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% US GoM 1% South America Bourbon 18% 20% Other Solstad 2% 7% 3% Mexico 3% DOF 2% CBO 2%

Island Offshore Tidewater 6% 3% Farstad 3%3% GulfMark 3%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 5% 6% 41% 24% Tidewater Tidewater 4% Bourbon 17% Otto Candies UPL 5% Cotemar 6% Other 6% 3% Other 15% Naviera 9% GOL 33% Deep Sea 5% 3% Starnav Nordcapital Abdon Callais 3% 6% 4% Aries Marine Seacor Bollinger Odyssea Otto Candies Bourbon Otto Candies 10% 2% 3% GulfMark 3% 3% 7% 4% 3% 197 Vessels 194 Vessels 41 Vessels ((gincluding 28 newbuilds) ((gincluding 38 newbuilds) ((pgwith no pending newbuilds) 591k DWT 659k DWT 107k DWT

• HOS is now a Top 3 new gen OSV operator in each of its three primary geographic markets • HOS has focused on three core markets comprising roughly 40% of the worldwide OSV supply • Balanced approach with significant market share in multiple long-term growth markets

“New Generation “defined as all vessels built since 1991 with Dynamic Positioning; market share based on pro forma 2015 OSV capacity in DWT 9 Source: Company estimates and ODS Petrodata as of 22-Aug-2011 Hornbeck Offshore Services Service with Energy H O S U.S. Downstream TTB Fleet Profile

Domestic tank barges East Coast tank barges East Coast short-haul tank barges (by geography) (by size) (by competitor)

Vane Bros. West Other <50K 9% Coast 10% Bouchard 13% 17% 16% Seaboard 50K-150K 6% >150K 59% 28% Kirby East Coast Penn 25% 83% 13%

Hornbeck Reinauer 7% 14% 27.8mm bbls of capacity 23.2mm bbls of capacity 13.6mm bbls of capacity

• Vast majority of domestic blue -water tank barges operate in the East Coast market • The East Coast market is primarily serviced by “short-haul” units in 50k-150k barrel range • Hornbeck is a leading provider in this East Coast “short-haul” coastwise market niche

Note: Based on Company estimates of domestic short-haul coastwise tank barges with 50k to 150k barrels of capacity in the East Coast market, the TTB Segment’s primary region of operations. The East Coast market is defined as the entire Atlantic seaboard from the northeastern U.S. to Florida, the Gulf of Mexico region, Puerto Rico and the Great Lakes. Company estimates based on peer company websites and selected industry sources as of 12-May-2011

10 Hornbeck Offshore Services Service with Energy H O S Market Diversification Strategy1

By Geographic Area By Service-Offering

Well Test GoM (Downstream) Great Lakes Port Services West Coast Military Services East Coast Petroleum Other Intl Transportation

Latin America Middle East

GoM (Upstream) Oilfield Specialty Oilfield Supply

Northeast US Puerto Rico 10 geographic markets 6 service-lines

1 Based on projected fleet complement and near-term outlook as of 31-Aug-2011. This slide is not intended to provide precise revenue estimates, but is only a representative graphical illustration of our market mix, as vessels often shift between geographic areas and/or service-offerings.

11 Hornbeck Offshore Services Service with Energy H O S Diversified Service Mix

Energy 13502 on deepwater well test HOS Port in Port Fourchon, LA HOS “enlists” 250 EDF class at the semi-submersible Ocean Quest ((yp)recently expanded) OSVs in military service

HOS Independence, a 265 class well HOS Resolution, a 250EDF class An ROV being deployed from stimulation vessel performing a 360° turn vessel in deep mooring reel service the 240E class DP2 HOS Innovator

12 Hornbeck Offshore Services Service with Energy H O S Well-Balanced “Blue Chip” Customer Base

2011E Upstream Revenue 2011E Upstream Revenue By Customer Credit Rating By Customer Type AA 7% Integrated Oil Companies 9%

A National Oil Companies AAA 20% 33% 49% Independent E&P Companies 10% U.S. Government Oilfield Service 21% Companies NR 25% 8% BBB 12%

B BB 1% 3%

• We have a balanced mix of credit-worthy Upstream customers comprised of five major types • 88% of our 2011E Upstream revenue is expected to be from investment grade customers • Over 50% of 2011E Upstream revenue is expected to be from NOCs or the U.S. Government

13 As of 4-Aug-2011. Hornbeck Offshore Services

H O S

Upstream Market Overview Hornbeck Offshore Services Service with Energy H O S “Best in Class” OSV Fleet

HOS OSV fleet is 100% new generation HOS has one of the youngest technologically advanced vessels1 OSV fleets of all U.S. publicly traded peers

Hornbeck 8 Peer Average Fleet Age = 14 years Gulfmark 8

Tidewater 16

Seacor 17

0 5 10 15 20 25

New Gen OSV Conventional 180’ Longest Remaining Economic Useful Life (240’ HOS Deepwater vs. Typical 180’ Shelf Vessel)

1 Excludes one non-core conventional OSV that is stacked and held for sale

15 Hornbeck Offshore Services Service with Energy H O S HOS vs. Public Domestic OSV Peers

HOS Eff ecti ve DtDayrate= 252.5x OSV P eer G roup HOS Utili zati on = 25% > than OSV P eer G roup Dayrates Utilization $26,000 100% $24,000 Average Dayrate 90% $22,000 Effective Dayrate 12-yr Average $20,000 80% Hornbeck $18,000

$16,000 Hornbeck 70% 12-yr Average $14,000 12-yr Effective $12,000 60% OSV Peer Group $10,000 50% $8,000 $6,000 12-yr Effective 40% $4,000 OSV Peer Group $2,000 30% 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11

12-yr Effective Dayrate 12-yr Average Utilization Hornbeck = $13,464 Hornbeck = 89% OSV Peer Group = $5, 366 OSV Peer Group = 64%

Effective Dayrate = Average Dayrate x Utilization Source: SEC filings from OSV public peers that operate vessels in the domestic GoM, including TDW, CKH, SBLK and TRMA, through 2Q2011. 16 Based on information available as of 4-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Deepwater E&P Demand Drivers

•Deepwater and ultra-deepwater exploration and production infrastructure 17 Courtesy of: Clarkson Research Services Limited UK (www.crsl.com) Hornbeck Offshore Services Service with Energy H O S Visible GoM Supply and Demand: If Fully Permitted

Visible Fleet Demand Visible Fleet Supply Through 2014 Through 2014 Semis - Production 6% SPARs 280 Class 28% TLPs 11% Subsea 9% Tiebacks Semis - 7% Drilling 300 Class 25% 26% 240 Class 21% Sppyecialty Services 14% Drillships 18% 200 Class 18% HOS 370 Class Deep Shelf 3% FPSOs Jackups Conventional 1% 8% Class 5% Total Visible Demand:Demand: 184 to 256 OSVs Total Visible Supply: 197 U.S.U.S.--FlaggedFlagged OSVs (operating in GoMGoM))

Source: Company estimates based on publicly available Source: Company estimates and ODS Petrodata; includes 28 information from ODS-Petrodata and other industry sources; newbuilds currently announced or under construction or conversion assumes 100% rig utilization and new generation “boat with deliveries through 2014. Excludes 97 U.S.-flagged new generation multipliers” based on historical correlation per demand driver. OSVs currently operating in foreign or non-oilfield markets.

As of August-2011. As of August-2011. 18 Hornbeck Offshore Services Service with Energy H O S Vast Majority of U.S. Offshore Energy Infrastructure is in “Hurricane Alley”

Mobile Rig Locations (as of September 20, 2005) All Fixed Manned Platforms

19 Hornbeck Offshore Services Service with Energy H O S Expected Growth in Platform Decommissioning Activity • Average decommissioning age of GoM shelf platforms is approximately 18 years • Over 2,500 production platforms in the GoM are now over 15 years old • Since 1990, an average of 113 platforms have been decommissioned per year • Recent BOEM mandate to prioritize and accelerate decommissioning will spur GoM activity

Active Shelf Production Platforms in the GoM Decommissioning of Shelf Production Platforms in the GoM Under 5 yrs old 200 180 Over 30 5-15 160 yrs old yrs old 140 120 15-30 100 yrs old 80 60 40 20 0 ~3,700 Platforms 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 • ~ 70% over 15 years old • ~ 39% over 30 years old Source: BOEMRE Source: BOEMRE

20 As of 4-Aug-2011. Hornbeck Offshore Services Service with Energy H O S Petrobras 2010-2014 Business Plan $$224B224B BBudgetudget by BBusinessusiness SegSegmentment PrProjectedojected VVesselessel NNeedseeds in BrBrazilazil

550 Downstream 33% 500 504 491 450 465

E&P 53% G&E 8% 400 (includes 180 OSVs) Petrochem 350 2% Distribution 300 1% Biofuels 2% 254 Corporate 250 1%

200 2010 2013 2015 2020 • Over 50% of Petrobras’ $224 billion of planned spending to be focused on E&P activities • Increased focus on exploration and production is driving the need for more offshore vessels • Offshore vessel fleet expected to nearly double in size by 2015 as activity increases in Brazil

Source: Petrobras. 21 Hornbeck Offshore Services Service with Energy H O S Brazil Pre Salt Play

660 nm (Tampa – Houston)

22 Hornbeck Offshore Services Service with Energy H O S Hornbeck Offshore Locations in Latin America

Dos Bocas Macaé

Rio de Janeiro

Ciudad del Carmen

23 Hornbeck Offshore Services

H O S

Upstream Fleet Summary Hornbeck Offshore Services Service with Energy H O S Multi-Class Upstream Fleet Profile Note: New Legend

Class DWT

UPSTREAM Conventional Under 1,500 FLEET Newbuilds 200 1,500 – 2,500 Upstream44 Active Fleet 240 2,500 – 3,500 Acquisitions 11 Under Const 55 Existing 280 3,500 – 5,000 300 Over 5, 000

200 240 280 300 MPSV Class Class Class Class Cl ass

25 Existing 21 Existing 4Existing 1Existing 4 Existing

200 220 S200 240 240E AHTS 240ED 250EDF 265 290 370 430 Class Class Class Class Class Class Class Class Class Class Class Class

5 Existing 6 Existing 10 Existing 2 Existing 2 Existing 2 Existing 10 Existing 9 Existing 4 Existing 1 Existing 2 Existing 2 Existing

DP-1DP-1 DP-1 DP-1 DP-2 DP-1 DP-2 DP-2 DP-2 DP-2 DP-2 DP-3

As of 4-Aug- 2011. 25 Hornbeck Offshore Services Service with Energy H O S Multi-Class Upstream Fleet Capabilities

10,000 36,000 Deadweight Liquid Mud Capacity 9,000 32,000

8,000 28,000 7,000 24,000 s) ) nn 6,000 ss 20,000 5,000

(barrel 16,000 (long to 4,000 12,000 3,000

2,000 8,000

1,000 4, 000

0 0 180 200 240 240E 240ED 250EDF 265 285 370 180 200 240 240E 240ED 250EDF 265 285 370

Vessel Class Vessel Class

• Our diverse fleet of new generation vessels vary in size and performance-enhancing capabilities • Proprietary vessel classes range from 200’ to 370’ in length and 1,800 to 8,000 LT in deadweight • These Upstream vessels are capable of carrying 3,600 to over 30,000 bbls of liquid mud

As of 4-Aug-2011.

