Market Overview

Nordic American Offshore Ltd. Announces Agreement to Acquire Shares in NAO ith Executive Chairman in Private Transaction

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Nordic American Offshore Ltd. (NYSE: NAO) today announced that it has agreed to acquire in a private transaction 1,571,749 of its common shares at a price of $4.50 per share. The closing price for the NAO common stock on the New York Stock Exchange on February 17, 2016, was $4.37. NAO has the right to nominate the purchasers in this private transaction.  

In addition, the Company's Executive Chairman, Herbjorn Hansson, and members of his family have increased their investment in NAO by purchasing 100,000 shares on the same terms as NAO.  Following these transactions, there are 20,765,485 shares in issue in NAO.

Herbjorn Hansson, commented: "These transactions are a further evidence of our belief in Nordic American Offshore Ltd."

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.                                        

The Company desires to

See full press release

Posted-In: News Management Press Releases

 

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