World News: 12:01 GMT Thursday 8th August 2019. [Hermitage Offshore Services Ltd., via Globe Newswire via SPi World News]
HAMILTON, Bermuda, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. (the “Company”) announced today that it expects to release its second quarter 2019 earnings on August 29, 2019 as the Company finalizes the accounting for the acquisition of assets from Scorpio Offshore Holding Inc., or SOHI, (a related party affiliate), which closed in April 2019.
Following the Company’s April 2019 acquisition of two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats from SOHI, the Company’s estimated average effective dayrates earned in the second quarter of 2019 are as follows*:
* The guidance set forth represents the Company’s estimates as of the date of this press release. These figures are subject to change as the Company finalizes its second quarter results.
The Company’s estimated average effective dayrates earned thus far in the third quarter of 2019 are as follows:
Hermitage Offshore Services Ltd. is an offshore support vessel company that 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. Additional information about the Company is available at the Company's website , which is not a part of this press release.
Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions identify forward‐looking statements.
The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the offshore support vessel (OSV) market, changes in charter hire rates and vessel values, demand in offshore supply vessels, the Company’s operating expenses, including bunker prices, dry docking and insurance costs, governmental rules and regulations or actions taken by regulatory authorities as well as potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, vessel breakdowns and instances of off-hire and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.
Hermitage Offshore Services Ltd. + 377 9798 5717 (Monaco) + 1 646 432 3315 (New York) Web-site:
Globe Newswire: 12:01 GMT Thursday 8th August 2019
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