Hornbeck Offshore Acquires Five Deepwater OSVs

Monday, July 07, 2003
Hornbeck Offshore Services, Inc. has acquired five 220-ft. class deepwater offshore supply vessels and their related business from Candy Marine Investment Corporation, an affiliate of Candy Fleet Corporation,for an undisclosed amount of cash and common stock of the Company. Candy Fleet is a privately held marine vessel operator in the Gulf of Mexico. Hornbeck funded the cash portion of the purchase price with a combination of borrowings under the Company's revolving credit facility and proceeds from a private offering of the Company's common stock. In connection with such private offering, which was primarily undertaken to fund a portion of the acquisition costs, Hornbeck received payment or binding subscriptions for $30 million of new common stock of the Company, including the shares issued directly to Candy Marine Investment Corporation, to fund the equity portion of the purchase price. In addition, concurrent with the transaction, the Company increased the borrowing base on its revolver from $25 million to $50 million.

Hornbeck plans to continue operating the acquired OSVs, which have an average age of approximately 4.5 years, in the deepwater Gulf of Mexico.

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