Nordic American Tankers Reports Nordic American Offshore has Taken Delivery of All Six PSV Vessels

Nordic American Tankers NAT announced today that NAO yesterday took delivery of the last of the six recently built Platform Supply Vessels (PSVs) from the Ulstein Group of Norway.  NAO is fully operational. NAT is the sponsor of NAO, owning 26% of the share capital in NAO. A subsidiary of NAT is the manager of NAO.The PSV vessels play an integral role in the logistical chain in offshore exploration and production of oil and gas. NAO has its six PSV vessels in the demanding North Sea market, where there are numerous offshore oil platforms that need to be served. PSVs are highly sophisticated vessels. The NAO vessels represent the latest in design and technology.NAO is an important investment for NAT. Three vessels were delivered from the seller to NAO in December 2013. The last three were delivered in January 2014, a few days later than planned because of bad weather which delayed necessary underwater inspections. The vessels were delivered from the yard to the seller between January 2012 and September 2013. Five of the six vessels are now on contract employment.  Unlike the NAT crude tanker business in which the spot market plays a larger role, See full press release