February 13, 2003 - Hornbeck Offshore Announces Fourth Quarter 2002 Earnings Release and Conference Call Schedule

Hornbeck Offshore Services, Inc. announced today that its fourth quarter 2002 earnings release will be issued before the market opens on Thursday, February 27, 2003.
The Company will hold a conference call to discuss these results at 9:00 a.m. (Central Time) on Thursday, February 27, 2003. To participate in the call, callers in the United States/Canada can dial toll-free (800) 642-9816 and international callers can dial (706) 679-3206. The conference ID for all callers is 8374033.

An archived version of the call will be available for replay beginning at 11:00 a.m. (Central Time) Thursday, February 27, 2003 and ending at midnight Thursday, March 6, 2003. To access the replay, the toll-free number for callers in the United States is (800) 642-1687 while the number for international callers is (706) 645-9291. The conference ID for all callers is 8374033.

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

November 7, 2002 - Hornbeck Offshore Reports Third Quarter 2002 Results and Announces Delivery of 265-ft. HOS Sandstorm

Third Quarter Results

Hornbeck Offshore Services, Inc. announced today that revenues for the quarter ended September 30, 2002 increased 4.2 percent to $22.3 million compared to $21.4 million for the same quarter in 2001. Operating income was $7.2 million or 32.3 percent of revenues for the third quarter of 2002, compared to $8.8 million or 41.0 percent of revenues for the same quarter in 2001. Third quarter 2002 net income was $2.0 million compared to income before extraordinary item of $3.5 million for the third quarter 2001.

The increase in revenue was primarily the result of the addition of four deepwater offshore supply vessels ("OSVs") that entered the fleet after September 2001. The additional revenue generated by these vessels was offset by a decrease in revenue from vessels operating in the fleet on September 30, 2001. The increase in operating costs and depreciation expense compared to the third quarter 2001 was primarily related to the new vessels. Income before extraordinary item also declined, in part, due to higher net interest expense compared to the 2001 quarter.

The third quarter 2001 included a non-cash extraordinary loss of $1.9 million, net of taxes, resulting from the early extinguishment of debt. This extraordinary item related to the write-off of deferred financing costs upon the refinancing of all of the Company's debt through the issuance of $175.0 million of senior unsecured notes in July 2001.

Nine-Month Results

For the nine months ended September 30, 2002, revenues increased 41.0 percent to $66.4 million from $47.1 million in the same period last year. Operating income was $24.8 million or 37.3 percent of revenues, compared to nine-month 2001 operating income of $19.2 million or 40.8 percent of revenues. Net income totaled $8.4 million for the first nine months of 2002, equal to income before extraordinary item of $8.4 million for the first nine months of 2001.

Management Discussion

The Company took delivery of four newly constructed, deepwater OSVs on November 6, 2001, February 20, 2002, June 13, 2002 and August 11, 2002, respectively, all of which are 240-ft. ED or 265-ft. class OSVs. The $0.9 million net increase in third quarter 2002 revenue over the prior year quarter was comprised of $4.8 million of incremental revenue from these newly constructed vessels, offset by a $3.9 million decrease in revenue from vessels that were in service on September 30, 2001.
The decrease in "same vessel" revenue was primarily attributable to a 10 percent decline in tank barge utilization from the 2001 quarter and 40 days of unbudgeted downtime in August related to the retrofit and mobilization of two OSVs for service in Trinidad. Operating costs and depreciation expense increased by a combined $2.4 million, primarily related to the four new, larger class OSVs. Net income was also impacted by higher net interest expense in the third quarter 2002 compared to the 2001 quarter.

Todd Hornbeck, President and CEO, stated, "As anticipated during our last conference call, we continued to experience weakness in the Northeast tank barge market in the third quarter of 2002. During that period, we also invested 40 days, off-charter, preparing and relocating two of our deepwater OSVs for service in Trinidad. In addition, we experienced longer shipyard delays than anticipated on our latest newbuild, the HOS Sandstorm. Despite all these challenges, we are pleased to report yet another quarter of strong financial results. We achieved these results, in large part, by maintaining a greater than 90 percent utilization in our OSV segment for the quarter, although forced by Tropical Storm Isidore to shut down our corporate offices and evacuate our Gulf of Mexico OSV fleet the final week of the quarter, a process we had to repeat only a
week later for Hurricane Lili. Our operations and shore-based staff did an excellent job of protecting lives and property, while at the same time serving our customers' needs, during an extended period of disruptive weather conditions. We did not experience any loss of revenue during either storm, because all of our OSVs were operating under time charters during that time."

Recent Developments

Hornbeck Offshore has taken delivery of the last two of the six vessels constructed under its second OSV newbuild program. The 265-ft. class HOS Stormridge was delivered on August 11, 2002 and immediately commenced service under a previously reported fixed time charter with a major oil company. The HOS Sandstorm, an additional 265-ft. class OSV, was delivered October 20, 2002 and immediately commenced service under a time charter with a large independent oil and gas company supporting its deepwater operations in the Gulf of Mexico. The Company now has thirteen deepwater OSVs in operation and four additional 240-ft. ED class OSVs under construction and scheduled for delivery in 2003.

Conference Call

The Company will hold a conference call to discuss its third quarter 2002 financial results at 1:00 p.m. (Central Standard Time) today, November 7, 2002. To participate in the call, callers in the United States/Canada can dial toll-free (800) 642-9816 and international callers can dial (706) 679-3206. The conference ID for all callers is 6126970.

