Hermitage Offshore says lenders submit winning bid for 10 vessels

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Hermitage Offshore Services Ltd. said its lenders submitted the highest bid of about $80 million for its 10 platform supply vessels.

This was determined to be the successful bid for the vessels under the Chapter 11 bankruptcy code, according to a news release Monday.

The lenders’ successful bid for the vessels constitutes a “credit bid” against Hermitage’s outstanding debt and will not result in the receipt of any cash consideration by the company.

Hermitage’s 11 crew vessels will be sold to an unaffiliated third party that submitted a successful bid of approximately $5.3 million in cash.

The sale of the vessels remains subject to final approval of the U.S. Bankruptcy Court for the Southern District of New York and definitive documentation.

Hermitage Offshore is a Hamilton, Bermuda-based offshore support vessel company that owns vessels operating primarily in the North Sea or the West Coast of Africa. The company filed bankruptcy on Aug. 11 under Chapter 11 case number 20-11850.

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