Nordic American Offshore Bags PSV Contract
Bermuda-headquartered Nordic American Offshore (NAO) has been awarded a two-year fixed contract for the Platform Supply Vessel (PSV) built in 2015, 'NAO Viking'.Commencement will be about mid-December 2018. The contract also grants the customer two one-year optional periods after the initial firm period, said a press release from the owner and operator of platform supply vessels in the North Sea'NAO Viking' will be operating primarily in the North Sea for a first class company. This contract has been concluded with one of the Company's regular customers.The contract is securing steady employment and contribution for 'NAO Viking'.Two days ago…
NAO, Vard Push Back PSV Deliveries
Nordic American Offshore Ltd. (NAO) informs that it has agreed with the Norwegian based Vard Aukra shipyard to extend the delivery of two platform supply vessel (PSV) newbuildings, originally scheduled to be delivered in mid-2015. Under the new agreement, the ships are scheduled to be delivered during the first quarter of 2016 when NAO will take ownership. The vessels are fully financed and the manufacturing process is developing satisfactorily, NAO said.
Hansson Sees Positive Outlook for NAO
Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share. In a letter to NAO shareholders, Hansson shared thoughts on the progress the company has made since first being listed on the New York Stock Exchange (NYSE) in June 2014, entering the Platform Supply Vessel (PSV) market against high, stable oil prices and record investment levels in the offshore segment. “Currently the market for our vessels is turbulent - the decline in oil price has led to reductions in exploration activity in the North Sea…
Offshore: Ulstein and the First U.S. Built X-Bow
Veteran Norwegian designer and builder Ulstein will, for the first time, build one of its signature X-Bow hull designs in the U.S., Maritime Reporter has learned. Edison Chouest Offshore’s LaShip shipyard in Louisiana is keen to build, and has found a Norwegian partner to share the risk. Judging by ever-evolving Ulstein business models and Jones Act strictures, Ulstein’s U.S. foray could lead to series production of the SX 165 offshore construction vessel. The U.S.-built combined light well-intervention and inspection, maintenance and repair vessel will be the second of the type.
NAO Announces Financials, Declares Dividend
Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters. The record date is November 7, 2014 and the payment of dividend is expected to take place on or about November 21, 2014. Since its establishment in late 2013 this start-up company has paid 3 dividends totalling $1.35 per share. To prepare for a NYSE listing and for expansion, NAO had a successful Initial Public Offering (IPO) on the New York Stock Exchange in June 2014, raising net proceeds of around $100 million. NAO started trading June 12, 2014.
NAO Publishes QQ Dividend & Earnings Report
Nordic American Offshore Ltd. (NAO) announced that it has declared its first dividend, $0.45 per share for 1Q2014. The record date is June 17, 2014 and the payment of dividend is expected to take place on or about June 30, 2014. For 1Q2014 the Company had earnings per share of $0.10, and a positive operating cash flowi of $6.5 million. The operating result for the quarter reflects 94 % of the earnings capacity for our fleet, as three of our six operating vessels were delivered in January 2014. The Board has declared a dividend of $0.45 per share for 1Q2014 to shareholders of record as of June 17, 2014. As of the time of this report, the number of shares in NAO is 16,666,666.
Nordic American Offshore Appoints CEO
Nordic American Offshore Ltd. (NAO) announced that Tor-Øyvind Bjørkli will join the company as chief executive officer (CEO), effective April 1, 2014. Tor-Øyvind will be working from out of the Oslo office on the same premises as Orion Tankers; the chartering department of Nordic American Tankers Limited (NAT). A subsidiary of Nordic American Tankers is the manager of the recently established Nordic American Offshore Ltd. (NAO). Tor-Øyvind graduated from Vestfold University College with a Bachelor of Science degree in Marine Engineering in 1992. He completed…
