Nordic American Offshore Announces Agreement to Extend Waiver Period

NAO

Nordic American Offshore announced that it has reached an agreement with the lenders under the Company’s $150,000,000 Revolving Credit Facility, dated March 16, 2015, to extend the waiver of any financial covenants and the Minimum Total Market Value Covenant in the Credit Facility from February 6, 2019 until February 22, 2019.

Additionally, the Company has announced that it is reviewing the impairment calculation of its vessels as of December 31, 2018 and anticipates that the vessels will be written down to their current estimated market values. The Company is continuing to review strategic options to fund its operations and reduce its current outstanding debt levels.

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