Nordic American Offshore Ltd. Announces Completion of Vessel Acquisition and Sale of Common Shares under Equity Line of Credi...
10 Aprile 2019 - 11:37PM
Hamilton, Bermuda—April 10, 2019—Nordic American Offshore Ltd.
(the “Company” or “NAO”) announced today that it has completed the
previously announced acquisition of thirteen vessels from Scorpio
Offshore Holdings Inc. for 8,126,219 common shares at $2.7774/
share.
In a separate transaction, the Company has sold 3,240,418 common
shares under its Equity Line of Credit to two affiliated entities
which are accredited investors for $2.7774/ share. Clarksons
Platou Securities acted as advisor in this transaction.
Emanuele A. Lauro, Chairman and Chief Executive Officer,
commented “With the completion of this acquisition and the first
drawdown under our Equity Line, NAO has achieved critical
short-term milestones of reducing our financial leverage and
increasing our liquidity. We will now turn to our immediate
operational goals which include the employment of our entire North
Sea fleet within the month of May.
Our PSVs and North Sea operations will remain our primary
focus. Our Q1 results will portray a number of contracts
which reflect weaker market conditions. However, our
spot vessels are experiencing dramatically improved utilization and
rates, in some cases exceeding $20,000/ day. We do anticipate
current conditions persisting, even improving, into the summer
months.
Our Anchor Handlers and Fast Crew Boats are serving global
customers in the West African market. We are experiencing
increased enquiry for our spot vessels which portends a broader
improvement in offshore fundamentals beyond any single region. We
look forward to providing more details during our Q1 Earnings Call
next month.”
Link to the
graph: http://ml.globenewswire.com/Resource/Download/2a2331a7-4979-4400-827b-cbfee9ccb0ff
About Nordic American Offshore
Ltd.
NAO is a Bermuda-based company listed on the New
York Stock Exchange engaged in the offshore industry. It owns
and operates a fleet of 10 modern harsh environment platform supply
vessels, 11 crew boats and 2 anchor handling vessels. Additional
information about the Company is available on the Company’s website
at www.nao.bm.
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.
Contact Information:
Nordic American Offshore Ltd. +377 9798 5717 (Monaco) +1 646 432
3315 (New York)
Web-site: www.nao.bm
Grafico Azioni Nordic American Offshore Ltd. (NYSE:NAO)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Nordic American Offshore Ltd. (NYSE:NAO)
Storico
Da Lug 2023 a Lug 2024