26 Hornbeck Offshore Services Service with Energy H O S Multi-Class Fleet of New Generation OSVs

200 class HOS Crossfire, 220 class HOS Voyager, one of 240E class HOS Innovator surveying our first proprietary new generation OSV six OSVs acquired from Candy Fleet hurricane damage at BP’s Thunderhorse

240ED class HOS Bluewater, 265 class HOS Sandstorm, performing 240 class HOS Navegante, one of two our latest proprietary OSV design specialty services in the Mediterranean Sea acquired foreign-flagged AHTS vessels

27 Hornbeck Offshore Services Service with Energy H O S Two Distinct Classes of MPSVs

Merwede T-22 class DP3 design HOS 370 class DP2 design

HOS Achiever, our first of two 430-ft HOS Centerline, our first of two 370-ft foreign-built DP3 Merwede T-22 class MPSVs U.S.-flagged DP2 HOS 370 class MPSVs

(Delivered in 4Q2008 and 4Q2009)1 (Delivered in 1Q2009 and 1Q2010)2

1 The HOS Achiever was placed in service on 1-Oct-2008 and the HOS Iron Horse was placed in service on 27-Nov-2009. 2 The HOS Centerline was placed in service on 27-Mar-2009 and the HOS Strongline was placed in service on 25-Mar-2010. 28 Hornbeck Offshore Services Service with Energy H O S 430 class DP3 MPSVs

29 Hornbeck Offshore Services Service with Energy H O S 370 class DP2 MPSVs

30 Hornbeck Offshore Services Service with Energy H O S BP Oil Spill Response Spread

HOS Involved in Each Major Category of BP Spill Relief

• Mobilized and operated various types of oil containment boom and skimming equipment New Generation • Applied biodegradable dispersants to help break down surface oil OSVs • Supported drilling of “Bottom Kill” relief wells

• Provided subsea monitoring of well head through first “live” video feed from ROVs 430 DP-3 • Supported the installation of “Top Hat” and other subsea containment systems MPSVs • Placed containment cap on broken drill pipe to stop crude oil flowing from the well bore

• Played key role in support of “Top Kill” operation as “kill” and/or standby vessels 370 DP-2 • Played key role in support of “Static Kill” operation as “kill” and/or standby vessels MPSVs • Played key role in support of “Bottom Kill” operation as “kill” and/or standby vessels

• Mobilized and operated various types of ocean boom and skimming equipment Double-Hulled Tank Barges • Performed separation and processing of oily water and storage of recovered oil and Tugs • Operated as lightering vessel and storage capacity for smaller skimming vessels

32 Hornbeck Offshore Services Service with Energy H O S HOS Port Site Plan

33 Hornbeck Offshore Services

H O S

Financial Highlights Hornbeck Offshore Services Service with Energy H O S Strong Track Record of Growth Revenue EBITDA 1

$450 Barge $240 OSV Adjustment Barge OSV $400 $200 $350 $300 $160 $250 millions) llions) ii nn $120 $200 ($ i $150 $80 ($ in ($ in m $100 $40 $50 $0 $0 98 99 00 01 02 03 04 05 06 07 08 09 10 98 99 00 01 02 03 04 05 06 07 08 09 10

Vessels & Equipment Employee Headcount

$1,800 1,200 Barge OSV Shoreside Mariners $1,600 1,000 s)

$1, 400 ee $1,200 800 $1,000 600 $800

(# of employe 400 ($ in millions) ($ $600 $400 200 $200 $0 0 98 99 00 01 02 03 04 05 06 07 08 09 10 98 99 00 01 02 03 04 05 06 07 08 09 10

1 EBITDA is a non-GAAP financial measure; see Appendix for definition and Regulation G reconciliation to GAAP. 35 EBITDA for 2001, 2004 and 2005 has only been adjusted for loss on early extinguishment of debt of $3.0m, $22.4m and $1.7m, respectively. Hornbeck Offshore Services Service with Energy H O S Industry Leading OSV Margins 80.0% Gross Margin 11-year Average 70.0% HOS OSVs = 66% OSV Peers = 43% 60.0% Hornbeck OSVs

50.0% 2010 OSV Peers HOS OSVs = 56% 40.0% OSV Peers = 38%

30.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 60.0% Operating Margin 11-year Average 50.0% HOS OSVs = 44% 40.0% Hornbeck OSVs OSV Peers = 18% 30.0%

20. 0% 2010 OSV Peers 10.0% HOS OSVs = 29% OSV Peers = 15% 0.0%

-10.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sources: Company SEC filings Note: OSV Peers include TDW, CKH, GLF and TRMA. Gross margin defined as GAAP revenues minus GAAP operating expenses divided by GAAP revenues for each period. Operating margin defined as GAAP operating income minus Gains or Losses from Asset sales and non-recurring charges divided by GAAP 36 revenues for each period. Hornbeck Offshore Services Service with Energy H O S Recent Hornbeck OSV Fleet Growth HOS Fleet Current HOS Fleet1 (3Q2007) (2Q2011) Conventional Class ~3x 1% 200 Class Growth 30%

280 Class MPSV Class 24% 200 Class 20% 240 Class 46% 37% 240 Class 30%

300 Class 3% 280 Class 9% Total Deadweight Tons = 59,042 Total Deadweight Tons = 161,182 New Gen US GoM Market Share by DWT: 15% New Gen US GoM Market Share by DWT: 11%

1 Recent fleet growth was comprised of two new DP-2 MPSVs that were converted and two new DP-3 MPSVs that were constructed under our MPSV Program; 15 new proprietary 240 class OSVs and one 300 class OSV that were constructed under our OSV Newbuild Program #4; and our August 2007 acquisition of the Sea Mar Fleet, which is now comprised of 10 new generation 200 class OSVs and one conventional OSV. 37 Hornbeck Offshore Services Service with Energy H O S Larger Fleet Set to Generate Strong Free Cash Flow

$600.0m $1.2 billion in growth capex Currently, $460 invested since no forward $423 $500.0m Jan-2007 committed growth capex $400.0m

$242 $300.0m $239 $200.0m $181 $194 $190 $111 $152 $171 $49 $4$74 $129 $112 $52 $97 $121 $100.0m $107 $59 $66 $17 $- 2 200411 2005 2006 2007 2008 2009 2010 2011E

EBITDA Cash Paid for Taxes Debt Service Annually Recurring Capex Growth Capex Free Cash Flow

• Recent growth capex programs are fully funded, with free recurring cash flow breakeven of $80m/yr • Recent fleet exppgyansion was largely funded with free cash flow generated from o perations • With no add’l growth capex currently planned, HOS is now set to generate significant free cash flow

Note: EBITDA is a non-GAAP financial measure; see Appendix for definition and Regulation G reconciliation to GAAP. 38 1 EBITDA for 2004 and 2005 has only been adjusted for loss on early extinguishment of debt of $22.4m and $1.7m, respectively. 2 2011E estimates reflect the Company’s latest guidance reported in its 4-Aug-2011 press release. Hornbeck Offshore Services Service with Energy H O S Upstream Contract Coverage with Blue-Chip Customers

Contracted Days Contracted Revenue

100%

34% 80% 50% 50% 50% 55% 66% AA 12% 60% A AAA 7% 77% BBB 40% 2% 66% Other1 50% 50% 50% 2% 20% 45% 34%

0% 2H2011 2012 200313 2H2011 2012 200313 Offshore Supply Vessels Multi-Purpose Support Vessels Days Contracted Days Available for Charter

• About 66% of 2011 new gen OSV vessel days already contracted at above current market rates • Two MPSVs now operating on long-term contracts in the GoM through 2013 • 98% of aggregate Upstream contract coverage is with investment grade customers 1 Other includes non-investment grade and unrated companies 39 As of 4-Aug-2011. Hornbeck Offshore Services Service with Energy H O S Strong Balance Sheet and Ample Liquidity $2,000

$1,800

$1,600

$1,400

$1,200 Debt

$1,000

$800

$600

$400 Equity

$200

$- 2005 2006 2007 2008 2009 2010 Q22011

6.125% Senior Notes due 2014 1.625% Convertible Notes due 2026 8.000% Senior Notes due 2017 Drawn Revolving Credit Facility Available Revolving Credit FacilityPaid in Capital Retained Earnings

6.125% Senior Notes due 2014

1.625% Convertible Notes due 2026

8.000% Senior Notes due 2017

Revolving Credit Facility

2009 2010 2011 2012 2013 2014 2015 2016 2017

41 Hornbeck Offshore Services Service with Energy H O S Strong Asset Coverage

$2,500

~3.2x

$2,000 $2,136 ~2.8x $1, 849 ~2.4x $1,500 $1,593

$1,000 ~$663 Funded Net Debt

$500

$- Replacement Cost12 Fair Market Value Net Book Value 3

1 Represents current internal estimates of the cost to replace the Company’s fleet of 80 owned vessels. 2 Represents internal company estimates based on prior vessel surveys, third party quotes from vessel brokers and recent shipyard bidding activity for the next closest equivalent within the HOS Fleet. 3 Represents net book value of PP&E as of 30-Jun-2011. 42 Hornbeck Offshore Services Service with Energy H O S HOS Now Trading at a Substantial Discount • HOS TEV has traded-off over 35% since June 2008, despite substantial fleet growth • HOS TEV is now trading at roughly 60% of its estimated fleet replacement cost • HOS stock price is now trading at a ~60% discount to its Jun 2008 all-time high of $59/shr • HOS stock price is now trading more than 20% under its current net book value of $31/shr

2,500

2,136 $77/sh unlevered 2,076 2,000

$59/sh 1, 455 1,500 1,283 1,578 $31/sh

1,000 828 656 $24/sh

500

627 627 $23/sh 498

0 Replacement TEV @ NBV @ TEV @ Cost1 23-Jun-2008 30-Jun-2011 31-Aug-2011

Replacement Cost Net Debt Market Cap Book Equity

1 Represents current internal estimates of the cost to replace the Company’s fleet of 80 owned vessels 43 Hornbeck Offshore Services Service with Energy H O S HOS Price-Book Ratio Well Below Historic Average

