Nordic American Offshore posted heavy losses for the last three months of 2018 as the company's new management deals with lender issues and a lagging offshore sector.
The New York-traded company posted a $197.3m loss for the fourth quarter, while taking a $160.1m impairment charge for its entire 10-ship fleet.
The company also classified $136.5m of an outstanding, four-year-old revolving credit facility as a liability after a covenant breach.
