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Nordic American Offshore and Herbjørn Hansson buy back shares

Nordic American Offshore (NAO) and its executive chairman Herbjørn Hansson have bought back shares in the NYSE-listed company in private transactions.

NAO has agreed to repurchase 1,571,749 of its common shares at a price of $4.50 per unit or around $7.07m in total. The price is a $0.13 premium on the stock’s closing price on Wednesday.

The transaction will increase NAO’s holding from 27.7% (6,351,613 shares) in December to around 38.16%.

Meanwhile, Hansson has spent around $4.5m to increase his stake in the company by a further 100,000 shares, reportedly on the same terms as NAO’s share acquisition.

“These transactions are a further evidence of our belief in Nordic American Offshore Ltd,” Hansson said in a release today.

NAO has issued share capital of 20,765,485 shares following the two transactions.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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