$2,500 500%

$2,000 400%

$1,500 Hist Avg 300% 163.2%

$1,000 200% Current Peer Avg1 107.0% $500 100% Current HOS $‐ 0% 79.0% 26‐Mar‐04 26‐Mar‐05 26‐Mar‐06 26‐Mar‐07 26‐Mar‐08 26‐Mar‐09 26‐Mar‐10 26‐Mar‐11 Net Debt Market Cap Price –to-Book Ratio • Since its IPO in Mar 2004, HOS has traded at an average price-to-book ratio of 163% • Since 2004, the HOS price -to-book ratio has traded in broad range of 40% to 400% of NBV • Domestic OSV peer average P-B ratio is currently at 107% compared to HOS at 79% • Based on Peer Avg and Hist Avg P-B ratios, HOS stock price would be $33 or $51, respectively 44 1 Peer Avg consists of TDW and GLF as of 31-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Investment Highlights

• Leading presence in strategic markets

• Premium fleet well positioned to capitalize on macro trends

• Proven track record of profitable growth through market cycles

• Disciplined fleet expansion has produced industry leading margins and returns

• Diversified operating leverage with stable cash flow foundation

• Growing contract coverage with blue-chip customer base

• Recent growth initiatives are now fully funded, driving earnings growth visibility

• Strong balance sheet and ample liquidity for financial flexibility

• Effective use of capital markets to lower overall cost of capital

• Currently trading at historically attractive valuation at a discount to NBV

45 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

H O S

AdiAppendix Hornbeck Offshore Services Service with Energy H O S Regulation G EBITDA Reconciliation This presentation contains references to the non-GAAP financial measures of earnings (net income) before interest, income taxes, depreciation and amortization, or EBITDA, and Adjusted EBITDA. The Company views EBITDA and Adjusted EBITDA primarily as liquidity measures and, therefore, believes that the GAAP financial measure most directly comparable to such measures is cash flows provided by operating activities. Reconciliations of EBITDA and Adjusted EBITDA to cash flows provided by operating activities are provided in the table below. Management's opinion regarding the usefulness of EBITDA and the components of Adjusted EBITDA to investors and a description of the ways in which management uses such measures can be found in the Company's most recent Annual Report on Form 10-K filed with the SEC. The following data is as of 31-Aug-2011. Reconciliation of EBITDA to Cash Flows Provided by Operating Activities ($m)

Year Ended December 31,

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Components of EBITDA: Net income (loss)$ (1.4) $ (1.8) $ (4.5) $ 7.0 $ 11.6 $ 11.2 $ (2.5) $ 37.4 $ 75.7 $ 94.8 $ 117.1 $ 50.4 $ 36.4 Interest expense, net: Debt obligations 1.2 5.3 8.2 10.7 16.2 18.5 17.7 12.6 17.7 15.7 6.3 16.5 45.0 Incremental APB-14 Non Cash Interest Expense 1 ------4.5 10.2 Put warrants 1.5 2.3 7.3 3.0 ------Interest income (0.1) (0.1) (0.3) (1.5) (0.7) (0.2) (0.4) (3.2) (16.1) (18.4) (1.5) (0.5) (0.5) Total interest expense, net 2.6 7.5 15.2 12.2 15.5 18.3 17.3 9.4 1.6 (2.7) 4.8 20.5 54.7 Income tax expense (benefit) (0.2) 0.3 1.6 5.7 7.1 6.9 (1.3) 21.5 43.1 53.8 65.1 30.2 21.5 Depreciation 0.9 2.4 4.2 6.5 10.4 14.4 17.4 20.0 24.1 23.0 33.5 69.5 58.5 Amortization 040.4 070.7 101.0 121.2 191.9 323.2 575 .7 737.3 808.0 12. 2 18. 5 23. 9 18. 5 EBITDA$ 2.3 $ 9.1 $ 17.5 $ 32.6 $ 46.5 $ 54.0 $ 36.6 $ 95.6 $ 152.5 $ 181.1 $ 239.0 $ 194.5 $ 189.6 2 Loss on early extinguishment of debt - - - 3.0 - - 22.4 1.7 - - - - - Stock-based compensation expense ------5.2 7.4 10.8 8.7 8.7 Interest income 0.1 0.1 0.3 1.5 0.7 0.2 0.4 3.2 16.1 18.4 1.5 0.5 0.5 Adjusted EBITDA$ 2.4 $ 9.2 $ 17.8 $ 37.1 $ 47.2 $ 54.2 $ 59.4 $ 100.5 $ 173.8 $ 206.9 $ 251.3 $ 203.7 $ 198.8

EBITDA Reconciliation to GAAP:

EBITDA $ 232.3 $ 919.1 $ 17. 5 $ 32. 6 $ 46. 5 $ 54. 0 $ 36. 6 $ 95. 6 $ 152. 5 $ 181. 1 $ 239. 0 $ 194. 5 $ 189. 6 Cash paid for deferred drydocking charges (1.7) (2.4) (1.5) (1.7) (2.4) (6.1) (8.5) (6.8) (12.9) (19.8) (19.8) (19.2) (22.5) Cash paid for interest (0.4) (4.5) (7.1) (5.6) (19.1) (19.7) (24.0) (17.9) (18.5) (22.6) (25.0) (24.2) (44.2) Cash paid for taxes ------(1.4) (4.8) (6.1) (15.5) (2.8) 3 Changes in working capital 4.7 (0.6) (2.9) 1.9 (0.5) (2.0) (5.0) 5.1 8.6 (4.1) 8.1 41.1 4.3 Stock-based compensation expense ------5.2 7.4 10.8 8.7 8.7 2 Loss on early extinguishment of debt - - - 3.0 - - 22.4 1.7 - - - - - Changes in other, net 3 (1.3) 0.3 (0.1) 0.1 0.3 (0.7) (0.2) (1.9) (1.7) (1.7) (7.5) (2.1) (2.1) Cash flows provided by operating activities $ 3.6 $ 1.9 $ 5.9 $ 30.3 $ 24.8 $ 25.5 $ 21.3 $ 75.8 $ 131.8 $ 135.5 $ 199.5 $ 183.3 $ 131.0

1 Represents incremental non-cash interest expense resulting from the recent adoption of APB 14-1. See Company's most recent Annual Report on Form 10-K for more information regarding the adoption of APB-14.

2 Results for 2001 were impacted by a $2.0m after-tax ($0.19 per diluted share) charge on early extinguishment of debt relating to a July 2001 debt refinancing. Results for 2004 were impacted by a $14.7m after-tax ($0.75 per diluted share) charge on early extinguishment of debt relating to 91% of the November 2004 refinancing of our 10.625% Senior Notes due 2008. Results for 2005 were impacted by a $1.1m after-tax ($0.05 per diluted share) charge on early extinguishment of debt relating to the January 2005 redemption of the final 9% of our 10.625% Senior Notes due 2008. 3 Projected cash flows provided by operating activities are based, in part, on estimated future “changes in working capital” and “changes in other, net,” that are susceptible to significant variances due to the timing at quarter-end of cash 48 inflows and outflows, most of which are beyond the Company’s ability to control. However, any future variances in those two line items from the above forward-looking reconciliations should result in an equal and opposite adjustment to actual cash flows provided by operating activities. Hornbeck Offshore Services Service with Energy H O S Mission Statement

Our mission is to be recognized as the energy industry’s marine transportation and service company of choice for our customers, employees and investors through innovative, high quality, value-added business solutions delivered with enthusiasm, integrity and professionalism and with the utmost regard for the safety of individuals and the protection of the environment.

49 Hornbeck Offshore Services

H O S

Appendix: Safety Hornbeck Offshore Services Service with Energy H O S Our People @ Work

51 Hornbeck Offshore Services Service with Energy H O S Outstanding Safety Record

202.0 $2, 500, 000 Lost Time Incident Rate HOS Paid Safety Bonuses Recordable Incident Rate $2,000,000 1.5

$1,500,000 1.0 $1,000,000

0.5 $500,000

0.0 $- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

• Steadily improving safety record despite substantial increase in employee headcount • Outstanding total recordable incident rates in 2007 and 2008 (TRIR = 0.15 & 0.19, respectively) • Also, 2008-09 matched our all-time best annual lost time incident rating (LTIR = 0.00) set in 2000

52 Hornbeck Offshore Services Service with Energy H O S Fleet Size and Personnel Hours

90 6.5 6.0 80 Vessels Hours 5.5 70 5.0 60 454.5 4.0 50 3.5 40 3.0 2.5 (in millions) 30 2.0 20 1.5 1.0 10 0.5 0 -

53 Hornbeck Offshore Services Service with Energy H O S Industry Association Comparison Recordable Incident Rates (RIR) 3.0

2.5

2.0

1.5

1.0

0.5

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

RIR IADC (U.S. Waters) RIR Hornbeck 54 Hornbeck Offshore Services Service with Energy H O S QHS&E Certifications

• ISM certification for all SOLAS class OSVs, AHTS vessels, tug and tank barges • ISM Code certified on all vessels • Only U.S. marine transportation and energy service company with SIP approval • ISO 140001:2004 certified by ABS • ABS certified Safety Management System

55 Hornbeck Offshore Services

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Appendix: Upstream Market Hornbeck Offshore Services Service with Energy H O S Gulf of Mexico New Gen OSV Market By Competitor By Vessel Age 19% owned by public companies 50% are newbuilds or under 5 yrs old HOS > all other public peers combined Avg age of 7 yrs for existing vessels

Other Private Newbuilds 40% Over 10 yrs old

Under 5 Chouest 5-10 41% HHbkornbeck yrs old Offshore yrs old 11% Other Public 8% 197 Vessels (including 28 newbuilds) 591k DWT

Source: Company estimates and ODS Petrodata as of 22-Aug-2011.

