Hamilton, Bermuda, February 24, 2017
Nordic American Offshore Ltd. (the "Company")
today announced the upsizing and pricing of its previously
announced underwritten public offering pursuant to the Company's
effective shelf registration statement. The Company agreed to
sell 40,000,000 common shares at a public offering price of $1.25
per share. At the Company's request, the underwriters have
reserved common shares to the Company's largest shareholder and
certain members of the Company's board of directors, management and
advisors at the public offering price. Specifically, the
underwriters have reserved for sale approximately $10.0 million
worth of common shares to Nordic American Tankers Limited, the
Company's largest shareholder and approximately $2.0 million worth
of common shares to the Company's Executive Chairman Mr. Herbjørn
Hansson and his son Alexander. Common shares have also been
reserved for Marianne Lie, Executive Vice Chair and board member,
Turid M. Sørensen, Chief Financial Officer, Paul J. Hopkins, board
member, and Jan Erik Langangen, advisor to the Company. The Company
has granted the underwriters a 30-day option to purchase up to an
additional 6,000,000 common shares. The Company intends to
close the sale of the common shares on March 1, 2017, subject to
customary closing conditions.
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.
Morgan Stanley & Co. LLC, DNB Markets, Inc.
and Skandinaviska Enskilda Banken AB (publ) are acting as the joint
bookrunning managers of the offering.
The registration statement relating to these
securities has been declared effective by the Securities and
Exchange Commission. This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
The offering is being made by means of a prospectus and related
prospectus supplement. Copies of the prospectus and prospectus
supplement relating to the offering may be obtained from the
offices of Morgan Stanley & Co. LLC at 180 Varick Street,
Second Floor, New York, New York 10014, Attention: Prospectus
Department.
About the Company
The Company is an international company formed
for the purpose of acquiring, owning and operating platform supply
vessels, or PSVs, and currently owns ten high quality PSVs
constructed at shipyards in Norway during the period from 2012 to
2016.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intend," "estimate," "forecast," "project," "plan," "potential,"
"will," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although
we believe that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand in the PSV market, as a result
of changes in the general market conditions of the oil and natural
gas industry which influence charter hire rates and vessel values,
demand in platform supply vessels, our operating expenses,
including bunker prices, dry docking and insurance
costs, governmental rules and regulations or actions taken by
regulatory authorities as well as potential liability from pending
or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing, vessel breakdowns and instances of off-hire and other
important factors described from time to time in the reports filed
by the Company with the Securities and Exchange Commission.
Contacts:Herbjørn Hansson, Executive ChairmanNordic
American Offshore Ltd.Tel: +1 866 805 9504 or + 47 901
46 291
Marianne Lie, Executive Vice Chair Nordic American Offshore Ltd.
Tel.: +47 91 64 55 06
Turid M. Sørensen, CFO, NorwayNordic American Offshore Ltd.Tel:
+47 33 42 73 00 or +47 90 57 29 27
Gary J. WolfeSeward & Kissel LLP, New York, USATel: +1 212
574 1223
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/1328b6e4-ef86-410c-9269-95a5cb2023fe
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