Hermitage Offshore is on the ropes.
The Scorpio Group-backed company said it had retained financial advisors to negotiate with lenders after the oil companies it counts as customers slashed their budgets to deal with the spring's rock bottom oil prices and the global economic downturn caused by Covid-19.
"These circumstances give rise to substantial doubt about the company's ability to continue as a going concern," it said in its first quarter earnings statement.
