NAO Board of Directors Approves Share Buyback Program

Friday / May 22, 2015

Nordic-American-Offshore-starts-New-York-IPONordic American Offshore (NAO) has announced that its board of directors is planning a program under which they plan to buy back up to 2.5 million shares in outstanding common stock over the next two years. Nordic American Offshore Ltd. is a NYSE listed company which owns ten Platform Supply Vessels (PSVs) including two new buildings to be delivered in 2016.

The approval will apply immediately, said BOD’s of NAO. There are currently 23,43,370 NAO shares outstanding.

NAO’s executive chairman, Herbjorn Hansson said that this repurchasing of stock program was in the shareholders’ interest. NAO would buy back shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.

The Companies management and board will decide on the timing and the amount of any repurchases depending on its evaluation of market conditions, capital allocation alternatives, and other factors.

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