Hermitage Offshore executes forbearance to $132.9 million term loan

By Taylor Fox

Chicago, July 9 – Hermitage Offshore Services Ltd. has executed a forbearance agreement to its $132.9 million term loan facility dated Jan. 14 with DNB Bank ASA and Skandinaviska Enskilda Banken AB, according to a news release.

DNB Bank ASA is agent and security agent on the agreement.

The Covid-19 outbreak and the collapse in the price of crude oil has resulted in significant deterioration in Hermitage’s financial condition, the company said.

The lenders have agreed to forbear in the event of a default by Hermitage until July 31.

Perella Weinberg Partners and Snapdragon Advisory AB will act as financial advisers, and Proskauer Rose LLP will be legal counsel.

The advisers and legal counsel were hired to “analyze restructuring alternatives,” the company said.

Hermitage Offshore is a Hamilton, Bermuda-based offshore support vessel company that owns 23 vessels operating primarily in the North Sea or the West Coast of Africa.

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