Moody's changes Hornbeck's PDR to Caa3-PD/LD
Rating Action: Moody's changes Hornbeck's PDR to Caa3-PD/LD. Global Credit Research- 06 Apr 2020. New York, April 06, 2020-- Moody's Investors Service, appended Hornbeck Offshore Services, Inc.' s Probability of Default Rating with a "/ LD" designation to indicate the limited default in response to the company entering into a forbearance agreement with its lenders.Hornbeck Offshore Services is a provider of marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and U.S. military customers. The company owns and operates a fleet of U.S.-flagged offshore supply vessels (OSVs) and multi-purpose support vessels (MPSVs). OSVs mainly serve exploratory and developmental drilling rigs and production facilities and support offshore and subsea construction, installation, inspection, repair and maintenance (IRM) and decommissioning activities. MPSVs, which also support the deepwater activities of the energy industry, are larger vessels that are mainly used for IRM activities.
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