HORNBECK OFFSHORE SETTLES LITIGATION AND RESUMES COMPLETION OF CONSTRUCTION OF TWO 400 CLASS JONES ACT-QUALIFIED MPSVs
COVINGTON, La., Oct. 9, 2023 /PRNewswire/ -- Hornbeck Offshore Services, Inc. ("Hornbeck Offshore" or the "Company") announced today that it has entered into a final settlement agreement with the surety (the "Surety") for two Multi-Purpose Support Vessels (MPSVs) that had been under construction at Gulf Island Shipyards, LLC ("Gulf Island").
- COVINGTON, La., Oct. 9, 2023 /PRNewswire/ -- Hornbeck Offshore Services, Inc. ("Hornbeck Offshore" or the "Company") announced today that it has entered into a final settlement agreement with the surety (the "Surety") for two Multi-Purpose Support Vessels (MPSVs) that had been under construction at Gulf Island Shipyards, LLC ("Gulf Island").
- Pursuant to the settlement with the Surety, Gulf Island was required to dismiss with prejudice all claims it had asserted against Hornbeck on account of Hornbeck's termination of the Vessel Construction Agreements with Gulf Island.
- Hornbeck also dismissed its claims against Gulf Island and the Surety under the construction agreements and the surety bonds.
- Todd Hornbeck, the Company's President and Chief Executive Officer, commented, "We are very pleased to be able to complete the construction of these two ultra high-spec, Jones Act-qualified MPSVs.