Nordic American Offshore Ltd. (NYSE:NAO) Announces Closing of Underwriters' Option to Purchase Additional Shares in connection with the recent offering.

Hamilton, Bermuda, March 28, 2017

Nordic American Offshore Ltd. ("NAO") announced today the closing of 1,300,000 common shares at a public offering price of $1.25 per share for additional gross proceeds of approximately $1.6 million related to the exercise of the option to purchase additional shares in connection with the previously announced follow-on offering of common shares, which closed on March 1, 2017.  Accordingly, a total of 41,300,000 common shares have been sold by NAO, resulting in aggregate net proceeds to NAO, before expenses relating to the offering, of approximately $49.2 million.  Following the offering, NAO has 61,986,847 common shares outstanding.  The common shares were offered pursuant to NAO's effective shelf registration statement.

As previously announced, NAO intends to use the net proceeds of this offering for general corporate purposes and working capital purposes and for the expansion of its fleet. NAO is very pleased to be able to strengthen its capital base in the present market conditions.

Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as the joint bookrunning managers of the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department. 

About NAO
NAO is an international company formed for the purpose of acquiring, owning and operating platform supply vessels, or PSVs, and currently owns ten high quality PSVs constructed at shipyards in Norway during the period from 2012 to 2016.
 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.  We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the PSV market, as a result of changes in the general market conditions of the oil and natural gas industry which influence charter hire rates and vessel values, demand in platform supply vessels, our operating expenses, including bunker prices, dry docking and insurance costs, governmental rules and regulations or actions taken by regulatory authorities as well as potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, vessel breakdowns and instances of off-hire and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

Contacts:
Herbjørn Hansson, Executive Chairman
Nordic American Offshore Ltd.
Tel:  +1 866 805 9504 or + 47 901 46 291

Marianne Lie, Executive Vice Chair
Nordic American Offshore Ltd.
Tel.: +47 91 64 55 06

Turid M. Sørensen, CFO
Nordic American Offshore Ltd.
Tel: +47 33 42 73 00 or +47 90 57 29 27

Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223

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