An archived version of the call will be available for replay beginning at 4:00 p.m. (Central Standard Time) today, November 7, 2002 and ending at midnight Thursday, November 14, 2002. To access the replay, the toll-free number for callers in the United States is (800) 642-1687 while the number for international callers is (706) 645-9291. The conference ID for all callers is 6126970.

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

October 22, 2002 - Hornbeck Offshore Announces Third Quarter 2002 Earnings Release and
Conference Call Schedule

Hornbeck Offshore Services, Inc. announced today that its third quarter 2002 earnings release will be issued before the market opens on Thursday, November 7, 2002. The Company will hold a conference call to discuss these results at 1:00 p.m. (Central Time) on Thursday, November 7, 2002. To participate in the call, callers in the United States/Canada can dial toll-free (800) 642-9816 and international callers can dial (706) 679-3206. The conference ID for all callers is 6126970. An archived version of the call will be available for replay beginning at 4:00 p.m. (Central Time) Thursday, November 7, 2002 and ending at midnight Thursday, November 14, 2002. To access the replay, the toll-free number for callers in the United States is (800) 642-1687 while the number for international callers is (706) 645-9291. The conference ID for all callers is 6126970.

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the
expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

October 14, 2002 - Hornbeck Offshore Announces Appointment of Two New Directors and Withdrawal of IPO Registration Statement

Hornbeck Offshore Services, Inc. (the "Company") announced today that Patricia B. Melcher and David A. Trice have been appointed to its Board of Directors, effective October 10, 2002.

Since 1997, Ms. Melcher, 42, has served as the President of Allegro Capital Management, Inc., a privately owned investment company focused on private equity investments in energy-related companies. From 1989 to 1994, she worked for SCF Partners, L.P., an investment fund sponsor specializing in private equity investments in oilfield service companies, and from 1995 to 1997, she served as a board member and advisory board member of its general partner, L. E. Simmons & Associates, Incorporated. From 1986 to 1989, Ms. Melcher worked for Simmons & Company International, an investment banking firm serving the energy industry.

Since May 1999, Mr. Trice, 53, has served as the President of Newfield Exploration Company (NYSE:NFX), an independent oil and gas company engaged in the exploration, development and acquisition of crude oil and natural gas properties. At Newfield, he has also served as the Chief Executive Officer since February 2000, and as a director since 2002. From May 1999 to February 2000, he served as its Chief Operating Officer and from July 1997 to May 1999, he served as its Vice President--Finance and International. Mr. Trice served as the President, Chief Executive Officer and Director of the Huffco Group from 1991 to July 1997.

The Company also announced that it has filed to withdraw its Registration Statement on Form S-1 relating to an initial public offering of its common stock. The Registration Statement was filed with the Securities and Exchange Commission on July 22, 2002. The Company believes that current market conditions make proceeding with the offering not advisable at this time.

Todd Hornbeck, President and CEO, stated, "We are very pleased that Ms. Melcher and Mr. Trice have joined our board. We will greatly benefit from the wealth of industry experience and insight that they bring to the Company. They were scheduled to join our Board effective upon the closing of our planned IPO. However, because of the recent declines and extreme volatility in the equity market, we have decided to withdraw our Registration Statement. By adding Ms. Melcher and Mr. Trice to our Board now, we have accelerated the availability of their expertise, while the withdrawal of the Registration Statement allows us to investigate other strategic growth opportunities. Meanwhile, we will continue to monitor the public equity markets."

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

August 6, 2002 - Hornbeck Offshore Reports Second Quarter Results. Announces New Contract for 265-foot HOS Stormridge and International Expansion

Second Quarter Results

Hornbeck Offshore Services, Inc. announced today that revenues for the quarter ended June 30, 2002 increased 39.2 percent to $21.3 million compared to $15.3 million for the same quarter in 2001. Operating income was $8.2 million or 38.6 percent of revenues for the second quarter of 2002, compared to $6.4 million or 42.1 percent of revenues for the same quarter in 2001. Second quarter 2002 net income was $2.8 million compared to net income of $3.1 million for the second quarter 2001. The significant increase in the Company's revenue in the second quarter 2002 over the prior year was due to the increase in size of the Company's fleet since April 2001. However, net income declined $300,000 because of higher depreciation expense related to the new vessels and greater interest expense associated with the Company's high yield debt offering in July 2001.

First Half Results

For the first half of 2002, revenues increased 71.5 percent to $44.1 million resulting in operating income of $17.6 million or 39.8 percent of revenues, compared to first-half 2001 revenues of $25.7 million that resulted in operating income of $10.4 million or 40.6 percent of revenues.
Net income totaled $6.3 million for the first six months of 2002, compared to net income of $4.9 million for the first six months of 2001.

Management Discussion

The Company took delivery of four newly constructed, deepwater offshore supply vessels ("OSVs") on April 27, 2001, November 6, 2001, February 20, 2002 and June 13, 2002, respectively; and acquired nine ocean-going tugs and nine ocean-going tank barges from the Spentonbush/Red Star Group, affiliates of Amerada Hess Corporation, on May 31, 2001. The $6.0 million net increase in second quarter 2002 revenue over the prior year quarter was comprised of $7.4 million of incremental revenue from these newly acquired or constructed vessels, offset by a $1.4 million decrease in "same vessel" revenue. The decrease in "same vessel" revenue was primarily attributable to an 11 percent decline in tank barge utilization from the year-ago quarter. As noted above, net income declined $300,000 because of higher depreciation expense related to the new vessels and greater interest expense associated with the Company's high yield debt offering in July 2001.

