Hornbeck Offshore has made its first major vessel acquisition since completing its debt restructuring under a court-led Chapter 11 process late last year.
The company said it has agreed to acquire 10 high-spec offshore supply vessels (OSVs) from Edison Chouest Offshore for an undisclosed amount of cash.
Eight of the vessels are 4,750-dwt US-flagged, Jones Act-qualified, 280 class DP-2 OSVs, and two are 3,200-dwt Mexican-flagged 240 class DP-2 OSVs.
“Upon completion of regulatory drydockings to be conducted by the sellers, the company expects to take serial deliveries of all 10 vessels over the next 12 to 15 months, with the first vessel expected to be delivered within the next 90 days,” Hornbeck said in a statement.
“We are very excited about this acquisition, which puts us on a path for growth for the benefit of our employees, oilfield and non-oilfield customers and other constituents,” Hornbeck Offshore chief executive Todd Hornbeck said.
“We appreciate the financial support of our capital providers that underwrote this endeavor,” he added.
This transaction is the latest in a series of fleet deals as operators either quit the sector or dispose of assets as part of a restructuring exercise.
Japan’s K Line recently decided to shed its offshore shipping company and dispose of its two anchor handlers and four PSVs, according to Fearnley Offshore Supply.
The company’s two 36,710-bhp AHTS KL Sandefjord and KL Saltfjord (both built 2011) were sold to Borealis Maritime and will be managed by Aurora Offshore.
The company’s four PSVs KL Barentsfjord, KL Brisfjord, KL Bjofjord (all built 2011) and the KL Breivikfjord (built 2010) have been sold to Rem Offshore.
Meanwhile in Asia, Mexican vessel operator ENAV recently reached a conditional agreement with Pacific Radiance’s lenders to buy out their fleet of 33 vessels.
The vessels will continue to be managed by Pacific Radiance under management agreements, likely leaving majority of the vessels to trade the Asian and Middle East markets for the near term.
Furthermore, Tim Hartnoll’s family private investment business HICO acquired Singapore-based Britoil’s fleet of 20 anchor handling tugs and two PSVs, enabling the company to continue operations in Middle East and Asia, and focus on long term growth of the company.
