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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nordic Amern Offshore Ltd Ordinary Shares (Bermuda) | NYSE:NAO | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.47 | 0.00 | 01:00:00 |
NORDIC AMERICAN OFFSHORE LTD.
|
|||
(registrant)
|
|||
Dated: February 28, 2018
|
By:
|
/s/ HERBJØRN HANSSON
|
|
Herbjørn Hansson
|
|||
Executive Chairman
|
|||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATION
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
Amounts in USD '000
|
Dec. 31, 2017
(unaudited)
|
Sep. 30, 2017
(unaudited) |
Dec. 31, 2016
(unaudited)
|
Dec. 31, 2017
(unaudited)
|
Dec. 31, 2016
(unaudited)
|
|||||||||||||||
Net Charter Revenue
|
3,006
|
5,932
|
2,367
|
16,079
|
16,249
|
|||||||||||||||
Vessel Operating Costs
|
(4,751
|
)
|
(5,175
|
)
|
(5,581
|
)
|
(20,454
|
)
|
(24,137
|
)
|
||||||||||
General and Administrative Costs
|
(1,030
|
)
|
(948
|
)
|
(1,067
|
)
|
(4,222
|
)
|
(4,503
|
)
|
||||||||||
Depreciation Cost
|
(4,307
|
)
|
(4,615
|
)
|
(4,238
|
)
|
(17,472
|
)
|
(16,152
|
)
|
||||||||||
Operating Costs
|
(10,088
|
)
|
(10,739
|
)
|
(10,885
|
)
|
(42,148
|
)
|
(44,791
|
)
|
||||||||||
Net Operating Loss
|
(7,083
|
)
|
(4,807
|
)
|
(8,518
|
)
|
(26,068
|
)
|
(28,543
|
)
|
||||||||||
Interest Income
|
91
|
96
|
3
|
298
|
10
|
|||||||||||||||
Interest Costs
|
(1,287
|
)
|
(1,258
|
)
|
(1,099
|
)
|
(4,880
|
)
|
(3,467
|
)
|
||||||||||
Other Financial Income (Costs)
|
(90
|
)
|
211
|
(217
|
)
|
327
|
(151
|
)
|
||||||||||||
Total Other Costs
|
(1,287
|
)
|
(951
|
)
|
(1,314
|
)
|
(4,255
|
)
|
(3,608
|
)
|
||||||||||
Income taxes
|
0
|
0
|
0
|
997
|
1
|
0
|
||||||||||||||
Net Loss
|
(8,369
|
)
|
(5,758
|
)
|
(9,833
|
)
|
(29,326
|
)
|
(32,151
|
)
|
||||||||||
Basic Loss per Shares
|
(0.14
|
)
|
(0.09
|
)
|
(0.48
|
)
|
(0.53
|
)
|
(1.54
|
)
|
||||||||||
Basic Weighted Average Number of Common Shares Outstanding
|
61,986,847
|
61,986,847
|
20,686,847
|
54,995,614
|
20,939,260
|
|||||||||||||||
Common Shares Outstanding
|
61,986,847
|
61,986,847
|
20,686,847
|
61,986,847
|
20,686,847
|
|||||||||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
|
||||||||
Amounts in USD '000
|
Dec. 31, 2017
(unaudited)
|
Dec. 31, 2016
(unaudited) |
||||||
Cash and Cash Equivalents
|
31,506
|
2,953
|
||||||
Accounts Receivable, net
|
2,096
|
1,490
|
||||||
Prepaid Expenses
|
1,274
|
1,129
|
||||||
Inventory
|
1,510
|
1,240
|
||||||
Other Current Assets
|
690
|
1,097
|
||||||
Total Current Assets
|
37,076
|
7,909
|
||||||
Vessels, net
|
350,635
|
366,945
|
||||||
Total Non-current Assets
|
350,635
|
366,945
|
||||||
Total Assets
|
387,712
|
374,854
|
||||||
Accounts Payable
|
317
|
301
|
||||||
Accounts Payable, related party
|
728
|
581
|
||||||
Other Current Liabilities
|
1,764
|
3,207
|
||||||
Total Current Liabilities
|
2,809
|
4,089
|
||||||
Long-term Debt
|
136,552
|
*
|
136,193
|
*
|
||||
Other Long-term Liabilities
|
77
|
375
|
||||||
Total Non-current Liabilities
|
136,629
|
136,568
|
||||||
Shareholders' Equity
|
248,274
|
234,196
|
||||||
Total Liabilities and Shareholders' Equity
|
387,712
|
374,854
|
||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
|
Twelve Months Ended
|
|||||||
Amounts in USD '000
|
Dec. 31, 2017
(unaudited)
|
Dec. 31, 2016
(unaudited) |
||||||
Net Cash Provided by (Used in) Operating Activities
|
(14,032
|
)
|
(16,262
|
)
|
||||
Investment in Vessels
|
(830
|
)
|
(61,583
|
)
|
||||
Net Cash Used in Investing Activities
|
(830
|
)
|
(61,583
|
)
|
||||
Net Proceeds from Issuance of Common Stock
|
48,336
|
0
|
||||||
Proceeds from Use of Credit Facility
|
0
|
90,000
|
||||||
Repurchase of Treasury Stock
|
0
|
(8,513
|
)
|
|||||
Cash Dividends Paid to Shareholders
|
(4,933
|
)
|
(5,997
|
)
|
||||
Net Cash Provided by Financing Activities
|
43,403
|
75,490
|
||||||
Net Decrease in Cash and Cash Equivalents
|
28,541
|
(2,355
|
)
|
|||||
Effect of exchange rate changes on Cash
|
12
|
(31
|
)
|
|||||
Cash and Cash Equivalents at Beginning of Period
|
2,953
|
5,339
|
||||||
Cash and Cash Equivalents at End of Period
|
31,506
|
2,953
|
||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
Amounts in USD '000
|
Dec. 31, 2017
(unaudited)
|
Sep. 30, 2017
(unaudited) |
Dec. 31, 2016
(unaudited)
|
Dec. 31, 2017
(unaudited)
|
Dec. 31, 2016
(unaudited)
|
|||||||||||||||
Net Operating Loss
|
(7,083
|
)
|
(4,807
|
)
|
(8,519
|
)
|
(26,068
|
)
|
(28,543
|
)
|
||||||||||
Depreciation Costs
|
4,307
|
4,615
|
4,238
|
17,472
|
16,152
|
|||||||||||||||
Adjusted Net Operating Earnings (Loss)
(1)
|
(2,776
|
)
|
(192
|
)
|
(4,281
|
)
|
(8,596
|
)
|
(12,391
|
)
|
||||||||||
Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223
|
|
Marianne Lie, Executive Vice Chair
Nordic American Offshore Ltd. Tel.: +47 91 64 55 06
Bjørn Giaever, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Executive Chairman
Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or +47 90 14 62 91
|
|
Web-site:
www.nao.bm
|
1 Year Nordic American Offshore Ltd. Chart |
1 Month Nordic American Offshore Ltd. Chart |
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