Nordic America Offshore says that a query from the US Securities and Exchange Commission (SEC) regarding how it assesses impairment charges is not an ongoing matter.
The SEC query came in the wake of NAO's decision not to take any asset impairment charges in 2015 as the downturn in the offshore sector began in earnest. After the SEC sought further clarification on how NAO's assesses the value of its fleet, executive chairman Herbjorn Hansson responded personally to clarify the company's accounting policies.
