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Summary: Hornbeck Offshore Services Inc. Dec 05

Description:

Abstract
The ratings on Hornbeck Offshore Services Inc. reflect the risks posed by the company's niche position in the highly volatile offshore supply vessel (OSV) market, an aggressive growth strategy, and aggressive debt leverage. These risks are tempered by the diversification provided by its tug and tank barge businesses and the current, robust market conditions for Hornbeck's OSV fleet, which mitigates a lack of longer-term contracts. Hornbeck's business risk profile is considered weak, reflecting its participation in the volatile offshore marine services market. The majority of Hornbeck's cash flow is generated from its OSV division (expected to average about 70% of EBITDA), which is largely in the deepwater Gulf of Mexico and is susceptible to the exploration and production industry's highly...

Companies mentioned in this report are: Hornbeck Offshore Services Inc.,Hess Corp.,SEACOR Holdings Inc.,GulfMark Offshore Inc.,Seabulk International Inc.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Companies Mentioned

Hornbeck Offshore Services Inc.,Hess Corp.,SEACOR Holdings Inc.,GulfMark Offshore Inc.,Seabulk International Inc.

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Summary: Hornbeck Offshore Services Inc. Dec 05

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