Finally, ailing offshore service vessel provider Nordic American Offshore (NAO) managed to come to terms with creditors. The company has been in default under its $150 million credit facility for some time already and negotiations seemed to be neverending. But two weeks ago, Nordic American Offshore announced an agreement with creditors and its new controlling shareholder, Scorpio Offshore Investments, a privately-held part of the Scorpio Group, well known for its publicly listed entities Scorpio Bulkers (SALT) and Scorpio Tankers (STNG).
Photo: Fast Crew Boat "Petrocraft 1905-4" spotted at La