Hornbeck Offshore Services, Inc. announced that, in a Board of Directors meeting following its 2005 Annual Stockholders' Meeting, Todd M. Hornbeck
was elected to the position of Chairman of the Board, in addition to his current position as President and Chief Executive Officer. Also, Bruce W. Hunt was designated as Lead Independent Director for the Board for the calendar year 2005. Mr. Bernie W. Stewart
, who has served as Chairman since February 2002, will continue to serve as an independent director of the Company. Mr. Stewart will also continue to chair Hornbeck Offshore's compensation committee and serve on the audit, nominating and corporate governance committees.
Mr. Stewart stated, "In taking this action, the Board recognized the tremendous contribution and leadership that Todd has brought to the Company over the past eight years. Todd's experience in the offshore vessel business has helped him develop a keen sense of vision for the opportunities and challenges of our industry. With Todd as Chairman, Hornbeck Offshore will surely continue to benefit from his passion and excitement about the Company he co-founded in 1997."
Speaking for the Board, Mr. Hornbeck commented, "The Company is grateful for Bernie's service as Chairman over the last three years. His extensive engineering, operational and senior managerial expertise has been invaluable to Hornbeck Offshore. With numerous exciting prospects ahead of us, I know we will continue to benefit from his knowledge of the offshore energy industry. I look forward to working closely with Bernie for many years to come."