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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Jun. 30, 2020
Entity Registrant Name	HORNBECK OFFSHORE SERVICES INC /LA
Entity Central Index Key	0001131227
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		39,638,729
NEW YORK STOCK EXCHANGE, INC. [Member]
Trading Symbol	None
OTCQB MARKETPLACE [Member]
Trading Symbol	None

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 58,958

$ 121,490

Accounts receivable, net of allowance for doubtful accounts of $4,008 and $3,987, respectively

51,214

66,995

Other current assets

25,993

20,510

Total current assets

136,165

208,995

Restricted cash

14,470

52,136

Property, plant and equipment, net

2,303,289

2,342,763

Deferred charges, net

36,110

35,915

Right of use assets

23,120

23,492

Other assets

7,105

5,586

Total assets

2,520,259

2,668,887

Current liabilities:

Accounts payable

16,374

30,093

Accrued interest

25,743

16,950

Accrued payroll and benefits

4,612

11,980

Current portion of long-term debt, including deferred net gain of $30,051 and $31,718, net of original issue discount of $2,859 and $3,084, and deferred financing costs of $6,603 and $10,292, respectively

^[1]

1,216,137

1,263,890

Lease liabilities

2,738

2,953

Other accrued liabilities

12,587

11,618

Total current liabilities

1,278,191

1,337,484

Deferred tax liabilities, net

116,560

132,526

Lease liabilities

24,207

24,219

Other liabilities

1,514

2,213

Total liabilities

1,420,472

1,496,442

Stockholders’ equity:

Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding

Common stock: $0.01 par value; 100,000 shares authorized; 39,639 and 38,096 shares issued and outstanding, respectively

396

381

Additional paid-in-capital

767,367

766,779

Retained earnings

350,584

408,789

Accumulated other comprehensive loss

(18,560)

(3,504)

Total stockholders’ equity

1,099,787

1,172,445

Total liabilities and stockholders’ equity

$ 2,520,259

$ 2,668,887

[1]	On March 2, 2020, the Company did not make the interest payment on the 2021 senior notes that was due on such date. As a result of this and cross-default language in its other debt obligations, the Company has determined that all of its debt should be presented as current.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts of	$ 4,008	$ 3,987
Current portion of long-term debt, net of original issue discount of	2,859	3,084
Current portion of long-term debt, net of deferred financing costs of	6,603	10,292
Current portion of long-term debt, including deferred net gain of	$ 30,051	$ 31,718
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common stock Par Value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized	100,000,000	100,000,000
Common stock issued	39,639,000	38,096,000
Common stock outstanding	39,639,000	38,096,000

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 52,810	$ 54,036
Costs and expenses:
Operating expenses	41,308	40,394
Depreciation	24,305	24,771
Amortization	4,810	3,611
General and administrative expenses	31,160	11,967
Costs and Expenses, Total	101,583	80,743
Gain on sale of assets	0	26
Operating loss	(48,773)	(26,681)
Other income (expense):
Loss on early extinguishment of debt, net	(4,236)	(71)
Interest income	646	1,114
Interest expense	(20,750)	(19,726)
Other expense	(64)	(87)
Nonoperating Income (Expense)	(24,404)	(18,770)
Loss before income taxes	(73,177)	(45,451)
Income tax benefit	(14,972)	(8,831)
Net loss	$ (58,205)	$ (36,620)
Loss per share:
Basic loss per common share	$ (1.50)	$ (0.97)
Diluted loss per common share	$ (1.50)	$ (0.97)
Weighted average basic shares outstanding	38,801	37,788
Weighted average diluted shares outstanding	38,801	37,788
Vessel Revenues [Member]
Revenues	$ 43,152	$ 45,252
Non-vessel revenues [Member]
Revenues	$ 9,658	$ 8,784

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (58,205)	$ (36,620)
Other comprehensive income (loss):
Foreign currency translation income (loss)	(15,056)	287
Total comprehensive loss	$ (73,261)	$ (36,333)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning Balance (in shares) at Dec. 31, 2018		37,700
Beginning Balance at Dec. 31, 2018	$ 1,307,926	$ 377	$ 761,834	$ 549,475	$ (3,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee benefit programs, Shares		175
Shares issued under employee benefit programs	(122)	$ 2	(124)
Adoption of ASU 2018-02				(1,872)	1,872
Stock-based compensation expense	278		278
Net loss	(36,620)
Foreign currency translation income (loss)	287				287
Ending Balance (in shares) at Mar. 31, 2019		37,875
Ending Balance at Mar. 31, 2019	1,271,749	$ 379	761,988	510,983	(1,601)
Beginning Balance (in shares) at Dec. 31, 2019		38,096
Beginning Balance at Dec. 31, 2019	1,172,445	$ 381	766,779	408,789	(3,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee benefit programs, Shares		1,543
Shares issued under employee benefit programs	(140)	$ 15	(155)
Stock-based compensation expense	743		743
Net loss	(58,205)			(58,205)
Foreign currency translation income (loss)	(15,056)				(15,056)
Ending Balance (in shares) at Mar. 31, 2020		39,639
Ending Balance at Mar. 31, 2020	$ 1,099,787	$ 396	$ 767,367	$ 350,584	$ (18,560)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (58,205)	$ (36,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	24,305	24,771
Amortization	4,810	3,611
Stock-based compensation expense	745	975
Loss on early extinguishment of debt, net	4,236	71
Provision for bad debts	21	204
Deferred tax benefit	(11,965)	(8,749)
Amortization of deferred financing costs	1,261	1,836
Amortization of deferred gain	(1,667)	(1,355)
Gain on sale of assets	0	(26)
Changes in operating assets and liabilities:
Accounts receivable	13,928	(4,690)
Other current and long-term assets	(7,320)	(1,501)
Deferred drydocking charges	(6,867)	(9,300)
Accounts payable	(10,403)	4,476
Accrued liabilities and other liabilities	(7,413)	2,845
Accrued interest	8,794	(2,691)
Net cash used in operating activities	(45,740)	(26,143)
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program	0	(3)
Net proceeds from sale of assets	0	26
Vessel capital expenditures	1,517	522
Non-vessel capital expenditures	(38)	(71)
Net cash used in investing activities	(1,555)	(570)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from first-lien term loans	0	29,159
Repurchase of convertible notes	0	(47,310)
Redemption Premium on Extinguishment of Debt	(1,500)	0
Payment of deferred financing costs	(81)	(5,524)
Repayment of senior credit facility	(50,000)	0
Net cash used in financing activities	(51,581)	(23,675)
Effects of exchange rate changes on cash	(1,322)	6
Net decrease in cash, cash equivalents and restricted cash	(100,198)	(50,382)
Cash, cash equivalents and restricted cash at beginning of period	173,626	224,936
Cash, cash equivalents and restricted cash at end of period	73,428	174,554
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest		19,507
Cash paid for (refunds of) income taxes	288	(1,338)
Interest Paid, Excluding Capitalized Interest, Operating Activities	11,749
Convertible 1.500 Percent Senior Notes Due 2019
Exchange of notes for term loan	0	20,951
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on early extinguishment of debt, net		(3,600)
Senior Notes 5.875 Percent Due 2020
Exchange of notes for term loan	$ 0	142,629
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on early extinguishment of debt, net		$ (2,400)

