NAO had incurred a $3.1m loss in the third-quarter of 2015 adding to a $400,000 loss in the second quarter as the persistent glut in offshore vessels for its core North Sea market continued to weigh on earnings.
Despite competitors in the market laying up vessels amid tepid demand, NAO has yet to do so for its fleet leading to revenues hit by lower daily rates.
NAT had helped establish NAO in 2013, which listed on the New York Stock Exchange in June 2014, so as to increase dividend payments to shareholders and to fully utilise its expertise in the offshore sector.
NAO owns 10 platform supply vessels which include two newbuildings scheduled for delivery in 2016.
The offshore company’s shares settled at $5.55, down 2.6% from the previous close.
Reference : http://www.lloydslist.com/ll/sector/tankers/article473293.ece