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 February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1278 sec (8 req/sec)