HAMILTON, Bermuda, July 9, 2020 (GLOBE NEWSWIRE) – Hermitage Offshore Services Ltd. (NYSE: PSV) (“Hermitage Offshore” or the “Company”) today announced that it has signed a forbearance agreement (the “forbearance agreement”) ”) to its 132.9 term loan facility million dollars dated January 14, 2020 (the “Term Loan Facility”) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the “Lenders”) and DNB Bank ASA, as agent and agent of security. Although the forbearance agreement does not meet the long-term liquidity and restructuring needs of the company, in accordance with the terms of the forbearance agreement, the lenders have agreed to refrain from exercising their rights and recourse under the Term Loan Facility and any other financing arrangements relating to the Company’s Default Term Loan Facility until July 31, 2020.
As previously announced, the epidemic of the novel coronavirus coupled with the collapse in the price of crude oil has resulted in a significant and sudden deterioration in the Company’s financial situation. These events have given rise to significant doubt as to the ability of the company to continue operating. As a result, the Company has engaged Perella Weinberg Partners and Snapdragon Advisory AB as financial advisers and Proskauer Rose LLP as legal counsel to analyze restructuring alternatives and has engaged in ongoing discussions with lenders to resolve these issues.
About the company
Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 23 vessels comprising 10 Platform Supply Vessels, or PSVs, two Anchor Handling Tug Supply Vessels, or AHTS vessels, and 11 crew boats. The company’s vessels operate mainly in the North Sea and on the west coast of Africa. Additional information about the Company is available on the Company’s website www.hermitage-offshore.com, which is not part of this press release.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe haven protections for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, which are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat in connection with this “safe harbor” legislation. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “target”, “project”, “likely”, “can”, “will” , “Would”, “could” and similar expressions identify forward-looking statements.
The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, management’s review of operating trends. historical data, data contained in company records and other data available from third parties. Although management believes that these assumptions were reasonable when made, given that these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of the Company, there can be no assurance that the company will meet or achieve these expectations. , beliefs or projections. The Company assumes no obligation, and specifically disclaims any obligation, except as required by law, to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. .
Important factors which, in the opinion of the Company, could cause actual results to differ materially from those discussed in forward-looking statements include the strength of global economies and currencies, general market conditions, including fluctuations charter rates and vessel values, changes in demand. in the Offshore Support Vessels (OSV) market, trends in rental rates and vessel values, demand for offshore supply vessels, duration and severity of the novel coronavirus (COVID-19) outbreak ), the results of the Company’s discussions with its lenders, the Company’s operating expenses, including bunker prices, dry dock and insurance costs, government rules and regulations or actions taken by regulatory authorities as well as potential liability in the event of pending or future litigation, general national and international political conditions, potential disruption of shipping routes due to accidents or political events, availability of funding and refinancing, wns burglary and cases of disengagement and other material factors described from time to time in reports filed by the Company with Securities and Exchange Com mission.
Hermitage Offshore Services Ltd.
+377 9798 5717 (Monaco)
+1 646 432 3315 (New York)