Jim Harp, Vice President and CFO, stated, "Despite continued weakness in the Northeast tank barge market and several of our deepwater OSVs working in a soft spot market, we were pleased to deliver another quarter of financial results well within analysts' expectations, resulting in trailing twelve-month EBITDA of $46.4 million for the period ended June 30, 2002."

Recent Developments

Hornbeck Offshore completed construction of the HOS Brimstone during the second quarter of 2002. This new 265-ft. class vessel was delivered on June 13, 2002 and immediately commenced service under the previously reported fixed time charter with one of the Company's existing customers, a large international exploration and production company.

The HOS Stormridge, an additional 265-ft. class offshore supply vessel to be constructed under the Company's second newbuild program, is currently on sea trials and is expected to be delivered within the next few days. Upon delivery, the vessel will immediately commence service under a fixed time charter with a major oil company. The contract will have an initial three-month term, with renewal options.

On July 22, 2002, the Company was awarded a contract with a major oil company operating in Trinidad for two of its offshore supply vessels, the 200-ft. class HOS Thunderfoot and 240-ft. class HOS Cornerstone. The fixed time charters will each have an initial six-month term, with renewal options, and are expected to commence in mid-August upon the vessels' mobilization to Trinidad.

Todd Hornbeck, President and CEO, stated, "We are pleased to announce the international expansion of our OSV operation into Trinidad. Given the geographic proximity of Trinidad to our current OSV operations in the Gulf of Mexico and tank barge operations in Puerto Rico, we believe this is a logical next step for us to penetrate new oil and gas markets within our hemisphere."

Conference Call

The Company will hold a conference call to discuss its second quarter 2002 financial results at 10:00 a.m. (Central Daylight Time) today, August 6, 2002. To participate in the call, callers in the United States/Canada can dial toll-free 800/642-9816 and international callers can dial 706/679-3206. The conference ID for all callers is 5034115.

An archived version of the call will be available for replay beginning at 1:00 p.m. (Central Daylight Time) today, August 6, 2002 and ending at midnight Tuesday, August 13, 2002. To access the replay, the toll-free number for callers in the United States is 800/642-1687 while the number for international callers is 706/645-9291. The conference ID for all callers is 5034115.

IPO Registration Statement

As previously reported, Hornbeck Offshore has filed a registration statement with the Securities and Exchange Commission ("SEC") relating to a proposed initial public offering of its common stock, which has not yet been declared effective by the SEC. The Company is currently monitoring market conditions and has not yet determined a specific timeframe for when it plans to finalize its offering. These securities maynot be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Under the securities laws, the content of the Company's disclosures to the public is restricted while the proposed offering is pending. Therefore, the Company's communications in its conference call later today will be limited solely to factual, non-offering related matters.

Hornbeck Offshore Services, Inc. is a leading provider of marine transportation services through the operation of newly constructed deepwater offshore supply vessels in the Gulf of Mexico and ocean-going tugs and tank barges in the northeastern U.S. and in Puerto Rico.

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

CONTACT: Hornbeck Offshore Services, Inc., Todd Hornbeck, 985/727-2000, ext. 206 or Jim Harp, 985/727-2000, ext. 203

July 22, 2002 - Hornbeck Announces Filing of Registration Statement for IPO

Hornbeck Offshore Services, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of its common stock.

Hornbeck Offshore plans to use the net proceeds to the Company from the proposed offering to fund a portion of the costs of the construction of additional OSVs under its current newbuild program, possible acquisitions, the retrofit of existing vessels or additional new vessel construction, and for general corporate purposes. In addition, certain stockholders of Hornbeck Offshore may offer shares registered in the offering.

The underwriting group will be led by Goldman, Sachs & Co. and will include CIBC World Markets, Jefferies & Company, Inc., RBC Capital Markets, Simmons & Company International and Johnson Rice & Company, L.L.C. as co-managers.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration becomes effective.This press release release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

June 26, 2002 - Hornbeck Changes Auditors

Hornbeck Offshore Services, Inc. announced today that it has dismissed Arthur Andersen LLP ("Andersen") as the Company's independent public accountants and auditors and engaged Ernst & Young LLP as its new independent public accountants and auditors effective June 24, 2002. The decision to change the Company's independent public accountants and auditors was approved by the Company's Board of Directors upon the recommendation of the Audit Committee. The Company's stockholders gave the Board of Directors the authority to change independent public accountants and auditors at the Company's annual meeting of stockholders held on May 28, 2002.

Andersen had served as the Company's independent public accountants and auditors since 1997. The Company's decision to change independent public accountants and auditors was not the result of any disagreement between the Company and Andersen on any matter of accounting principles or practices, financial statement disclosures or auditing scope or procedure. The Company appreciates the services provided by Andersen during its tenure as the Company's independent public accountants and auditors.

June 3, 2002 - HORNBECK-LEEVAC Changes Name to Hornbeck Offshore Services, Inc.

