Nordic American Offshore Ltd. (NYSE: NAO) - Private Placement and Senior Management and Board Appointments
12 Dicembre 2018 - 9:59AM
Bermuda, December 12, 2018.
Nordic American Offshore Ltd. (NYSE: NAO) announced today
that it has entered into a share purchase agreement with Scorpio
Offshore Investments Inc., a closely held company owned and
controlled by the Lolli-Ghetti family, including Emanuele Lauro
("Scorpio"), pursuant to which Scorpio has invested USD 5,000,000
in a private placement of the Company's common shares at a
price of US$ 0.42 per share (the "Private Placement").
Clarksons Platou Securities AS acted as financial advisor
to NAO in connection with the Private Placement.
Effective upon closing of the Private Placement, Mr. Emanuele
Lauro was appointed Chairman and Chief Executive Officer of the
Company. In addition, Mr. Robert Bugbee has been appointed to
the Company's board and to the office of President, Mr. Cameron
Mackey has been appointed Chief Operating Officer and Mr. Filippo
Lauro has been appointed Vice President. Concurrent with the
Private Placement Mr. Herbjørn Hansson resigned from the
board of directors and Ms. Marianne Lie has also resigned from the
office of Executive Vice-Chair and will remain a director.
Scorpio's equity investment in the Company and the changes in
senior management and board appointments described above were
unanimously supported by the Company's full board, by the Company's
former Executive Chairman and certain of the Company's largest
shareholders, including affiliates of Mr. Hansson's and Nordic
American Tankers Ltd. (NYSE: NAT).
Commenting on the transaction, Mr. Emanuele Lauro
stated:
I am honored to lead this Company through the next stage of its
development. Though near-term challenges of the offshore
market exist, I believe NAO has all the necessary attributes
to succeed in the longer-term: high caliber people, high caliber
assets, and strong relationships with key stakeholders, first among
them its lenders and its shareholders. My focus in the coming
weeks will be to ensure that this great enterprise can
appropriately position itself for the improving fundamentals to
come.
Mr. Herbjorn Hansson deserves credit for his vision and his
passion for the Company. I would like to thank Mr.
Hansson for his close engagement and support during the last few
days; it is a testament to his loyalty to the business. He
has built a commendable platform with a promising future, one I
will be working hard with my colleagues to realize.
About the Company:
NAO is a Bermuda-based company listed on the New York Stock
Exchange. It owns and operates a fleet of 10 modern harsh
environment offshore supply vessels built with the latest
technology available. From its operating offices in
Norway and elsewhere, NAO is positioned to support a global
business and take advantage of the expected upturn in oil service
activity in the North Sea and globally.
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 take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intend," "estimate," "forecast," "project," "plan,"
"potential," "may," "should,"
"expect," "pending" and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third
parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections. We undertake no
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand in the PSV market, as a result
of changes in the general market conditions of the oil and natural
gas industry which influence charter hire rates and vessel values,
demand in platform supply vessels, our operating expenses,
including bunker prices, dry docking and insurance
costs, governmental rules and regulations or actions taken by
regulatory authorities as well as potential liability from pending
or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing, vessel breakdowns and instances of off-hire and other
important factors described from time to time in the reports filed
by the Company with the Securities and Exchange Commission.
Contacts:
Gary J. Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212
574 1223
Web-site: www.nao.bm
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