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.

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