Hornbeck Offshore Announces Reorganization Plan Approved By Court

Plan Supported by Nearly 100% of Secured Lenders and Unsecured Noteholders

Company on Track to Complete Restructuring in Coming Months

Covington, La., June 26, 2020

Hornbeck Offshore Services, Inc. (OTC Pink Marketplace: HOSSQ) (the "Company") announced that the Company's Joint Prepackaged Chapter 11 Plan of Reorganization (the "Plan") was approved by Judge David R. Jones of the United States District Court for the Southern District of Texas. The confirmed Plan achieved the overwhelming support of 100% of voting Class 4 First Lien Claims in amount, 99.9% of voting Class 5 Second Lien Claims in amount, and 99.8% of voting Class 6 Unsecured Notes Claims in amount. The Company expects to emerge from bankruptcy upon clearing various governmental approvals, which are expected to occur within the coming few months.

"The Court's approval of our Plan of Reorganization is another significant milestone in our restructuring process and we appreciate the overwhelming show of support from our lenders and noteholders," said Todd M. Hornbeck, CEO of Hornbeck Offshore Services. "We are on-track to quickly complete our restructuring and emerge with a strengthened financial foundation and well positioned for long-term success."

As previously reported, the Company has access to a $75 million debtor-in-possession term loan facility provided by existing creditors and permitted use of existing cash on hand and cash generated from operations to support the business during the financial restructuring process, which will enable the Company to operate in the ordinary course of business without disruption to its customers, vendors and workforce. The Plan provides for payment in full of all vendors and employees.

Mr. Hornbeck added: "The Company has experienced no interruption in service from vendors or employees on account of the restructuring process. We appreciate the strong support we have received from these important constituents."

The Company has received subscriptions for a $100 million rights offering with respect to the planned issuance of shares of New Equity, which will result in a $100 million increase in liquidity and is expected to close on the Plan's effective date. In addition, the Plan contemplates a post-emergence first-lien senior secured term loan credit facility and second-lien senior secured term loan credit facility, each in an aggregate principal amount to be determined.

The Plan contemplates the extinguishment of all pre-petition equity in the Company upon emergence from bankruptcy. Trading in the Company's common stock carries extreme risk.

The Plan and related disclosure statement are available at http://cases.stretto.com/Hornbeck. For further information regarding the restructuring, please contact the Company's solicitation agent, Stretto, at 1-(855)-258-1004 (toll-free domestic), or email them at teamhornbeck@stretto.com.

Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.

Hornbeck Offshore press release