Herman rings of meromorphic maps with an omitted value

We investigate the existence and distribution of Herman rings of transcendental meromorphic functions which have at least one omitted value. If all the poles of such a function are multiple then it has no Herman ring. Herman rings of period one or two do not exist. Functions with a single pole or with at least two poles one of which is an omitted value have no Herman ring. Every doubly connected periodic Fatou component is a Herman ring.