Horizon Maritime has signed a memorandum of understanding with Nordic American Offshore (NAO) over a potential merger of the two companies.
If the deal passes due diligence and a binding agreement is executed by 31 October, NAO’s shareholders will take a 48% stake and Horizon Maritime’s a 52% stake in the merged entity.
Bermuda-based NAO has a fleet of 10 OSVs with a primary focus on the North Sea, while Canada-based Horizon Maritime has a fleet of seven OSVs. Both companies specialise in harsh environment operations.
Canadian businessman and Horizon investor John Risley, who is supporting the transaction, said “The combined company has ambitions to increase the size and scope of the fleet going forward.”
Mr Risley and NAO chairman and chief executive Herbjorn Hansson noted “The two companies are geographically complementary with a focus on each side of the North Atlantic basin.”