Nordic American Offshore takes three platform suppliers out of lay-up

Offshore vessel operator Nordic American Offshore (NAO) is bringing three of its platform suppliers back from lay-up in a spur of confidence in the recovery of the North Sea market. 

NAO owns and operates a fleet of ten platform supply vessels (PSV) each averaging approximately 4,000 DWT in size and with an average age just over four years.

The vessels were built in Norway in the period from 2012 to 2016 and are primarily engaged in the North Sea offshore market.

In a statement on Thursday, NAO said: “We are now optimistic for the North Sea market and we have decided to activate our three modern vessels in lay-up after which all our vessels are active. Having an attractive fleet, with all our vessels fully operational, improved market conditions should allow for immediate improvement in our financial results.”

Also on Thursday, NAO posted a smaller net loss that totaled $8.4 million for the fourth quarter of 2017 compared to a loss of $9.8 million in the same period of 2016.

The company’s net charter revenues in the last quarter of 2017 increased to $3 million from $2.4 million in the prior-year period.

At the end of the quarter, the net debt per vessel was $10.2 million. The company has a waiver for certain loan covenants, which expires in April 2018. NAO expects this to be extended.

Offshore Energy Today Staff

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