Posted on October 11, 2023
Covington, La., headquartered Hornbeck Offshore Services Inc. is to complete the two multi-purpose support vessels (MPSVs) that had been at the center of its recently settled lawsuit with Gulf Island Fabrication Inc. (NASDAQ: GIFI) subsidiary Gulf Island Shipyards LLC (GIS).
Hornbeck Offshore said today that it has now entered a final agreement that will see the surety provider under that contract take possession of the two MPSVs and complete their construction at a shipyard to be mutually agreed with Hornbeck.
Hornbeck says that its “remaining contractual commitments under the construction agreements that have been taken over by the surety are approximately $53 million in the aggregate for the two vessels. The surety will be responsible for all cost of construction in excess of that amount. It is expected that the vessels will be completed in 2025.”
“We are very pleased to be able to complete the construction of these two ultra high-spec, Jones Act qualified MPSVs,” said Hornbeck Offshore president and CEO Todd Hornbeck. “When delivered, these vessels will be the two largest and, we believe, the most capable MPSVs in the U.S.-flagged Jones Act registry and will enhance our ability to support our oilfield, offshore wind and military customers across a broad spectrum of services.”