Iron Horse
Hornbeck Offshore (HOS) started this year on a moderately optimistic note. The market situation was developing favorably, floater utilization was increasing, and the company was looking for higher utilization of offshore support vessels. Unfortunately, this scenario did not materialize. The third quarter report came with disappointing numbers as revenues and utilization dropped in comparison with the second quarter of 2019. Now, the main question is how the company is going to restructure its debt.
Company's current position
Hornbeck Offshore finished the third quarter with $136 million of cash on the