Hornbeck Offshore Announces Purchase of Three Vessels

Friday, May 28, 2004
Hornbeck Offshore Services, Inc. nnounced today that it has exercised its option to purchase the HOS Hotshot, a newly constructed 165 foot fast supply boat that it has been operating under a bareboat charter since it was delivered in April 2003. In addition, the Company announced that it has entered into a definitive agreement to purchase two 6,000 horsepower ocean-going tugs that were built in 1983. Hornbeck expects to close the tug acquisitions by the end of June 2004, at which time the vessels will be converted for service in the Company's U.S. transportation fleet. The aggregate purchase price and conversion cost of the three vessels is expected to be $12.6 million. Todd Hornbeck, the Company's President and Chief Executive Officer, commented, "We initially in-chartered the HOS Hotshot in response to an increasing level of customer requests for a Hornbeck-crewed and operated deepwater-capable fast supply boat to complement our larger capacity new generation offshore supply vessels. We have been operating this modern, new generation vessel for over a year now at attractive dayrates and utilization for a variety of customers. The purchase of the HOS Hotshot allows us to reduce costs by eliminating the bareboat rental payment. This is another milestone in our strategic growth plan to add complementary vessel offerings to our customers in response to their expressed needs." Carl Annessa, Vice President and Chief Operating Officer of Hornbeck, added, "As we reported on our last conference call, we are acquiring these two higher horsepower tugs to "power" the large double-hulled tank barges that we currently have under construction for delivery late this year. In the interim, we will be able to lower our operating cost during the remainder of our annual drydocking season by using these additional Hornbeck-owned tugs to power our existing tank barge fleet, instead of in-chartering third party equipment."
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Chassis Pools for Port of Long Beach

Three companies that own the vast majority of chassis serving the San Pedro Bay ports are on track to activate a “gray chassis fleet” of truck-trailers on March 1,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Offshore

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

1st lifejacket for Working at heights

The first lifejacket custom-designed specifically for offshore personnel carrying out rope access or work at height has been developed by Survitec Group, the

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2556 sec (4 req/sec)