Arctic: Credit Daily - Andfjord Salmon, Moreld, DOF Group, Archer, Ocean Yield ++

Research evidence excerpt

Arctic: Credit Daily - Andfjord Salmon, Moreld, DOF Group, Archer, Ocean Yield ++

Archer: In advanced negotiations for large P&A contract

Archer disclosed this morning that it is in advanced negotiations for a potential large multi-year P&A

contract covering drilling, compact workover units and well services. Archer has been targeting

several P&A campaigns with start-up in late 2026, so the negotiations have likely been ongoing for

some time, and we estimate the contract size to exceed the Fulmar P&A campaign at ~USD 200m.

Ocean Yield: No impact on charter-hire payments from Braskem Restructuring

In response to Braskem filing a for debt restructuring on Thursday, Ocean Yield issued a press

release stating that the relevant Ocean Yield charterer entities are not part of the proceedings

(however Braskem SA is the parent and a guarantor for the charterers). Ocean Yield does not

expect any impact on charter-hire payments, however and each charterer has posted a material

cash security deposit in exchange for Ocean Yield temporarily waving certain termination rights

related to the guarantor. The waiver remains conditional on full payment throughout the waiver

period. Ocean Yield’s exposure to Braskem relates to two LEG carriers and four LR1 product

tankers (two of which are to be delivered), with long term charters to subsidiaries of Braskem

Trading and Shipping B.V.

Klaveness Combination Carriers: USD 200m bank refinancing

KCC has closed a USD 200m senior secured bank refinancing, split equally between RCF and

term loan, with a six-year tenor, 20-year age-adjusted repayment profile and pricing of SOFR +165

bps. The new facility refinances USD 116.4m of drawn bank debt and replaces USD 68.0m of