Horizon Maritime and Nordic American Offshore combination called off

Horizon Maritime and Nordic American Offshore combination called off

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts