A deal announced last month by Horizon Maritime Services and Nordic American Offshore (NAO) to combine the two companies has been called off.
“The contemplated business combination, involving NAO and a group in Eastern Canada (Horizon Maritime), has been shelved as it has been decided not to move forward at this time,” NAO said in a brief statement.
The companies announced an MOU last month, which was subject to due diligence and the execution of a binding agreement, which would have seen Horizon take a 52% in the enlarged company and Nordic American Offshore take a 48% stake.
The combined company would have had a fleet of 17 vessels.