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

Recent Developments	3 Months Ended
Recent Developments	Mar. 31, 2020
Reorganizations [Abstract]
Recent Developments	Recent Developments Joint Prepackaged Chapter 11 Plan of Reorganization Effective April 13, 2020, the Company, on behalf of itself and certain of its subsidiaries, together with the Company, collectively, the Debtors, entered into a Restructuring Support Agreement, or the RSA, with secured lenders holding approximately 83% of the Company’s aggregate secured indebtedness and unsecured noteholders holding approximately 79% of the Company’s aggregate unsecured notes outstanding related to a balance sheet restructuring of the Company to be implemented through a voluntary prepackaged Chapter 11 case in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. Despite the Company's extensive efforts to negotiate and launch, on February 14, 2020, an out-of-court debt-for-debt exchange transaction to address its outstanding 2020 senior notes and 2021 senior notes, it became evident in March 2020 that an in-court process would be necessary to maximize value for the Company and its post-emergence stakeholders while positioning it for long-term success. In March and April 2020, the Company experienced multiple events of defaults under the existing 2020 senior notes and 2021 senior notes, which included non-payment of principal and interest on the 2020 senior notes, nonpayment of interest on the 2021 senior notes and related cross-defaults. Cross-defaults were also triggered under the Company’s existing senior credit agreement, first lien term loan agreement and second lien term loan agreement. The Company, together with the administrative agents and certain of its lenders under its existing senior credit agreement, first lien term loan agreement and second lien term loan agreement, and certain holders of the Company’s 2020 senior notes and 2021 senior notes entered into separate forbearance agreements, which were subsequently extended to May 19, 2020 pursuant to which such lenders and noteholders agreed to forbear from exercising certain of their rights and remedies with respect to certain defaults by the Company. On May 19, 2020, in accordance with the RSA, the Company sought voluntary relief under chapter 11 of the United States Bankruptcy Code, or the Chapter 11 Cases, in the Bankruptcy Court and filed a proposed joint prepackaged plan of reorganization, or the Plan. On June 19, 2020, after a confirmation hearing, the Bankruptcy Court entered a confirmation order approving the Plan. The Plan will become effective after the conditions to its effectiveness have been satisfied. The effect of the Plan is to de-lever the Company’s balance sheet through a conversion into equity or warrants or both of 1) a portion of the $350 million in first-lien term loans that mature in June 2023; 2) $121 million in second-lien term loans that mature in February 2025; 3) $224 million outstanding under the Company's 2020 senior notes indenture, and; 4) $450 million outstanding under the Company's 2021 senior notes indenture. The holders of first-lien term loans will also receive their pro rata portion of the new second-lien term loans that will be issued as part of the Exit Financings, as defined below. All pre-petition equity interests in the Company will be cancelled, released, and extinguished on the effective date of the Plan, and will thereafter be of no further force or effect. Holders of other claims will either receive payment in full in cash or otherwise have their rights reinstated under the Bankruptcy Code, or such claims will be cancelled, released, discharged, and extinguished or be given such other treatment as set forth in the Plan. In addition, upon emergence from the Chapter 11 Cases, pursuant to a rights offering of shares of the Company’s new common stock, or the Rights Offering, the Company will receive from certain pre-petition secured and unsecured creditors an equity investment of $100 million. Additionally, the Company will enter into a new first-lien term loan in an aggregate principal amount to be determined in accordance with the Plan and will have a maturity date on the fourth anniversary of the Closing date. The Company will also enter into a new second-lien term loan in an aggregate principal amount to be determined in accordance with the Plan and a maturity date of March 31, 2026, or together with the new first-lien term loans, the Exit Financings. The Company anticipates emerging from the Chapter 11 Cases upon receipt of certain governmental approvals from U.S. and other governmental authorities. The Company expects to receive the required approvals promptly following the completion by such governmental authorities of their reviews. In addition, the Company will be required to finalize the terms of the Exit Financings prior to emergence. DIP Credit Agreement In connection with the filing of the Plan, on May 22, 2020, the Debtors entered into a debtor-in-possession credit agreement on the terms set forth in a Superpriority Debtor-in-Possession Term Loan Agreement, or the DIP Credit Agreement, by and among the Company, as Parent Borrower, Hornbeck Offshore Services, LLC, as Co-Borrower, the lenders party thereto, or the DIP Lenders, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent, pursuant to which, the DIP Lenders agreed to provide us with loans in an aggregate principal amount not to exceed $75 million that, among other things, was used to repay in full the remaining $50 million in loans outstanding under the Company's Senior Credit Agreement on May 22, 2020, and to finance the Company's ongoing general corporate needs during the course of the Chapter 11 Cases. The maturity date of the DIP Credit Agreement is six months following the effective date of the DIP Credit Agreement. The DIP Credit Agreement contains customary events of default, including events related to the Chapter 11 Cases, the occurrence of which could result in the acceleration of the Company's obligation to repay the outstanding indebtedness under the DIP Credit Agreement. The Company's obligations under the DIP Credit Agreement are secured by a first priority security interest in, and lien on, substantially all of its present and after-acquired property (whether tangible, intangible, real, personal or mixed) and has been guaranteed by all of the Company’s material subsidiaries. As of June 30, 2020, the Company has $75 million outstanding under the DIP Credit Agreement. Going Concern Since the second half of 2014, the offshore oil service sector has experienced difficult operating conditions due to the reduced price of oil. This low oil price environment caused many of the Company's customers to reduce their budgets for the worldwide exploration or production of oil. This reduced spending has negatively impacted the Company's financial results for the last six years. There is significant uncertainty surrounding when and by how much oil prices will recover, and whether that recovery will result in increased demand for the Company's services. As discussed in Note 7, the Company’s 2020 senior notes had scheduled maturities in April 2020 and the Company’s 2021 senior notes have scheduled maturities in March 2021. Despite the Company's extensive efforts to negotiate and launch an out-of-court debt-for-debt exchange transaction, after the advent of the COVID-19 pandemic and the oil price war in March 2020, it became evident that an in-court process would be necessary to maximize value for the Company and its post-emergence stakeholders while positioning us for long-term success. On May 19, 2020, the Company initiated the Chapter 11 Cases in the Bankruptcy Court and on June 19, 2020, the Bankruptcy Court issued a confirmation order approving the Plan. While the Company anticipates emerging from its Chapter 11 proceedings, which is subject to consummation, as a result of the defaults under its credit agreements and the uncertainties surrounding the Chapter 11 Cases, substantial doubt exists as to our ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2020

