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

In the latest consolidation in the offshore vessels sector Nordic American Offshore (NAO) is looking to merge with Horizon Maritime Services.

New York-listed NAO has signed a Memorandum of Understanding (MoU) with Canadian firm Horizon Maritime Services with a view to a combination of the two companies. NAO said Canadian businessman John Risley and his companies supported the proposed transaction which would see NAO shareholders owning 48% of the combined company and Horizon shareholders 52%.

Herbjorn Hansson, chairman of NAO would be chairman and ceo of the combined company while Horizon would maintain its current organisation and brand in Canada under the leadership of ceo Sean Leet.

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

NAO said that as part of the transaction a major expansion was planned. NAO has a fleet of 10 offshore vessels while Horizon has seven.

NAO is an offshoot of US-listed tanker owner Nordic American Tankers (NAT).

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