Nordic American Companies' Financial News

By George Backwell
Monday, June 02, 2014
Image courtesy of NAT

Nordic American Tankers Limited (NAT) says it has bought two Suezmax tankers, bringing its fleet to 22 Suezmax vessels. Secondly, Nordic American Offshore Ltd. (NAO) announces a proposed public share offering. Details as follows:

1. Nordic American Tankers
The Company says it has agreed to acquire two Suezmax vessels, delivered from a top shipyard in 2005. The agreed purchase price is US$36.5-million each. The vessels are expected to be delivered to us no later than August, 2014. The acquisitions will be financed from the financial resources of the Company.

NAT explain that the acquired vessels are essentially sister ships to other vessels in its current fleet. It is of significant importance to have more or less identical vessels in the fleet both from an operational and cost synergy point of view. The vessels were built to high technical specifications.

2. Nordic American Offshore (NAT owns 26%)
The Company says it has filed a registration statement with the U. S.  Securities and Exchange Commission, covering the proposed initial public offering of approximately 5,882,352 common shares.. NAO expects to launch the initial public offering on Monday, June 2, 2014 before NYSE opening.

The common shares have been approved for listing on the New York Stock Exchange, subject to official notice of issuance.  Since November 2013 the Company has been trading at the OTC (over the counter) in Oslo.

NAO says it intends to use a part of the net proceeds of the offering for the purchase of two newbuilding platform supply vessels (PSVs). The Company may use the balance of the net proceeds for the construction, in a Norwegian yard, of up to three optional PSVs that are similar to the Company's PSVs, and for general corporate purposes, including other vessel acquisitions and working capital.  If the three optional PSVs are purchased, NAO's fleet will equal 11 units. In November 2013 NAO had 6 PSVs.
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy: Future USS John Finn (DDG 113) Launched

The future USS John Finn (DDG 113) was launched at the Huntington Ingalls Industries (HII) shipyard March 28.  During launch the drydock was flooded allowing the

WISTA AGM to Address Emerging Shipping Challenges

WISTA USA (Women’s International Shipping and Trading Association) is putting the final touches on a high-profile speaker line-up that will headline its upcoming

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Offshore

Keppel FELS Delivers 11th Jackup to Mexico

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company,

North Sea Oil: Harkand wins Maersk Oil North Sea Deal

Harkand won a multi-million contract with Maersk Oil North Sea Ltd for the provision of DSV services in the North Sea region. The 12-month contract will be serviced by Harkand’s two DSVs,

China's Air Drills Roil South China Sea Waters

China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with

Tanker Trends

Maersk to Install Transas ECDIS on 100 Vessels

Maersk Line, the world's largest container company, has selected Transas Marine for ECDIS implementation on more than 100 vessels, Transas announced today. The

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

ECDIS to be Installed on 100 plus Maersk Vessels

Maersk Line selected Transas Marine for  ECDIS implementation on  more than 100 vessels.   The contract features Transas state-of-the-art Navi-Sailor ECDIS 4000

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Vessels

BMT Expands to Meet Increased Workload

BMT Nigel Gee (BMT), a subsidiary of BMT Group, has announced the completion of new offices in Southampton in order to meet a large increase in design work.   Operating

Enhancements for Standard 22 Gyro Compass

The German navigation system manufacturer Raytheon Anschütz has announced a new revision of the Anschütz Standard 22 Gyro Compass System. The enhancements improve

NYC Ferries: Gladding-Hearn Building Three New Vessels

Gladding-Hearn Shipbuilding, Duclos Corporation, has begun construction of the first of three new sightseeing vessels for Circle Line Sightseeing Cruises, Inc., in New York City.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2309 sec (4 req/sec)