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Hornbeck Offshore Services, Inc. (HOS) is a prominent provider of technologically advanced, high-specification offshore service vessels. Based primarily in the Gulf of Mexico and Latin America, Hornbeck Offshore also serves the U.S. government, offshore wind, and non-oilfield sectors. The company is known for its commitment to delivering versatile and capable support vessels designed to meet the complex demands of the energy industry.
Recently, the company announced a significant development. Hornbeck Offshore has entered into a final settlement agreement with the surety for two Multi-Purpose Support Vessels (MPSVs) that were under construction at Gulf Island Shipyards, LLC. Under this agreement, Gulf Island will dismiss all claims against Hornbeck, while Hornbeck will dismiss its claims against Gulf Island and the surety. The surety will take over and complete the construction of the MPSVs, with the vessels expected to be delivered in 2025.
The completion of these vessels is a noteworthy milestone. These ultra high-spec, Jones Act-qualified MPSVs will be the two largest and most capable in the U.S.-flagged Jones Act registry, enhancing Hornbeck's ability to support oilfield, offshore wind, and military customers across a wide range of services. Hornbeck's remaining contractual commitments for these vessels are approximately $53 million, while the surety will cover all additional construction costs.
In addition to this project, Hornbeck Offshore is continuously engaged in multiple initiatives to expand its fleet and enhance its service offerings. The company's focus remains on maintaining high standards of technology and capability in its vessels, ensuring reliable and efficient service to its diverse clientele. Through strategic partnerships and a forward-looking approach, Hornbeck Offshore is poised to sustain its growth and uphold its reputation in the industry.
Hornbeck Offshore Services (HOS) has announced a U.S. Navy Mentor Protégé Agreement with Next Generation Logistics, (NGL). This agreement, approved by the Department of the Navy Office of Small Business Programs, aims to help NGL expand its footprint in the defense industrial base. NGL, headquartered in New Orleans, is the only 8(a) certified firm operating in marine transportation for federal, state, and local agencies.
The partnership will enable HOS to continue providing tailored solutions to support the U.S. Government. Todd Hornbeck, CEO of HOS, expressed enthusiasm for the formally approved relationship and the opportunities it will bring to NGL. Eddie Compass IV, CEO of NGL, stated that the agreement will fundamentally change NGL's business operations, allowing them to service the Navy both domestically and internationally.
Hornbeck Offshore Services has acquired three high-spec offshore supply vessels from the U.S. Department of Transportation's Maritime Administration. The vessels are U.S.-flagged, Jones Act-qualified, with a capacity of approximately 4,600 DWT. The company plans to reactivate and perform regulatory drydockings on these vessels. CEO Todd Hornbeck emphasized their compatibility with the existing fleet and potential for deployment in the offshore wind industry or conversion for military applications. This acquisition reflects Hornbeck Offshore's commitment to expanding its operations in the energy sector.
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