Hornbeck Offshore Increases Fleet

Hornbeck Offshore Services recently took delivery of the HOS Gemstone, the Company's second 240ED-class offshore supply vessel. The HOS Gemstone, which was delivered two weeks early by the shipyard, is currently working under a one-year time charter with a large independent oil and gas company to support its deepwater operations in the Gulf of Mexico.

On July 11, 2003, the Company commenced service with the 240-ft. class HOS Deepwater in Mexico under a two-year time charter for Pemex. The HOS Deepwater will retain its U.S.-flag status during the term of the charter, which will enable the Company to return the vessel to Jones Act service in the U.S. Gulf of Mexico after the expiration of the charter and any renewals.

On August 6, 2003, the Company acquired an additional 220-foot deepwater OSV. The vessel was purchased from Candy Marine Investment Corporation for $9.0 million. The closing of the transaction was effected after satisfying certain conditions precedent to closing, including the receipt in July of $13.5 million in proceeds of the Company's previously announced $30 million private offering of common stock, and satisfactory completion of a drydocking and survey of the vessel in early August. Hornbeck plans to continue operating the acquired OSV, which was renamed the HOS Mariner, in the deepwater Gulf of Mexico. In connection with the acquisition, the Company was also granted options to purchase three 180-foot offshore supply vessels from Candy Fleet for an aggregate exercise price of $4.5 million. The options will expire on August 6, 2004.

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