NOA Announces Share Repurchase Program
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 executive chairman Herbjorn Hansson said, "The authorization of this stock repurchase program is a tool to promote the interests of shareholders."
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. The timing and the amount of any repurchases will be determined by the company's management and board based on its evaluation of market conditions, capital allocation alternatives and other factors, NAO said.
The share repurchase program does not require the company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the company at any time without prior notice, the company said.
NAO added it will execute purchases only during periods when the executive team and the board of directors are not aware of material nonpublic information that would likely affect a seller's decision to sell.