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Hornbeck Offshore confirms lawsuit from Gulf Island

Oct. 04, 2018 5:07 PM ETHornbeck Offshore Services, Inc. (HOSS) StockGIFI, HOSSBy: Carl Surran, SA News Editor
  • Hornbeck Offshore (NYSE:HOS) confirms receipt of a lawsuit from Gulf Island Fabrication (NASDAQ:GIFI) as a result of its previously disclosed terminations of two shipyard construction contracts earlier this year because of GIFI performance issues.
  • In the lawsuit, GIFI alleges claims for delay, hindrance, disruption and wrongful termination of the construction contracts; HOS considers the claims to be without merit.
  • HOS says it is in discussions with the surety of the shipyard contracts to facilitate the completion of the construction of the vessels at a completion yard under the surety's performance bonds.

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