HOS Buys Boats

Tuesday, July 06, 2004

Hornbeck Offshore Services, Inc. exercised its option to purchase the HOS Hotshot, a new 165-ft. fast supply boat that it has been operating under a bareboat charter since it was delivered in April 2003. HOS also entered into a definitive agreement to purchase two 6,000 hp 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 CEO, said, "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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Port Lafito Officially Opens

GB Group, a diversified group of industrial and trading companies, has announced that Port Lafito, a world-class modern container port in Haiti, is open and operational.

Indonesia Expects Total to Decide on Mahakam within days

French oil firm TotalĀ  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1412 sec (7 req/sec)