Nordic American Offshore has successfully completed the acquisition of thirteen vessels from Scorpio Offshore Holdings.
Emanuele A. Lauro, Chairman and CEO, commented “With the completion of this acquisition and the first drawdown under our Equity Line, NAO has achieved critical short-term milestones of reducing our financial leverage and increasing our liquidity. We will now turn to our immediate operational goals which include the employment of our entire North Sea fleet within the month of May.”
“Our PSVs and North Sea operations will remain our primary focus. Our Q1 results will portray a number of contracts which reflect weaker market conditions. However, our spot vessels are experiencing dramatically improved utilization and rates, in some cases exceeding $20,000/ day.”