NAT Drops 10%

Posted by Greg Trauthwein
Friday, November 22, 2013

Prices 8.13 Mln Public Share Sale at Discounted $8/Share
 

Nordic American Tanker (NAT) opened this morning on the stock exchange down more than 10% (Down $0.85 to $8.025/share in late morning trading) after saying it has priced a 8.13 million public offering at $8 per share, an almost 10% discount to Thursday's closing price.
 

The company has granted the underwriters a 30-day option to purchase up to an additional 1,218,750 common shares. The company expects to close the sale of the common shares on November 27, 2013, subject to customary closing conditions, as reported ealier this morning on MarineLink.com

http://www.marinelink.com/news/announces-american361311.aspx


In making the offring announcment, the tanker company said CEO Herbjoern Hansson is expected to buy 250,000 shares in the offering at the same terms as other investors.


The company said it plans to use proceeds to finance its investment in Nordic American Offshore Ltd. NAO is an independent company from Nordic American Tankers (NAT) that will initially own six platform supply vessels built in 2012 and 2013 by the Ulstein Group in Norway.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy Orders Demonstration Craft from Willard Marine

Willard Marine, Inc. (WMI) announced it has been selected through a solicitation process to supply a demonstration model of a new, advanced combatant craft for the U.

Alu Design to Create Next Generation of Marine Chairs

There’s a new designer in the driving seat at Alu Design. Per Ivar Selvaag, the former Lead Designer at BMW Group and Chief Designer of Peugeot’s concept car division,

Pink Lashings Raise Money for Breast Cancer Research

As the first Peters & May Pink Lashings shipment leaves Palma for Fort Lauderdale, the global marine transport company is calling all yacht owners to support its campaign to help raise £25,

Tanker Trends

KOTC Takes Delivery of Product Tanker Mutriba

Classification society ClassNK said it has completed work on the 31,445 GT product tanker Mutriba, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series

New Dual Use Piracy Barrier Launched

Guardian Maritime launched Guardian Greenwater, a new product that was developed to deal with the issue of greenwater on-board deck following turbulent weather conditions,

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1067 sec (9 req/sec)