HORNBECK-LEEVAC Marine Services, Inc. announced today that it has changed its name to Hornbeck Offshore Services, Inc. The new corporate name was approved at the Company's recent annual meeting of stockholders. The name of the Company's tug and tank barge owning subsidiary, LEEVAC Marine, LLC, has also been changed to Hornbeck Offshore Transportation, LLC. The name changes are effective immediately.

Todd M. Hornbeck, President and CEO remarked, "These name changes will allow us to operate under a common identity across each of our operating divisions and facilitate the markets' identification with each of our services under one name and one logo. In addition, this should address any confusion to our customers, vendors, and investors regarding the similarity in name of one of our shipyard vendors, LEEVAC Industries, LLC."

May 9, 2002 - First Quarter Results Announced

HORNBECK-LEEVAC Marine Services, Inc. announced today that revenues for the quarter ended March 31, 2002 increased 118.0 percent to $22.7 million compared to $10.4 million for the same quarter in 2001. Operating income was $9.3 million or 41.0 percent of revenues for the first quarter of 2002, compared to $4.0 million or 38.5 percent of revenues for the same quarter in 2001. First quarter 2002 net income was $3.5 million compared to net income of $1.8 million for the first quarter 2001. As discussed below, the primary reason for the Company's revenue growth for the first quarter 2002 over the prior year is the significant increase in size of the Company's fleet since April 2001.

Management Discussion

The Company's operating fleet grew from 18 vessels at the end of the first quarter 2001 to 39 vessels at the end of the first quarter 2002. The 21 new vessels contributed the vast majority of the $12.3 million increase in first quarter 2002 revenue over the prior year quarter. The Company took delivery of three newly constructed, deepwater OSVs on April 27, 2001, November 6, 2001 and February 20, 2002, respectively; and acquired nine ocean-going tugs and nine ocean-going tank barges from the Spentonbush/Red Star Group, affiliates of Amerada Hess Corporation, on May 31, 2001.

Accordingly, the 240-ft class HOS Innovator, the 265-ft. class BJ Blue Ray and the Spentonbush/Red Star acquisition contributed to the Company's revenue growth for all of the first quarter of 2002 and the 240-ft class HOS Dominator contributed to the Company's revenue growth for approximately one month of the first quarter of 2002.

Jim Harp, Vice President and CFO, stated, "We are pleased that, despite the warm weather conditions that adversely affected our barging volumes in the Northeast this winter, we were still able to post yet another quarter of record financial results. This is the third consecutive quarter that our EBITDA has been $11.5 million or greater, bringing our EBITDA for the last twelve months ended March 31, 2002 to $43.4 million."

May 1, 2002 - Construction of First Four OSV Vessels Commences

On May 1, 2002, Hornbeck Offshore Services, LLC ("Hornbeck") signed a definitive agreement with LEEVAC Industries, LLC, for the construction of the first four vessels of our recently announced eight-vessel newbuild program. The contract provides for the delivery of all four of the 240-ft. DP-2 class deepwater offshore supply vessels during the second half of 2003. Aggregate construction costs for the first four vessels, before allocation of construction period interest, are expected to be approximately $53.0 million. As previously reported, the Company plans to fund these costs with current cash and projected free cash flow from operations. The Company will also have available an undrawn revolving credit facility, which it does not expect to have to use to fund the first four vessels. Hornbeck is currently seeking price bids from shipyards for the last four vessels.

May 1, 2002 - Hornbeck Receives Contract for it New 265-foot class HOS Brimstone

Hornbeck also announced today that it has contracted the 265-ft. class HOS Brimstone, currently scheduled for delivery in early June 2002, to one of its existing customers. Upon delivery, the vessel will immediately commence service under a one-year time charter, with two one-year renewal options, with a large international exploration and production company. The Company has had two of its other offshore supply vessels supporting this customer's deepwater exploratory drilling activities in the Gulf of Mexico since April 2000.

Todd Hornbeck, President and CEO, stated, "While we designed our 240-ft. class and 265-ft. class vessels primarily for deepwater drilling applications, all of our last three delivered newbuilds have gone into specialty work. With the contract of the HOS Brimstone, we will now be able to demonstrate the special capabilities that, we believe, make our 265-ft. class design uniquely suited for ultra-deepwater drilling support."

April 15, 2002 - HORNBECK-LEEVAC Announces Plans to Built Eight Additional Deepwater Offshore Supply Vessels

HORNBECK-LEEVAC Marine Services, Inc. announced today that its Board of Directors has approved a new vessel construction program for its wholly-owned subsidiary, Hornbeck Offshore Services, LLC. This is the Company's third such program since its inception five years ago - the first two were seven and six vessel programs, respectively. The current plan is to build eight additional state-of-the-art, deepwater offshore supply vessels ("OSVs"), with construction of four 240-ft. DP-2 Class vessels to commence as soon as a definitive agreement has been signed with the selected shipyard. The Company has signed a letter of intent for the first four vessels with one of the shipyards currently constructing vessels for Hornbeck and, therefore, anticipates prompt contract execution. All of the first four vessels are expected to be delivered by the end of 2003, with the first vessel due out in June 2003. Construction costs for the first four vessels will be funded by current cash and projected free cash flow from operations. The Company also has available an undrawn revolving credit facility, which it does not expect to use to fund the first four vessels. Hornbeck is currently seeking price bids from shipyards for the last four vessels.

