Hornbeck Offshore Puts Off Delivery of MPSV Duo

Illustration: 400ES Class MPSV

Hornbeck Offshore Services (HOS) has reached an agreement to postpone the delivery of the final two multipurpose supply vessels (MPSVs), being constructed at Eastern Shipbuilding under the company’s fifth OSV newbuild program.

According to the company, deliveries of the 400 class MPSVs have now been rescheduled for the first and second quarters of 2018 without any additional cost.

In addition, the payment terms for the remainder of the contract were adjusted to shift $43.3 million of construction milestone draws from the remainder of 2016 and 2017 into 2018.

HOS recognized net loss for the second quarter of 2016 of $20.6 million, or 57 cents per diluted share, on revenues of $53.7 million, compared to net income of $19.2 million, or 53 cents per diluted share, on revenues of $136.4 million for the second quarter of 2015.

Subsea World News Staff

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