Nimrod Sea Assets has published interim accounts covering the six months ended 30 September 2015. From 24 March 2014 (the date the Company listed on the SFM) to 30 September 2015, Nimrod Sea Assets invested 54% of available funds. They say the NAV at the end of September was 68.96 cents per share.
The Board has previously announced that it anticipates declaring a quarterly dividend of 2 cents per Ordinary Share from the end of June 2015 until March 2016. This will be funded by income received net of expenditure, and where necessary, added to from the Company’s capital resources.
As a result of the poor market conditions and on the basis the Company is unlikely to make any further new investments; the Board anticipates returning unrequired uninvested capital after March 2016. Save for unanticipated market changes or events, the Company currently anticipates returning a further 20 cents per share at that stage. The Company will consider the best method of returning this sum to Shareholders. The Company is focused on maximising the return to Shareholders from its existing assets.
No dividends are flowing from Bukit Timah Offshore – vessels Swiber Elsie-Marie, Swiber Anne Christine and Swiber Mary-Ann (apparently the banks are insisting that cash flow is retained within the structure). Norseman Offshore IS – vessel Odin Viking – lost work after Russian sanctions and isn’t paying dividends. Voldstad Maritime DIS II – vessel Oceanic Endeavour – is performing as forecast. DSV Alliance DIS – vessel DSV Alliance – the charter was terminated in June, is laid up in the UK and they are hoping for some short-term charters. Altus Subsea IS – vessel – Altus Invictus – was working on the South Stream project in the Black Sea but this project has been cancelled due to political tensions. Aberdeen Offshore DIS – vessel FS Cygnus – is on charter to Enquest but a rate “well below that required to earn an economic profit for shareholders”. Nimrod Sea Assets says there are 79 platform supply vessels like FS Cygnus laid up at the moment.
NSA : Nimrod Sea Assets plans capital return