Todd M. Hornbeck, the Company's President and Chief Executive Officer commented, "We have recently experienced a significant level of increased bidding activity for a wide variety of applications in the deepwater Gulf of Mexico and several international deepwater sectors. Our assessment of the visible demand for deepwater tonnage indicates a need for more equipment in mid to late 2003. Since the majority of our existing equipment is, or soon will be, contracted long-term, we believe now is the time for us to build more vessels with our proprietary design. The fact that we can do so out of currently available sources of liquidity made this an easy decision for our Board. Our in-house team of naval architects and engineers has improved, yet again, on our most versatile vessel to date, the 240-ft. DP-2 Class, in creating the type of equipment that the market is telling us it will need to serve the expanding worldwide deepwater market."

Hornbeck Offshore Services currently operates a fleet of ten recently constructed, deepwater offshore supply vessels, with three more under construction and scheduled to be delivered by August 2002. These world-class vessels were specially designed for the deepwater to maximize available deck space, supply capacities and pumping rates, while minimizing customer costs through increased operating efficiencies.

Carl Annessa, the Company's Vice President and Chief Operating Officer commented, "The first four vessels in the newbuild program we announced today are an enhancement of our highly successful New Breed 240-ft. "E-class" design that we used in constructing the HOS Innovator and HOS Dominator, both of which are currently working for Sonsub. We have designed the vessel to increase its deadweight capacity and have also added additional service functionalities. We believe this new 240-ft. "ED-class" vessel will compare favorably with the UT 755 and other similarly-designed OSVs popular in the North Sea and other deepwater provinces around the world, but will afford our clients more reliable and economic service at lower ownership costs to the Company. From the outset of construction of our first New Breed design, our objective has been to build a fleet of vessels that are versatile enough to serve the broadest array of oilfield exploration, development and production support activities, including deepwater rig tendering, geophysical surveying, well stimulation, remotely-operated vehicle ("ROV") and subsea construction and heavy equipment transportation."

In each of its three newbuild programs, Hornbeck has improved the design, capabilities and performance of its deepwater vessels by employing the latest available technology. Hornbeck's offshore supply vessels are capable of transporting three to ten times the amount of product and materials offshore as conventional 180-ft. OSVs. Hornbeck's diversified portfolio of "new generation" 200-ft., 240-ft. and 265-ft. class vessels will provide maximum customer support from the continental shelf to the ultra-deepwater, with vessels that are capable of operating anywhere in the world.

February 27, 2002 - HORNBECK-LEEVAC Reports Fourth Quarter 2001 Results, Closing of Exchange Offer and Revolving Credit Facility

Fourth Quarter Results

HORNBECK-LEEVAC Marine Services, Inc. announced today that revenues for the quarter ended December 31, 2001 increased 117.0 percent to $21.7 million compared to $10.0 million for the same quarter in 2000. Operating income was $8.7 million or 40.1 percent of revenues for the fourth quarter of 2001, compared to $3.9 million or 39.0 percent of revenues for the same quarter in 2000. Fourth quarter 2001 net income was $3.4 million compared to net income of $1.4 million for the fourth quarter 2000. As discussed below, the primary reason for the increase in financial results of operations for the fourth quarter 2001 over the prior year is the significant increase in size of the Company's fleet during 2001.

Calendar 2001 Results

For the calendar year 2001, revenues increased 90.6 percent to $68.8 million resulting in operating income of $27.9 million or 40.6 percent of revenues, compared to calendar 2000 revenues of $36.1 million that resulted in operating income of $12.3 million or 34.1 percent of revenues. Income before extraordinary items totaled $11.9 million for the calendar year 2001 compared to net income of $2.7 million for the calendar year 2000.

Net income for the calendar year 2001 included a non-cash extraordinary loss of $2.0 million, net of taxes, resulting from the early extinguishment of debt. This extraordinary item related to the write-off of deferred financing costs upon the refinancing of all of the Company's debt through the issuance of $175.0 million of senior unsecured notes in July 2001.

Prior to October 24, 2001, the Company had put warrants outstanding, the accounting for which may differ depending on whether a company's equity is publicly-traded or privately-held. Based on the Company's method of accounting for these put warrants and the fact that it has publicly-traded debt and privately-held equity, pro forma disclosure is required by the Securities and Exchange Commission. Pro forma net income for the calendar year 2001 was $7.0 million compared to net income as reported of $10.0 million. The pro forma net loss for the calendar year 2000 was $4.5 million compared to net income as reported of $2.7 million. The $3.0 million and $7.3 million differences for calendar years 2001 and 2000, respectively, are attributable to additional interest expense related to the Company's previously outstanding put warrant. According to applicable accounting pronouncements, a company whose stock is not publicly-traded may elect to account for warrants that contain put options either as a liability or as equity. Upon issuance in 1998, the Company elected to account for these warrants as equity. Accordingly, the Company has been amortizing, through retained earnings, the fair market value of the warrants through June 5, 2003, the first date on which the put could have been exercised. The warrants were revalued each period-end with changes in value accounted for prospectively. As a result of the repurchase of the warrants, the unamortized value of the warrants was accelerated and charged to retained earnings in the fourth quarter of 2001 in the Company's reported shareholders' equity of $59.9 million. Had the Company elected to account for the warrants as a liability rather than as equity, the warrants would have been adjusted to their fair value at each period-end with the fair value adjustment reported as a noncash adjustment to interest expense. No additional change would have resulted from the repurchase of the warrants. In the event of an initial public offering of the Company's stock, the Company's financial statements would be required to reflect additional interest expense in the amount of the pro forma differences discussed above. Beginning in 2002, there will be no further pro forma effects relating to the put warrants due to the Company's repurchase of such warrants in October 2001.

