Hornbeck Offshore Announces Expansion of OSV Newbuild Program #5, Commencement of 200 Class Retrofit Program, and Other Recent Developments

Hornbeck Offshore Services, Inc. HOS announced today that it has expanded its OSV Newbuild Program #5 and has commenced a new 200 Class OSV Retrofit Program, among other recent developments.  Following are highlights of this announcement: Exercises first four of 48 shipyard options for two additional 310 class OSVs and two additional 320 class OSVs Extends exercise dates for 44 remaining options by ~60 days each, while maintaining original pricing and delivery dates Next option exercises are not required until February 2013, providing additional time and greater flexibility Commences retrofit program to stretch and upgrade six 200 class DP-1 OSVs into 240 class DP-2 OSVs Updates net interest expense guidance to reflect GAAP accounting treatment for recent convertible bond financing Reports no vessel damage from Hurricane Isaac and no pre-storm cancellation of vessel charters by customers Expansion of OSV Newbuild Program #5: The Company has exercised the first four of its 48 options to build additional HOSMAX vessels at an aggregate incremental cost of approximately $180 million, excluding construction period interest, for vessel deliveries in the fourth quarter of 2014 and first quarter of 2015.  These four new vessels will expand the Company's fifth OSV newbuild See full press release