Page 9: of Maritime Reporter Magazine (May 2002)

News

Horbeck-Leevac To

Build Eight OSV's

Hornbeck-Leevac Marine Services,

Inc. has approved a new vessel construc- tion program for its wholly-owned sub- sidiary, Hornbeck Offshore Services,

LLC. This is the company's third such program since its inception five years ago — the first two were seven and six vessel programs, respectively.

The current plan is to build eight addi- tional state-of-the-art, deepwater OSVs, with construction of four 240-ft. (73.1- m) DP-2 Class vessels to commence as soon as a definitive agreement has been signed with the selected shipyard. The company has signed a letter of intent for the first four vessels with one of the shipyards currently constructing vessels for Hornbeck and, therefore, anticipates prompt contract execution.

All of the first four vessels are expect- ed to be delivered by the end of 2003, with the first vessel due out in June 2003. Construction costs for the first four vessels will be funded by current cash and projected free cash flow from operations. The company also has avail- able an undrawn revolving credit facili- ty, which it does not expect to use to fund the first four vessels. Hornbeck is currently seeking price bids from ship- yards for the last four vessels.

According to Carl Annessa, the com- pany's vice president and COO, "The first four vessels in the newbuild pro- gram are an enhancement of our highly successful New Breed 240-ft. "E-class" design that we used in constructing the

HOS Innovator and HOS Dominator, both of which are currently working for

Sonsub. We have designed the vessel to increase its deadweight capacity and have also added additional service func- tionalities.

Navibulgar Initiates Fleet

Renewal Program

Navigation Maritime Bulgare (Nav- ibulgar), the nationally-owned Bulgari- an shipping company and the country's fourth largest business enterprise, has placed three tween-deckers on the sale and purchase market as part of its latest fleet renewal program.

Last month the company invited ten- ders for the three 1 1,750-gt, Bulgarian- flag vessels in a new move to upgrade its fleet as it prepares for a possible privati- zation decision from the Bulgarian gov- ernment.

In a related development, Navibulgar announced its intention to invest in enhancing its fleet of over 50 bulk carri- ers, which are engaged in worldwide trading on the international charter mar- ket.

Navibulgar owns and operates a diverse fleet of almost 100 ships, includ- ing containerships, chemical tankers and specialized rail ferries in addition to

May, 2002 9 bulk carriers.

The containerships trade between

North Europe and the

Mediterranean/Black Sea under the Bui- con brand, one of the market leaders.

They were upgraded in the mid-1990s and are performing satisfactorily, according to Capt. Gueno Guenov,

Director General of Navibulgar.

Navibulgar Finalizes

Varna Shipyard Deal

Navigation Maritime Bulgare (Nav- ibulgar). has confirmed its acquisition of

Varna shipyard, which has been in administration since January.

Payment of the purchase price of $16.1 million was completed on April 8 and gives Navibulgar ownership of the assets of the yard. The asset purchase transaction does not involve Navibulgar taking over any existing debts. Navibul- gar has stated that it intends to complete work in progress on vessels under con- struction at the yard.

In addition to the bulk carriers Trapez- itza (21,500-dwt) and Doli (42,000-dwt) on order for Navibulgar, the yard has a further two ships on which work is well advanced.

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