The sale will net Hornbeck about $33 million pre-tax. Proceeds will go towards general corporate purposes that may include funding for the acquisition, construction or retrofit of vessels; retirement of debt; or share repurchases.
The contract includes an option to by a fourth vessel, HOS Black Powder, currently under charter to the US Navy. If a sale is executed, as expected, Hornbeck would book an aggregate amount of $152 million for the four vessels with a total pre-tax gain of $44 million.
The
