Nordic American Offshore Ltd. (NYSE:NAO) - Improved Market Conditions.
August 21 2017 - 8:34AM
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 Hansson
Executive Chairman
Nordic 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 Chairman
Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or +47 90 14 62 91
Turid M. Sørensen, CFO
Nordic American Offshore Ltd.
Tel: +47 33 42 73 00 or +47 90 57 29 27
Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223
Web-site: www.nao.bm
Press release (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
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