Hermitage Offshore Services Ltd. Announces Sale of Common Shares under Equity Line of Credit
21 June 2019 - 6:47AM
Hamilton, Bermuda, June 20,
2019.
Hermitage Offshore Services Ltd.
(the "Company") announced today that it has sold an additional
1,421,472 common shares under its previously announced equity line
of credit for $3.51748 per share and aggregate net proceeds of $5
million. 710,736 shares were issued to each of Scorpio
Offshore Investments Inc., a related party, and Mackenzie Financial
Corporation, for and on behalf of the funds and accounts managed
thereby. The net proceeds of this issuance are expected to be
used for working capital purposes, particularly to manage expected
timing differences between supplier payments and customer
collections. Additionally, the Company's two anchor handling
tug supply vessels are scheduled for their class required special
survey in July and August of 2019. Each of these vessels is
expected to be offhire for approximately 20 days, and the drydock
costs are estimated to be approximately $1.4 million per
vessel.
The Company has 20,162,143 common
shares outstanding after giving effect to this transaction.
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
Press release (PDF)
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Offshore Ltd via
Globenewswire
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