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Off S Off S Hornbeck Offshore Services Hornbeck Offshore Services H O S Investor Presentation September 2011 Todd M. Hornbeck Chairman, President and CEO James O. Harp, Jr. EiVPdCFOExecutive VP and CFO Hornbeck Offshore Services Service with Energy H O S Forward-Looking Statements This presentation contains “forward-looking statements,” as contemplated by the Private Securities Litigation Reform Act of 1995, in which the Company discusses factors it believes may affect its performance in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding assumptions, expectations, beliefs and projections about future events or conditions. You can ggyenerally identify forward-looking statements by the appearance in such a statement of words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “remain,” “should,” or “will,” or other comparable words or the negative of such words. The accuracy of the Company’s assumptions, expectations, beliefs and projections depends on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company’s actual future results might differ from the forward-looking statements made in this presentation for a variety of reasons, including the on-going effect of the de facto regulatory moratorium on the issuance of drilling and other permits in the GoM due to government regulations. Future results may also be impacted by proposed federal legislation or regulations that are being and may yet be implemented in response to the 2010 Deepwater Horizon event, as well as the outcome of pending litigation brought by environmental groups challenging recent exploration plans approved by the government. Such legislation, regulations or litigation could further aggravate a number of other existing risks, uncertainties and assumptions, including, without limitation: less than anticipated success in marketing and operating the Company’s MPSVs; bureaucratic, administrative or operating barriers that delay vessels chartered in foreign markets from going on-hire or result in contractual penalties imposed by foreign customers; further weakening of demand for the Company’s services; unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels; industry risks; further reductions in capital spending budgets by customers; declines in oil and natural gas prices; increases in operating costs; the inability to accurately predict vessel utilization levels and dayrates; the inability to effectively compete in or operate in international markets; less than anticipated sbseasubsea infrastru ctu re demand activ ity in the U.S. GlfGulf of Mex ico and other markets; the lev el of fleet additions by competitors that could result in over capacity; economic and political risks, including the recent unrest in the Middle East; weather related risks; the inability to attract and retain qualified personnel; regulatory risks; the repeal or administrative weakening of the Jones Act, including any changes in the interpretation of the Jones Act related to the U.S. citizenship qualification; the imposition of laws or regulations that result in reduced exploration and production activities or that increase the Company’s operating costs or operating requirements, including any such laws or regulations that may arise as a result of the de facto regulatory moratorium or as a result of the 2010 oil spill disaster in the Gulf of Mexico; drydocking delays and cost overruns and related risks; vessel accidents or pollution incidents resulting in lost revenue or expenses that are unrecoverable from insurance policies or other third parties; unexpected litigation and insurance expenses; fluctuations in foreign currency valuations compared to the U.S. dollar and risks associated with expanded foreign operations, such as non-compliance with or the unanticipated effect of tax laws, customs laws, immigration laws, or other legislation that result in higher than anticipated tax rates or other costs or the inability to repatriate foreign-sourced earnings and profits. In addition, the Company’s future results may be impacted by adverse economic conditions, such as inflation, deflation, or lack of liquidity in the capital markets, that may negatively affect it or parties with whom it does business. Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts the Company, or should the Company’s underlying assumptions prove incorrect, the Company’s actual results may vary materially from those anticipated in its forward-looking statements, and its business, financial condition and results of operations could be materially and adversely affected. Additional factors that you should consider are set forth in detail in the Risk Factors section of the Company' s most recent Annual Report on Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange Commission which, after their filings, can be found on the Company’s website www.hornbeckoffshore.com. The Company cautions readers that the information contained in this presentation is only current as of August 31, 2011, and the Company undertakes no obligation to update or publicly release any revisions to the forward-looking statements in this presentation hereafter to reflect the occurrence of any events or circumstances or any changes in its assumptions, expectations, beliefs and projections, except to the extent required by applicable law. 2 Hornbeck Offshore Services H O S Company Overview Hornbeck Offshore Services Service with Energy H O S Company Profile Relative Stock Price Performance (IPO to 31-August-2011) 2 Daily Trading Volume (000s) 400% 6,000 YFddYear Founded Jun 1997 HOS 350% 5,000 Year of IPO Mar 2004 300% Russell 2000 OSX Market Cap @ Inception $ 1m 250% 4,000 S&P SmlCap 600 S&P 500 200% Market Cap @ IPO $ 267m OSV Peers 3,000 150% Market Cap @ 31-Aug-2011 $ 656m 100% 2,000 1 Total Cash $ 137m 50% 1,000 Total Debt1 $ 764m 0% Total Enterprise Value @ 31-Aug-2011 $ 1, 283m -50% - Moody’s Rating Ba3 S&P Rating B+ OSV Peers include TDW, GLF, and CKH. 1 As of 30-Jun-2011. 2 L3M average daily trading volume is ~507K shares 4 Hornbeck Offshore Services Service with Energy H O S Diversified Oilfield Marine Service Provider Offshore Supply Vessels Tugs and Tank Barges Upstream Downstream HOS Cornerstone approaching Energy 13501, our first newbuild the drillship GSF CR Luigs double-hulled tank barge, on her maiden voyage. 51 New Gen OSVs1 9 Double-Hulled Tank Barges1 4 New Gen MPSVs1 9 Ocean-Goinggg Tugs1 2010 EBITDA = 92% 2010 EBITDA = 8% 1 Core fleet as of 4-Aug-2011. Excludes one conventional OSV and six ocean-going tugs currently stacked. 5 . Hornbeck Offshore Services Service with Energy H O S Favorable Macro Trends Driving Each Segment Upstream (OSV) Downstream (TTB) Deepwater GoM Production OPA ’90 Phase-Out of Single-Hulled Tank Barges % of Total U.S. Offshore Production from Deepwater Cumulative Barrels of Capacity Retired 90. 0 0 Oil Prod 80.0 Gas Prod Retiring Barrels (000's) 70.0 -5,000 60.0 0's) 50.0 -10,000 40.0 30.0 Capacity (00 Capacity -15,000 20.0 10.0 0.0 -20,000 2001 2003 2005 2007 2009 2011 2013 2015 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Source: Bureau of Ocean Energy Management, Regulation and Source: Based on data contained in the “United States Coast Guard Report Enforcement (BOEMRE) “Gulf of Mexico OCS Deepwater Production to Congress on the Progress to Replace Single Hull Tank Vessels with Summary by Year” Double Hull Tank Vessels,” dated Sep-2001 6 Hornbeck Offshore Services Service with Energy H O S GoM and Latin America: Our Core Markets 3 OSVs East Coast (Military) Great Lakes 5 Tugs (seasonal) 5 Barges 1 Tug 1 Barge 2 OSVs (Military) Puerto Rico 1Tug Gulf of Mexico 1 Barge Qatar 13 OSVs 2 OSVs 4 MPSVs 2 Tugs Trinidad 2 Barges Mexico 2 OSVs 9 OSVs Brazil 1 AHTS 14 OSVs Non-Oilfield service Represents active vessel counts as of 4-Aug-2011, excluding six stacked tugs, one stacked conventional OSV and 5 stacked new generation OSVs. Oilfield service 7 Hornbeck Offshore Services Service with Energy H O S Top 5 Operator of New Gen OSVs Worldwide By Location By Competitor (by DWT) (by DWT) West AfricaIndian Ocean 7% 5% SE Asia Far East 4% Northwest 9% Med Other 55% Europe 2% 26% Middle East 2% Edison Chouest ANZ 13% South America US GoM 1% Bourbon 20% 18% Other Solstad 2% 7% 3% Mexico 3% DOF 2% CBO 2% Island Offshore Tidewater 6% 3% Farstad 3% GulfMark 3% Hornbeck Offshore 4% 963 Vessels HOS Core Markets = 41% (including 234 newbuilds) HOS is #4 of WW Supply 34mDWT3.4m DWT out of 137 companies “New Generation “defined as all vessels built since 1991 with Dynamic Positioning; market share based on pro forma 2015 OSV capacity in DWT Source: Company estimates and ODS Petrodata as of 22-Aug-2011. 8 Hornbeck Offshore Services Service with Energy H O S Top 3 New Gen OSV Competitor in Three Core Markets #2 in U.S. GoM #3 in South America #1 in Mexico (by DWT) (by DWT) (by DWT) Hornbeck Hornbeck Global Hornbeck Offshore Offshore Industries 4% Offshore 11% 7% Wilson,Sons 18% Edison Harvey Edison CBO Island 6% Other 13% Chouest Gulf Chouest 11% Offshore
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