September 4, 2012 / 11:26 AM / 5 years ago

Hornbeck Offshore to build four vessels for $180 mln

Sept 4 (Reuters) - Oilfield services provider Hornbeck Offshore Inc plans to build four vessels for about $180 million on expectations of higher demand in its core Gulf of Mexico and Latin American markets.

The company, which provides offshore supply vessels (OSV) to oil and gas companies, said it has exercised the first four of its 48 options under a newbuild program announced in November.

The vessels, expected to be delivered in late 2014 and early 2015, will be employed to meet the expected increase in deepwater and ultradeepwater drilling in Gulf of Mexico, Brazil and Mexico, Hornbeck said.

The company also plans to spend $50 million to increase the capacity of six OSVs built in 1999-2000.

Offshore drillers such as Diamond Offshore Drilling Inc are opting for converting unused rigs into new units to save costs.

Hornbeck shares closed at $40.72 on Friday on the New York Stock Exchange.

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