NAO shares surge

Nordic American Offshore (NAO) has seen its stock price surge by 13.3% in a single day’s trading in New York.

Shares in the recently listed PSV pure play operator increased $2.20 on Monday to end the day at $18.76 each.

The large spike came as NAO’s second largest shareholder said it had increased its stake in the company to over 20%.

News of the Leon Cooperman-controlled Omega fund’s increased stake came in a disclosure to US regulators on Monday.

Monday also saw NAO firm up newbuilding orders for two PSVs at Fincantieri-owned shipbuilder Vard.

Each of the ships is costing $43m and they are due to be delivered in the second and third quarter of 2015.

The latest PSV newbuildings lift NAO’s fleet to ten vessels with six on the water and four under construction.

The six 4,200-dwt sisters are the Blue Protector, Blue Guardian, Blue Thunder and Blue Power (all built 2013), as well as the Blue Prosper and Blue Fighter (both built 2012).

NAT made the surprise move into the PSV market last year, taking on a series of speculatively built vessels from Ulstein at a bargain price.