Summary: Hornbeck Offshore Services Inc. Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services' ratings on Covington, LA-based Hornbeck Offshore Services Inc. reflect the company's position in the volatile and cyclical marine services industry, as well as soft market conditions in the Gulf of Mexico due to continuing permitting delays. The ratings also incorporate Hornbeck's growing geographic diversity, and adequate liquidity of about $386.5 million, including $136.5 million of cash, as of March 31, 2011. We expect Hornbeck's financial performance to remain weak in the near term, reflecting difficult market conditions, in comparison to 2010, when the company benefited from the Macondo cleanup efforts. We expect the adjusted last-12-months' total debt to EBITDA to approach 5.5x-6.0x in the near term as market conditions remain challenging. Of note, adjusted EBITDA...

Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Action: Review

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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.

Hornbeck Offshore Services Inc.

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