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Scorpio's offshore company files for Chapter 11 in the US

Scorpio-controlled Hermitage Offshore was unable to find a solution with its lenders. The company, and its 28 subsidiaries, has now filed for bankruptcy protection in the US to reorganize the company.

The sudden drop in the oil price and the coronavirus outbreak created negative conditions for offshore companies. Many oil projects have been put on hold and there continues to be an oversupply of vessels in the market. | Photo: Bloomberg/Bloomberg

Hermitage Offshore, controlled by Scorpio, files for bankruptcy protection under the so-called Chapter 11 in the US to reorganize its business, the company informs.

The bankruptcy protection also covers 28 subsidiaries, which, among other things, own all the vessels. Hermitage Offshore has been negotiating with its lenders for some time, but the parties have not been able to reach an agreement.

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