Oil rig supplier Nordic American Offshore sets terms for $100 million IPO
Nordic American Offshore, a spinoff of Nordic American Tankers operating offshore drilling rig platform supply vessels, announced terms for its IPO on Monday. The Hamilton, Bermuda-based company plans to raise $100 million by offering 5.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Nordic American Offshore would command a fully diluted market value of $383 million. The company was spun off of Nordic American Tankers ( NAT ) in October 2013, and currently trades on the Norwegian OTC List under the symbol "NAO."
Nordic American Offshore, which was formed in 2013 and booked $1 million in sales from its October inception to December 31, 2013, plans to list on the NYSE under the symbol NAO. Nordic American Offshore initially filed confidentially on February 3, 2014. Morgan Stanley, Credit Suisse, J.P. Morgan and DNB Markets are the joint bookrunners on the deal. It is expected to price the week of June 9, 2014.