Hornbeck Offshore Services (HOS) is trying to stretch its debt maturity by launching a new notes exchange offer.
The US OSV player wants to swap up to $200m of its 5.875% bonds due next year for term loans expiring in 2025.
These will carry interest of 9.5%.
The loans will be guaranteed by second-priority interest in the collateral securing the company's existing $300m term loan facility, which was fully drawn as of 31 December.
The outstanding amount of the 2020 notes is $366.94m.
Clarksons Platou Securities has said the company faces a $100m bond maturity in October 2019 and has another $367m due in April 2020.
HOS booked a $31.2m loss for the third quarter versus a $19m loss in 2017.
The Louisiana-based, New York-traded owner also missed analysts' already pessimistic earnings per share target of $0.71 at $0.81.
