Nordic American Offshore Ltd. (NYSE

NAO) Announces Public Offering

Hamilton, Bermuda, February 23, 2017

Nordic American Offshore Ltd. (the "Company") today announced an underwritten public offering of 33,333,333 common shares pursuant to the Company's effective shelf registration statement.  Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares.

At the Company's request, the underwriters have reserved common shares to the Company's largest shareholder and certain members of the Company's management and certain Company directors and advisors. These include Marianne Lie, Exe23.02cutive Vice Chair and board member, Turid M. Sørensen, Chief Financial Officer, Paul J. Hopkins, board member, and Jan Erik Langangen, advisor to the Company.  Specifically, the underwriters have reserved for sale approximately $10.0 million to Nordic American Tankers Limited, the Company's largest shareholder and approximately $2.0 million worth of common shares to the NAO Executive Chairman Mr. Herbjørn Hansson and his son Alexander.

The Company intends to use the net proceeds of this offering for general corporate purposes and working capital purposes and for the expansion of its fleet. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department.

About the Company
The Company is an international company formed for the purpose of acquiring, owning and operating platform supply vessels, or PSVs, and currently owns ten high quality PSVs constructed at shipyards in Norway during the period from 2012 to 2016. 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.