Scorpio Gains Control Over Nordic American Offshore

Blue StormImage Courtesy: Ulstein

Scorpio Group, owned and controlled by the Lolli-Ghetti family, has taken control of Nordic American Offshore (NAO), via a private placement into company’s shares worth USD 5 million.

Emanuel A. Lauro, Chairman and CEO of Scorpio Tankers and Scorpio Bulkers, took over as Chairman and Chief Executive Officer of the Bermuda-based owner and operator of offshore supply vessels.

In addition, Robert Bugbee, President and Director of Scorpio Tankers, has been appointed to the company’s board and to the office of President, Cameron Mackey has been appointed Chief Operating Officer and Filippo Lauro has been appointed Vice President.

As a result, the founder and CEO of NAO, Herbjørn Hansson, resigned from the board of directors and Marianne Lie resigned from the office of Executive Vice-Chair, but will remain a director.

“Though near-term challenges of the offshore market exist, I believe NAO has all the necessary attributes to succeed in the longer-term: high caliber people, high caliber assets, and strong relationships with key stakeholders, first among them its lenders and its shareholders. My focus in the coming weeks will be to ensure that this great enterprise can appropriately position itself for the improving fundamentals to come,” Lauro said commenting on the deal.

Lauro commended Hansson for his close engagement and support during the process, adding that NAO is a platform with a promising future.

 New York-listed NAO owns and operates a fleet of 10 harsh environment offshore supply vessels.

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