NEW YORK (Standard&Poor's) July 8, 2003--Standard&Poor's Ratings Services today affirmed its ratings on oil and gas services company Hornbeck Offshore Services Inc. (B+\Stable\--) following its announced acquisition of five offshore supply vessels (OSVs) for $45 million. The outlook remains stable. Mandeville, La.-based Hornbeck is expected to have about $214 million of debt at the close of the transaction. "The transaction was funded with $39 million cash and $6 million of Hornbeck privately issued common stock," noted Standard&Poor's credit analyst Paul B. Harvey. "At the close of the transaction, Hornbeck's credit facility borrowing base expanded to $50 million, from which the $39 million was drawn," he continued. Also post-acquisition, Hornbeck received cash payments or irrevocable,
