NAO Set to Release US IPO

Nordic American Offshore Markets PSV Shares

Nordic American Offshore Ltd. has announced the commencement of its initial public offering of 5,882,352 common shares.

Since November 2013, Nordic American Offshore (NAO) has been listed on the Norwegian OTC (over the counter) market. The offering price is expected to be between $16.00 and $18.00 per share.

NAO expects to grant the underwriters a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments.

At the company’s request, the underwriters have reserved up to $13.0 million of the common shares for sale to Nordic American Tankers Limited, a Bermuda company related to NAO, at the initial public offering price.

The common shares have been approved for listing on the New York Stock Exchange under the symbol “NAO”, subject to official notice of issuance.

NAO intends to use approximately $81 million of the net proceeds of this offering towards the purchase of two newbuilding platform supply vessels (PSV).

The company may use the balance of the net proceeds for the construction of up to three optional PSVs that are similar to the company’s PSVs, under a letter of intent into which the company has entered, and for other acquisitions and general corporate purposes including working capital.

If the options are exercised, NAO will have a fleet of 11 vessels.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers and Global Hunter Securities, and LLC is acting as a co-manager for the initial public offering.

The initial public offering is being made by means of a prospectus. A preliminary prospectus related to the offering has been filed with the Securities and Exchange Commission (SEC).

June 2, 2014

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