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.

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