Hard hit by the prolonged downturn in the oil industry, Louisiana-based Hornbeck Offshore Services announced its latest strategic transaction, the purchase of ten next-generation, high-specification offshore supply vessels, since emerging from bankruptcy there. at 16 months. The company, which has been a leader serving the energy industry primarily in the Gulf of Mexico and Latin America, as well as the U.S. military, said it is looking for new growth opportunities. as she pursued a new strategic plan.
Hornbeck Offshore has agreed to acquire ten next-generation high-tech OSVs from Edison Chouest Offshore for an undisclosed sum. Eight of the vessels are US-flagged, Jones Act-qualified Class 280 DP-2 OSVs, with a capacity of approximately 4,750 dwt. The other two vessels are 240 DP-2 class OSVs flying the Mexican flag and with a capacity of around 3,200 dwt.
“We are excited about this acquisition, which sets us on a path of growth for the benefit of our employees, our oil and non-oil customers and other stakeholders,” said Todd Hornbeck, President and Chief Executive Officer of the society. “We look forward to executing our strategic plans for further growth initiatives and business diversification in the future.
Hornbeck did not provide details on potential markets, only noting opportunities in non-oil areas. The first of the vessels involved in this transaction is expected to be delivered within the next 90 days. Hornbeck said they would complete regulatory dry-docking to be done by sellers prior to delivery. They expect to take delivery of all vessels within the next 12 to 15 months.
The company filed for bankruptcy in May 2020, saying it had more than $1.2 billion in debt that it needed to restructure. They traced the difficulties back to 2014, when low oil prices first caused the industry to cut service budgets and led to a glut of vessels. Hornbeck was forced to disarm ships and reduce manpower. The further drop in the oil market in 2020 due to the pandemic forced Honrbeck into reorganization bankruptcy. It appeared in September 2020.