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    Hornbeck Offshore acquires three more vessels

    Vessel & ROV News // June 11, 2004
    Hornbeck Offshore Services has confirmed that it has exercised its option to purchase the HOS Hotshot, a newly constructed 165ft 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 6,000hp 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 US transportation fleet. The aggregate purchase price and conversion cost of the three vessels is expected tobe US$12.6 million.

    Todd Hornbeck, the company's President and Chief Executive Officer, 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 day rates and utilization for a variety of customers. The purchase of the HOS Hotshot allows us toreduce 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."

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