Hornbeck Offshore Services (HOS.US) restarts IPO, with strong performance after bankruptcy reorganization.

Hornbeck Offshore Services (HOS.US) provides marine carriage services for offshore oil fields and diversified non-oilfield markets. In a revised filing submitted to the U.S. Securities and Exchange Commission (SEC) last Friday, the company disclosed its financial performance for the nine months ending September 30, 2025. The company initially submitted an IPO application in December 2023, aiming to raise $100 million, with the last update to the prospectus made in September 2024. For the nine months ending September 30, 2025, the company saw a 14% revenue growth to $546 million, benefiting from the improved market environment for offshore supply vessels (OSVs). Gross margin expanded by 570 basis points to 49% driven by the increase in average daily rates and utilization rates. Due to the strong performance in the OSV market (including rising daily rates and significantly improved utilization rates) and increased contributions from overseas markets, adjusted EBITDA increased by 42% to $224.2 million, and the adjusted EBITDA margin increased by 826 basis points to 41%. Hornbeck operates in its core geographic areas, covering the U.S. and Latin America, providing marine carriage services for offshore oil fields and diversified non-oilfield markets. The company owns one of the largest and highest-specification fleets of OSVs and multipurpose support vessels (MPSVs) in the industry. Currently, the company operates 74 multi-level OSVs and MPSVs, with approximately 85% being high-specification or ultra-high-level vessels. Hornbeck was listed on the New York Stock Exchange (NYSE) in 2004, delisted in 2019, and moved to the over-the-counter (OTC) trading market. In June 2020, the company filed for Chapter 11 bankruptcy protection and completed a bankruptcy reorganization in September of the following year under a restructuring plan negotiated with banks and bondholders. Hornbeck Offshore Services was founded in 1997 and had $517 million in revenue for the twelve months ending September 30, 2025. The Louisiana-based company plans to list on the NYSE under the ticker symbol HOS, with J.P. Morgan, Barclays, DNB Markets, Piper Sandler, Guggenheim Securities, and Raymond James serving as joint bookrunners for the transaction.