Hermitage Offshore Services Ltd. Announces Third Quarter Earnings Release date of November 14, 2019 and Extension of Deadline with DVB Bank SE

HAMILTON, Bermuda, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. (the "Company") announced today that it plans to issue its third quarter of 2019 earnings in the morning (Eastern Standard Time) on Thursday, November 14, 2019.  Additionally, the Company has reached an agreement with DVB Bank SE Nordic Branch ("DVB") to extend the deadline under the DVB Supplemental Agreement (described below) to unwind the sale of the Company's two anchor handling tug supply vessels ("AHTS vessels") from October 31, 2019 to November 22, 2019 subject to certain terms and conditions contained in the DVB Supplemental Agreement, and expects to be able to further extend the deadline until November 30, 2019. 

As part of the April 2019 transaction to acquire the two AHTS vessels, the Company assumed the aggregate outstanding indebtedness under a term loan facility with DVB relating to two of the acquired vessels of $9.0 million. This credit facility was supplemented on April 10, 2019 (the "DVB Supplemental Agreement") as part of this transaction. Under the terms of the DVB Supplemental Agreement, DVB had the right, but not the obligation, to unwind the sale of the two AHTS vessels if the additional $15.0 million of equity is not raised by October 31, 2019.  This deadline has been extended as described above.  

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