Hornbeck And OMI Agree In Principle To Merger
Hornbeck Offshore Services, Inc. and OMI Corp. recently announced an agreement in principle to a merger between Hornbeck and three OMI affiliates—OMI Petrolink Corp., OMI Offshore Marine Services, Inc., and Potomac Transport, Inc.—following an exchange of shares. As part of this transaction, OMI will purchase certain debt obligations of Hornbeck and restructure such notes. The merger is contingent upon the negotiation and execution of a definitive agreement Hornbeck, a publicly owned company, is engaged in the operation of vessels which provide transportation services for offshore oil and gas drilling, geophysical exploration and oceanographic research activities and containerized cargo hauling. The OMI affiliates are engaged in the lightering of tankers and the ownership and operation of vessels which provide transportation services for the lightering operations and offshore oil and gas drilling activities in the U.S. Gulf.
The merger would produce a combined fleet of 18 vessels, primarily supply/workboats and a division engaged in lightering operations.