Supported by Canadian investor John Risley, Canada’s Horizon Maritime Services has entered into a memorandum of understanding with Nordic American Offshore to combine the two companies.
The deal, which is subject to due diligence and the execution of a binding agreement before the end of this month, would see Horizon take a 52% in the enlarged company and Nordic American Offshore take a 48% stake.
Nordic American’s Herbjorn Hansson is to remain chairman & CEO of the combined company, while Horizon Maritime will maintain its organisation and brand in Canada led by current CEO Sean Leet.
“The two companies are geographically complementary with focus on each side of the North Atlantic basin,” Risley and Hansson said in a statement.
The combined company is expected to be operational before the end of this year, and will have a fleet of 17 vessels.