NAO to use IPO cash to buy Platform Supply Vessels
Nordic American Offshore Ltd. (NAO) has filed a registration statement with the U. S. Securities and Exchange Commission (“SEC”), covering the proposed initial public offering of approximately 5,882,352 common shares.
NAO expects to launch the initial public offering on Monday, June 2, 2014 before NYSE opening. The common shares have been approved for listing on the New York Stock Exchange, subject to official notice of issuance. Since November 2013 the Company has been trading at the OTC (over the counter) in Oslo.
The Company intends to use a part of the net proceeds of the offering for the purchase of two newbuilding platform supply vessels (“PSVs”).
The Company may use the balance of the net proceeds for the construction, in a Norwegian yard, of up to three optional PSVs that are similar to the Company’s PSVs, and for general corporate purposes, including other vessel acquisitions and working capital. If the three optional PSVs are purchased, NAO’s fleet will equal 11 units. In November 2013 NAO had 6 PSVs.