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Nordic American Offshore Ltd (NAO): Leon Cooperman Reveals Over 20% Stake

In a new filing with the U.S. Securities and Exchange Commission, Omega Advisors, managed by Leon Cooperman, has disclosed a new position in Nordic American Offshore Ltd (NYSE:NAO). The filing showed that Omega Advisors holds 4.92 million shares, equal to 21.8% of the total common shares of the company outstanding.


Nordic American Offshore Ltd (NYSE:NAO) is an international offshore supply vessel company, which owns eight platform supply vessels. The company has a market cap of $373.2 million. On Monday, the company’s stock traded up 9.06% to $18.05.

The company has recently conducted its Initial Pubic Offering. On June 11, the company announced that it priced its initial public offering of 5.88 million common shares at $16.00 per share. The underwriters were granted a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments. The company intends to use the net proceeds to purchase two newbuilding platform supply vessels (PSVs) and for other acquisitions and general corporate purposes, including working capital, according to a news release.

In a statement on Monday, Nordic American Offshore Ltd (NYSE:NAO) said it signed agreements to purchase two newbuilding platform supply vessels (PSVs) with essentially similar design and capabilities as its current fleet. The vessels will be built on the Western coast of Norway by Aukra, which is in the Vard shipbuilding group. The vessels are particularly well suited for operations in the North Sea and in cold climate conditions, the company states.

In its latest 13F filing, Omega Advisors revealed that the total value of its equity portfolio was $7.5 billion at the end of the first quarter of 2014. In terms of value, Sprint Corporation (NYSE:S) was represented as the largest holding, in which the fund owns 43.24 million shares, with a reported value of $397.3 million. It is followed by SandRidge Energy Inc. (NYSE:SD), in which the fund boosted its stake by 18% to 47.75 million shares, worth $293.19 million.

Disclosure: none

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