Hornbeck Offshore Services, Inc. (HOS proposed), which provides water transportation to offshore drilling platforms, filed to go public on Thursday (Dec. 7, 2023). The Louisiana oilfield services company emerged from Chapter 11 bankruptcy in September 2020 with a $100 million cash infusion from funds managed by Ares Management Corp., a private equity company, along with funds managed by Whitebox Advisors LLC and Highbridge Capital Management LLC. Those three companies are Hornbeck’s three biggest shareholders, according to the prospectus.
J.P. Morgan and Barclays are the joint lead book-runners. The book-running team includes DNB Markets, Piper Sandler, Guggenheim Securities and Raymond James.
Hornbeck Offshore Services, based in Covington, Louisiana, is highly profitable. For the 12 months that ended on Sept. 30, 2023, Hornbeck reported net income of $68.81 million on revenue of $571.49 million.
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