NAO has better second quarter - maintains record of dividend paymentCompany News // August 5, 2015
North American Offshore (NAO) says its result for the second quarter of 2015 is better than that achieved in the first quarter of the year. Including a recently agreed credit facility of US$150 million, NAO is fully financed up to early 2020.
"The dividend policy of NAO is a fundamental element of our strategy," said the company. "As announced on 21 July 2015, NAO has declared a dividend of US$0.17 per share for the second quarter of 2015. The record date is August 5 and the payment of dividend is expected to take place about 19 August 2015. Since its inception in late 2013, NAO has paid dividends for six consecutive quarters.
The company’s PSVs are currently employed in the North Sea. NAO said the fall of oil prices since the third quarter of 2014 is affecting service providers to the oil industry and noted that in the case of PSVs, demand from new projects has lessened, but demand from existing production facilities has not been affected as much.
The company has 10 PSVs. Eight of these are now in operation, including two newbuildings which were delivered in January 2015.
"We have further delayed the delivery of the last two newbuildings which now is scheduled for April and June 2016," said NAO.