Hermitage Offshore did not get started on the right foot, badly missing Wall Street expectations for the first quarter.
The former Nordic American Offshore — which announced its name change, and new ticker symbol "PSV," alongside its results — posted a $7.2m loss, or $0.98 loss on a per share basis, missing the first quarter consensus forecast by 60 cents.
The performance was better than the same period last year, when the company posted a $9.5m net loss, thanks to higher charter revenues.
New era
During the quarter, the company's fleet of platform supply vessels earned $8,863 per day, totalling $4.6m over the three months.
Hermitage also announced Christopher Avella would be taking over as chief financial officer.
He joins from sister company Scorpio Tankers, where he served as controller since 2014. He replaces Bjorn Giaever.
Despite the results, chief executive officer Emanuele Lauro said the new name, finance chief and $20m refinancing with Mackenzie Financial Corp herald a new phase for the company.
The deal was struck less than two months after the Toronto-based institutional investor crossed the company's poison pill threshold. As a workaround, the then-Nordic American Offshore exempted Mackenzie from the 15% of all shares cap.
"[These moves] have brought us into the next phase of our development," Lauro said. "As a result, we believe that we are well-positioned in an offshore market that is showing signs of a broader structural recovery."
