Hermitage Offshore Services files for chapter 11

Hermitage Offshore Services, part of Emanuele Lauro-led Scorpio Group, has voluntarily filed for reorganisation under chapter 11 of the bankruptcy code in the United States Bankruptcy Court, citing the prolonged slump in global oil prices driven in part by the global coronavirus pandemic.

The company said it took the action after it was unable to reach a consensual agreement with its lenders for a financial restructuring out of court.

Hermitage anticipates that the company’s business operations with its customers and vendors will not be adversely affected by the proceeding while it works constructively with its lenders toward a consensual resolution.

According to the company, its customers and vendors have been historically paid by one of the company’s managers which is outside the chapter 11 case and so they will be paid amounts due now and in the future without interruption.

Earlier today, Hermitage announced the sale of anchor handling tug supply vessels Hermit Baron and Hermit Brilliance. The sale will leave it with 21 vessels made up of 10 platform supply vessels and 11 crew boats.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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