HOS Buys Boats

Thursday, June 03, 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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Tug on the Rocks, Lake Pontchartrain, Three Rescued

US Coast Guard 8th District says that it has rescued 3 crewmembers aboard the (uninspected) tugboat 'UTV Todd Michael' after it grounded on the rocks near the Lakefront Airport on Lake Pontchartrain.

Zamakona to Build Tug for HPC

Haifa Port contracts 70 t Voith Tug with Zamakona Yards Haifa Port Company (HPC) has awarded the international tender for a new build Voith Schneider tug to Zamakona Yards.

Ben3D Introduces ContainerTug 600S

Ben3D BV Naval Architecture introduce in collaboration with Oonincx Shipbuilding BV the innovative ContainerTug 600S. A strong, compact Dutch built workboat with

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar 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: 0.0833 sec (12 req/sec)