US offshore operator Hornbeck Offshore has reached an agreement with Eastern Shipbuilding to postpone the delivery of two MPSVs on order as part of its latest newbuild program.
Delivery will be delayed to the first and second quarters of 2018 without incurring any additional costs. Additionally, the payment terms for the remainder of the contract were adjusted to shift $43.3m of milestone draws from the remainder of 2016 and 2017 into 2018.
Hornbeck Offshore’s latest newbuild program saw them order a total of 24 vessels, with 20 now in service.
The company posted second quarter revenues of $53.7m, down 30% from the first quarter of 2016.