57 Hornbeck Offshore Services Service with Energy H O S Growth in Deepwater Exploratory Rig Count

• Deepw ater GoM floating rig fleet e xpected to increase 14% ov er cu rrent lev els by 2014 • Plus, GoM is expected to attract some of the 91 add’l speculative world-wide deepwater rigs • Deepwater development accelerating due to proven technologies and operational efficiencies

GoM Floating Rig Fleet Speculative Worldwide Deepwater Rig Deliveries

70 100 Deep Shelf Jackups 91 90 60 Semisubmersible Drillship 80 16 50 42 70 43 41 41 40 9 3 60 Plus 50 48 30 24 24 24 40 24 20 30

20 10 20 16 17 17 12 10 6 0 0 2011E 2012E 2013E 2014E 2011E 2012E 2013E 2014E Total

Source: ODS-Petrodata Source: ODS-Petrodata

As of 4-Aug-2011. 58 Hornbeck Offshore Services Service with Energy H O S Growth in Deepwater Production Infrastructure

• Deepwater GoM production facilities are expected to grow 23% over 2010 levels by 2014 • GoM subsea tree installations are expected to grow 56% over current levels by 2014 • Increased infrastructure creates demand for subsea inspection, repair and maintenance (IRM)

Historical and Projected Subsea Tieback Activity in the GoM Deepwater Production Infrastructure (2011E-2014E) 160 700 700 637 650 Floating Facilities Deepwater Fields Deepwater Trees 650 140 600 600 15 557 120 6 550 550 500 462 500 500 100 28 450 410 450 400 369 400 350 318 80350 137 60 300 273 300 228 250 201 216 25088 189 195 40 200 175 174 184 200 139 157 132 145 150 113 117 150 97 107 80 77 20 100 62 61 100 43 49 33 41 28 30 31 33 37 39 40 41 40 50 11 16 17 22 50 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010 2011E 2012E 2013E 2014E Current Construction Planned Under Study 2014E

Source: Infield Systems Limited Source: ODS-Petrodata 59 As of 4-Aug-2011. Hornbeck Offshore Services Service with Energy H O S Post Hurricane Repair

Offshore Supply Vessels Multi-Purpose Support Vessels

DP2 240E class OSV, HOS Innovator surveying DP3 T-22 class MPSV, HOS Achiever, damage at BP’s Thunderhorse semi-submersible on her first shelf platfom remediation job in the GoM production platform after Hurricane Dennis in 2005. after Hurricanes Gustav and Ike in 2008

60 Hornbeck Offshore Services

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Appendix: Upstream Fleet Hornbeck Offshore Services Service with Energy H O S Upstream Fleet: Historical Timeline

Launched 4th OSV newbuild program consisting of nine 250EDF class DP-2 Launched 2nd OSV OSVs and six 240ED Entered newbuild program DP-2 class OSVs Sold four Sold two international OSV consisting of two Acquired and conventional conventional market in 240E class DP-2 integrated the Sea Mar vessels vessels Trinidad Acquired two new OSVs and four 270 fleet of 10 Super 200 purchased as purchased as st generation 240 class, Launched 1 OSV class DP-2 OSVs class new generation part of Sea part of Sea newbuild program 8,000 horsepower OSVs and 10 Lhd3Launched 3rd OSV Mar fleet Mar fleet consisting of five 200 anchor handlers conventional vessels newbuild program acquisition acquisition class DP-1 OSVs Delivered two 240 class DP-1 consisting of four and two 240 class OSVs into deepwater service 240ED class DP-2 Purchased the Awarded military DP-1 OSVs in U.S. Gulf of Mexico OSVs HOS Hotshot, a support contracts 165 foot FSV for four OSVs

1997 1998 1999 2000 2001 20022003 2004 2005 2006 2007 2008 2009 2010

Delivered five 200 class DP-1 Delivered the 240E Acquired six 220 Acquired HOS Port Sold the HOS Hotshot, a Expanded Sold three OSVs into deepwater service class OSV, the HOS class new shore-based facility 165 foot FSV MPSV conventional in U.S. Gulf of Mexico Innovator, the first generation OSVs from ASCO program with vessels U.S.-flagged OSV to from Candy Fleet the purchase purchased as be certified DP-2 Expanded MPSV of the Superior part of Sea Launched MPSV program to include one Expanded Achiever, a Mar fleet program, originally 430 foot DP-3 MPSV to international OSV 430 foot DP-3 acquisition Entered the consisting of the be constructed at a operations into MPSV deepwater well conversion of two European shipyard Mexico stimulation OSV coast-wise sulfur specilaty market with tankers into 370 Acquired work-class the delivery of the BJ foot new ROVs to expand subsea Blue Ray, a 270 class generation MPSVs service-offering OSV 62 Hornbeck Offshore Services Service with Energy H O S HOS Fleet Growth (1998 to 2011E)1

Offshore Supply Vessels Tank Barges (lddih)(total deadweight tons) (lbl(total barrel capac i)ity)

180,000 2,000,000 46% 13-year CAGR 8% 13-year CAGR 150,000 1,500,000 120,000

90,000 1,000,000 60,000 500,000 30,000

0 0

Newbuilds Acquisitions Conversions SH Acquisitions DH Acquisitions DH Newbuilds

• HOS has constructed 33 OSVs and 4 MPSVs and has acquired 19 OSVs 2 • HOS has acquired 13 TBs and has built 8 TBs

As of 4-Aug-2011. 1 Excludes prior vessel divestures 2 Includes 11 OSVs from the Sea Mar Fleet acquired in August 2007 63 Hornbeck Offshore Services Service with Energy H O S HOS Fleet Growth Through Acquisitions

Amerada Hess Fleet Candy Fleet Walvis Vessels Sea Mar Fleet Year: 2001 Year: 2003 Year: 2005 Year: 2007 Flag: Domestic Flag: Domestic Flag: Foreign Flag: Domestic Vessels: 9 x single-hull barges Vessels: 6 x 220 class OSVs Vessels: 2 x 240 class AHTS Vessels: 10 x S200 class OSVs 9 x ocean-going tugs Purchase Price: $54m Purchase Price: $25m 10 x Conv class OSVs Purchase Price: $28m Deadweight: 1,609 tons Deadweight: 3,322 tons Purchase Price: $186m Carrying-Capacity: 679,072 bbls DP System: DP1 DP System: DP1 Deadweight: 2,250 tons (S200 class) DP System: DP1 ((y)S200 class only)

Note: The above fleet counts include vessels that were originally acquired, but then later sold or retired

64 Hornbeck Offshore Services Service with Energy H O S Proprietary OSV Newbuild Designs

Six Discrete Classes Proprietary Design Features

HOS 200 OSV

HOS 240/240E/240ED OSV

HOS 250EDF OSV

HOS 265 OSV • Since 1998, HOS has built a multi-class fleet of in-house designed new generation OSVs • Each program improved upon prior designs to develop larger, more versatile deepwater vessels • This fleet is able to service the widest array of our customers’ needs from “cradle to grave” 65 Hornbeck Offshore Services Service with Energy H O S DP1 System Classification Breakdown

66 Hornbeck Offshore Services Service with Energy H O S DP2 System Classification Breakdown

67 Hornbeck Offshore Services Service with Energy H O S DP3 System Classification Breakdown

68 Hornbeck Offshore Services

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HOS MPSV Fleet Capabilities Hornbeck Offshore Services Service with Energy H O S Highlights of MPSV-DP2 Vessel Specs

Vessel Eqq,uivalents to 10,000 DWT Vessel Specs • Proprietary HOS 370 class DP2 design 12.0 • ~370-ft overall length • ~8k deadweight tons (dwt) 10.0 • ~30k bbls of liqqpyuid mud capacity • Crane and ROV work packages (optional) 8.0 Equals one HOS 370 6.0 er of OSVs bb

Num 4.0

2.0 Notable Vessel Attributes

0.0 • World’s largest supply vessels (by dwt) Conv 180 200 240ED 270 • U.S. Jones Act qualified MPSVs • Unique U.S.C.G. Subchapter L-I-D-O notations Number of OSVs needed to equal the • Deepwater well tests require Subchapter D deadweight tons of one HOS 370 class MPSV • Liquid mud well-suited for ultra-deep spud loads

Note: The above illustration may not represent final vessel configuration 70 Hornbeck Offshore Services Service with Energy H O S Highlights of MPSV-DP3 Vessel Specs

Vessel Specs • Proven Merwede T-22 class DP3 design • ~430-ft overall length •~8k deadweight tons • ~15,000 bhp propulsion HOS Achiever • Accommodations for 100 to 150 Delivered in 4Q2008 • Moon pool / heli-deck (Super Puma class)

Notable Vessel Attributes

• Complementary to HOS DP2 MPSVs • DP3 for live well intervention and sat-diving • High capacity cranes ideal for decommissioning • Ample accommodations for flotel services

HOS Iron Horse Delivered in 4Q2009

Note: The above illustrations may not represent final vessel configurations 71 Hornbeck Offshore Services Service with Energy H O S Comparison of HOS Vessel Capabilities

USCG TilFtTypical Features HOS 265 MPSV- DP2 MPSV-DP3 Notation and Services Platform Supply

Subchapter L: ROV Support Saturation Dive Support Subsea Construction / IRM Decommissioning Deep Well Intervention Subchapter I: Flexible Umbilical Pipelay Power Cable / Fiber Optic

ThiTrenching Petroleum Transportation Subchapter D: Deepwater Well Test

Yes, as designed Yes, with modifications Not as designed

72 Hornbeck Offshore Services Service with Energy H O S HOS Strongline – Before and After

73 Hornbeck Offshore Services Service with Energy H O S HOS Strongline – Before and After

74 Hornbeck Offshore Services Service with Energy H O S Record-Setting Riserless Well Intervention

The HOS Iron Horse performing subsea support Deploying Blue Ocean Technologies subsea well intervention equipment from the HOS Iron Horse

• HOS Iron Horse used as the work platform for record-setting subsea riserless well intervention • Worked over two production gas wells in 2 ,950 feet of water and roughly 9, 000 feet downhole • ATP Oil & Gas deployed Blue Ocean Technologies’ Interchangeable Riserless Intervention System (ISIS)

75 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar Flotel

The HOS Achiever under normal The HOS Achiever mobilized for flotel subsea suppor t con figura tion operation to suppor t She ll’s Per dido SPAR

• Six-week mobilization to add additional berthing to accommodate 283 passengers and crew • Added additional galleys, lounges and common areas with wireless internet, sat-TV and sat-phones • Maintained continuous DP operations for more than eight months with no downtime or interruptions

76 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar Flotel

Transferring personnel between the HOS Discharging SPAR personnel on the AhiAchiever andthd the Per dido SPAR he lideck at op th e HOS Ac hiever

• More than 47,300 incident-free personnel transfers between the HOS Achiever and the spar • At peak activity levels, received as many as three Sikorsky S-92 helicopters a day • Logged nearly184,000 work hours over the term of the project without a recordable incident

77 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar – HOS Crew

78 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar – Personnel Transfers

79 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar – Accommodation Units

80 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar – Safety Drills

81 Hornbeck Offshore Services Service with Energy H O S Shell Perdido Spar – Helideck Ops

82 Hornbeck Offshore Services

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BP Oil Spill Response Hornbeck Offshore Services Service with Energy H O S BP Oil Spill and Marine Response

84 Hornbeck Offshore Services Service with Energy H O S GoM Post-Macondo “Permitorium” Timeline

2010 2011

5/27 6/22 7/12 9/30 10/18 10/19 11/8 1/3 1/19 DOI announces Injunction against 2nd BOEMRE BOEMRE Court DOI BOEMRE issues BOEMRE 6 Month Drilling Moratorium issued in Moratorium announces announces future invalidates announces “clarifications” of “reorganized” into Moratorium Hornbeck v. Salazar issued Workplace Safety “additional rule NTL-05 in NTL-10 Drilling Safety two separate new RlRule making ” regula ting Ensco v. RlRule & WklWorkplace agencies, BOEMRE blowout Salazar Safety Rule estimated announces Drilling preventers completion Safety Rule & ROV’s October 2011

