Nordic American Offshore Ltd. (NYSE:NAO) - Improved Market Conditions.
August 21 2017 - 8:35AM
Hamilton, Bermuda, August 21, 2017
Dear Shareholder,
In beginning of July this year, we secured a medium term
employment for one of our vessels, i.e. seven months firm + three
months options at a rate of $7,200 per day. Thereafter, we have
concluded 15 new fixtures in July with rates in the range of $7,200
- $21,000 per day. So far in August, we have concluded eight new
fixtures between $8,700 and $30,000 per day.
The UK Platform Supply Vessel (PSV) market is currently stronger
than the market on the Norwegian Continental Shelf. We have all our
seven operating vessels in the UK sector of the North Sea. Three
ships are in lay-up and ready to be reactivated if required.
Going forward, we are hopeful that we can conclude fixtures at
higher rates than in the first half of this year. The market is
volatile by nature. We do not predict how long the stronger market
will last - the longer the better.
All British Pounds (GBP) amounts have been converted to USD at a
conversation rate of 1.2.
I and my son Alexander have recently increased our holdings in
NAO, now standing at 10.8% of the common shares.
Kind regards,Herbjørn HanssonExecutive ChairmanNordic American
Offshore Ltd.
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 ChairmanNordic American
Offshore Ltd.Tel: +1 866 805 9504 or +47 90 14 62 91
Turid M. Sørensen, CFONordic American Offshore Ltd.Tel: +47 33
42 73 00 or +47 90 57 29 27
Gary J. WolfeSeward & Kissel LLPNew York, USATel: +1 212 574
1223
Web-site: www.nao.bm
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/37dd1869-b6c7-43d6-9fcd-5e09aa1b06a0
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