Nordic American Offshore (NAO) has picked up a little less than $50m from its latest offering and is eyeing expansion in other regions.
The offshore vessel owner said it successfully closed a follow-on tender, strengthening its capital base by $47.7m.
NAO added net proceeds could exceed $50m if over-allotment options are exercised.
It launched the share offering late last month, a few days after it revealed loan defaults.
The Herbjorn Hansson-chaired company said the offering will give NAO the chance to increase its fleet and expand into other areas, besides the North Sea where it traditionally operates.
Substantial potential
“The potential for earnings and dividends is substantial,” the company added.
NAO outlined its expansion plans as it posted a net loss of $9.8m in the fourth quarter of last year.
This figure compared to a $4.4m deficit in the same stretch of 2015.
NAO has endured challenging markets over the past two years that have taken a toll on its liquidity.
The company said rates in the North Sea have improved in the first weeks of 2017, compared to the last quarter of 2016.
Following the latest equity offering, NAO’s net debt per vessel stands at $8.5m.
