Hermitage Offshore Sells Two Anchor Handling Tug Supply Vessels

Hermitage Offshore Services Ltd. announced today that it has sold its two anchor handling tug supply vessels.  The transaction was consummated when one of the company’s direct wholly owned subsidiaries sold the seller’s two special purpose companies, each of which owned  an  anchor handling tug supply vessel, to an unrelated third party. 

The consideration for the transaction consisted of the unconditional release of the seller of all of its obligations under the $9.0 million term loan facility between the owners, as borrowers and  DVB Bank SE, as lenders, facility agent and security agent in exchange for the transfer of all the shares of the owners  (including the Owners’ related working capital) to the buyer.  Following the transaction, there is no outstanding liability of the company or its subsidiaries under the $9.0 million term loan facility with DVB Bank SE.  The company expects to record a loss of approximately $4.0 million as a result of the transaction. 

The Company’s Board of Directors unanimously approved the transaction.