6/8 6/23 8/16 10/12 11/4 12/1 1/11 2/2 DOI issues Sec. Salazar announces BOEMRE 2nd Moratorium lifted, BOEMRE DOI cancels Presidential Court holds major regulatory intention to issue announces Sec. Salazar requires announces Eastern Gulf Commission Government changes through 2nd Moratorium elimination of “Enforceable Mechanism” supplemental & Atlantic report issued in contempt NTL-05 MMS Reorganized categorical for spill containment Environmental region lease in Hornbeck NTL-06 into BOEMRE exclusions Impact sales v. Salazar Michael Bromwich appointed Environmental Statement to be head of BOEMRE assessment required on required for all remaining 2011- deep water 2012 lease sales drilling Still Pending Additional rule-making on BOPs & ROVs

85 Hornbeck Offshore Services Service with Energy H O S BP “Top Kill” Operation

87 Hornbeck Offshore Services Service with Energy H O S BP’s Operation “Top Kill”

The HOS Centerline, the ppyrimary “kill vessel” The HOS Strongline actinggy as a standby supporting BP’s Operation Top Kill vessel for BP’s Operation Top Kill

The HOS Centerline along side the Q4000 Pumping equipment installed on the deck of supporting BP’s Operation Top Kill the HOS Centerline for BP’s Operation Top Kill 88 Hornbeck Offshore Services Service with Energy H O S BP’s Operation “Top Kill”

Helix Energy Solution’s Q4000, a DP-3 The HOS Centerline along side the Pumping hoses deployed overboard the semi-subiblltibmersible multi-purpose vessel Q4000 dur ing Opera tion Top Kill HOS C en terli ne tthto the Q4000

89 Hornbeck Offshore Services Service with Energy H O S BP “Static Kill” Operation

300-ton A&R winch Loweringgp of a deepwater work-class on the HOS Achiever ROV from a HOS DP-3 MPSV

100-ton knuckle-boom crane 120-ton knuckle-boom crane ROV deployed from the HOS Iron on the HOS Achiever on the HOS Iron Horse Horse in support of BP oil spill 91 Hornbeck Offshore Services Service with Energy H O S BP Oil Spill: Surface Response

The HOS Mystique outfitted with HOS Super H deppyloyed as a Koseq oil sweeping system surface dispersant vessel

The HOS North configured as an oil The HOS North operating with a skimming vessel with portable marine tanks V.O.S.S. skimming system 92 Hornbeck Offshore Services Service with Energy H O S BP Oil Spill: Oil Recovery

The Energy 13501 outfitted with oily water separators and skimming equipment

The Energy 8001 outfitted with oily water separators in lightering and storage response role 93 Hornbeck Offshore Services

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Appendix: Downstream Market Hornbeck Offshore Services Service with Energy H O S Overview of U.S. Waterway Transportation

U.S. East Coast waterway system U.S. waterborne transport volumes yy Lakewise 8%

Coastwise 46% Inland Coastwise waterways Lakewise 46% Inland waterways Total: 600mm tons

• “Blue Water” comprised of larger coastwise ocean-going vessels • “Brown Water” comprised of smaller vessels working on the navigable inland waterways • “Green Water” comprised of smaller vessels navigating the lakes, bays and sounds

95 Hornbeck Offshore Services Service with Energy H O S A Critical Link in the Petroleum Distribution Chain Types of cargo transported by tugs and tank barges

Gasoline High octane Cars, light trucks and boats Low octane Light aircraft Clean Aviation Furnaces products Distillates Home heating oil Turbines

Diesel fuel Trucks, cars, & off-road

Kerosenes Jet fuel Jets stream nn Kerosene Heaters Dow

Residual fuel oil Boilers

Black oil Ships products Furnaces

Asphalts Paving materials

Tars mm Crude oil Refineries Upstrea

96 Hornbeck Offshore Services Service with Energy H O S Most Efficient Mode of Bulk Transportation

Equivalent capacity of 100k barrel barge

1 tank barge 162 rail tank cars 439 tractor trailer tank trucks

= =

• More cost-effective and energy-efficient means of transporting bulk commodities • Double-hulled barges have become the industry standard for petroleum transportation • U.S. TTB industry transported 240mm barrels of crude oil and refined products in 2006

97 Hornbeck Offshore Services Service with Energy H O S Leverage to High Refining Sector Activity

• Demand for domestic tank barges is largely driven by demand for refined petroleum products • Strong demand outlook due to continued growth in the industrial economy and population • Planned refining capacity expansions should increase demand in core TTB operating markets • Incremental demand for lightering services due to expected growth in imported crude volumes

U.S. Refinery Utilization and Excess Capacity Planned Expansion of U.S. Refining Capacity (Mbpd) U.S. excess cappyacity Cappyacity utilization 6,000 95% • Delaware City, DE (20) 5,000 90% • Garyville, LA (406)

85% • St. Charles, LA (105) 4,000 • Port Allen, LA (25)

d 80% 3,000 • Detroit, MI (80)

Mbp 75% • Pascagoula, MS (14) 2,000 • Bayway, NJ (6) 70% • Philadelphia, PA (45) 1,000 65% • Port Arthur, TX (186)

0 60% • Port Arthur, TX (370) 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

Source: BP Statistical Review Source: Reuters 98 Hornbeck Offshore Services Service with Energy H O S Cumulative Impact of OPA 90

• Upppward pressure on TTB da yrates due to sin gle-hulled cappyacity reductions • Higher-cost double-hulled tank barges have replaced retired capacity • Required spill response plans and expensive insurance premiums increase costs

Retiring Barrels (000's)

-5,000 bbls) MM

-10,000 tiring Capacity ( ee -15,000R

-20,000 2001 2003 2005 2007 2009 2011 2013 2015

Source: Based on data contained in the “United States Coast Guard Report to Congress on the Progress to Replace Single Hull Tank Vessels with Double Hull Tank Vessels,” dated Sep-2001 99 Hornbeck Offshore Services Service with Energy H O S Projected Net Reduction in Fleet Capacity by 2014

• Overall net barge capacity expecexpectedted to decline in East Coast short-haul coastwise market • OPA 90 requires all newbuild tank barges in petroleum transportation to be double-hulled • Remaining single-hulled retirements are more than twice the current newbuild order book

TTB industry barge capacity outlook (thousands of barrels)1

Single-hulled Double-hulled

13, 308 (2,264) 210

11,314 11,524

2,264

2010 Double-hulled newbuilds Single-hulled retirements Pro forma 2015

100 As of 4-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Young Doubled-Hulled Tank Barge Fleet

U. S. TTB industry fleet age profile (average age, in years)

HOS Industry average

9.7

6.0

Double-hulled barges Source: Company estimates based on peer company websites and selected industry sources as of 4-Aug-2011.

• HOS adopted a “just-in-time” newbuild strategy to address its OPA 90 retirements • This approach has resulted in one of the youngest double-hulled fleets in the industry today

101 Hornbeck Offshore Services Service with Energy H O S Recent Dayrate Trends for Hornbeck TTB Fleet • Utilization-adjusted, or effective, double-hulled dayrates have increased since 2004 • Dayrate idibilincreases driven by single-hu lle d ret irements an d hig h dou ble-hlldihulled reinvestment costs • HOS has either stacked or sold all single-hulled barges due to soft market demand for such vessels Dayrates Utilization

Average Dayrate Double-Hulled 100% $34,000 Effective Dayrate

$30,000 90% 7-yr Average Double-Hulled 80% $26,000 7-yygr Average $22,000 70% Single-Hulled

$18,000 7-yr Effective 60%

$14,000 50%

$10,000 7-yr Effecti ve 40% Single-Hulled Average Utilization $6,000 30% Effective Utilization

$2,000 20% 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 7-yr Effective Dayrate 7-yr Average Utilization Double-Hulled = $19,545 Double-Hulled = 88% Single-Hulled = $9,347 Single-Hulled = 75% 102 As of 4-Aug-2011. Effective Dayrate = Average Dayrate x Average Utilization Hornbeck Offshore Services Service with Energy H O S Recent Decline in Barrels Supplied to Core Markets

PADD 1 1(Northeast (Northeast U.S.) U.S.) Petroleum Petroleum Supplied Supplied PADD 3 (Gulf 3 (Gulf Coast) Coast) Petroleum Petroleum Supplied Supplied

210,000 2009 2010 2011 3-yr avg 200,000 2009 2010 2011 3-yr avg

200,000 180,000

190,000 ls ls 160,000 bb bb

180,000 (000) b (000) b 140,000 170,000

120,000 160,000

150,000 100,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Source: EIA Source: EIA

• Reductions in consumer and commercial demand have led to a decrease in barrels supplied • Supply levels for 2008 through 2010 are substantially below prior years in both markets • 2010 levels for Northeast U.S. and GoM down 12% and 4% from 2007 levels, respectively

103 Hornbeck Offshore Services

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Appendix: Downstream Fleet Hornbeck Offshore Services Service with Energy H O S Downstream Fleet: Historical Timeline

Retired three SH tank Sold six SH barges under OPA 90 tank barges Delivered two and one tug Entered market Sold one tug and two Acquired one DH rebuilt tugs and through merger with SH tank barges tank barge from Delivered two rebuilt two DH tank Leevac Marine. Sause Bros. tugs and five DH tank barges from Acquired one tug and Retired two Sold barges from first TTB second TTB four SH tank barges. SH tank remaining four newbuild program newbuild barges under SH tank program OPA 90 barges Acquired two RiReinst ttdated one tugs from retired SH tank Tidewater barge

1997 1998 1999 2000 2001 20022003 2004 2005 2006 2007 2008 2009 2010 2011

Acquired two tugs Acquired two tugs and Acquired nine tugs Sold one tug and Acquired two tugs Acquired four tugs from Delivered two Sold two SH and one SH tank two SH tank barges and nine SH tank one SH tank barge from Otto Candies Otto Candies rebuilt tugs tank barges barge from Sun Oil from Maritrans barges from Hess and one DH and one tug tankbk barge Sold one tug and one from second SH tank barge TTB newbuild Acquired two more Entered into a five- Sold two tugs and program SH tank barges from year COA with Hess two retired SH tank Delivered two rebuilt affiliates of Leevac for minimum annual barges tugs from first TTB volumes of 45 mbbls newbuild program

1997 1998 1999 2000 2001 20022003 2004 2005 2006 2007 2008

105 Hornbeck Offshore Services Service with Energy H O S Hornbeck TTB Fleet Now 100% OPA ‘90 Compliant

Pre-Newbuild HOS Fleet 1 Current HOS Fleet 2

Double-Hulled Double-Hulled 9% 100%

2009 26% 2014 65%

Total Capacity (Mbbls) = 878 Total Capacity (Mbbls) = 885

References to 2009 and 2014 represent the OPA ’90 retirement dates for certain single-hulled equipment .

