Hermitage Offshore Services Ltd. Announces Sale of Common Shares under Equity Line of Credit
June 20 2019 - 3:47PM
Hamilton, Bermuda, June 20, 2019.
Hermitage Offshore Services Ltd. (the "Company")
announced today that it has sold an additional 1,421,472 common
shares under its previously announced equity line of credit for
$3.51748 per share and aggregate net proceeds of $5 million.
710,736 shares were issued to each of Scorpio Offshore Investments
Inc., a related party, and Mackenzie Financial Corporation, for and
on behalf of the funds and accounts managed thereby. The net
proceeds of this issuance are expected to be used for working
capital purposes, particularly to manage expected timing
differences between supplier payments and customer collections.
Additionally, the Company's two anchor handling tug supply
vessels are scheduled for their class required special survey in
July and August of 2019. Each of these vessels is expected to
be offhire for approximately 20 days, and the drydock costs are
estimated to be approximately $1.4 million per vessel.
The Company has 20,162,143 common shares
outstanding after giving effect to this transaction.
About the Company
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. Additional information about the Company is available
at the Company's website www.hermitage-offshore.com, which is not a
part of this press release.
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," "expect," "anticipate," "estimate," "intend,"
"plan," "target," "project," "likely," "may," "will," "would,"
"could" 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, management's examination of historical operating
trends, data contained in the Company's records and other data
available from third parties. Although management believes 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 the Company's control, there can be no assurance that the
Company will achieve or accomplish these expectations, beliefs or
projections. The Company undertakes no obligation, and specifically
declines any obligation, except as required by law, to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Important factors that, in the Company's 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 offshore support vessel (OSV) market, changes in
charter hire rates and vessel values, demand in offshore supply
vessels, the Company's operating expenses, including bunker prices,
dry docking and insurance costs, governmental rules and
regulations or actions taken by regulatory authorities as well as
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
the availability of financing and refinancing, vessel breakdowns
and instances of off-hire and other important factors described
from time to time in the reports filed by the Company with the
Securities and Exchange Commission.
Contacts:
Hermitage Offshore Services Ltd.+ 377 9798 5717 (Monaco)+ 1 646
432 3315 (New York)Web-site: www.hermitage-offshore.com
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