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recent Accounting Pronouncements



Standard	Description	Required Date of Adoption	Effect on the financial statements and other significant matters
Standards that have not been adopted
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments"	This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted.	January 1, 2023	The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements.

ASU No. 2019-12, "Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes"	This standard modifies ASC 740 to simplify the accounting for income taxes by removing certain exceptions. Early adoption is permitted.	January 1, 2021	The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements.

ASU No. 2020-04, "Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting"	The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	Effective upon issuance (March 12, 2020) and generally can be applied through December 31, 2022.	The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements.

Revenues From Contracts With Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The services that are provided by the Company represent a single performance obligation under the Company's contracts that are satisfied at a point in time or over time. Revenues are earned primarily by (1) chartering the Company's vessels, including the operation of such vessels, (2) providing vessel management services to third party vessel owners, and (3) providing shore-based port facility services, including the rental of land. The services generating these revenue streams are provided to customers based upon contracts that include fixed or determinable prices and do not generally include right of return or other significant post-delivery obligations. The Company's vessel revenues, vessel management revenues and port facility revenues are recognized either at a point in time or over the passage of time when the customer has received or is receiving the benefit from the applicable service. Revenues are recognized when the performance obligations are satisfied in accordance with contractual terms and in an amount that reflects the consideration that the Company expects to be entitled to in exchange for the services rendered or rentals provided. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Invoices are typically billed to customers on a monthly basis and payment terms on customer invoices typically range 30 to 60 days.

A performance obligation under contracts with the Company's customers to render services is the unit of account under Topic 606. The Company accounts for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered provided on its own or with other resources that are readily available to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

As of March 31, 2020, the Company has certain remaining performance obligations representing contracted vessel revenues for which work has not been performed and such contracts have an original expected duration of more than one year. As of March 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations for such contracts was $8.2 million, of which $5.7 million and $2.5 million are expected to be recognized in 2020 and 2021, respectively. The Company has elected to apply the optional exemption for the disclosure of the remaining performance obligations for any of its revenue streams that are expected to have a duration of one year or less and, therefore, such amounts have not been disclosed.

Disaggregation of Revenues

For the three months ended March 31, 2020 and 2019, the Company recognized revenues as follows (in thousands):



	Three months ended March 31,
	2020		2019
Vessel revenues	$	43,152	$	45,252
Vessel management revenues	9,020		8,475
Shore-based facility revenues	638		309
	$	52,810	$	54,036

Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Loss Per Share

Loss per share

Basic and diluted loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period.

The table below reconciles the Company’s loss per share (in thousands, except for per share data):



	Three Months Ended March 31,
	2020			2019
Net loss	$	(58,205	)	$	(36,620	)
Weighted average number of shares of common stock outstanding	38,801			37,788
Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3)	—			—
Weighted average number of dilutive shares of common stock outstanding	38,801			37,788
Loss per common share:
Basic loss per common share	$	(1.50	)	$	(0.97	)
Diluted loss per common share	$	(1.50	)	$	(0.97	)


(1)	Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 6,186 shares and 404 shares of common stock for the three months ended March 31, 2020 and 2019, respectively.

(2)

For the three months ended March 31, 2019, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. In September 2019, the Company repaid the remaining balance of the 2019 convertible senior notes in full upon their maturity. See Note 7 for further discussion. It was the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company used the treasury method for determining potential dilution in the diluted earnings per share computation.


