The decision this week of Messrs. Vaccari and Cryar is consistent with their previous indication in July of 2002 of their intent to resign as directors of the Company upon the successful completion of the Company's initial public offering and was therefore not completely unexpected. With the potential of their future resignations in mind, Hornbeck Offshore added two new directors in October 2002. David A. Trice, President and Chief Executive Officer of Newfield Exploration Company, and Patricia B. Melcher, President of Allegro Capital Management, Inc., both of whom qualify as independent directors under the NYSE listing requirements, were added at that time.
Mr. Vaccari stated, "Given the Company's recent IPO and the commensurate reduction in our ownership percentage, Richard and I feel that it is now time to devote our attention to other ventures. We believe that Hornbeck Offshore is in good hands and well positioned for the future in both of its marine segments."
Todd Hornbeck, the Company's President and CEO, commented, "We have appreciated Chris and Richard's years of service to the Company, and we look forward to maintaining an on-going relationship with them as Hornbeck stockholders. Our resulting Board structure of seven members is now back to the level that was contemplated when we added David Trice and Patti Melcher to the Board as Chris and Richard's presumptive replacements."
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