Nordic American Offshore - 500 Beiträge pro Seite
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ID: 1.204.151
ID: 1.204.151
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ISIN: MHY6366T1120 · WKN: A116H3
2,9920
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Letzter Kurs 27.09.16 Frankfurt
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Press release from Nordic American Offshore Ltd. (NYSE:NAO) - Letter to Shareholders from the Chairman.
Hamilton, Bermuda, December 12, 2014
Dear Shareholder,
As the year draws to a close, I would like to share with you some reflections on the state of our business and in particular how Nordic American Offshore (NAO) differentiates itself from the competition.
NAO is essentially based on the same business model as Nordic American Tankers Limited (NYSE:NAT) in its industry, with a modern and cost effective homogenous fleet, a strong balance sheet and a quarterly dividend pay-out policy. We at NAO have a cash break-even level of about $12,000 per day per ship, which is considered low. NAT owns 19.2% of the shares in NAO which became stocklisted on NYSE June 12, 2014.
The last few months have seen significant changes in the price of oil, spurring confusion among some investors who have fled from oil-related securities. By doing so, many of them have, in my opinion, "thrown out the baby with the bath water."
Most industry observers were surprised by the rapid decline of the price of oil - but it is important for investors to understand why such a shift happened. Our view is that there is no systemic problem in the oil market. Demand remains healthy and is growing. Oversupply of oil is one important issue, but supply can be controlled. Therefore, we must consider the situation in the context of geopolitics. Who gains and who loses from a low oil price? Why would OPEC choose to maintain high production?
The low price of oil brings with it severe economic pressure for countries like Russia, Iran and Venezuela, all of whom have sensitive relations with the United States. I do not wish to speculate, but it seems clear that the current situation is a geopolitical issue. It is also a fair assumption that political accords may indirectly trigger or encourage production cuts, thus bringing up the price of oil. After all, the price of oil stayed high for several years until the last few months, suggesting a market generally in balance.
NAO as a company is not directly exposed to the price of oil to a significant extent. We are not an oil company. We do not own oil fields or sell oil. We are a Platform Supply Vessel (PSV) company. We service offshore oil installations including oil rigs as necessary parts of their operations. In our main market, the North Sea, existing production accounts for about 80% or so of the work handled by our type of vessel. Existing production in the North Sea is by and large unaffected by movements in the oil price. Startup costs are sunk costs and production breakeven costs are still below the current oil price.
The area that is affected is exploration work. With a low oil price the motivation to seek and develop new fields is reduced. This impacts the remaining 20% of the work typically carried out by our type of vessel. Not all the work will be stopped, and the first vessels to become idle in this market should be the older, smaller and lower specification vessels. NAO has an advanced fleet of top quality vessels in particular from a specification and fuel consumption viewpoint, which keeps NAO competitive in a challenging market.
I believe a useful analogy is to the car servicing and repair business. An economic downturn often slows new car sales. However, the automobile service departments still remain busy keeping existing cars running. The situation must be truly dire before people stop maintaining their vehicles. Just as cars are a necessity for moving around, our PSVs are a necessity for oil production, and in our case that existing production is not going away.
NAO has no debt. Next year, we will take delivery of four newbuildings, boosting earnings and dividend capacity by 67%. This growth is already built in - the proceeds from our June 2014 IPO along with our credit facility make this growth possible using very modest leverage. Compared with some of our competitors, NAO is resistant to volatile markets because of our low cash break-even costs. We are able to generate more cashflow from our vessels in any given scenario because we have minimal interest costs.
Of our current six vessel fleet - three are on long term charters with an average duration of two years before options. The income from these three vessels alone can cover all the costs of the six vessel fleet, thereby safeguarding the company's financial position.
As a rule, I do not comment on the stock price, but I feel it is important to say, both as a NAO shareholder directly and indirectly as the largest shareholder of NAT, which in turn, has a substantial stake in NAO, that I am not worried about NAO's long-term prospects. Investors should rest assured that the management team is working hard to safeguard our ability to pay quarterly dividends - we are better positioned than our competitors. This may seem a bold claim, but we have the strongest balance sheet and the most modern PSV fleet in the industry.