1 “Pre-Newbuild HOS Fleet” reflects the fleet capacity in Jan 2005 for 13 barges, immediately after the Dec 2004 OPA 90 retirement of three 90k- bbl single-hulled barges. 2 “Current HOS Fleet” reflects barrel-carrying capacity for current fleet of 9 owned barges. 106 Hornbeck Offshore Services Service with Energy H O S Proprietary TTB Newbuild Designs

Three Discrete Sizes Proprietary Design Features

• HOS has completed two proprietary TTB newbuild programs in the last three years • These programs added eight double-hulled barges and rebuilt eight recently acquired tugs • The 60,000-bbl DH barges were specifically designed for the seasonal Great Lakes market

107 Hornbeck Offshore Services Service with Energy H O S Diverse Fleet of Tugs and Tank Barges

Energy 13501, our first proprietary HOS tugs docked at our Energy 13501 on its maiden voyage, double-hulled tank barge newbuild Brooklyn shore-based facility powered by the 6,140 hp Liberty Service

Two of our double-hulled newbuilds, Energy 6506, our first 60,000-bbl The Gulf Service, one of our 3,900 hp the Energy 11104 and Energy 11105 double-hulled tank barge newbuild ocean-going tugs, in New York Harbor

108 Hornbeck Offshore Services Service with Energy H O S Deepwater Upstream TTB Niche

Freedom Service

Energy 11105

Energy 13502 on dtllttdeepwater well test RdRecord-setting u ltra-dtlltttChdeepwater well test at Chevron Jk#2Jack #2

• Dominant position in the emerging deepwater well test market in the GoM • Additional opportunities exist for future deepwater upstream TTB projects

109 Hornbeck Offshore Services Service with Energy H O S TTB Fleet Profile

TTB Segment tank barge fleet profile

Hull type Average age Capacity (by capacity in bbls) (in years) (barges sorted by mbbls) 30 6 5 25 5 Double-hulled 20 4 4 100% 15 3 10 2 6 5 1 0 0 0 Total fleet: 885mbbls Double-hulled Single-hulled 50-99 100+

TTB Segment tug fleet profile

Rebuilt status Average age Capacity (by headcount) (in years) (tugs sorted by BHP) 40 12 35 Not 10 Rebuilt 30 Rebuilt 47% 8 53% 20 4 4 10 4 1 Ttlflt15tTotal fleet: 15 tugs 0 0 Rebuilt Not rebuilt 0-3k 3k-6k 6k+

As of 4-Aug-2011. 110 Hornbeck Offshore Services

H O S

Appendix: Financial Overview Hornbeck Offshore Services Service with Energy H O S Company Valuation and Credit Metrics

52-Week Range $15.36 - $31.77 2009A 2010A Average Daily Trading Volume (L3M) 507k Results & Guidance Stock Price @ 31-Aug-2011 $ 24.38 EBITDA $ 194m $ 190m Diluted Common Shares Outstanding1 26.9m Diluted EPS, as adjusted 2 $ 2.59 $ 1.58 MkMarket C ap iliiitalization @31@ 31-Aug-2011 $ 656m TdiMltilTrading Multiples Total Cash1 $ 137m TEV/EBITDA 6.6x 6.8x Total Debt1 $ 764m Price/Earnings 9.4x 15.4x Total Enterprise Value @ 31-Aug-2011 $ 1,283m EBITDA Mix Moody’s Rating Ba3 OSV 92% 92% S&P Rating B+ TTB 14% 8%

1 As of 30-Jun-2011. 2 2009A Diluted EPS, as adjusted does not reflect adjustments related to APB 14-1 and Downstream impairment charge, which would decrease EPS by $0.72. 2010A Diluted EPS, as adjusted do not reflect adjustments related to APB 14-1, which would decrease EPS by $0.24.

112 Hornbeck Offshore Services Service with Energy H O S Worldwide Publicly Traded OSV Peer Group

Enterprise Value $5,000 (()USD )

$4,500

$4,000

$3,500

) $3,000 ss

$2,500

(in million $2,000

$1,500 $1, 000000 $500

- A GLF FAR CKH GBB DOF HOS HAVI TDW EIOF EZR SOFF SIOFF DESSC Average Average

Norwegian Owned Companies U.S. Owned Companies Other International Companies

• HOS is a mid-tier “player” among these 14 publicly traded OSV operators in the world • Five traded on U.S. exchanges, seven on the Oslo exchange, one each in Paris & Malaysia

Source: First Call consensus estimate and company filings. As of 31-Aug-2011. 113 Hornbeck Offshore Services Service with Energy H O S “Blue Chip” Customers

114 Hornbeck Offshore Services Service with Energy H O S Significant Operating Leverage with Stable Base $350. 0 20x

18x $300.0 16x $239 $250.0 Expense tt

)) 14x

$194 $190 12x $200.0 $181 $153 10x $150.0 ($ in millions 8x $97 DA / Cash Interes

$100.0 6x EBIT $36 $59 $47 $54 4x $50.0 2x

$0.0 0x 20011 2002 2003 20041 20051 2006 2007 2008 2009 2010

Oilfield OSV EBITDA Military OSV EBITDA2 TTB EBITDA EBITDA / Cash Interest Expense Cash Interest Expense Note: EBITDA is a non-GAAP financial measure; see Appendix for definition and Regulation G reconciliation to GAAP.

1 EBITDA for 2001, 2004 and 2005 has only been adjusted for loss on early extinguishment of debt of $3.0m, $22.4m and $1.7m, respectively. 2 “Military OSV EBITDA” reflects estimated contribution from the Company’s vessels currently working for the military under long-term contracts. 115 Hornbeck Offshore Services Service with Energy H O S Recent Growth Initiative Spending is 100% Complete

Before After Upstream (OSV) 2010 AtAggregate 2010 2010 MPSV Program $ 485m $ 6m - $ 491m OSV Newbuild Program #4 $ 406m $ 26m - $ 432m Sea Mar Fleet $ 186m - - $ 186m

Before After Downstream (TTB) 2010 Aggregate 2010 2010 TTB Newbuild Program #2 $ 78m - - $ 78m

Total $ 1,155m $ 32m - $ 1,187m

• 100% of total growth capex budget of $1.2 billion already funded through 2010

As of 4-Aug-2011. 116 Hornbeck Offshore Services Service with Energy H O S New Vessel Deliveries Are Driving Earnings Power

20072008 2009 2010 2011

Pre-2007 Fleet 25.0 25.0 25.0 25.0 25.0

Sea Mar Acquisition 4.0 10.0 10.0 10.0 10.0 S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

1.4 4.0 4.0 4.0 2008 Deliveries S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

3.9 6.0 6.0 2009 Deliveries S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

4.1 6.0 2010 Deliveries S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

Weighted Avg Fleet Fleet Count Count 29.0 36.4 43.2 49.9 51.0 Days in Year x 365 x 366 x 365 x 365 x 365 Total Vessel Days 10,585 13,332 15,779 18,200 18,615 Annual Increase 16.0% 26.0% 18.4% 15.3% 2.3%

Year End Fleet Count 35.0 39.0 47.0 51.0 51.0

• Sea Mar deal and OSV newbuild program drove double-digit annual fleet growth 2007-2010 • New generation OSV fleet count doubled from 25 in mid-2007 to 51 OSVs currently • In carrying capacity, the HOS Upstream fleet nearly tripled from 59k to 161k deadweight tons • Recent growth initiative spending is now 100% complete with no remaining funding required

As of 4-Aug-2011. 117 Hornbeck Offshore Services Service with Energy H O S Young Fleet Requires Modest Maintenance Capex

Maintenance Capex 2010A 2011E 2012E Deferred drydocking charges $ 19m $ 25m $ 25m to $ 30m Other vessel capital improvements $5m$ 5m $ 19m $5mto$8m$ 5m to $ 8m

Other Capex 2010A 2011E 2012E Commercial related expenditures $ 7m $ 24m n/a Non-vessel related capital expenditures $ 4m $ 3m $ 5m to $ 7m

Total $ 35m $ 71m $ 35m to $ 45m

As of 4-Aug-2011. 118 Hornbeck Offshore Services Service with Energy H O S Pro Forma DWT-Adjusted Historical Dayrates

Historical Dayrates Indexed to Current Average Fleet Capacity New Generation OSV Fleet $30,000

$25,000

$20,000

$15,000 Average Dayrate

$10,000

$5,000

$- 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11

Average Dayrate Implied Dayrate @ Current Avg Vessel Capacity

• From 1999 to m id-2002, our average OSV s ize (DWT) was a bou t 25% sma ller than to day ’s flee t • After adjusting for this size differential, our historical trough dayrates in 1999 would be higher

119 Hornbeck Offshore Services Service with Energy H O S Pro Forma Inflation-Adjusted Historical Dayrates

Historical Dayrates Indexed to Current Cost Structure New Generation OSV Fleet $30,000

$25,000

$20,000

$15,000 erage Dayrate erage vv A $10,000

$5,000

- 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11

Average Dayrate Implied Dayrate @ Current Opex per Day • Averaggye daily cash o pppex per vessel and avera ge newbuild costs have doubled since 2004 • Our annual OSV EBITDA margins have never dipped below 50%, even in 1999 and 2003 • Based on today’s cost structure, our inflation-adjusted trough dayrates would be ~$4k higher 120 Hornbeck Offshore Services Service with Energy H O S Pro Forma Operating Leverage of Upstream Fleet

Dayrate Sensitivity for New Gen OSV Fleet Dayrate Sensitivity for MPSV Fleet Change in Change in Dayrate Change EBITDA Change in EPS Dayrate Change EBITDA Change in EPS

20002 ,000 $37.2 m $ 0870.87 40 ,000 $58.4 m $ 1371.37 1,500 $27.9m $ 0.65 30,000 $43.8m $ 1.03 1,000 $18.6m $ 0.44 20,000 $29.2m $ 0.68 500 $9.3m $ 0.22 10,000 $14.6m $ 0.34 - $0.0 m $ - - $0.0 m $ - (500) ($9.3m) $ (0.22) (10,000) ($14.6m) $ (0.34) (1,000) ($18.6m) $ (0.44) (20,000) ($29.2m) $ (0.68) (1,500) ($27.9m) $ (0.65) (30,000) ($43.8m) $ (1.03) (2,000) ($37.2 m) $ (0.87) (40,000) ($58.4 m) $ (1.37)

• HOS new gen OSV count will soon be 51 vessels and MPSV count is now four vessels • Every $1,000 change in new gen OSV effective dayrates will result in a $19m change in EBITDA • Every $10,000 change in MPSV effective dayrates will result in a $15m change in EBITDA

121 Hornbeck Offshore Services Service with Energy H O S Consistently Highest Margins Among Oilfield Peers

Average quarterly EBITDA margins 4Q1993-4Q2008

50.8% 42.7% 37.1% 39.7% 40.6% 30.8% 22.9% 19.2% 20.4% 14.4%

PHII BRS BHI CKH TDW TRMA NE RIG GLF HOS

Coeffi ci ent of var ia tion2 based on EBITDA bbtetween 4Q1993-4Q2008

51.6% 38.0% 40.1% 34.0% 34.2% 35.6% 28.2% 30.5% 20.1% 23.6% 8.8%

HOS BHI GLF BRS RIG PHII TDW NE CKH TRMA OSX1

Source: JPMorgan research dated March 10, 2009; Based on FactSet data 1 OSX daily standard deviation relative to daily average 122 2 Coefficient of variation is the ratio of the standard deviation to the mean Hornbeck Offshore Services Service with Energy H O S Track Record of Value Creation EVA = CWIP Adjusted ROIC1 –WACC

20. 0% 2008 CWIP-Adj ROIC 18.0% 16.7%

16.0%

14.0% EVA = 8.8% HOS 10-yr Average CWIP-Adjusted ROIC = 12.1% 12.0%

HOS 10-yr Average ROIC = 9.8% 10.0%

8.0%

6.0%

4.0% Current Weighted Average Cost of Capital (WACC) = 7.9% 2.0%

0.0% 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A

1CWIP-Adjusted return on invested capital (ROIC) is defined as tax-affected GAAP EBIT divided by average GAAP net book capital less CWIP (BoY LT debt less cash plu s book equ ity less CWIP + EoY LT debt less cash plu s book equ ity less CWIP div ided by 2).

