Hermitage Offshore gets court approval to sell 10 vessels to lenders

By Sarah Lizee

Olympia, Wash., Oct. 15 – Hermitage Offshore Services Ltd. obtained court approval to sell 10 platform vessels to lenders who submitted the highest bid of about $80 million, according to a Thursday order in the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, 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.

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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