Summary: Hornbeck Offshore Services Inc. Nov 11
- ID: 2085007
- November 2011
- Standard & Poors
Our ratings on Hornbeck Offshore Services Inc. reflect the company's position in the volatile and cyclical marine services industry, as well as improving market conditions in the Gulf of Mexico due to an increase in new well permits. The ratings also incorporate Hornbeck's increased geographic diversity as a result of repositioning vessels out of the Gulf of Mexico, and adequate liquidity of about $381 million, including $131.9 million of cash, as of Sept. 30, 2011. Standard & Poor's classifies Hornbeck's financial risk as aggressive. Total adjusted debt to EBITDA for the last 12 months ended Sept. 30, 2011, was 6.0x. However, total adjusted debt to the third quarter of 2011 annualized EBITDA was approximately 4.6x reflecting the recent improvement in...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
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