I would like to close by saying that even if rates remain low well into next year, we still expect to be able to pay a dividend. NAO is in this business for the long haul and I am hopeful that by this time next year, the global issues raised in this letter may have been resolved, setting the stage for a strong performance by NAO. It is clear that oil will remain the main energy form for many decades to come.
Hamilton, Bermuda, December 12, 2014
Dear Shareholder,
As the year draws to a close, I would like to share with you some reflections on the state of our business and in particular how Nordic American Offshore (NAO) differentiates itself from the competition.
NAO is essentially based on the same business model as Nordic American Tankers Limited (NYSE:NAT) in its industry, with a modern and cost effective homogenous fleet, a strong balance sheet and a quarterly dividend pay-out policy. We at NAO have a cash break-even level of about $12,000 per day per ship, which is considered low. NAT owns 19.2% of the shares in NAO which became stocklisted on NYSE June 12, 2014.
The last few months have seen significant changes in the price of oil, spurring confusion among some investors who have fled from oil-related securities. By doing so, many of them have, in my opinion, "thrown out the baby with the bath water."
Most industry observers were surprised by the rapid decline of the price of oil - but it is important for investors to understand why such a shift happened. Our view is that there is no systemic problem in the oil market. Demand remains healthy and is growing. Oversupply of oil is one important issue, but supply can be controlled. Therefore, we must consider the situation in the context of geopolitics. Who gains and who loses from a low oil price? Why would OPEC choose to maintain high production?
The low price of oil brings with it severe economic pressure for countries like Russia, Iran and Venezuela, all of whom have sensitive relations with the United States. I do not wish to speculate, but it seems clear that the current situation is a geopolitical issue. It is also a fair assumption that political accords may indirectly trigger or encourage production cuts, thus bringing up the price of oil. After all, the price of oil stayed high for several years until the last few months, suggesting a market generally in balance.
NAO as a company is not directly exposed to the price of oil to a significant extent. We are not an oil company. We do not own oil fields or sell oil. We are a Platform Supply Vessel (PSV) company. We service offshore oil installations including oil rigs as necessary parts of their operations. In our main market, the North Sea, existing production accounts for about 80% or so of the work handled by our type of vessel. Existing production in the North Sea is by and large unaffected by movements in the oil price. Startup costs are sunk costs and production breakeven costs are still below the current oil price.
The area that is affected is exploration work. With a low oil price the motivation to seek and develop new fields is reduced. This impacts the remaining 20% of the work typically carried out by our type of vessel. Not all the work will be stopped, and the first vessels to become idle in this market should be the older, smaller and lower specification vessels. NAO has an advanced fleet of top quality vessels in particular from a specification and fuel consumption viewpoint, which keeps NAO competitive in a challenging market.
I believe a useful analogy is to the car servicing and repair business. An economic downturn often slows new car sales. However, the automobile service departments still remain busy keeping existing cars running. The situation must be truly dire before people stop maintaining their vehicles. Just as cars are a necessity for moving around, our PSVs are a necessity for oil production, and in our case that existing production is not going away.
NAO has no debt. Next year, we will take delivery of four newbuildings, boosting earnings and dividend capacity by 67%. This growth is already built in - the proceeds from our June 2014 IPO along with our credit facility make this growth possible using very modest leverage. Compared with some of our competitors, NAO is resistant to volatile markets because of our low cash break-even costs. We are able to generate more cashflow from our vessels in any given scenario because we have minimal interest costs.
Of our current six vessel fleet - three are on long term charters with an average duration of two years before options. The income from these three vessels alone can cover all the costs of the six vessel fleet, thereby safeguarding the company's financial position.
As a rule, I do not comment on the stock price, but I feel it is important to say, both as a NAO shareholder directly and indirectly as the largest shareholder of NAT, which in turn, has a substantial stake in NAO, that I am not worried about NAO's long-term prospects. Investors should rest assured that the management team is working hard to safeguard our ability to pay quarterly dividends - we are better positioned than our competitors. This may seem a bold claim, but we have the strongest balance sheet and the most modern PSV fleet in the industry.