Management Discussion

While the Company experienced a 41 percent increase in average offshore supply vessel (OSV) dayrates and a 6 percent increase in fleetwide OSV utilization during 2001, the primary contributing factor to the Company's revenue growth in 2001 was the increase of its fleet from 23 to 44 vessels. The Company took delivery of two newly constructed, deepwater OSVs on April 27, 2001 and November 6, 2001, respectively; and acquired nine ocean-going tugs and nine oceangoing tank barges from the Spentonbush/Red Star Group, affiliates of Amerada Hess Corporation, on May 31, 2001, and one 402-ft. self-propelled tank barge from Freeport-McMoRan Sulfur LLC on November 15, 2001.

Accordingly, the 240-ft class HOS Innovator contributed to the Company's revenue growth for all of the fourth quarter of 2001 and for eight months during the calendar year ended December 31, 2001. The 265-ft. class BJ Blue Ray contributed to the Company's revenue growth for two months of each of the fourth quarter of 2001 and the calendar year ended December 31, 2001. The Spentonbush/Red Star acquisition contributed to the Company's revenue growth for all of the fourth quarter of 2001 and for seven months during the calendar year ended December 31, 2001.

Todd Hornbeck, President and CEO, stated, "We are very pleased with yet another quarter of record revenue and EBITDA, despite the unfavorable market conditions that exist in both of our business segments. In particular, we would have had an even better performance from our Northeast tank barge operations this quarter had it not been for the unseasonably warm winter being experienced there, a trend that unfortunately has continued into the first quarter of 2002."

Recent Developments

On December 19, 2001, the SEC declared the Company's registration statement (Form S-4) with respect to its $175.0 million of senior unsecured notes to be effective. The Company completed an Exchange Offer on January 18, 2002, whereby the 10-5/8% Series A Senior Notes, due 2008, were exchanged for 10-5/8% Series B Senior Notes with the same terms, which are now publicly registered.

Effective December 31, 2001, the Company entered into a new senior secured revolving line of credit (the Revolver) for $50.0 million with one of its former lenders. Pursuant to the terms of the Revolver, the Company's borrowings under this facility will initially be limited to $25.0 million unless it has obtained the lender's concurrence to borrow in excess of $25.0 million and is in compliance with the terms of its bond indenture with respect to the incurrence of additional indebtedness. On February 25, 2002, the Revolver was collateralized by four offshore supply vessels and four oceangoing tugs with an aggregate orderly liquidation value of approximately $75.0 million. The collateral was not in place as of December 31, 2001, due to the necessary administrative changes that resulted from the conversion of the Company's subsidiaries from corporations into limited liability companies in late December 2001.

February 27, 2002 - Hornbeck Takes Delivery of 240-foot class, DP Class II HOS Dominator

The Company also announced today that it has taken delivery of the 240-ft. class HOS Dominator, its third vessel certified Dynamic Positioning Class II by the American Bureau of Shipping. The vessel was delivered into service, substantially on time and on budget, on February 20, 2002. Upon delivery, the vessel immediately commenced service under a three-year time charter, with a three-year renewal option, with Sonsub Inc., an affiliate of the ENI/Saipem Group, to support subsea completion services, primarily in the Gulf of Mexico. This agreement is on substantially the same terms as the 240-ft. class HOS Innovator, which was delivered to Sonsub in April 2001. The Company has three additional 265-ft. class offshore supply vessels under construction for delivery in 2002.

Mr. Hornbeck stated, "Our engineering and operations group has delivered yet another world-class vessel into our growing fleet of deepwater OSVs. Progress continues on contracting our remaining three 265-ft. class newbuilds that are scheduled for delivery in the second and third quarters of this year. We continue to see a significant level of interest in these vessels; however, we have narrowed the field and are in late-stage discussions with a short list of customers. We remain confident of our ability to secure long-term contracts for these vessels on attractive terms before their delivery from the shipyard."

February 27, 2002 - HORNBECK-LEEVAC Announces New Chairman of the Board and New Chief Executive Officer

HORNBECK-LEEVAC Marine Services, Inc. announced today that the Board has made certain changes in its senior management. Todd M. Hornbeck has been appointed to the position of Chief Executive Officer in addition to his current position as President. Bernie W. Stewart has been elected Chairman of the Board and has entered into a consulting agreement with the Company. Carl G. Annessa, a Vice President of the Company, has been elected to the additional position of Chief Operating Officer. Mr. Christian G.Vaccari will remain as a director of the Company.

Speaking for the Board, Mr. Hornbeck commented, "The Company is making these changes to streamline and focus management authorities and responsibilities and reinforce the strengths of our operations. We are pleased that Mr. Stewart has agreed to expand his relationship with the Company; his wealth of engineering, operational and senior managerial experience in the offshore energy industry is a significant plus for the Company."

Mr. Stewart said, "I am excited to have the opportunity to contribute to the continuing development and growth of this dynamic company and to work with Todd and his talented management team as we continue to expand."

Mr. Stewart served in a variety of senior management positions with R&B Falcon until its merger in January 2001 with Transocean Sedco Forex, Inc., most recently as Senior Vice President, Operations of R&B Falcon Corporation and President of R&B Falcon Drilling US, its domestic operating subsidiary. Previously, he served as Senior Vice President and Chief Operating Officer of the original Hornbeck Offshore Services, Inc., and prior to that as President of Western Oceanics, Inc.

Mr. Annessa has served as the Company's Vice President of Operations since 1997 and was previously employed for seventeen years by Tidewater, Inc. in various technical and operational management positions, including management of large fleets of offshore supply vessels in various international arenas. Mr. Annessa is a naval architect.

December 20, 2001 - HORNBECK-LEEVAC Announces Effectiveness of Registration Statement; Commences Exchange Offer

HORNBECK-LEEVAC Marine Services, Inc. announced today that its Registration Statement on Form S-4 was declared effective by the Securities and Exchange Commission on December 19, 2001. The Registration Statement relates to the Company's offer to exchange up to $175 million of its 10 5/8% Series B Senior Notes due 2008, the issuance of which has been registered under the Securities Act of 1933, for its 10 5/8% Series A Senior Notes due 2008. The Series A Notes were previously issued on July 24, 2001 in a private placement pursuant to Rule 144A under the Securities Act.

The exchange offer is being made only by means of a prospectus and related exchange offer materials delivered to holders of the previously issued Series A Notes. Wells Fargo Bank Minnesota, National Association will act as the exchange agent for the exchange offer. The exchange offer will remain open from December 19, 2001 until 5:00 p.m., New York time, on January 18, 2001.

December 20, 2001 - HORNBECK-LEEVAC Announces Effectiveness of Registration Statement; Commences Exchange Offer

HORNBECK-LEEVAC Marine Services, Inc. announced today that its Registration Statement on Form S-4 was declared effective by the Securities and Exchange Commission on December 19, 2001. The Registration Statement relates to the Company's offer to exchange up to $175 million of its 10 5/8% Series B Senior Notes due 2008, the issuance of which has been registered under the Securities Act of 1933, for its 10 5/8% Series A Senior Notes due 2008. The Series A Notes were previously issued on July 24, 2001 in a private placement pursuant to Rule 144A under the Securities Act.

The exchange offer is being made only by means of a prospectus and related exchange offer materials delivered to holders of the previously issued Series A Notes. Wells Fargo Bank Minnesota, National Association will act as the exchange agent for the exchange offer. The exchange offer will remain open from December 19, 2001 until 5:00 p.m., New York time, on January 18, 2001.

December 18, 2001 - HORNBECK-LEEVAC Responds To Inquiries Regarding Potential Impact of Enron Bankruptcy

HORNBECK-LEEVAC Marine Services, Inc. responded today to recent inquiries from third parties on the impact, if any, of Enron Corp.'s (NYSE:ENE) bankruptcy on the Company's business.

Two of our 200-ft. class offshore supply vessels, the HOS Crossfire and the HOS Brigadoon, are currently under long-term charter to Mariner Energy, Inc., which is 96%-owned by an affiliate of Enron Corp. Mariner has been using these two vessels to service an offshore drilling rig it has chartered for drilling operations in the Gulf of Mexico. On December 11, 2001, Mariner notified us of its intent to furlough the drilling rig on or before December 15, 2001 and concurrently terminate its contract on our two vessels. Mariner, in fact, released the HOS Crossfire on December 14, 2001 and the HOS Brigadoon on December 16, 2001.

We were able to re-deploy the HOS Crossfire on December 14, 2001 and the HOS Brigadoon on December 17, 2001. Both vessels have been contracted in the deepwater spot market with major oil companies on substantially the same dayrates as the Mariner contract with almost no lapse in utilization. We continue to experience strong demand for offshore supply vessels capable of operating in the deepwater Gulf of Mexico based on the ongoing requests we receive from other customers for the services of our vessels.

Under the terms of our contract with Mariner, we do not believe that Mariner is entitled to release our vessels and terminate their charter. We are currently in discussions with Mariner and intend to take all appropriate actions to protect our rights under the contract. Should our discussions with Mariner not lead to a resolution of this issue, we believe that we would have certain rights of recovery against Mariner. In addition, we are in discussions with several customers regarding term contract opportunities for these vessels.

We believe that Mariner's actions are not indicative of the overall market conditions for our vessels in the deepwater Gulf of Mexico, but are significantly related to the recent financial issues surrounding its parent, Enron Corp. We do not believe that Mariner's actions will have a material adverse affect on our financial condition or results of operations.

August 24, 2001 - HORNBECK-LEEVAC Announces Board Changes

Larry D. Hornbeck, former Chairman of the Board, President, Chief Executive Officer and founder of the original Hornbeck Offshore Services, Inc., has joined the Board of Directors of the Company effective August 22, 2001.

From its inception in 1981 until its merger with Tidewater, Inc. (NYSE: TDW) in March 1996, the original Hornbeck Offshore Services, Inc. was a publicly-held offshore supply vessel company. Following the merger, Mr. Hornbeck was also a director of Tidewater, Inc. from March 1996 until October 2000. During his tenure at the helm of Hornbeck Offshore Services, Inc., Mr. Hornbeck grew that company through a series of vessel building programs and acquisitions from four to over 100 offshore service vessels.

