HAMILTON, Bermuda, May 9, 2014 (GLOBE NEWSWIRE) -- Nordic American Offshore Ltd. ("NAO" or "the Company") today 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 flow i 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. Financial Information 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. Our net income of $1.7 million for the first quarter of 2014 was impacted by a tax charge on operations of $1.2 million. In March 2014 we entered into the UK Tonnage Tax system, which will replace the taxation on operations and result in minor future tax charges. Our fleet currently operates in the North Sea. The Company's operating cash flow was $6.5 million for 1Q2014. As a matter of policy, the Company will always try to keep a strong balance sheet with low net debt and a focus on limiting the Company's financial risk. At the end of 1Q2014 the net debt per NAO vessel in operation was $3.0 million. The Company has in place a non-amortizing credit facility of $60 million, of which $40m has been drawn at this time. Net working capital, undrawn amounts of the credit facility and cash on hand amounted to $34 million. We concentrate on keeping our vessel operating costs low, while always maintaining our strong commitment to safe operations. As we expand our fleet, we do not anticipate that our administrative costs will rise correspondingly.
Our primary objective is to enhance total return for our shareholders, including our quarterly dividend.The Fleet Our fleet is comprised of eight high-quality PSVs, from the renowned Ulstein yard.
|Blue Protector||December 5, 2013|
|Blue Thunder||December 17, 2013|
|Blue Guardian||December 16, 2013|
|Blue Fighter||January 10, 2014|
|Blue Prosper||January 10, 2014|
|Blue Power||January 14, 2014|
|Blue Viking||Expected to be delivered by January 2015|
|Blue Storm||Expected to be delivered by January 2015|
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 tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement.i Operating cash flow (a non-GAAP measure) represents income from vessel operation administrative charges. The figure is calculated by adding depreciation expense, a non-cash item, to net operating gain. 1st Quarter 2014 Result: http://hugin.info/159489/R/1784211/611276.pdf Contacts: Scandic American Shipping Ltd Manager for: Nordic American Offshore Ltd. P.O Box 56, 3201 Sandefjord, Norway Tel: + 47 33 42 73 00 E-mail: firstname.lastname@example.org Tor-Øyvind Bjørkli, Chief Executive Officer Nordic American Offshore Ltd. Tel: +47 90 62 70 14 Turid M. Sørensen, Chief Financial Officer Nordic American Offshore Ltd. Tel: +47 90 57 29 27 Jacob Ellefsen, Manager, IR and Research, Monaco Nordic American Offshore Ltd. Tel: + 377 93 25 89 07 or + 33 678 631 959 Gary J. Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212 574 1223 Herbjørn Hansson, Executive Chairman Nordic American Offshore Ltd. Tel: +1 866 805 9504 or + 47 901 46 291