NAO’s PSV Fleet to Reach Double Digits

Nordic American Offshore Ltd. (NAO) has entered into firm agreements to purchase two newbuilding Platform Supply Vessels (PSVs) with essentially similar design and capabilities as its current fleet.

The PSVs will be built on the Western coast of Norway by Aukra, part of Vard shipbuilding group.

The vessels are particularly well suited for operations in the North Sea and in cold climate conditions.

The delivery of these two newbuildings will increase the company’s fleet to 10 PSVs during the second and third quarter of 2015.

The price of the ships is about $43m each.

In total, four newbuildings are scheduled to be delivered to NAO in 2015.

[mappress]
June 23, 2014