US offshore vessel owner Hornbeck Offshore Services has entered into a final settlement agreement with the surety for two multi-purpose support vessels (MPSVs) that had been under construction at Gulf Island Shipyards.
As a result, Gulf Island dismissed all claims it asserted against the Louisiana-based firm on account of Hornbeck’s termination of the vessel construction agreements with Gulf Island.
Hornbeck also dismissed its claims against Gulf Island and the surety under the construction agreements and the surety bonds.
Finally, the surety agreed to take over and complete the construction of the two MPSVs at a shipyard to be mutually agreed to by the surety and Hornbeck and possession of the vessels will be delivered by Gulf Island to the surety for that purpose.
Hornbeck’s remaining total contractual commitments under the construction agreements that have been taken over by the surety are approximately $53m for the two vessels. The surety will be responsible for all costs of construction over that amount. It is expected that the vessels will be completed in 2025.
“When delivered, these vessels will be the two largest and, we believe, the most capable MPSVs in the U.S.-flagged Jones Act registry and will enhance our ability to support our oilfield, offshore wind, and military customers across a broad spectrum of services,” Todd Hornbeck, the company’s president and CEO, said.