Note: Effective 1-Jan-2009, the Company adopted APB 14-1, which requires retrospective application to its historical financial results, including long-term debt and stockholders’ equity. Analysis above excludes non-cash impairment charges related to the Company’s Downstream segment. Please see the Company’s most recent SEC filings and press release dated 4-Aug-2011 for more information. 123 Hornbeck Offshore Services Service with Energy H O S 2010 Return on Invested Capital (ROIC1) Average Invested Capital ($ in millions) BoY EoY Avg Book Equity $ 797.1m $ 841.9m $ 819.5m Plus Debt $ 746.7m $ 758.2m $ 752.5m Less Cash $ 51.0m $ 127.0m $ 89.0m Invested Capital $ 1, 492. 8m $ 1, 473. 1m $ 1, 483. 0m Construction WIP $ 249.7m $ 7.5m $ 128.6m Invested Capital less CWIP $ 1,243.1m $ 1,465.6m $ 1,354.4m Deferred Tax Liability $ 199. 1m $ 222. 4m $ 210. 8m Invested Capital plus Deferred Tax Liability $ 1,691.9m $ 1,695.5m $ 1,693.7m Fiscal 2010 ROIC EBITDA $189.6 Depreciation/Amortization 77. 1 Effective Tax Rate 37.1% Change in Deferred Income Taxes 20.6

ROIC 4.8% CWIP-Adjusted ROIC 5.3% Cash-Tax Adjusted ROIC 5.5%

1ROIC equals tax-affected EBIT divided by average net book capital; EBIT equals EBITDA minus Depreciation/Amortization 124 2Reflects 2010 year-end capital structure Hornbeck Offshore Services Service with Energy H O S Current Weighted-Average Cost of Capital (Calculated as of 18-Jan-2011)

31-Dec-2010 Capital Structure 1 Book Equity $ 842m 52.6% Debt $ 758m 44.4% Total Capital $ 1,600m

Cost of Equ ity = Rf + β(Rm - Rf)

Risk-free Rate (Rf)3.39% Company Beta 2 (β)1.49 3 Market Risk Premium (Rm-Rf) 5.77% Cost of Equity 11.99% Cost of Debt = i x (1-t) Average Debt Interest Rate (i)4 5.31% Marginal Tax Rate (t) 37.1% After-Tax Cost of Debt 3.34%

Equity Debt WACC = (11.99 % x 52.6 %) + (3.34 % x 47.4 %) = 7.89%

1 Based on historical methodology, consistently applied, as of 18-Jan-2011 2 Levered 2-yr adjusted beta versus the S&P 500 Index as of 18-Jan-2011 (Source: Goldman Sachs) 3 Based on “notching” build-up from recent HOS senior unsecured bond yields as of 18-Jan-2011 125 4 Based on actual cost of current HOS debt Hornbeck Offshore Services

H O S

Appendix: Capital Structure Hornbeck Offshore Services Service with Energy H O S HOS Capital Structure: Historical Timeline

Debt Transactions

Jul-2001 Nov-2004 Oct-2005 Nov-2006 Aug-2009 Jun-1998 Issued Oct-2001 Issued $75m $250m Issued Issued $20m $175m $15m $225m “tack-on” convertible $250m Sub debt + senior warrant senior of senior senior senior warrants notes buy-back notes notes notes notes

Start-Up Phase Pre-IPO Phase Post-IPO Phase (1997-2001) (2001-2004) (2004-2009)

Aug-1997 Nov-2000 Oct-2001 July-2003 Mar-2004 Oct-2005 Nov-2006 Issued $5m Issued $35m Issued $15m Issued $30m $78m IPO on $216m $63m stock private equity private equity private equity private equity NYSE follow-on buy-back equity offering

Equity Transactions

127 Hornbeck Offshore Services Service with Energy H O S Start-Up Phase Capital Structure $300

$250 2001 Cap Ratio:

$200

$150 75% Debt

$100

$50 25% Equity

$- 1997 1998 1999 2000 2001

Senior Secured Term Facility A Senior Secured Term Facility B Senior Secured Term Facility C 10.625% Senior Notes due 2011

Subordinated Debentures with Warrants Available Revolvinggy Credit Facility Paid in Capital Retained Earnings

128 Hornbeck Offshore Services Service with Energy H O S Pre-IPO Phase Capital Structure $600

$500 2004 Cap Ratio: $400

$300 57% Debt

$200

$100 43% Equity

$- 2001 2002 2003 2004

10.625% Senior Notes due 2011 6.125% Senior Notes due 2014 Drawn Revolving Credit Facility

Available Revolvinggy Credit Facility Paid in Capital Retained Earnings

129 Hornbeck Offshore Services Service with Energy H O S Post-IPO Phase Capital Structure $1,600

$1, 400 2008 Cap Ratio:

$1,200

$1,000 46% Debt

$800

$600

$400 54% Equity

$200

$- 2004 2005 2006 2007 2008

10.625% Senior Notes due 2011 6.125% Senior Notes due 2014 1.625% Convertible Notes due 2026

Drawn Revolvinggy Credit Facility Available Revolvinggy Credit Facility Paid in Capital Retained Earnings

Note: Effective 1-Jan-2009, the Company adopted APB 14-1, which requires retrospective application to its historical financial results, including long-term debt and stockholders’ equity. Please see the Company’s most recent SEC filings and press release dated 30-Apr-2009 for the adjustments made to prior and future periods. 130 Hornbeck Offshore Services Service with Energy H O S Strong Balance Sheet and Ample Liquidity 31-Dec-2008 31-Dec-2009 31-Dec-2010 30-Jun-2011 ($ in millions) Actual Actual Actual Actual Cash and Equivalents $20 $51 $127 $137 Revolving Credit Facility due 2011 $125 $0 $0 $0 6.125% Senior Notes due 2014 300 300 300 300 8.000% Senior Notes due 2017 0 243 243 244 1.625% Convertible Notes due 2026 194 204 215 221 Total Debt 494 747 758 765 Book Equity 737 797 842 829 Total Capitalization $1,231 $1,544 $1,600 $1,594 Net Debt / Net Capitalization 39% 47% 43% 43% Net Debt / LTM Adjusted EBITDA 1.97x 3.42x 3.17x 4.03x LTM Adjusted EBITDA / LTM Cash Interest 10.1x 8.4x 4.5x 3.6 Total Available Liqqyuidity $145 1 $301 1 $377 1 $387 1 Revolver Coupon (as of period-end) L+100 L+300 L+350 L+400 Moody’s Rating Ba3 Ba3 Ba3 Ba3 Standard & Poor’s Rating BB- BB- BB- B+

1 Equals cash plus immediately available borrowing capacity under Revolving Credit Facility

• 2001 high yield bond deal was a transformational refinancing to “bridge” the company to its IPO • Treasury spreads of HOS senior notes traded from > 800 bps in 2001 to < 200 bps in late 2004 • 2004 deal set record-low coupon and Treasury spread in the history of oil service “high yield” deals • Reduced cost of then-outstanding 10-year bonds by 44% from 11.0% yield to 6.125% yield

HOS Notes due 2008 1100 11.000% yield + 600 bp spread

900

700

500

300 HOS 10.625% HOS 6.125% Senior Notes Senior Notes

100 Jan-01 Sep-01 Jun-02 Mar-03 Nov-03 Aug-04 May-05 Feb-06 Market (BSIX) Oil Services HOS6 .12 5 HOS10.625

132 As of 21-Nov-2004 Hornbeck Offshore Services Service with Energy H O S Summary of 2005 Follow-on Equity Offering

I S urvi ved H urri cane HOS ...!!! September 2005

250%

Sep 29 - HOS Sep 29 - OSX 200% prices upsized index reaches Follow-On at new high of $35.35 Sep 30 -HOS

150%

100%

Mar 25 -HOS prices IPO at 50%

Aug 29 - 0% Hurricane Sep 1 - HOS Sep 24 - Hurricane Rita -50% Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06

HOS OSX

133 As of 6-Oct-2005 Hornbeck Offshore Services Service with Energy H O S Summary of 2006 Convertible Notes Offering

Illustration of Convertible Financing Versus Alternative Sources of Capital

20.0% Reference: Common 18.0% Stock

16.0% Reference: HY Debt 14.0% pital (()7.25% Fixed) aa

12.0% $116.96 HY Debt Reference: Revolver 10.0% Breakeven (5.85%; L+50)

8.0% Hedged Convert

r Pre-Tax Cost of C 6.0% yy

7- $62.59 $96.01 4.0% Effective Stock Buy-Back Conversion Price Breakeven Hedged Convert + 2.0% Stock Buy-Back 0.0% $35.26 $43.26 $51.26 $59.26 $67.26 $75.26 $83.26 $91.26 $99.26 $107.26 $115.26 $123.26 $131.26 Stock Price at Year 7

• Opportunistic financing in Oct-2006 allowed HOS to monetize its high stock volatility and strong credit profile • Lowest-cost source of capital then-available to HOS at ~560 bps less than a fixed-rate HYD tack-on • Lowered weighted-average fixed-rate cash coupon on company-wide debt from 6.125% to 4.1% • Favorable interest rate arbitrage of ~350 bps versus money market rates then being earned on invested cash • Immediately accretive to 2007E diluted EPS

134 As of 13-Nov-2006 Hornbeck Offshore Services Service with Energy H O S HOS vs. Historical Spreads of Energy High Yield Bonds

18.0%

16.0% HOS Notes due 2008 Economic downturn increases 14.0% 11.000% yield cost of debt capital + 600 bp spread 12.0%

