TheNordic American Tankers-backed company said revenue was just over $13m in itsfirst full quarter since being formed.
NAO,whose fleet operates exclusively in the North Sea, said net income was impactedby a tax charge on operations of $1.2m.
However,it said it faced “minor future tax charges” as it had entered into the UKTonnage Tax system in March.
Thecompany also declared its first dividend of 45 US cents per share for the firstquarter of 2014. It is expected to be paid out on 30 June 2014.
NAO owns a fleet of eight sister vessel PSVswith six on the water and two more to be delivered in January 2015.
NAT made the surprise move into the PSV market last year,taking on a series of speculatively built vessels from Ulstein at a bargainprice.
It holds 26% of the Osloover the counter (OTC) traded company. Omega Advisors, BHR Capital and TuftonOceanic are among its other investors.
