Hermitage Offshore Services Ltd. Announces Sale of Common Shares under Equity Line of Credit

HAMILTON, Bermuda, Oct. 28, 2019 (GLOBE NEWSWIRE) — Hermitage Offshore Services Ltd. (the “Company”) announced today that it has sold an aggregate of 2,356,108 additional common shares under its previously announced equity line of credit for $1.06107 per share and aggregate net proceeds of $2.5 million.  The net proceeds of this issuance are expected to be used for upcoming special surveys and/or engine overhauls on four of the Company’s PSVs, in addition to working capital purposes.  These special surveys and engine overhauls are scheduled to occur in November and December 2019 and the aggregate costs are expected to be approximately $2.0 million (for all four vessels).  The four vessels are expected to be offhire for an aggregate of approximately 60 days during the fourth quarter of 2019.

The Company has 22,518,206 common shares outstanding after giving effect to this transaction.

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