Hermitage Raises Fund for PSV Overhaul

Hermitage Offshore Services (HOS), the operator of platform supply vessels (PSV), has announced that it has raised $2.5 million via share sale.

The Bermuda-headquartered company, formerly Nordic American Offshore Limited, informed that the proceeds will be used for special surveys and engine overhauls on four of its PSVs.

According to a stock exchange announcement from the offshore support vessel company, HOS 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 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.

HOS 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.  

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