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    NAO bags new business

    Contracts, Tenders and Rates // August 23, 2017

    Herbjørn Hansson, Executive Chairman of Nordic American Offshore, says the company has secured a number of new contracts reently and he is hopeful about an upturn in the market in the North Sea.

    At the beginning of July NAO secured medium-term employment for one of its vessels for seven months firm plus three months options at a rate of US$7,200 per day. Thereafter, it concluded 15 new fixtures in July with rates in the range of US$7,200-21,000 per day.

    "So far in August, we have concluded eight new fixtures between US$8,700 and US$30,000 per day," he said.

    "The PSV market in the UK is currently stronger than the market on the Norwegian Continental Shelf. We have all our seven operating vessels in the UK sector of the North Sea. Three ships are in lay-up and ready to be reactivated if required.

    "Going forward, we are hopeful that we can conclude fixtures at higher rates than in the first half of this year. The market is volatile by nature. We do not predict how long the stronger market will last – the longer the better.

    "My son Alexander and I have recently increased our holdings in NAO, now standing at 10.8 per cent of the
    common shares."

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