HOS Notes due 2014 10.0% 6.125% yield + 198 bp spread 8.0%

HOS Notes due 2017 6.0% 8.500% yield + 498 bp spread 4.0%

2.0%

0.0%

1 1 1 2 2 2 3 3 3 4 4 4 5 5 5 6 6 6 7 7 7 8 8 8 9 9 0 0 0 0 0 00 00 00 00 00 00 00 00 00 0 00 0 00 00 00 00 00 00 0 00 00 00 00 00 0 0 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2/2 /2/2 /2/2 /2/2 /2/2 /2/2 /2/2 1/2 5/2/2 9/2 1 5/2 9/2/2 1/2/2 5/2 9/2 1 5 9 1/2/2 5/2/2 9/2/2 1/2 5/2 9/2/2 1 5/2/2 9/2 1/2 5/2 9 1/2/2 5 Implied Treasury US High Yield Energy Index STW

• Since 2001, HY Energy Index yields have ranged from 6% to 17% and averaged 9% • Timely offerings are required to take advantage of open windows in capital markets • HOS refinanced old 10.625% notes in 2004 with 6.125% notes and issued 8.0% notes in 2009 135 Hornbeck Offshore Services Service with Energy H O S Recap of 2006 Revolver Refinancing

• 2006 revolver refinancing reduced LIBOR-spread to a range of 50 to 150 bps • Maturity extended from Sep 2009 to Sep 2011 • Borrowing base increased from $60m to $100m; accordion added with option up to $250m • Coverage Ratio increased to 3.0x and Leverage Ratio stepped-down from 4.5x to 3.5x

Maximum Leverage Ratio Libor Spread

< 1.0x Old Revolver 5.0x >= 1.0x and < 1.5x New Revolver 4.5x >= 2.0x and < 2.5x 4.0x >= 2.5x and < 3.0x age Ratio 3.5x Range ge Ratio rr aa >= 3.0x and < 3.5x

Leve 3.0x Lever >= 3.5x and < 4.0x 2.5x >= 4.0x 2.0x 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% Libor Interest Margin

136 As of 30-Sep-2006 Hornbeck Offshore Services Service with Energy H O S Recap of 2009 Revolver Refinancing

• 2009 revolver refinancing increased LIBOR-spread to a range of 250 to 400 bps • Maturity extended from Sep 2011 to Mar 2013 • Borrowing base remains at $250m; new accordion added with option up to $350m • Leverage Ratio to step-up from 3.5x to 4.5x, stepping back down to 3.5x

Maximum Leverage Ratio Libor Spread

< 1.0x 5.0x Old Revolver New Revolver 4.5x >= 1.0x and < 2.0x

4.0x >= 2.0x and < 2.5x

3.5x ge Ratio Range ge Ratio erage Ratio >= 2.5x and < 3.0x aa vv

3.0xLe

Lever >= 3.0x and < 3.5x 2.5x >= 3.5x 2.0x 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2012- 2013 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Libor Interest Margin

137 As of 14-Oct-2009 Hornbeck Offshore Services Service with Energy H O S Recap of 2011 Revolver Amendment

• March 2011 revolver amendment removed total leverage ratio as a maintenance covenant • Added a maximum senior secured leverage ratio covenant of 2.00-to-1.00 • Minimum interest coverage ratio reduced from 3.00-to-1.00 to 2.00-to-1.00 until maturity • Added a maximum total debt to capitalization ratio covenant of 55%

Minimum Interest Coverage Ratio 4.0x

3.5x

3.0x

2.5x

2.0x erage Ratio v v 15x1.5x Co 1.0x

0.5x

0.0x 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2012- 2013

138 As of 4-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Historical Credit Statistics Leverage Ratio1 Coverage Ratio1 6.0x 12.0x

5.0x

tio 10.0x aa

4.0x 8.0x

3.0x 6.0x

2.0x

Leverage Ratio Leverage 4.0x

1.0x Interest Coverage Interest Coverage R 2.0x 0.0x 0.0x

Debt to Adjusted EBITDA Net Debt to EBITDA Adjusted EBITDA to Cash Int Expense Capitalization Ratio1 80.0%

60.0%

40.0% ization Ratio ization Ratio ll

20.0% Capita

0.0%

Debt to Cap Net Debt to Net Cap

Note: Effective 1-Jan-2009, the Company adopted APB 14-1, which requires retrospective application to its historical financial results, including long-term debt and 139 stockholders’ equity. Please see the Company’s most recent SEC filings and press release dated 30-Apr-2009 for the adjustments made to prior and future periods. Hornbeck Offshore Services Service with Energy H O S HOS Common Stock Historical Trading Multiples TEV / Forward EBITDA Multiples

14.0x 2 Follow-On Hist High 9.4x 11.6x 12.0x 1 IPO 9.1x 10.0x

Sector Hist Avg 8.4x 3 8.0x HOS Hist Avg 7.3x3

606.0x HOS 4-yr Avg 6.5x 4 4.0x Buy-Back 5.8x Hist Low 3.7x 2.0x

TEV/EBITDA HOS Hist Avg Sector Hist Avg HOS 4-yr Avg

1 On 31 -Mar-2004, HOS issued 6. 1m shares of common stock in an IPO at $13. 00 2 On 6-Oct-2005, HOS issued 6.1m shares of common stock in a follow-on offering at $35.35 3 Industry sector and HOS average multiples are per Goldman Sachs equity research report dated 1-Aug-2011 4 On 13-Nov-2006, HOS bought 1.8m shares of common stock at $35.26 140 As of 4-Aug-2011 Hornbeck Offshore Services Service with Energy H O S HOS Common Stock Historical Trading Multiples

Stock Price / Forward Earnings (P/E) Multiples

50.0x 46.0x 42.0x 38.0x 1 34.0x Follow On 19.0x 30.0x 2 26.0x Buy-Back 11.6x 22.0x 3 Sector Hist gAv 15.9x 18.0x

14.0x HOS 6-yr Avg 14.2x HOS 2-yr Avg 13.7x 10.0x Historic Low 6.0x 3.0x 2.0x

P/E HOS 6-yr Avg Sector Hist Avg HOS 2-yr Avg

1 On 6-Oct-2005, HOS issued 6.1m shares of common stock in a follow-on offering at $35.35 2 On 13-Nov-2006, HOS bought 1.8m shares of common stock at $35.26 3 Industry sector and HOS average multiples are per Goldman Sachs equity research report dated 1-Aug-2011

141 As of 4-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Current OSV Peer Group Trading Multiples

Closing i %f% of EitEquity Dilut ted d Price 52 Week Market Shares Book Total Preferred Minority Enterprise Company Ticker 8/31/2011 High Cap. mm Equity Debt Stock Interest Cash Value Gulfmark Offshore GLF.US$ 39.51 79% 1,025.2 25.9 987.2$ 319.8 $ - $ - $ 113.9 1,231.1 Seacor CKH.US 88.74 77% 1,909.5 21.5 1,835.5 711.3 - 12.1 366.8 2,266.1 Tidewater TDW.US 53.60 84% 2,765.4 51.6 2,528.1 700.0 - - 196.4 3,269.0

Hornbeck Offshore HOS.US 24.38 77% 655.8 26.9 828.5 764.3 - - 136.5 1,283.6 Earnings Per Share Cash Flow Per Share EBITDA Company 2010A 2011E 2012E 2010A 2011E 2012E 2010A 2011E 2012E Gulfmark Offshore$ 1.69 $ 1.81 $ 3.88 $ 3.59 $ 4.05 $ 6.32 $ 122.9 $ 134.5 $ 193.6 Seacor 11.25 3.80 7.25 13.43 -- 15.88 571.9 278.4 387.4

Tidewater t 2232 .23 2582 .58 4904 .90 5135 .13 4954 .95 7677 .67 279.9 9 307.6 6 492.0 0 Hornbeck Offshore 1.33 (0.68) 1.36 4.82 2.51 4.82 189.8 111.6 198.0

P/E P/CFA TEV/EBITD Company 2010A 2011E 2012E 2010A 2011E 2012E 2010A 2011E 2012E Gulfmark Offshore 23.4x 21.8x 10.2x 11.0x 9.8x 6.3x 10.0x 9.2x 6.4x Seacor 7.9x 23.4x 12.2x 6.6x -- 5.6x 4.0x 8.1x 5.8x Tidewater 24.0x 20.8x 10.9x NM 10.8x 7.0x 11.7x 10.6x 6.6x Hornbeck Offshore 18.3x NM 18.0x 5.1x 9.7x 5.1x 6.8x 11.5x 6.5x

Mean 18.4x 22.0x 12.8x 7.6x 10.1x 6.0x 8.1x 9.9x 6.3x Median 20.9x 21.8x 11.6x 6.6x 9.8x 5.9x 8.4x 9.9x 6.4x

As of 31-Aug-2011 Source: ThomsonOne. Based on “Street” consensus analyst estimates 142 Hornbeck Offshore Services Service with Energy H O S Equity Analyst Coverage

20 18 16 14 12

g Analysts 10 nn 8 6 Coveri 4 2 0 TDW CKH GLF HOS

TDW CKH GLF HOS Argus Barclays Capital Barclays Capital Barclays Capital Barclays Capital Capital One Southcoast Capital One Southcoast Capital One Southcoast Carnegie Investment Bank Global Hunter Securities Carnegie Investment Bank Fearnley Fonds Goldman Sachs Dahlman Rose Rose Jefferies Iberia Capital Capital Partners Partners Credit Suisse Global Hunter Securities Howard Weil Duncan Williams Madison Williams Jefferies Fearnley Fonds Johnson Rice Goldman Sachs Madison Williams Howard Weil Pritchard Capital Iberia Capital Partneres Simmons Jefferies Stephens Inc. Madison Williams Williams MorningstarJohnson Rice Suntrust Pritchard Capital Simmons

Source: ThomsonOne, as of 4-Aug-2011 143 “Bulge Bracket” firms in bold. Hornbeck Offshore Services Service with Energy H O S Relative Trading Volume

L3M Trading Volume (shares) to Floating Market Cap Ratio

2.5%

2.0%

1.5%

1.0%

0%0.5%

0.0% TDW CKH GLF HOS

HOS = 224%.4% OSV Peer Mean = 1.0%

TDW CKH GLF HOS L3M Share Volume 723,926 127,294 210,626 507,162 % of Float 1.4% 0.6% 0.9% 2.4%

Source: Bloomberg 144 As of 31-Aug-2011 Hornbeck Offshore Services Service with Energy H O S Institutional Equity Ownership

Shareholder Profile as of 4-Aug-2011

Dimensional Fund Advisors

WS Management LLLP

Fine Capital Partners L.P. Other Institutional Investors Blackrock

FMR LLC

William Herbert Hunt Trust Estate Hornbeck Family Other Employees Other Directors & & Retail Mgmt

• Approximately 92% of HOS common stock is held by institutional investors • Approximately 8% of HOS common stock is held by HOS management and other “insiders” 145 Source: Forms 13-F and other SEC filings, as of 30-Jun-2011