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HORNBECK SIGNS DEFINITIVE AGREEMENT TO ACQUIRE 40 PCT. OF A MAJOR NORTH SEA SAFETY/STANDBY VESSEL COMPANY PLUS OPTIONS FOR REMAINING EQUITY

 GALVESTON, Texas, May 27 /PRNewswire/ -- Hornbeck Offshore Services, Inc. ("Hornbeck") (NASDAQ-NMS: HOSS) announced today that it has signed definitive agreements for the previously announced acquisition of Ravensworth Investments Limited ("Ravensworth"), with options exercisable between 1994 and 1997 to acquire the balance of Ravensworth's equity securities.
 The company intends to purchase 49.9 percent of the outstanding stock of Ravensworth at the initial closing. Consideration for the 49.9 percent acquisition will consist of $11 million in cash and shares of Hornbeck common stock valued at $2.7 million. Closing is expected to take place in July 1993 and is subject to a public offering of the company's common stock. The additional options for Hornbeck to acquire the remaining equity of Ravensworth are exercisable between 1994 and 1997 and are priced on a comparable pro rata basis with the initial purchase price plus interest at 7 percent. The option prices are adjustable either upward or downward based on future Ravensworth operating earnings performance.
 Ravensworth provides safety standby vessels and services to the North Sea oil and gas production and exploration industry with a fleet consisting of 20 vessels. Two additional new vessels are currently under construction and are expected to be placed in service during late 1993. Each of the new vessels has a 10-year contract for safety standby services. Ravensworth generally provides safety standby services pursuant to multi-year contracts. For the first quarter of 1993, Ravensworth revenues and net income totaled $10,064,000 and $1,502,000, respectively.
 Ravensworth has made a major commitment to the modernization of standby tonnage over the past three years, and it is the intent of both Hornbeck and the existing Ravensworth shareholders to continue to take advantage of attractive investment opportunities in this sector in the future.
 Larry D. Hornbeck, chairman, president and chief executive officer noted: "Following the acquisition, Hornbeck's fleet, together with Ravensworth's 22 vessels, will comprise the second largest fleet of supply and/or standby vessels in the world. The addition of Ravensworth's North Sea safety standby vessel business, together with its relatively longer term contracts, adds important diversity to Hornbeck's predominantly Gulf of Mexico service vessel business."
 Following the acquisition, Hornbeck will have representation on Ravensworth's board of directors commensurate with its ownership interests in Ravensworth. Further, the purchase structure will enable Ravensworth's operations to continue with the same experienced operating management and personnel, thereby allowing Hornbeck's operating management to continue its primary focus on the improving Gulf of Mexico market.
 Simmons & Company International of Houston is serving as the financial consultant to Hornbeck in its transaction with Ravensworth.
 Hornbeck is engaged in the worldwide offshore marine services business, primarily serving the oil and gas industry through its operation and management of a diversified fleet of 50 vessels. The fleet consists of supply, tug-supply, utility, crew and various specialty service vessels. The company maintains its corporate headquarters in Galveston, Texas and has additional operating offices in Morgan City and Houma, La. The company's common stock is traded on the NASDAQ National Market System under the symbol "HOSS."
 -0- 5/27/93
 /CONTACT: Robert W. Hampton, vice president, treasurer and chief financial officer of Hornbeck Offshore Services, Inc., 409-744-9500 or 713-488-0067/
 (HOSS)


CO: Hornbeck Offshore Services, Inc. ST: Texas IN: SU:

TS -- NY088 -- 3130 05/27/93 16:56 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:550
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