I would like to close by saying that even if rates remain low well into next year, we still expect to be able to pay a dividend. NAO is in this business for the long haul and I am hopeful that by this time next year, the global issues raised in this letter may have been resolved, setting the stage for a strong performance by NAO. It is clear that oil will remain the main energy form for many decades to come.
zusammen mit der gesamten Offshore-Branche unter die Räder gekommen...
Antwort auf Beitrag Nr.: 52.342.147 von R-BgO am 04.05.16 12:25:04
inzwischen erst so richtig,
aber die Hansson Familie kauft laufend zu...
Nordic American Offshore Ltd. (NYSE:NAO) - Improved Market Conditions.
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.
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 $30,000 per day.
The UK Platform Supply Vessel (PSV) market is currently stronger than the market on the Norwegian Continental Shelf. We have all our seven operating vessels in the UK sector of the North Sea. Three ships are in lay-up and ready to be reactivated if required.
Going forward, we are hopeful that we can conclude fixtures at higher rates than in the first half of this year. The market is volatile by nature. We do not predict how long the stronger market will last - the longer the better.
All British Pounds (GBP) amounts have been converted to USD at a conversation rate of 1.2.
I and my son Alexander have recently increased our holdings in NAO, now standing at 10.8% of the common shares.
gestern ein paar Stück als Naturaldividende von NAT bekommen...
Trading Spotlight
verrückterweise zahlen sie sogar Divi
Antwort auf Beitrag Nr.: 55.730.322 von R-BgO am 13.09.17 10:46:12
jetzt
nicht mehr relief?
Antwort auf Beitrag Nr.: 59.421.777 von R-BgO am 12.12.18 11:01:30
.
Nordic American Offshore Ltd. (NYSE: NAO) – Private Placement and Senior Management and Board Appointments
Bermuda, December 12, 2018.
Nordic American Offshore Ltd. (NYSE: NAO) announced today that it has entered into a share purchase agreement with Scorpio Offshore Investments Inc., a closely held company owned and controlled by the Lolli-Ghetti family, including Emanuele Lauro (“Scorpio”), pursuant to which Scorpio has invested USD 5,000,000 in a private placement of the Company’s common shares at a price of US$ 0.42 per share (the “Private Placement”). Clarksons Platou Securities AS acted as financial advisor to NAO in connection with the Private Placement.
Effective upon closing of the Private Placement, Mr. Emanuele Lauro was appointed Chairman and Chief Executive Officer of the Company. In addition, Mr. Robert Bugbee has been appointed to the Company’s board and to the office of President, Mr. Cameron Mackey has been appointed Chief Operating Officer and Mr. Filippo Lauro has been appointed Vice President. Concurrent with the Private Placement Mr. Herbjørn Hansson resigned from the board of directors and Ms. Marianne Lie has also resigned from the office of Executive Vice-Chair and will remain a director.
Scorpio’s equity investment in the Company and the changes in senior management and board appointments described above were unanimously supported by the Company’s full board, by the Company’s former Executive Chairman and certain of the Company’s largest shareholders, including affiliates of Mr. Hansson’s and Nordic American Tankers Ltd. (NYSE: NAT).
Commenting on the transaction, Mr. Emanuele Lauro stated:
I am honored to lead this Company through the next stage of its development. Though near-term challenges of the offshore market exist, I believe NAO has all the necessary attributes to succeed in the longer-term: high caliber people, high caliber assets, and strong relationships with key stakeholders, first among them its lenders and its shareholders. My focus in the coming weeks will be to ensure that this great enterprise can appropriately position itself for the improving fundamentals to come.
Mr. Herbjorn Hansson deserves credit for his vision and his passion for the Company. I would like to thank Mr. Hansson for his close engagement and support during the last few days; it is a testament to his loyalty to the business. He has built a commendable platform with a promising future, one I will be working hard with my colleagues to realize.
auf der NAO-Webseite heißt es dazu:
..
Nordic American Offshore Ltd. (NYSE: NAO) – Private Placement and Senior Management and Board Appointments
Bermuda, December 12, 2018.
