Assets of Scorpio Offshore Holding Inc. agreed to acquire Hermitage Offshore Services Ltd. (NYSE:PSV) in a reverse merger transaction on April 8, 2019. Hermitage Offshore acquired thirteen vessels from Scorpio Offshore for 8.13 million shares at $2.7774 per share. Hermitage Offshore issued 6.83 million shares for 11 crew boats and 1.3 million shares for two vessels operating in West Africa. The transaction resulted in Scorpio Offshore obtaining a controlling voting interest in Hermitage Offshore. Hermitage Offshore assumed the aggregate outstanding indebtedness of $9 million under a term loan facility with DVB Bank SE, Nordic Branch relating to the two vessels. Hermitage Offshore completed the acquisition of 11 crew boats on April 8, 2019.

Assets of Scorpio Offshore Holding Inc. completed the acquisition of Hermitage Offshore Services Ltd. (NYSE:PSV) in a reverse merger transaction on April 10, 2019.