Nordic American Tankers Ups Nordic American Offshore Stake
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. which is built on the same strategic principles as NAT."
Nordic American Tankers was incorporated in Bermuda in 1995. In September 1995 NAT sold securities to the public in the US and in Europe. The shares are today trading at the New York Stock Exchange.