(3)	Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 to these financial statements for further information regarding certain of the Company’s restricted stock grants.

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Asset Impairment Assessment In accordance with ASC 360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows are less than the carrying amounts of the asset group, the assets are written down to their estimated fair values based on the expected discounted future cash flows or appraised values attributable to the assets. The future cash flows are subjective and are based on the Company’s current assumptions regarding future dayrates, utilization, operating expense, direct overhead, and recertification costs that could differ from actual results. During the three months ended March 31, 2020, the Company determined that it observed indicators of impairment related to its vessels. This was due to the rapid decline in the price of oil, which resulted from COVID-19 closures combined with a significant increase in production and the oil price war initiated by Saudi Arabia and Russia. The Company completed an undiscounted cash flow calculation on its vessels as of March 31, 2020. For the purpose of calculating the undiscounted cash flows, the Company grouped its vessels into two asset groupings, OSVs and MPSVs. The Company calculated the undiscounted cash flows using a probability weighted forecast for each of its asset groups over their respective remaining useful lives. Included in the cash flow projections were assumptions related to the current mix of active and stacked vessels, the estimated timing of stacked vessels returning to active status along with projected dayrates, operating expenses, direct overhead expenses and deferred drydocking expenditures related to each of the groupings. The Company views vessel stackings as a temporary status and a prudent business strategy. Stacking vessels does not imply that it has ceased marketing such vessels or never intends to reactivate such vessels when market conditions improve. After reviewing the results of this calculation, the Company determined that each of its asset groups has sufficient projected undiscounted cash flows to recover the remaining net book value of its long-lived assets within such group. In the development of the undiscounted cash flows, in addition to the previously discussed considerations outlined above and in light of current market conditions, the Company estimates the length of time it will take for the market to absorb its stacked vessels such that it can return those vessels to active status. Any significant revisions to this estimate would have the greatest impact in the development of the undiscounted cash flows However, as part of the asset impairment analysis, the Company determined that if the downturn (and, thus, the unstacking of vessels) was extended by two years from the most recent estimate, this would reduce its undiscounted cash flows by less than 10%, still providing us with substantial excess undiscounted cash flow coverage of the assets’ net book values given the length of remaining useful lives for the assets.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

In March 2020 and subsequently, the Company experienced multiple events of defaults under the existing 2020 senior notes and 2021 senior notes, which included non-payment of principal and interest on the 2020 senior notes, nonpayment of interest on the 2021 senior notes and related cross-defaults. Cross-defaults were also triggered under the Company’s existing senior credit agreement, first lien term loan agreement and second lien term loan agreement. The Company, together with the administrative agents and certain of its lenders under its existing senior credit agreement, first lien term loan agreement and second lien term loan agreement, and certain holders of the Company’s 2020 senior notes and 2021 senior notes entered into separate forbearance agreements, which were subsequently extended to May 19, 2020 pursuant to which such lenders and noteholders agreed to forbear from exercising certain of their rights and remedies with respect to certain defaults by the Company. On May 19, 2020, the Company sought voluntary relief under chapter 11 of the United States Bankruptcy Code, or the Chapter 11 Cases, in the Bankruptcy Court and filed a proposed joint prepackaged plan of reorganization, or the Plan. On June 19, 2020, after a confirmation hearing, the Bankruptcy Court entered a confirmation order approving the Plan.

As of the dates indicated, the Company had the following outstanding debt (in thousands):



	March 31, 2020			December 31, 2019
5.875% senior notes due 2020, net of deferred financing costs of $37 and $262	$	224,276		$	224,051
5.000% senior notes due 2021, net of deferred financing costs of $961 and $1,203	449,039			448,797
First-lien term loans due 2023, including deferred gain of $12,158 and $13,040, and net of original issue discount of $2,859 and $3,084, and deferred financing costs of $3,019 and $3,256	356,280			356,700
Second-lien term loans due 2025, including deferred gain of $17,893 and $18,678	139,128			139,913
Senior credit facility, net of deferred financing costs of $2,586 and $5,571	47,414			94,429
	1,216,137			1,263,890
Less current maturities¹	(1,216,137		)	(1,263,890		)
	$	—		$	—

(1) On March 2, 2020, the Company did not make the interest payment on the 2021 senior notes that was due on such date. As a result of this and cross-default language in its other debt obligations, the Company has determined that all of its debt should be presented as current.

