Hamilton, Bermuda, February 21, 2017
A NOTE ABOUT RESPONSIBILITIES FROM HERBJORN HANSSON
Headquartered in Bermuda, NAT is an international crude oil tanker company founded and run by the undersigned as Chairman and CEO. Listed on NYSE, we have offices and representatives in several other countries as well.
Our office in Sandefjord, Norway, deals with corporate management, including communication with the NAT board, IR matters, quality assurance, cost control, accounting, macroeconomics and any issues related to US capital markets. Turid M. Sørensen (Ms) is the CFO & NAT Executive Vice President , focusing on the cost side of the business and on the responsibilities of the Sandefjord office as outlined above.
Erik Tomstad is head of NAT chartering, focusing on employment of our 33 vessel suezmax fleet. He is NAT Executive Vice President - Chartering. Together with colleagues, he works out of our office in Oslo. Erik is responsible for the details of day-to-day chartering, and along with myself deals with the sale and purchase of vessels.
Some special matters are handled directly by me. Risk management and strategy are important parts of my work, as are geopolitical matters involving countries such as Sudan, Iran, Libya and Russia. Also under my purview are safety and environmental issues and relationships with customers, including major oil companies such as ExxonMobil, Shell, BP, Indian interests, Chevron, Unipec and others.
Both Turid and Erik report to me and are on the same organizational line. My colleagues on the NAT board and I are very pleased with the quality of their work and their respective groups.
The competence of NAT is further strengthened by our four part time advisors who have a wealth of managerial expertise in the field of international business above all related to oil, energy, economics and maritime affairs.
Herbjørn Hansson Nordic American Tankers Limited Chairman & CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hire, failure on the part of a seller to complete a sale to us and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our Reports on Form 6-K.
Contacts: Herbjørn Hansson, Chairman & CEO Nordic American Tankers Limited Tel: +1 866 805 9504 or +47 90 14 62 91
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