The rating on Louisiana-based Hornbeck Offshore Services Inc. reflects Standard&Poor's Ratings Service's view of the company's "weak" business risk and "aggressive" financial risk. These assessments reflect the company's position in the volatile and cyclical marine services industry, as well as healthy market conditions in the Gulf of Mexico and its "adequate" liquidity position. We consider Hornbeck's business risk profile to be weak due to the company's exposure to the volatile offshore marine services industry. The company operates a fleet of 51 offshore supply vessels (OSVs) and four multi-purpose support vessels (MPSVs), primarily in the U.S. Gulf of Mexico, Mexico, and Brazil. The company plans to grow its fleet with its $900 million new build program adding 20 high
