Nordic American Offshore Ltd (NAO) has entered into two new contracts with a major oil-company in the UK for one year with a one year option, the company said in its press release.
This will secure employment for two of our vessels up to the end of 2015.
NAO has been in operation since end of 2013. It has turned out to be a solid investment for its shareholders, including Nordic American Tankers Limited (NAT) holding 17.1%. NAT has a realized and unrealized profit of about $20 million on its investment in NAO.