NEW YORK (TheStreet) -- Nordic American Offshore undefined surged to an all-time high of $19 on Monday after the company announced it had ordered two more vessels to increase its total fleet to 10 vessels.
The company agreed to purchase two platform supply vessels for $43 million each with similar designs to those in the current fleet, which will expand to 10 vessels in the second and third quarter of 2015. They will be built on the western coast of Norway and will be able to undergo operations in the North Sea and in cold conditions.
The stock closed up 13.35%, or $2.21, to $18.76.
Must Read: Warren Buffett's 25 Favorite Stocks
NAO Price data by YCharts
Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.