Nordic American Offshore Announces Public Offering

Maritime Activity Reports, Inc.

February 23, 2017

Photo:  Nordic American Offshore

Photo: Nordic American Offshore

 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. Hopkins, board member, and Jan Erik Langangen, advisor to the Company.  
 
Specifically, the underwriters have reserved for sale approximately $10.0 million to Nordic American Tankers Limited, the Company’s largest shareholder and approximately $2.0 million worth of common shares to the NAO Executive Chairman Mr. Herbjørn Hansson and his son Alexander.
 
The Company intends to use the net proceeds of this offering for general corporate purposes and working capital purposes and for the expansion of its fleet. 
 
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