Horizon Maritime, NAO in merger talks

New-York listed offshore support vessel owner Nordic American Offshore is contemplating a merger deal with Canada’s Horizon Maritime Services Ltd.

One of NAO’s vessels; Photo by Alan Jamieson; Source: Flickr

The two companies have entered into a Memorandum of Understanding (MOU) to further explore the potential combination.

Subject to due diligence and the execution of a binding agreement within October 31, 2018, NAO shareholders will own 48% of the resulting business and Horizon shareholders 52 %.

In NAO, CEO Herbjorn Hansson and the NAO Board of Directors, are the driving force, NAO said on Monday.

Hansson would remain Chairman & CEO of the combined company. Horizon Maritime would maintain its organization and brand in Canada under the leadership of its current CEO Sean Leet.

“The two companies are geographically complementary with focus on each side of the North Atlantic basin” commented Risley and Hansson in a joint statement.

Risley said he was looking forward to offering the combined fleet to clients in Canada and elsewhere and build a more extensive operation. “The combined company has ambitions to increase the size and scope of the fleet going forward”, he added.

NAO operates a fleet of 10 identical harsh environment offshore support vessels, mostly in the North Sea. Horizon Maritime is a Canadian company operating a fleet of 7 vessels, specializing in harsh environment marine and offshore operations.

Clarksons Platou Securities is acting as financial advisor to the parties.

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