Scorpio Group Takes Over Nordic American Offshore

Shailaja A. Lakshmi
Wednesday, December 12, 2018

NYSE-listed offshore support vessel owner Scorpio Group has taken control of Nordic American Offshore (NAO), via a private placement into company’s shares worth $5 million.

The investment, which took place via a private placement with Scorpio Offshore Investments, a unit of the group, was announced by NAO

Scorpio Group leader Emanuele Lauro has been appointed chief executive and chairman of NAO.

Nordic American Tankers presently owns about 16.1 percent in NAO and the Hansson family owns 13.5 percent, in total about 30 percent. Following the investment in NAO by Scorpio, the NAT related entities have about 24 percent.

Herbjørn Hansson, Chairman & CEO of NAO, said in a statement, "Scorpio will step into NAO to significantly strengthen and grow NAO. The changeover is strongly supported by all Nordic companies and myself."

"Through invitation to Scorpio as a new shareholder in NAO, it is natural that I step down as NAO Executive Chairman, handing over the roles to my friend Emanuele A. Lauro. Together with Scorpio, we are pleased to establish a structure that will secure the needs of NAO, their customers and shareholders. We are strong supporters of Emanuele Lauro and his team," he added.

Categories: People & Company News Legal Offshore Finance Vessels Mergers & Acquisitions Industry News

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