Nordic American Offshore Order One More Ulstein PSV

Nordic American Tankers' new company, Nordic American Offshore Ltd. (NAO), has extended its preliminary option purchase agreement with Ulstein from six Blue Ship PSV's to seven.

The project as described in the earlier Nordic American Tankers' press release, has been expanded to seven PSV vessels, with the option for delivery of this seventh vessel during the spring of 2015.

The six vessels are of the PX121 type, and were designed and constructed by Ulstein in 2012-13.

The price for the delivered 6 vessels is about NOK 270 million each - about USD 45 million per unit.  The price for the 7th vessel, if the option is exercised, is the same as for the delivered six vessels. It is intended that NAO will become the owners of all these vessels. Ulstein add that the deal with NAO is conditional on funding being achieved as planned.