Nordic American Offshore News

Offshore vessel owner Hermitage Offshore Services has appealed against the New York Stock Exchange's move to delist its shares.Hermitage Offshore Services (previously known as Nordic American Offshore) on August 12 filed for a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, It cited a prolonged slump in global oil prices, driven in part by the global coronavirus pandemic, and its effect on the company’s business, as well as the inability to reach a financial restructuring deal with lenders out of court, as the reason for the move.Following Hermitage's Chapter 11 application, the NYSE then determined to initiate delisting procedures for the company’s common shares, to which the cash-strapped offshore vessel owner has now decided to appeal.

Offshore vessel owner Hermitage Offshore Services, hit by prolonged low oil prices and business fallout from the coronavirus pandemic, said it has voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.New York-listed Hermitage, part of the Scorpio Group, said it filed for Chapter 11 after failing to reach a financial restructuring deal with lenders out of court."While the company would have preferred to complete its financial restructuring out of court, it was unable to reach a consensual agreement with its lenders, which made filing Chapter 11 necessary to provide a single forum for all continuing conversations with its lenders…

Bermuda-headquartered platform supply vessels (PSVs) operator Nordic American Offshore (NAO) announced that it has completed the previously announced acquisition of thirteen vessels from Scorpio Offshore Holdings Inc.Emanuele A. Lauro, Chairman and Chief Executive Officer, commented “With the completion of this acquisition and the first drawdown under our Equity Line, NAO has achieved critical short-term milestones of reducing our financial leverage and increasing our liquidity. We will now turn to our immediate operational goals which include the employment of our entire North Sea fleet within the month of May."The acquisition was done for 8,126,219 common shares at $2.7774/ share.

Bermuda-based company Nordic American Offshore (NAO) announced  that it has reached agreement with the lenders under the Company's $150 million  Revolving Credit Facility, dated March 16, 2015 pursuant to which the lenders have agreed, upon satisfaction of certain conditions precedent by the Company, to the extension of waivers up until January 31, 2020.The owner and operator of platform supply vessels (PSVs) said in a press release that it has also announced that the lenders have committed, upon satisfaction of certain conditions precedent by the Company, to a new $ 132.9 million term loan facility with maturity of December 6, 2023 to refinance the Credit Facility…

Nordic American Offshore Ltd (NYSE: NAO) reported for the three months ended December 31, 2018, the company's net loss was $169.3 million, or $26.23 per basic and diluted loss per share, which included a non-cash impairment charge of $160.1 million, or $24.80 per basic and diluted. Excluding the impairment charge, the net loss for the fourth quarter of 2018 was $9.2 million, or $1.43 per basic and diluted loss per share. For the year ended December 31, 2018, the company's net loss was $197.3 million or $31.50 per basic weighted average and diluted loss per share, which included a non-cash impairment charge of $160.1 million. Excluding the impairment charge…

Bermuda-headquartered Nordic American Offshore (NAO) has been awarded a two-year fixed contract for the Platform Supply Vessel (PSV) built in 2015, 'NAO Viking'.Commencement will be about mid-December 2018. The contract also grants the customer two one-year optional periods after the initial firm period, said a press release from the owner and operator of platform supply vessels in the North Sea'NAO Viking' will be operating primarily in the North Sea for a first class company.  This contract has been concluded with one of the Company's regular customers.The contract is securing steady employment and contribution for 'NAO Viking'.Two days ago, NYSE-listed offshore support vessel owner Scorpio Group took control of NAO, via a private placement into company’s shares worth $5 million.

NYSE-listed offshore support vessel owner Scorpio Group has taken control of Nordic American Offshore (NAO), via a private placement into company’s shares worth $5 million.The investment, which took place via a private placement with Scorpio Offshore Investments, a unit of the group, was announced by NAOScorpio Group leader Emanuele Lauro has been appointed chief executive and chairman of NAO.Nordic American Tankers presently owns about 16.1 percent in NAO and the Hansson family owns 13.5 percent, in total about 30 percent. Following the investment in NAO by Scorpio, the NAT related entities have about 24 percent.Herbjørn Hansson, Chairman & CEO of NAO, said in a statement, "Scorpio will step into NAO to significantly strengthen and grow NAO.

Nordic American Offshore Ltd (NAO) said it has been awarded a one-year fixed contract for the 2013-built platform supply vessel (PSV) NAO Power.The contract with an unnamed "first-class company" is due to commence in early December 2018, and includes two three-months options following the firm charter period.NAO Power will operate primarily in the North Sea.

The owner and operator of platform supply vessels (PSVs) Nordic American Offshore (NAO) has informed that its project to combine with Horizon Maritime Services has been called off.A stock exchange announcement from the Bermuda-based company said: "The contemplated business combination, involving NAO and a group in Eastern Canada (Horizon Maritime), has been shelved as it has been decided not to move forward at this time."It added that a Nordic company (Nordic Canadian Shipping Ltd) was engaged in the area during the 1990s at the Cohasset Panuke oil field which ceased oil production in 1999.If the deal passes due diligence and a binding agreement is executed by 31 October…

Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London, top rated Senior Shipping Analyst in DNB Markets and partner in Inge Steensland AS, specializing in gas related maritime matters.    Outgoing NAT/NAO CFO, Turid M. Sorensen, will leave her administrative duties before the end of 2017. She will be suggested as board member of NAT.

Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division. Giaever has more than 20 years of experience in the shipping industry, holding key roles in corporate finance and equity research. In addition to having worked as investment banker towards the shipping & offshore industry for the past seven years…

Nordic American Offshore (NAO) has ten high-quality Platform Supply Vessels (PSVs) built in Norway in the period 2012-2016.    "Seven of our ten vessels are in operation. Going into the third quarter, an improvement in the PSV market has taken place.  In a volatile market, the longer it lasts, the better," said a statement from the company.   The basic features of NAO are similar to the business model of the NYSE listed Nordic American Tankers Limited (NAT) which is a strong company, it said.   Nordic American Tankers Limited (NAT) holds 22.6% of NAO common shares and the immediate Hansson family, including the Executive Chairman, holds 10.8% of NAO commons shares.

Nordic American Offshore Ltd. executive chairman, Herbjorn Hansson and his son, Alexander, have accumulated 1,681,007 shares in the New York listed NAO at an average price of $1.12 per share.  Following the the last purchase of 181,007 NAO shares on Friday, May 12, the Hansson family together with its previous holding now hold shares equivalent to 6.5 percent of NAO.

The executive chairman of Nordic American Offshore Ltd. (NAO) and his family have increase their holding in the company, now holding shares equivalent to 5.4 percent of NAO.   On Wednesday a company owned by the NAO executive chairman, Herbjorn Hansson, and his son, Alexander, bought 500,000 shares in NAO at an average price of $1.18 per share. They also bought 500,000 NAO shares on Tuesday.

Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million. The proceeds could be slightly in excess of $50 million, provided the over-allotment option is wholly or partly exercised (maximum about $7 million). Following the offering, the Company has 60,686,847 common shares outstanding as against 20,686,847 shares before the offering. NAO Executive Chairman, Herbjorn Hansson said: ""Going forward, this successful offering has as an objective to continue the growth process of NAO of top modern PSVs, servicing the oil industry, above all in the UK and Norwegian sector of the North Sea.

Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares. At the Company’s request, the underwriters have reserved common shares to the Company’s largest shareholder and certain members of the Company’s management and certain Company directors and advisors. These include Marianne Lie, Exe23.02cutive Vice Chair and board member, Turid M. Sørensen, Chief Financial Officer, Paul J.

Nordic American Offshore Ltd. (NAO) announced that Alexander Hansson, the son of the company’s chairman, Herbjorn Hansson, today bought 100,000 shares in NAO.   The share price was $3.65 share.

Nordic American Offshore Ltd. (NAO) said it will move its corporate domicile from the Republic of the Marshall Islands to Bermuda.   According to NAO, the change of corporate domicile will not affect the company’s day-to-day business. NAO will continue to be listed on the New York Stock Exchange (NYSE).

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT). NAT founder and chairman Herbjørn Hansson was present at the naming ceremony, along with the chargé d'affaires a.i. of the Norwegian Embassy Marianne Damhaug, and the ships' two sponsors, Nordic American Offshore Ltd. executive vice chair Marianne Lie and Siv Helset, a Norwegian lawyer with experience with legal counseling in the industry. Ordered by NAT in December 2014, the two ships were built by South Korean shipbuilder Sungdong.

Carl Fredrik Grosland has joined Nordic American Tankers as Vice President, working on analyses, projects and business development. Reporting to Chairman & CEO Herbjørn Hansson in a staff position, he will also work closely with others both in NAT and NAO (Nordic American Offshore Ltd.). Grosland has 12 years of international banking experience as an analyst and broker, focusing mainly on the energy/offshore and the shipping sector. Working from out of New York at the time, he has played a key role in a number of major equity and debt transactions. For several years he was a partner and board member of the investment banking firm of Pareto Securities Inc. (New York). Going forward, he will focus on the U.S., the Far East and Europe with base in NAT's Oslo office.

Nordic American Tankers (NAT) has increased its shareholding in Nordic American Offshore (NAO) in an effort to shore up investor confidence in the latter. NAT bought 1,521,300 shares increasing its stake to 6,018,280 shares — 26.5% of NAO’s total shares for $9.5m, or $6.25 per share. NAO has 22,729,797 shares outstanding. NAO was listed on the New York Stock Exchange June 12, 2014 and owns now 10 platform supply vessels of which two are newbuildings to be delivered in 2016. The NAO 3Q2015 earnings report was published November 9, 2015. NAO is fully financed up to early 2020. NAT Chairman & CEO, Herbjorn Hansson, commented: "This transaction is an evidence of our belief in the NYSE listed Nordic American Offshore Ltd. Nordic American Tankers  was incorporated in Bermuda in 1995.

Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately. There are 23,431,370 NAO shares in issue. NAO said it intends to repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.

Nordic American Offshore Ltd. executive chairman Herbjorn Hansson weighs in on Mediterranean Sea migrant crisis, stating his company’s PSVs are capable and ready to perform rescue operations, if contracted. We are all too familiar with the tragedy that is unfolding in the Mediterranean Sea, as refugees try to cross over to Europe in unseaworthy and unsafe boats. As part of the shipping industry's long tradition of aiding those in danger on the sea, commercial cargo vessels have played a role in rescue operations.