Hermitage Offshore Services Ltd has selected the successful bids for the sale of its fleet of platform supply vessels and crew boats pursuant to the bankruptcy procedures under Chapter 11 of the US Bankruptcy Code
As part of the bid process, Hermitage Offshore’s lenders submitted the highest bid of some US$80M in aggregate for its 10 platform supply vessels (PSVs), eight of which were built by Ulstein and two others by Vard. A relatively young fleet, none of the PSVs exceeds eight years old. The lenders’ successful bid for the PSVs constitutes a ’credit bid’ against Hermitage Offshore’s outstanding indebtedness and will not result in the receipt of any cash consideration by the OSV owner.
Hermitage Offshore’s 11 crew boats will be sold to an unaffiliated third party that submitted a successful bid of about US$5.3M in cash, in aggregate. The crew boats were all built between 2012 and 2019.
The sale of the vessels remains subject to final approval of the bankruptcy court and definitive documentation between Hermitage Offshore and the prospective purchasers.
Hermitage Offshore had filed voluntary petitions for reorganisation under Chapter 11 on 11 August 2020.
It had acquired two anchor handling tug supply vessels and 11 crew boats in a transaction with Scorpio Offshore Holding Inc in April 2019. Scorpio received shares in Hermitage Offshore in exchange for the vessels.
The three largest shareholders in Hermitage Offshore were SSH, SOHI and Scorpio Offshore Investments Inc, all of which are affiliated with Scorpio.
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