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Offshore Supply Vessel Platform Company: Hermitage Offshore Services (PSV)

Hermitage Offshore Services Ltd. (NYSE:PSV) was founded in 2013, formerly known as Nordic American Offshore Ltd. (formerly NYSE:NAO), which was changed to its current name in June 2019. Headquartered in Hamilton, Bermuda, with 7 full-time employees, the company owns and operates Platform Supply Vessels (PSV).

Nordic American Offshore

Hermitage Offshore Services (PSV):

Nordic American Offshore Limited (“NAO”) was incorporated in the Marshall Islands in 2013. Hermitage Offshore Services Limited is an offshore support ship company.

In November 2013, NAO was listed on the Oslo Stock Exchange and the U.S. OTC market through private placement. NAO raised US$250 million in this offering, and obtained a credit line of US$60 million. Nordic American Tankers Limited (“NAT”) subscribed for US$65 million in equity.

Proceeds from the first sale and part of the credit facility were used to acquire 6 PSVs in 2012 and 2013 from Ulstein Group of Norway for a total of US$270 million.

In January 2014, NAT announced that it would distribute approximately US$10 million worth of NAO investments to its shareholders as dividends in kind to increase the shareholder base. The distribution was conducted after listing on the New York Stock Exchange.

NAO was listed on the New York Stock Exchange on June 12, 2014.

As of December 31, 2017, Nordic American Ocean Co., Ltd. has 10 PSV fleets, mainly operating in the UK and the Norwegian section of the North Sea.

As of June 6, 2019, the Hermitage Offshore Service Company fleet has 23 ships, including 10 platform supply vessels, 2 anchor tug supply vessels and 11 crew vessels. The company’s vessels mainly operate in the North Sea or the west coast of Africa.

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