NAO’s Common Shares on the Market

Nordic American Offshore Ltd. (NAO) has announced that it has priced its initial public offering of 5,882,352 common shares at $16.00 per share.

NAO has granted the underwriters a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments. The company’s common shares are expected to commence trading on June 12, 2014 on the New York Stock Exchange under the symbol NAO.

The net proceeds from this offering will be approximately $86,970,574. If the option granted to the underwriters to purchase additional common shares to cover over-allotments is exercised in full this would increase the net proceeds by approximately $13,270,574.

NAO intends to use the net proceeds to purchase two newbuilding platform supply vessels (PSVs) and for other acquisitions and general corporate purposes, including working capital.

The company may use the balance of the net proceeds for the construction, in a Norwegian yard, of up to three additional PSVs that are similar to the Company’s PSVs, under a letter of intent into which the company has entered.

If the options to construct the three PSVs are exercised, the company will have a fleet of 11 vessels.

The offering is expected to close on June 17, 2014, subject to customary conditions.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >