May 6, 2004
Hornbeck exercises barge newbuild option at Manitowoc
The Manitowoc Company, Inc. (NYSE: MTW) today announced that its Manitowoc Marine Group will build a second double-hull tank barge for Hornbeck Offshore Transportation, LLC, a wholly owned subsidiary of Hornbeck Offshore Services, Inc. (NYSE: HOS).
The OPA-90 compliant barge, to be built at Manitowoc's Bay Shipbuilding Co. shipyard in Sturgeon Bay, Wis., is designed for a cargo capacity of 110,000 barrels.
This new tank barge is identical to one Hornbeck ordered last November. Manitowoc announced at that time that Hornbeck retained options to purchase three additional barges. Having exercised its first option, Hornbeck now has the right to exercise its remaining two options within an agreed upon time frame. Manitowoc Marine's Toledo shipyard is building the first Hornbeck barge.
"We are pleased that Hornbeck Offshore Transportation has elected to exercise this option for a second tank barge with Manitowoc, and we look forward to performing additional work for this important customer," said Dennis McCloskey, president of Manitowoc Marine Group. "In anticipation of winning more contracts for OPA-90 compliant vessels, we are upgrading both our Sturgeon Bay and Toledo shipyards to enhance our capabilities, efficiencies, and competitiveness."
Currently, Manitowoc Marine Group has a number of vessels under construction including an ocean-going tug, four double-hull tank barges, three Staten Island ferries, a Great Lakes ice breaker for the U.S. Coast Guard, plus a floating causeway system for the U.S. Navy.