Hornbeck unveils plan to convert sulphur carriers into PSVsNews // May 27, 2005
The total project cost to acquire and convert the two vessels is expected to be US$55 million to US$65 million, and the company plans to fund the project from current cash on-hand, projected free cash flow and available revolver capacity.
The company anticipates delivery of the converted vessels by the end of 2006.
Hornbeck purchased the Energy Service 9001, formerly known as the M/V W K McWilliams Jr, from Freeport-McMoRan Sulphur in November 2001. The company recently signed a definitive agreement to purchase an identical sister vessel, the M/V Benno C Schmidt,from an undisclosed private owner.
Todd Hornbeck, the company's Chairman, President and CEO, said: "We believe that the HOS 370 MPSVs will be the largest offshore supply vessels in the world, each with cargo carrying capacities of over 10,000 tons of deadweight and a minimum of 30,000 barrels of liquid mud. Each HOS 370 class MPSV will have nearly three times the deadweight and liquid mud capacity of one of our 265 class new generation offshore supply vessels (OSVs) and more than eight times the liquid mud capacity of one of our 200 class new generation OSVs."