In addition, Mark J. Warner, who until his departure from Enron Capital & Trade Resources was the board designee of our warrantholders, has resigned from the Board. Also, R. Clyde Parker, Jr., a founding director and the Company's corporate and securities counsel, has changed his status to that of a non-voting Advisory Director to the Board.

Mr. Christian Vaccari, the Company's Chairman and Chief Executive Officer said, "We are excited to add to our board a person of such expertise and experience, and who is held in such high regard in the industry as is Larry Hornbeck. His 30 years of experience in senior management and board positions in the offshore marine services industry and his contributions to the future of our company will be invaluable."

Mr. Todd Hornbeck, the Company's President and Chief Operating Officer stated, "We appreciate the services of both Mr. Warner and Mr. Parker. Each has contributed greatly to the Company's progress." He also stated, "We look forward to continuing to benefit from the advice and counsel from Mr. Parker in his new capacity."

August 14, 2001 - HORNBECK-LEEVAC Marine Services, Inc. Announces 68% Increase in Second Quarter Revenue

HORNBECK-LEEVAC Marine Services, Inc. announced today that revenues for the quarter ended June 30, 2001 increased 68.1 percent to $15.3 million compared to $9.1 million for the same quarter in 2000. Operating income was $6.4 million or 41.8 percent of revenues for the second quarter of 2001, compared to $3.5 million or 38.4 percent of revenues for the same quarter in 2000. Second-quarter 2001 net income was $3.1 million, compared to net income of $0.8 million for the second-quarter 2000.

First Half Results

For the first half of 2001, revenues increased 57.7 percent to $25.7 million resulting in operating income of $10.4 million or 40.5 percent of revenues, compared to first-half 2000 revenues of $16.3 million that resulted in operating income of $4.9 million or 30.1 percent of revenues. Net income totaled $4.9 million for the first six months of 2001, compared to net income of $0.5 million for the first six months of 2000.

Management Discussion

On May 31, 2001, the Company acquired nine oceangoing tugs and nine oceangoing tank barges and the related coastwise transportation businesses from the Spentonbush/Red Star Group, affiliates of Amerada Hess Corporation, for approximately $28 million. This acquisition increased the Company's tank barge fleet capacity from 451,655 barrels to 1,130,727 barrels. As part of this acquisition, the Company entered into a long-term contract of affreightment with Amerada Hess as its exclusive marine logistics provider and coastwise transporter of petroleum products in the northeastern United States. This acquisition contributed to the Company's revenue growth for one month during the three and six-month periods ended June 30, 2001.

Also contributing to the increase were the results of the HOS Innovator, a 240-foot class deepwater offshore supply vessel, which the Company took delivery of on April 27, 2001 and immediately placed into service under a three-year time charter with a large oilfield service company.

Christian Vaccari, Chairman and CEO, stated, "Our operating results for the first half of 2001 continue to reflect the results of our growth strategy with the delivery of the HOS Innovator during April and the Spentonbush/Red Star Group acquisition at the end of May. In addition, our recent successful offering of $175 million of senior unsecured notes provides us with greater financial flexibility to respond to opportunities in this dynamic market."

Offshore supply vessel average day rates for our fleet for the second quarter of 2001 were $11,859, compared to $8,192 for the same period last year, and $10,147 for the first quarter of 2001. Our offshore supply vessel fleet increased during the period to eight vessels with the addition of the HOS Innovator. Utilization for our offshore supply vessel fleet increased to 99.0% in the second quarter of 2001, compared to 93.1% for the same period last year and 98.7% in the first quarter of 2001. This increase is primarily due to the increase in deepwater drilling activity in the Gulf of Mexico.

Tank barge average day rates for our fleet for the second quarter of 2001 were $9,225, compared to $9,623 for the same period last year, and $7,824 for the first quarter of 2001. Utilization for our tug and tank barge fleet increased to 84.4% in the second quarter of 2001, compared to 68.5% for the same period last year and 83.3% in the first quarter of 2001. The decrease in average day rates and increase in utilization rates for the second quarter of 2001 compared to the second quarter of 2000 are the result of a change in mix of tugs and tank barges under contracts of affreightment, time charter, and bareboat charter. This change in contract mix resulted in an increase in operating margin for our tug and tank barge fleet, which was $3.4 million in the second quarter of 2001, as compared to $1.7 million in the same period last year. The increase in average tank barge day rates for the second quarter of 2001 compared to the first quarter of 2001 resulted primarily from one month of operations from the recently acquired vessels at average rates higher than our existing fleet.

July 24, 2001 - Senior Unsecured Notes Issued to Refinance Debt and Fund Expansion

HORNBECK-LEEVAC Marine Services, Inc. announced today that it has issued $175 million in senior unsecured notes due 2008 with a coupon of 10-5/8%. Moody's and Standard & Poors have assigned a B1/B+ rating to the notes and a B1/B+ senior implied corporate rating to the Company. The rating outlook is stable. The bonds will refinance all of the Company's existing debt and fund the remaining portion of its current deepwater OSV newbuild program.

Christian Vaccari, the Company's Chief Executive Officer commented, "We are very pleased to have successfully completed a financing of this type and size in adverse market conditions. This offering will significantly improve our capital structure and provide us with the financial flexibility to pursue our strategic growth objectives in both of our business segments."