Nordic American Tankers increases shareholding in NAO

Nordic American Tankers increases shareholding in NAO

Nordic American Tankers (NAT) is to increase its stake in Nordic American Offshore by 6.7% through the acquisition of 1,521,300 shares.

The NAO shares were bought in a private transaction concluded today at a price of $6.25 per share or $9.5m in total.

The acquisition will increase NAT’s shareholding in the company from 19.8% to 26.5%, and will bring NAT’s ownership stake up to 6,018,280 shares in total.

This is the same proportional stake that NAT had in the company when NAO was established in autumn 2013 and listed on the Oslo over-the-counter (OTC) exchange. NAO listed on the New York Stock Exchange in June 2014 and currently has 22,729,797 shares outstanding.

“This transaction is an evidence of our belief in the NYSE-listed Nordic American Offshore, which is built on the same strategic principles as NAT,” Herbjorn Hansson, NAT’s chairman and CEO, said in a statement. Hansson is also executive chairman and president of NAO.

In March this year, Hansson and his son Alexander bought 50,000 shares in NAO.

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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