Hornbeck Offshore Files Registration Statement for IPO

Monday, September 22, 2003
Hornbeck Offshore Services has filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of its common stock. Hornbeck Offshore plans to use the net proceeds to the Company from the proposed offering to fund a portion of the costs of the construction of ocean-going, double-hulled tank barges, the retrofit of certain existing vessels, possible future acquisitions or additional new vessel construction, and for general corporate purposes. The underwriting group will be co-led by Goldman, Sachs & Co. and Jefferies & Company, Inc., with Goldman Sachs & Co. acting as sole book-runner. Simmons & Company International and Johnson Rice & Company, L.L.C. will act as co-managers. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Doug J. Marchand, Executive Director of the Georgia Ports Authority (GPA), announced today that Georgia's ports started off the new fiscal year with two consecutive months of double digit gains in container growth. Records show a total of 260,790 TEUs (Twenty-foot Equivalent Units) were handled through the Port of Savannah during July and August 2003, the first two months of GPA's 2004 fiscal year. The additional cargo represents a 14.2 percent increase over this time last year. Records also show that 133,320 TEUs were handled through the Port of Savannah during August alone, or a 12.1 percent increase over last year. "When many of the major container load centers on both the West and East coasts are experiencing either flat or lower container volumes, GPA continues to experience double-digit growth," said Marchand. "That is a direct result of ten new services calling on GPA since last year. Five of those are Asian services helping to boost our share of South Atlantic imports from Asia from 63 percent in FY02, to 68.2 percent in FY03." "Savannah's market share of South Atlantic exports to Asia increased from 52.7 percent in FY02 to 63.6 percent in FY03," Marchand added. "We have clearly demonstrated to our customers that our new services are helping to give shippers more choices, better frequency and assurance of competitive rates for both inbound and outbound freight," said Marchand. "I believe the success of the Port of Savannah will continue to be a catalyst for future economic recovery in Georgia. New containers mean new jobs for Georgians."
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