NAO Exercises Option to Purchase Shares

Posted By Gabby DelGatto
Tuesday, June 24, 2014

Nordic American Offshore Ltd. (NAO) announced that the underwriters of the company's initial public offering, which closed on June 17, 2014, have exercised in full their option to purchase an
additional 882,352 common shares.

The sale of these common shares isexpected to close on June 26, 2014. After the exercise of the overallotment option, there are 23,431,370 shares in issue in NAO. The total capital inflow into NAO from the Initial Public Offering and the exercise of the overallotment is in total about $100m.

The company intends to use the net proceeds of this offering for acquisitions and general corporate purposes, including working capital.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers. In addition, Global Hunter Securities, LLC is acting as a co-manager for the initial public offering.


 

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

People & Company News

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

Barczak Joins Alan C. McClure Associates

Naval architecture and engineering firm Alan C. McClure Associates (ACMA) announced today that Registered Professional Engineer Nicholas Barczakhas joined the ACMA team as a naval architect.

Finance

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

NOAA Orders Newbuild Navigation Response Boats

NOAA today announced that Lake Assault Boats of Superior, Wisconsin, will build two small vessels for the Office of Coast Survey's navigation response program,

News

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

Navantia Orders Sedni IAS for PEMEX Flotel

Sedni secures an important contract with Navantia to supply its Automation System (IAS) Diamar for the flotel vessel (BAP) which is being built at Ferrol factory for PEMEX owner.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Sonar Winch
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: 0.1282 sec (8 req/sec)