NAO and Canada’s Horizon Maritime plan to combine

Written by Nick Blenkey
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OCTOBER 1, 2018 — Nordic American Offshore Ltd (NYSE: NAO) reports that it has entered into a Memorandum of Understanding (MOU) contemplating a combination with Canada based Horizon Maritime Services Ltd.

Subject to due diligence and the execution of a binding agreement by October 31, 2018, NAO shareholders would own 48% of the resulting business and Horizon shareholders 52 %.

NAO Chairman & CEO Herbjorn Hansson would retain that role in the combined company. Horizon Maritime would maintain its organization and brand in Canada under the leadership ofcrrent CEO, Mr Sean Leet.

The combined company is expected to be operational before the end of this year.

Canadian businessman and investor Mr John Risley, who is a director of Horizon, and his companies are supporting the transaction.

“The two companies are geographically complementary with focus on each side of the North Atlantic basin,” commented Mr Risley and Mr Hansson.

Mr Risley said he was looking forward to offering the combined fleet to clients in Canada and elsewhere and build a more extensive operation.

“The combined company has ambitions to increase the size and scope of the fleet going forward”, he added.

NAO owns and operates a fleet of 10 identical harsh environment offshore support vessels. Horizon Maritime operates a fleet of 7 vessels and has considerable experience in harsh environment marine and offshore operations.

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