The table below summarizes the Company's cash interest payments (in thousands):



	Cash Interest Payments			Payment Dates
5.875% senior notes due 2020	$	6,589		April 1 and October 1
5.000% senior notes due 2021	11,250		(1)	March 1 and September 1
First-lien term loans due 2023	2,679			Variable Monthly (2)
Second-lien term loans due 2025	2,879			January 31, April 30, July 31, and October 31
Senior credit facility	283			Variable Monthly (3)


(1)	An interest payment on the 2021 senior notes in the amount of $11,250 was due on March 2, 2020, but the Company did not make such interest payment.


(2)	The interest rate on the first-lien term loans is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on March 31, 2020 plus an applicable margin, which is currently 7.00%. Please see further discussion of the variable interest rate below.


(3)	The interest rate on the senior credit facility is variable based on 30-day LIBOR plus a 5.00% margin. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was in effect on March 31, 2020. Please see further discussion of the variable interest rate below.

Senior Credit Facility

On June 28, 2019, the Company entered into a $100.0 million senior secured asset-based revolving credit facility, or the senior credit facility, under a Senior Credit Agreement by and among the Company, as Borrower, certain of the Company’s subsidiaries, as guarantors, certain lenders, and CIT Northbridge Credit LLC, or CIT, as Administrative Agent and Collateral Agent for the lenders (as amended or otherwise modified from time to time, the Senior Credit Agreement). The senior credit facility was guaranteed by certain of the Company's domestic and foreign subsidiaries and contains customary representations and warranties, covenants and events of default. The fully-funded senior credit facility was secured by first-priority liens on receivables, certain restricted and unrestricted cash accounts and related assets. The senior credit facility was comprised of two tranches that rebalanced each month based on the variable receivable-backed borrowing base. The unrestricted receivables-backed tranche was scheduled to mature in 2022, whereas the restricted cash-backed tranche was scheduled to mature in 2025. The receivables-backed tranche was available for use, subject to the completion of applicable eligibility review procedures, for working capital and general corporate purposes, including the refinancing or repayment of existing debt, subject to, among other things, compliance with certain requirements. The cash-backed tranche was permitted, over time, to rebalance to the receivables-backed tranche as eligible receivables increased. Borrowings under the senior credit facility accrued interest at a floating-rate LIBOR plus a fixed spread of 5.00% for the life of the facility.

On February 29, 2020, the Company made a cash payment of $50 million out of its restricted cash to fully satisfy CIT’s share of the existing obligations under the Senior Credit Agreement. As a result, the Company recorded a $4.2 million loss on extinguishment of debt ($3.3 million or $0.09 per diluted share after-tax) due to the write-off of deferred issuance costs and redemption premium. On March 31, 2020, the Company's restricted cash balance under the senior credit facility was $14.5 million. The Company classifies cash as restricted when there are legal or contractual restrictions on its withdrawal or usage. On May 22, 2020, with proceeds from the DIP Credit Agreement, the remaining $50 million in principal amount of the senior credit facility was paid in full.

First-Lien Term Loans

On June 15, 2017, the Company entered into the first-lien term loan agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the First Lien Term Loan Agreement), by and among the Company, as Parent Borrower, Hornbeck Offshore Services, LLC, or HOS, as Co-Borrower, certain holders of the Company’s then outstanding notes, or the First-Lien Initial Lenders, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent for the lenders that initially provided for $300 million of first-lien delayed-draw term loans, or the first-lien term loans. On March 1, 2019, the Company entered into Incremental First Lien Term Loan Joinder Agreements with such parties, including certain existing as well as additional lenders, to borrow an additional $50.0 million of first-lien term loans, or the incremental first-lien term loans, under the First Lien Term Loan Agreement, including approximately $30.1 million in cash of new financing. On March 1, 2019, the Company exchanged approximately $21.0 million in face value of its 2019 convertible senior notes in a privately negotiated debt-for-debt exchange for the remaining approximately $19.9 million of incremental first-lien term loans. In accordance with applicable accounting guidance, this debt-for-debt exchange was accounted for as a debt modification. As a result, the Company recorded a loss on early extinguishment of debt of $1.3 million ($1.1 million or $0.03 per diluted share after-tax) due to deal costs associated with the exchange. The incremental first-lien term loans have the same terms applicable to the first-lien term loans originally issued under the existing First Lien Term Loan Agreement.

