Hornbeck ratings unaffected by fleet acquisition agreement with Nabors - S&P |
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Published
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Thu, 26 Jul 2007 07:42
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said its ratings and outlook on Hornbeck Offshore Services Inc are not affected by the company's agreement to acquire Nabors Industries Inc's Sea Mar fleet of 20 offshore supply vessels for 186 mln usd and a 285-foot offshore supply vessel currently under construction at an expected cost of 34 mln usd.S&P has a 'BB-' rating with a stable outlook on Hornbeck, which transports supplies and equipment to offshore oil and gas rigs.The ratings reflect Hornbeck's still-considerable cash balance and favourable near-term outlook for its core markets, the ratings agency said.Despite the use of cash on hand to fund the acquisition costs and solid near-term fundamentals, S&P said it remains concerned about Hornbeck's ability to fund its expansion spending without increasing debt leverage if current market conditions weaken considerably.TFN.newsdesk@thomson.comans/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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