Horizon Maritime Services Ltd. entered into a memorandum of understanding to acquire Nordic American Offshore Ltd. (NYSE:NAO) in a reverse merger transaction on October 1, 2018. Nordic American Offshore Ltd. shareholders will own 48% of the resulting business and Horizon shareholders 52%. Herbjorn Hansson will remain Chairman & Chief Executive Officer of the combined company. Horizon Maritime will maintain its organization and brand in Canada under the leadership of its current Chief Executive Officer, Sean Leet. John Risley and his companies are supporting the transaction. The deal is subject to due diligence and the execution of a binding agreement within October 31, 2018. As of October 31, 2018, the parties are now in agreement on the main terms of the combination. However, diligence processes are ongoing. The companies look forward to signing a binding agreement as soon as practically possible. The combined company is expected to be operational before the end of this year. Clarksons Platou Securities acted as financial advisor to the parties. Horizon Maritime Services Ltd. cancelled the acquisition of Nordic American Offshore Ltd. (NYSE:NAO) in a reverse merger transaction on November 23, 2018. Nordic American Offshore decided not to move forward at this time.