Nordic American Offshore Limited (“NAO”) was incorporated in the Marshall Islands in 2013. In November 2013 NAO sold securities in private placement of shares to be traded in Oslo as an Over The Counter (OTC) listing. NAO raised USD 250m in equity in this offering and at the same time secured a USD 60m credit facility. Nordic American Tankers Limited (“NAT”) acted as the sponsor taking USD 65m of equity.
The proceeds from the first offering and part of the credit facility were used to acquire 6 PSVs built 2012 and 2013 from the Ulstein Group of Norway for a total of USD 270m. The vessels were of high specification.
In January 2014 NAT announced it would distribute around USD 10m worth of its investment in NAO to its shareholders as a dividend in kind, increasing the shareholder base. The distribution will take place following the listing at the NYSE.
NAO was listed at the NYSE on June 12, 2014.