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Financing Newbuild Program #5 – Hornbeck Taps Equity Markets

On November 7th, Hornbeck Offshore Services Inc. announced its plans to build 16 U.S. flagged 300 class DP2 new generation offshore supply vessels, with options to build a further 16 for its upstream business. Exclusive of construction period interest, the aggregate cost of the first 16 vessels is estimated to be $720 million with deliveries scheduled during 2013 and 2014, which coincides with the delivery of approximately 145 incremental floaters and high specification jack-up rigs. The order was split equally between VT Halter Marine and Eastern Shipbuilding Group. This newbuilding program is the company’s eighth since its inception in 1997 and the fifth involving state of the art technologically advanced new generation OSVs.

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