NAT offshore spin-off established with $250m private placement

NAT is the largest shareholder in the new company after investing $65m for a 26% stake. The investment marks an increase from NAT's previously announced investment of $50m, which it said it would fund through a public offering.

NAO will aim for a mix of time charter and sport market coverage for its initial fleet of six platform supply vessels, which have been ordered at Ulstein in Norway for $45m each. The vessels, which were built this year and in 2012, will be delivered in December and may be joined in spring 2015 by a seventh, should NAO firm up its preliminary option agreement.

NAT chairman and ceo Herbjørn Hansson commented, "We have significant expertise in the offshore sector, and by using the NAT strategy and customer relationships, we think NAO will be able to grow and establish itself as a leading player in the market. It is important to stress that NAT will be operated as in the past."