Hermitage Offshore Services Ltd. announced today that it has sold an aggregate of 2,356,108 additional common shares under its previously announced equity line of credit for $1.06107 per share and aggregate net proceeds of $2.5 million.  

Hermitage Offshore raises $2.5M for PSV quartet overhaul
Caption: Offshore Tug/Supply Ship Hermit Viking - Image courtesy of Ian Greenwood


The net proceeds of this issuance are expected to be used for upcoming special surveys and/or engine overhauls on four of the Company’s PSVs, in addition to working capital purposes.  These special surveys and engine overhauls are scheduled to occur in November and December 2019 and the aggregate costs are expected to be approximately $2.0 million (for all four vessels).  

The four vessels are expected to be offhire for an aggregate of approximately 60 days during the fourth quarter of 2019. 

The Company has 22,518,206 common shares outstanding after giving effect to this transaction.

Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 23 vessels consisting of 10 platform supply vessels, or PSVs, two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats. The Company’s vessels primarily operate in the North Sea or the West Coast of Africa.

Source: Hermitage Offshore