The first-lien term loans are guaranteed by certain of the Company's domestic and foreign subsidiaries and are collateralized on a first-lien basis by certain deposit and securities accounts, 45 domestic high-spec OSVs and MPSVs and ten foreign high-spec OSVs, including a security interest in two pending MPSV newbuilds, and associated personalty, including liens on receivables, certain other unrestricted cash accounts and related assets that previously secured the senior credit facility on a first-lien basis.

Borrowings accrue interest, at the Company’s option, at either:


•	an adjusted London Interbank Offered Rate (subject to a 1.00% floor) plus (a) 6.00% during the first year of the first-lien term loans, (b) 6.50% during the second year of the first-lien term loans, (c) 7.00% during the third year of the first-lien term loans, (d) 7.25% during the fourth year of the first-lien term loans, and (e) 7.50% thereafter; or

•

the greatest of (a) the prime rate announced by The Wall Street Journal, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the London Interbank Offered Rate plus, 1%, plus, for either (a), (b), or (c), a margin of (i) 5.00% during the first year of the first-lien term loans, (ii) 5.50% during the second year of the first-lien term loans, (iii) 6.00% during the third year of the first-lien term loans, (iv) 6.25% during the fourth year of the first-lien term loans, and (v) 6.50% thereafter.

Under the Company's confirmed plan, the first-lien term loans will be extinguished in exchange for equity of the reorganized Company and loans under a new second-lien term loan facility.

Second-Lien Term Loans

In February and March 2019, the Company completed two private offers and exchanged an aggregate of $142.6 million in face value of its 2020 senior notes for $121.2 million of second-lien term loans due 2025, or second-lien term loans, of the Company and the Co-Borrower. In accordance with applicable accounting guidance, this debt-for-debt exchange was accounted for as a debt modification. As a result, the Company recorded a loss on early extinguishment of debt of $2.4 million ($1.9 million or $0.05 per diluted share after-tax) primarily related to deal costs associated with these exchanges. As contemplated by and provided for under the agreement governing the first-lien term loans, the second-lien term loans were made pursuant to a Second Lien Term Loan Agreement entered into by the Company, the Co-Borrower, the lenders party thereto and the Administrative Agent and Collateral Agent. The second-lien term loans have a maturity date of February 7, 2025 and bear interest at a fixed rate per annum of 9.50%. The second-lien term loans are guaranteed by certain of the Company’s domestic and foreign subsidiaries and are collateralized on a second-lien basis, subject to certain permitted liens, by a second-priority interest in the same collateral securing the Company’s first-lien term loans on a first-lien basis, including liens on receivables, certain unrestricted cash accounts and related assets that previously secured the senior credit facility on a first-lien basis.

Under the Company's confirmed plan, the second-lien term loans will be extinguished in exchange for equity of the reorganized Company.

Convertible Note Repurchases and Repayment

During the three months ended March 31, 2019, the Company completed a series of private transactions for the repurchase of $52.9 million in face value of its outstanding 2019 convertible senior notes for an aggregate total of $47.6 million of cash. The Company recorded a gain on early extinguishment of debt of $3.6 million ($2.9 million or $0.08 per diluted share after-tax), which was comprised of a $5.6 million gain on the repurchase, offset in part by the write-off of $2.0 million of original issue discount, deal costs and unamortized financing costs related to the notes repurchased.

On September 3, 2019, the Company repaid the remaining balance of $25.8 million in face value of its 2019 convertible senior notes in full upon their maturity, plus accrued and unpaid interest thereon, in accordance with the terms of the indenture governing such notes. The retirement of this debt was funded with cash on hand.

2020 Senior Notes

On March 2, 2012, the Company issued $375.0 million in aggregate principal amount of 2020 senior notes, governed by an indenture, or the 2012 indenture. The net proceeds to the Company from the offering were approximately $367.4 million, net of transaction costs. The 2020 senior notes have a maturity date of April 1, 2020 and the effective interest rate is 6.08%. No principal payments were scheduled prior to maturity. The 2020 senior notes were issued under and are entitled to the benefits of the 2012 indenture. Concurrently with the closing of the First Lien Term Loan Agreement in 2017, the Company arranged for the repurchase of $8.1 million in face value of its outstanding 2020 senior notes. In February and March 2019, the Company exchanged $142.6 million in face value of its 2020 senior notes for second-lien term loans.

