Hornbeck Offshore Services, which provides marine transportation to the offshore oilfield and diversified non-oilfield markets, reported financial results for the nine months ended September 30, 2025, in an amendment filed with the SEC on Friday. It originally filed for an IPO in December 2023 with a proposed deal size of $100 million, and had last updated its prospectus in September 2024.
During the nine months ended 9/30/2025, revenue increased 14% to $546 million due to improved market conditions for active offshore supply vessels. Gross margin expanded 570 bps to 49%, due to higher average dayrates and improved utilization. Adjusted EBITDA increased 42% to $224.2 million, and adj. EBITDA margin rose 826 bps to 41%, due to strong OSV market conditions, including higher dayrates and substantially improved active utilization, along with increased foreign market contribution.
Hornbeck provides marine transportation services to customers in the offshore oilfield and diversified non-oilfield markets across its core geographic regions covering the US and Latin America. The company has amassed what it believes is one of the largest, highest specification fleets of Offshore Supply Vessels (OSVs) and Multi-Purpose Support Vessels (MPSVs) in the industry. Hornbeck owns a fleet of 74 multi-class OSVs and MPSVs, approximately 85% of which are high-spec or ultra high-spec vessels.
Hornbeck was previously listed on the NYSE from 2004 until 2019, when it was delisted and commenced trading on the OTC. In June 2020, the company filed for Chapter 11 bankruptcy, from which it emerged the following September pursuant to a restructuring plan negotiated with its lenders and note holders.
Hornbeck Offshore Services was founded in 1997 and booked $517 million in revenue for the 12 months ended September 30, 2025. The Covington, LA-based company plans to list on the NYSE under the symbol HOS. J.P. Morgan, Barclays, DNB Markets, Piper Sandler, Guggenheim Securities, and Raymond James are the joint bookrunners on the deal.
