Scorpio takes over Nordic American Offshore

Aggressive shipowner Scorpio has taken over Nordic American Offshore (NAO) via a share placement with Emanuele Lauro appointed as chairman and ceo.

Scorpio Offshore Holdings took control of New York Stock Exchange-listed NAO via $5m private share placement. Scorpio’s Lauro has been appointed as chairman and ceo of NAO with Herbjørn Hansson standing down and resigning from the board.

Also appointed from Scorpio to senior management are Robert Bugbee as president and Cameron Mackey, as chief operating officer, both of who hold senior positions at Scorpio Bulkers and Scorpio Tankers. Filippo Lauro has been appointed as vice president.

“Though near-term challenges of the offshore market exist, I believe NAO has all the necessary attributes to succeed in the longer-term: high calibre people, high calibre assets, and strong relationships with key stakeholders, first among them its lenders and its shareholders,” said Emanuele Lauro. “My focus in the coming weeks will be to ensure that this great enterprise can appropriately position itself for the improving fundamentals to come.”

Financially strapped-NAO recently failed to complete a proposed merger with Canadian offshore vessel owner Horizon Maritime Services.

Read more: Another offshore merger on the cards - NAO and Horizon Maritime Services

 
 
Posted 13 December 2018

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

Whitepaper on UAE Storybox