Nordic American Offshore Ltd. (NYSE: NAO) announced today that it has entered into a share purchase agreement with Scorpio Offshore Investments Inc., a closely held company owned and controlled by the Lolli-Ghetti family, including Emanuele Lauro (“Scorpio”), pursuant to which Scorpio has invested USD 5,000,000 in a private placement of the Company’s common shares at a price of US$ 0.42 per share (the “Private Placement”). Clarksons Platou Securities AS acted as financial advisor to NAO in connection with the Private Placement.
Effective upon closing of the Private Placement, Mr. Emanuele Lauro was appointed Chairman and Chief Executive Officer of the Company. In addition, Mr. Robert Bugbee has been appointed to the Company’s board and to the office of President, Mr. Cameron Mackey has been appointed Chief Operating Officer and Mr. Filippo Lauro has been appointed Vice President. Concurrent with the Private Placement Mr. Herbjørn Hansson resigned from the board of directors and Ms. Marianne Lie has also resigned from the office of Executive Vice-Chair and will remain a director.
Scorpio’s equity investment in the Company and the changes in senior management and board appointments described above were unanimously supported by the Company’s full board, by the Company’s former Executive Chairman and certain of the Company’s largest shareholders, including affiliates of Mr. Hansson’s and Nordic American Tankers Ltd. (NYSE: NAT).
Commenting on the transaction, Mr. Emanuele Lauro stated:
I am honored to lead this Company through the next stage of its development. Though near-term challenges of the offshore market exist, I believe NAO has all the necessary attributes to succeed in the longer-term: high caliber people, high caliber assets, and strong relationships with key stakeholders, first among them its lenders and its shareholders. My focus in the coming weeks will be to ensure that this great enterprise can appropriately position itself for the improving fundamentals to come.
Mr. Herbjorn Hansson deserves credit for his vision and his passion for the Company. I would like to thank Mr. Hansson for his close engagement and support during the last few days; it is a testament to his loyalty to the business. He has built a commendable platform with a promising future, one I will be working hard with my colleagues to realize.
Antwort auf Beitrag Nr.: 59.421.801 von R-BgO am 12.12.18 11:03:39
* der Buch"wert" je Aktie lag VOR der Transaktion bei $3,53 je Aktie, DANACH bei $3,02 - da kann man wohl von "distresses" sprechen
* dazu passt (aus dem Q3-Bericht):
"The weak offshore supply market has put a strain on our cash liquidity. We are working on a concrete arrangement that we expect will contribute to the short-term liquidity need. We pursue a conservative financial strategy, having little or no debt. This is also our plan going forward.
At the end of 3Q18, the net debt per vessel was $12.2 million.
At the end of the quarter our fleet’s market valuation (steel value) was in breach with certain covenants under our Revolving Credit Facility. Therefore, we classify the debt as current. We expect this matter to be solved in early 2019 at the latest.
As for the contemplated canadian Horizon Maritime business combination, due dilligence processes are still ongoing."
zur Einordnung:
* 5 MUSD ./. 0,42 ergibt 11,9 Mio. Aktien, bei bisher ausstehenden 62 Mio. kann man wohl kaum von "Takeover" sprechen* der Buch"wert" je Aktie lag VOR der Transaktion bei $3,53 je Aktie, DANACH bei $3,02 - da kann man wohl von "distresses" sprechen
* dazu passt (aus dem Q3-Bericht):
"The weak offshore supply market has put a strain on our cash liquidity. We are working on a concrete arrangement that we expect will contribute to the short-term liquidity need. We pursue a conservative financial strategy, having little or no debt. This is also our plan going forward.
At the end of 3Q18, the net debt per vessel was $12.2 million.
At the end of the quarter our fleet’s market valuation (steel value) was in breach with certain covenants under our Revolving Credit Facility. Therefore, we classify the debt as current. We expect this matter to be solved in early 2019 at the latest.
As for the contemplated canadian Horizon Maritime business combination, due dilligence processes are still ongoing."
reverse-split 1:10
heute umbenannt in Hermitage Offshore
Antwort auf Beitrag Nr.: 60.781.984 von R-BgO am 11.06.19 18:09:00WKN A2PLZF
Antwort auf Beitrag Nr.: 60.785.785 von R-BgO am 12.06.19 09:05:15Thread: Hermitage Offshore Services
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