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.