, and the matter was therefore referred to arbitration.
An arbitration tribunal has decided that Okeanis did not have the right to exercise such options to repurchase the Vessels under the lease agreements.
CONTACT:
Company contact:
Eirik Eide (CFO), Tel +47-24-13-01-91
Investor Relations contact:
Marius Magelie (SVP Finance & IR), Tel +47-24-13-01-82
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SOURCE Ocean Yield