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Hornbeck Offshore Services Inc. Dec 10
Standard & Poors, December 2010
A young, technologically advanced offshore supply vessel (ODV) fleet; and Growing market, geographic, and business diversity. Heightened exposure to the U.S. Gulf of Mexico; Very cyclical pricing and utilization; and Weak market conditions for the marine transportation business. Standard & Poor's Ratings Services' ratings on Covington, La.-based Hornbeck Offshore Services Inc. reflect the near-term uncertainty of financial measures do to the continuing permitting delays in the U.S. Gulf of Mexico. As a result, financial performance is expected to be weaker than previous expectations, with heightened uncertainty until drilling activity returns to the deep water sector. The deep water U.S. Gulf of Mexico region has remained effectively closed to drilling, despite the end of the drilling moratorium. Given Hornbeck's large exposure...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
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Hornbeck Offshore Services Inc.