September 2012. Delivery dates for option vessels will be approximately 26 months following the option exercise. The aggregate cost of the first 16 vessels is expected to be approximately US$720 million, excluding construction period interest. Construction costs will be funded with cash
on hand (including the net proceeds of the company’s recently completed equity offering), projected free cash flow from operations and, if necessary, available capacity under the company’s currently undrawn and recently
US$300 million revolving credit facility. VT Halter Marine will construct eight vessels based on the Super 320 design that it developed for Hornbeck Offshore. These DP2 OSVs are designed to have 6,200-long tons of deadweight capacity, approximately 20,900 barrels (bbls) of liquid mud carrying capability, 11,863ft2 of deck area and a fire-fighting class notation. The Super 320 design is based on a
larger version of the HOS Coral, a 290-class DP2 OSV which the company has operated since its delivery in early 2009. The Super 320 design has been developed with particular attention to the most stringent regulations for environmental stewardship, including a double hull that eliminates any fuel storage adjacent to the sideshell, and propulsion machinery that meets the requirements of EPA Tier 3 for stack emissions.
The eight OSVs to be constructed by Eastern Shipbuilding Group will be DP2 units and consist of four vessels based on the STX Marine SV 300 design and four vessels based on the STX Marine SV 310 design. Features of the STX design include over 20,000 bbls of liquid mud carrying capacity and a fire-fighting class notation. In addition, the SV 300 design has 5,500-long tons of deadweight capacity and 10,976ft2 of deck space; the SV
expanded
Mike Wallace, vice president international operations at Hornbeck Offshore, collects the award, from Riviera Maritime Media's John Labdon (right) and Geir Sjurseth, DVB Bank
310 design has 6,144-long tons of deadweight capacity and 11,536ft2 of deck space. The STX designs meet the same environmental standards mentioned above for the Super 320 design and will also carry the ENVIRO class notation by the American Bureau of Shipping (ABS). Once these latest newbuilds are in service, the
company expects to own and operate 56 and 67 new generation OSVs as of 31 December 2013 and 31 December 2014, respectively. The cost of the company’s latest newbuild programme is expected to be approximately US$720 million, of which US$44 million, US$227 million, US$348 million and US$101 million is expected to be incurred in 2011, 2012, 2013 and 2014, respectively. Hornbeck Offshore Services has also recently unveiled its fourth-quarter 2011 results. • fourth quarter 2011 diluted EPS of US$0.45
was 4.5 times higher than the fourth quarter of 2010, despite a 17 per cent increase in diluted shares • fourth quarter 2011 EBITDA of US$57 million increased US$22 million, or 62 per cent, over the third quarter of 2011 EBITDA of US$35 million • effective utilisation for the active new gen OSV fleet was 93 per cent for the fourth quarter of 2011, up from 81 per cent a year ago • MPSV utilisation was 89 per cent for the fourth quarter of 2011, up from 12 per cent for the first half of 2011 • contract backlog for new generation OSV vessel-days is currently at 59 per cent and 27 per cent for 2012 and 2013 • contract backlog for MPSV vessel-days is currently at 69 per cent and 40 per cent for 2012 and 2013. OSJ
Hornbeck Offshore played a key role in the Deepwater Horizon response
www.osjonline.com
Annual Offshore Support Journal Conference and Awards 2012 I 29
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40