Monday 17 December 2018

Nordic American Offshore Ltd. announced that it has entered into a share purchase agreement with Scorpio Offshore Investments Inc., a closely held company owned and controlled by the Lolli-Ghetti family, including Emanuele Lauro (“Scorpio”), pursuant to which Scorpio has invested USD 5,000,000 in a private placement of the Company’s common shares at a price of US$ 0.42 per share. Clarksons Platou Securities AS acted as financial advisor to NAO in connection with the Private Placement.

Effective upon closing of the Private Placement, Mr. Emanuele Lauro was appointed Chairman and Chief Executive Officer of the Company. In addition, Mr. Robert Bugbee has been appointed to the Company’s board and to the office of President, Mr. Cameron Mackey has been appointed Chief Operating Officer and Mr. Filippo Lauro has been appointed Vice President. Concurrent with the Private Placement Mr. Herbjørn Hansson resigned from the board of directors and Ms. Marianne Lie has also resigned from the office of Executive Vice-Chair and will remain a director.

Scorpio’s equity investment in the Company and the changes in senior management and board appointments described above were unanimously supported by the Company’s full board, by the Company’s former Executive Chairman and certain of the Company’s largest shareholders, including affiliates of Mr. Hansson’s and Nordic American Tankers Ltd..