Herbjorn Hansson-chaired Nordic American Offshore (NAO) is seeking new cash after falling into default on a bank loan.
The Nordic American Tanker platform supply vessel (PSV) spin-off said it has breached the terms of three covenants linked to its $150m revolving credit facility maturing in March 2020.
These are the minimum value-adjusted amount of equity, the minimum value-adjusted equity ratio and a minimum level of liquidity.
