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Stock Market & Financial Investment News

News Breaks
February 10, 2014
05:58 EDTNATNordic American Offshore to buy two or more PSVs
Nordic American Offshore, which is sponsored by Nordic American Tankers and is managed by a subsidiary of NAT, currently has six platform supply vessels operating in the demanding North Sea market. PSVs are highly sophisticated vessels, representing the latest in design and technology, and they play an integral role in the logistical chain in offshore exploration and production of oil and gas. The two newbuildings will be delivered in January 2015 and cost about $44M each. Nordic American Tankers owns 26% of the share capital in NAO at a cost of $65 million. NAO will be operated essentially along the same strategic lines as NAT. This includes an active dividend policy and the prudent use of its resources to ensure a top-quality fleet at all times. The plan is for NAO to be listed on NYSE later this spring. NAO is now listed on the so-called OTC in Oslo, Norway. The stock price of NAO has gone up about 10% since it came onto the OTC at the end of November 2013.
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September 5, 2014
07:41 EDTNATNordic American Offshore announces two new contracts through 2015
Nordic American Offshore (NAO) has entered into two new contracts with a major oil-company in the UK for one year with a one year option. This will secure employment for two of our vessels up to the end of 2015. NAO has been in operation since end of 2013. It has turned out to be a solid investment for its shareholders, including Nordic American Tankers Limited (NAT) holding 17.1%. NAT has a realized and unrealized profit of about $20M on its investment in NAO.

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