S&P: Hornbeck credit unchanged by construction

Standard & Poor's said Hornbeck Offshore Services Inc.'s (B+/Stable/--) ratings would be unaffected by the announced $42 million program to construct up to three new double-hulled barges (although the third is still under consideration) during 2004.

This program will replace three single-hulled barges by Jan. 1, 2005 as required under OPA 90 legislation. The program cost should be funded through internal cash flows and a small amount of bank borrowings. S&P has incorporated into its ratings the announced program and a modest amount of incremental fleet expansion.

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