Nordic American Offshore Ltd. (NYSE:NAO) - 3Q2017 Dividend and Earnings Report. NAO is in a solid financial condition.
(Thomson Reuters ONE) -
Link to the complete 3rd Quarter 2017 report:
http://hugin.info/159489/R/2148942/824607.pdf
Hamilton, Bermuda, November 10, 2017.
The Board has declared a dividend of $0.02 per share for 3Q2017 to shareholders
of record as of November 27, 2017. The payment of the dividend is expected to
take place on or about December 12, 2017. Since its establishment in late 2013,
NAO has paid dividends for 15 consecutive quarters, totalling $2.65 per share,
including the dividend to be paid December 12, 2017.
The third quarter produced improved results for NAO. The Net Result was -$5.8m
for 3Q2017 against -$6.7m for 2Q2017. The Adjusted Net Operating Earnings[1]
(EBITDA) was -$0.2m compared to -$2.4m of the second quarter 2017.The cash flow
for 3Q2017 of -$0.2m is a substantial improvement year on year and recent
quarters. In 2Q2017 the cash flow was -$2.4m.
NAO has ten high-quality Platform Supply Vessels (PSVs) built in Norway in the
period 2012-2016. Three of the ten vessels are currently in lay-up awaiting
improved market condition.
The basic features of NAO are similar to the business model of the NYSE listed
tanker company Nordic American Tankers Limited (NAT). NAT holds 16.1% of NAO
common shares and the Executive Chairman of NAO and his immediate family holds
13.4% of NAO commons shares.
NAO has about 35,000 shareholders.
NAO pursues a conservative financial policy. At the end of 3Q2017, the net
debt[2] per vessel was $9.8m. NAO has in place until early 2020 a non-amortizing
credit facility of $150m.
We concentrate on keeping our vessel operating costs low, while always
maintaining our strong commitment to safe operations. We have succeeded in
reducing our cost level in 2017 compared with 2016.
For further details on our financial position, please see later in this release.
Our 2016 Annual Report (Form 20-F) contains information about NAO. This report
was filed with the SEC April 24, 2017. It is on our web site www.nao.bm.
Strategy Going Forward
The main elements of NAO's strategy are based on quarterly dividends, low G&A
costs and liquidity in the stock.
We seek to achieve a competitive cash yield and a satisfactory Total Return[3],
a precise measure of value creation.
NAO is committed to protecting its underlying earnings, dividend potential and
strong balance sheet. We shall endeavor to safeguard and further strengthen
NAO's position in a deliberate, predictable and transparent way.
NAO has a modern fleet with low fuel consumption and excellent safety records.
We encourage investors interested in the offshore sector to consider buying
shares in NAO.
Link to the graph: http://hugin.info/159489/R/2148942/824607.pdf
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "anticipate," "intend," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections. We undertake no obligation to
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand in the PSV
market, as a result of changes in the general market conditions of the oil and
natural gas industry which influence charter hire rates and vessel values,
demand in platform supply vessels, our operating expenses, including bunker
prices, dry docking and insurance costs, governmental rules and regulations or
actions taken by regulatory authorities as well as potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, the availability of financing and refinancing, vessel
breakdowns and instances of off-hire and other important factors described from
time to time in the reports filed by the Company with the Securities and
Exchange Commission.
Contacts:
Herbjørn Hansson, Executive Chairman Bjørn Giæver, CFO
Nordic American Offshore Ltd. Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or +47 90 14 62 91 Tel: +1 888 755 8391 or
+47 91 35 00 91
Marianne Lie, Executive Vice Chair Gary J. Wolfe
Nordic American Offshore Ltd. Seward & Kissel LLP
Tel.: +47 91 64 55 06 New York, USA
Tel: +1 212 574 1223
Web-site: www.nao.bm
--------------------------------------------------------------------------------
[1] Adjusted Net Operating Earnings (Loss) represents Net Operating Earnings
(Loss) before depreciation and non-cash admin. charges.
[2] Net debt is working capital less long-term debt divided by 10 vessels.
[3] Total Return is defined as stock price plus dividends, assuming dividends
are reinvested in the stock.
3rd Quarter 2017 Result:
http://hugin.info/159489/R/2148942/824607.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic American Offshore Ltd via GlobeNewswire
Datum: 10.11.2017 - 13:31 Uhr
Sprache: Deutsch
News-ID 567658
Anzahl Zeichen: 8053
contact information:
Town:
Sandefjord
Kategorie:
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