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Nordic American Offshore (NYSE:NAO) - Press release from Nordic American Tankers Limited.

Hamilton, Bermuda, July 21, 2017

For the interest it may have, below is a press release from Nordic American Tankers Limited that was announced today.


Nordic American Tankers Limited (NYSE:NAT) - Declaration of Dividend for the 80th time. The position of NAT is very strong.

Hamilton, Bermuda, July 21, 2017

Nordic American Tankers Limited ("NAT") today announced that the 80th quarterly dividend of NAT (for 2Q2017) is expected to equal $0.15 per share. We commented on the NAT situation in our message of May 29. Going forward, dividend payments are expected to remain a matter of priority. This time the dividend is expected to consist of two parts:

A cash dividend expected to be $0.10 per common share and a partial distribution of shares held by NAT in Nordic American Offshore Ltd. ("NAO"), expected to be equivalent to about $0.05 per NAT share. The basis for the above numbers is the stock price of NAO at the close of NYSE trading on Thursday July 20, 2017.

The record date for the cash dividend and distribution of shares is planned for August 14, 2017. The payment and distribution of shares are expected to take place on or about August 31, 2017. Further details on the distribution of the NAO shares will be announced later.

The Chairman & CEO of NAT, Herbjorn Hansson and his immediate family have recently increased their ownership in NAO to 10.8 %, expressing confidence in NAO. The Hansson family is also one of the largest shareholders of NAT, having bought NAT shares recently.

Herbjorn Hansson, Chairman and Chief Executive Officer said: "The strategic, financial and commercial position of NAT is very strong. The net debt of NAT is low compared...