Nordic American Offshore Ltd. (NYSE:NAO) has ordered two more vessels – increasing the fleet to 10 vessels

HAMILTON, Bermuda, June 23, 2014 (GLOBE NEWSWIRE) —

Press release from Nordic American Offshore Ltd.

Nordic American Offshore Ltd. (“NAO” or “the Company”) today announced that it has entered into firm agreements to purchase two newbuilding Platform Supply Vessels (PSVs) with essentially similar design and capabilities as its current fleet. The vessels will be built on the Western coast of Norway by Aukra which is in the 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. In November 2013, when the company was established, NAO had six PSVs. The price of the ships is about $43m each. NAO started trading on the New York Stock Exchange (NYSE) earlier this month. In total, four newbuildings are scheduled to be delivered to NAO in 2015.

These acquisitions represent a natural step in the further development of Nordic American Offshore to position itself as a major player in the offshore supply market.

Tor–Øyvind Bjørkli, Chief Executive Officer
Nordic American Offshore Ltd.
Tel: +47 21 99 24 81 or +47 90 62 70 14
Jacob Ellefsen, Manager, IR and Research, Monaco 
Nordic American Offshore Ltd.
Tel: +33 678 631 959 or + 377 93 25 89 07
Turid M. Sørensen, Chief Financial Officer 
Nordic American Offshore Ltd.
Tel: +47 90 57 29 27
Gary J. Wolfe
Seward & Kissel LLP
Tel: +1 212 574 1223
Herbjørn Hansson, Executive Chairman
Nordic American Offshore Ltd.
Tel: +1 866 805 9504 or + 47 901 46 291

Press release (PDF):