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    Hornbeck Offshore to invest in new vessels

    Vessel & ROV News // September 27, 2005

    Hornbeck Offshore Services has announced that it plans to spend around US$265 million to build several new vessels, and has reported no damage to any vessels as a result of Hurricane Rita.

    The Covington, Louisiana-based company, whose shares fell more than 4 per cent, said construction costs would be funded partly by proceeds from a public offering of 4.75 million shares and the sale in a private placement of an extra US$75 million of 6.125 per cent senior notes.

    Apart from using the funds it raises to build an unspecified number of new supply vessels and tank barges, the company said it may also look at acquisitions in future.

    Chief Executive Todd Hornbeck said the company's fleetwide day rates increased substantially in the third quarter to about US$14,000 from US$13,000 in early August.


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