Home Credit Ratings and Research S&P Global Ratings’ Credit Research Hornbeck Offshore Services Inc.

Summary: Hornbeck Offshore Services Inc.

Published May 12, 2014

2154 words — Published May 12, 2014

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Abstract:

Hornbeck Offshore Services Inc.'s participation in the highly cyclical and volatile oil and gas industry. The company's geographic concentration in the volatile Gulf of Mexico. Our expectation that dayrates will improve modestly in the Gulf of Mexico over the next 12 months as increased deepwater drilling drives additional demand for offshore supply vessels (OSVs). Our expectation that credit measures will improve modestly over the next 12 months. We expect the company will outspend cash flows by approximately $250 million in 2014, due largely due to $390 million of capital commitments relating to its fifth newbuild program. Our view of the company's negative financial policy, which could weaken credit measures. The positive outlook reflects the potential for an upgrade over the

Brief Excerpt:

RESEARCH Summary: Hornbeck Offshore Services Inc. Publication date: 12-May-2014 Primary Credit Analyst: Stephen Scovotti, New York (1) 212-438-5882; stephen.scovotti@standardandpoors.com Secondary Contact: Marc D Bromberg, CFA, New...

Report Type:

Summary

Ticker

HOSS

Issuer

Hornbeck Offshore Services Inc.

GICS

Oil & Gas Equipment & Services (10101020)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Hornbeck Offshore Services Inc. Rating Raised To 'BB-' From 'B+', Outlook Stable – 2014/09/12 – US$ 150.00

Research Update: Hornbeck Offshore Services Inc. Rating Raised To 'BB-' From 'B+', Outlook Stable – 2014/09/12 – US$ 225.00

Research Update: Hornbeck Offshore Services Inc. Corporate Credit Rating Lowered To 'B+'; Issue-Level Ratings Affirmed At 'BB-' – 2015/07/02 – US$ 225.00

Research Update: Hornbeck Offshore Services Inc. Downgraded To 'CCC+' On Unsustainable Leverage; Outlook Negative – 2016/07/06 – US$ 225.00

Research Update: Hornbeck Offshore Services Inc. Rating Lowered To 'CCC-' From 'CCC+' On Potential Capital Restructuring – 2016/11/04 – US$ 225.00

Hornbeck Offshore Services Inc. Rating Outlook Revised To Positive From Stable; 'B+' Corporate Credit Rating Affirmed – 2013/09/25 – US$ 150.00

Research Update: Hornbeck Offshore Services Inc. Rating Outlook Revised To Positive From Stable; 'B+' Corporate Credit Rating Affirmed – 2013/09/25 – US$ 225.00

Summary: Hornbeck Offshore Services Inc. – 2013/05/28 – US$ 225.00

Hornbeck Offshore Services Inc.'s $450 Million Senior Unsecured Notes Rated 'BB-' (Recovery Rating: 2) – 2013/03/14 – US$ 150.00

Summary: Hornbeck Offshore Services Inc. – 2012/11/29 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Hornbeck Offshore Services Inc." May 12, 2014. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Hornbeck-Offshore-Services-Inc-1316320>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Hornbeck Offshore Services Inc. May 12, 2014. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Hornbeck-Offshore-Services-Inc-1316320>

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