Hermitage Offshore stayed in the red in the second quarter.
The Scorpio Group-backed, New York-traded offshore vessel owner reported a $4m loss for the second three months of 2019, alongside a $0.22 loss per share, deeper than the $0.13 loss per share consensus.
The company booked $12.7m in charter revenue for the quarter while vessel operating expenses grew after it acquired 13 ships — 2 anchor handling tug supply ships and 11 crew boats — from parent Scorpio.
Both figures were year-over-year improvements for Hermitage, with revenue at just $4.8m for the second quarter of last year with a $10m loss. Then, the company was known as Nordic American Offshore and was backed by Herbjorn Hansson.
Both the revenue and loss figures were year-over-year improvements for Hermitage, from the $4.8m and $10m loss from last year, when it was known as Nordic American Offshore and backed by Herbjorn Hansson.
For the quarter, the company's platform supply vessels earned an effective dayrate of $11,340 with 89.4% utilization. Its AHTS fleet $6,043 effective dayrates with 65.2% utilization and its crew boats $2,596 with 46.6%.
In the third quarter so far, its PSVs are earning $9,500 effective dayrates for 95% of available days, alongside $5,000 and 85% for AHTS and $1,050 and 83% for crew boats.
