Nordic American Tankers

Hamilton, Bermuda, December 13, 2017

Nordic American Tankers Limited (the “Company”) has previously announced the NAT recapitalization program where the equity offering is one component. The pricing of the equity offering itself took place today according to the Company’s effective shelf registration statement. Following demand for shares the transaction has been upsized to $110 million.

The Company agreed to sell 40 million common shares at a public offering price of $2.75 per share. At the Company’s request, the underwriters have reserved for sale an aggregate of approximately 450,000 common shares for certain members of the Company’s board of directors, management and advisors. The Company’s Chairman and Chief Executive Officer and his immediate family have purchased $1 million worth of shares all at the public offering price. The Company has granted the underwriters a 30-day option to purchase up to an additional 6.0 million common shares . The Company intends to close the sale of the common shares on December 15, 2017, subject to customary closing conditions.

The Company intends to use the net proceeds of this offering to be part of the recapitalization program primarily to repay outstanding amounts under its current credit facility originally of 2004, finance the growth of NAT and for general corporate purposes. On December1, 2017, NAT initiated a sale/leaseback arrangement for three newbuildings to be delivered in 2018. This is a part of the recapitalization program.

Morgan Stanley, Clarksons Platou Securities, Inc., DnB Markets Inc., Skandinaviska Enskilda Banken AB (publ) and Seaport Global Securities LLC are acting as joint book-running managers for the offering itself. The other parts of the recapitalization program are supported by Clarksons Platou, DnB, SEB and Morgan Stanley.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley & Co. LLC at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department.