Under the Company's confirmed plan, the 2020 senior notes will be extinguished in exchange for equity of the reorganized Company.

2021 Senior Notes

On March 14, 2013, the Company issued $450.0 million in aggregate principal amount of 2021 senior notes, governed by an indenture, or the 2013 indenture. The net proceeds to the Company from the offering were approximately $442.4 million, net of transaction costs. The 2021 senior notes have a maturity date of March 1, 2021 and the effective interest rate is 5.21%. No principal payments are scheduled prior to maturity. The 2021 senior notes were issued under and are entitled to the benefits of the 2013 indenture.

Under the Company's confirmed plan, the 2021 senior notes will be extinguished in exchange for equity of the reorganized Company.

The 2020 senior notes and 2021 senior notes are senior unsecured obligations and rank equally in right of payment with other existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness that may be incurred by the Company in the future. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2020 senior notes and the 2021 senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability, or the ability of any guarantor, to obtain funds from its subsidiaries by such means as a dividend or loan under the terms of the indenture. The Company may, at its option, redeem all or part of the 2020 senior notes or 2021 senior notes from time to time at specified redemption prices and subject to certain conditions required by the indentures. The Company is permitted under the terms of the indentures to incur additional indebtedness in the future, provided that certain financial conditions set forth in the indentures are satisfied by the Company.

The Company estimates the fair value of its 2020 senior notes, 2021 senior notes, the first-lien term loans and the second-lien term loans by primarily using quoted market prices. Given the observability of the inputs to these estimates, the Company has assigned a Level 2 of the three-level valuation hierarchy. The interest rate on the senior credit facility is variable and the Company has concluded that face value approximates fair value of such facility as of March 31, 2020. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):



	March 31, 2020⁽⁴⁾						December 31, 2019
	Face Value		Carrying Value		Fair Value		Face Value		Carrying Value		Fair Value
5.875% senior notes due 2020	$	224,313	$	224,276	$	21,310	$	224,313	$	224,051	$	69,503
5.000% senior notes due 2021	450,000		449,039		36,000		450,000		448,797		123,748
First-lien term loans due 2023 (1)	350,000		356,280		296,625		350,000		356,700		341,906
Second-lien term loans due 2025 (2)	121,235		139,128		46,069		121,235		139,913		66,073
Senior credit facility (3)	50,000		47,414		50,000		100,000		94,429		100,000
	$	1,195,548	$	1,216,137	$	450,004	$	1,245,548	$	1,263,890	$	701,230


(1)	The carrying value of the first-lien term loans due 2023 includes a deferred gain of $12,158 less original issue discount and deferred financing costs of $5,878.


(2)	The carrying value of the second-lien term loans due 2025 includes a deferred gain of $17,893.


(3)	A portion of the senior credit facility was scheduled to mature in 2022 with the balance scheduled to mature in 2025. On February 29, 2020, $50 million of the principal of the senior credit facility was repaid and on May 22, 2020, the remaining $50 million of principal of the senior credit facility was repaid, the latter from the proceeds of the DIP Credit Agreement.


(4)	See Note 2 regarding the proposed impact of the Chapter 11 Cases on the Company's long-term debt including current maturities.

The agreements governing the first-lien term loans and the second-lien term loans, the senior credit facility and the indentures governing the Company's 2020 senior notes and 2021 senior notes impose certain restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company's ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments.

Superpriority Debtor-in-Possession Term Loan Agreement

For information concerning the Superpriority Debtor-in-Possession Term Loan Agreement, see Note 2.

Capitalized Interest

The Company did not capitalize any of its interest costs during the three months ended March 31, 2020 and 2019, respectively.

Incentive Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Incentive Compensation

Stock-Based Incentive Compensation Plan

On June 20, 2019, the Company received stockholder approval to increase the maximum number of shares available under its long-term incentive compensation plan by 7.0 million. The Company’s stock-based incentive compensation plan covers a maximum of 11.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to officers, other employees and directors. As a result of the approval to increase the number of shares available under this plan, the Company, which has the sole discretion in determining the method of settlement for awards granted under the plan, now has the ability and intent to settle certain awards using available shares. Accordingly, the classification of and accounting for 5.1 million outstanding phantom stock units, or PSUs, and 1.6 million stock appreciation rights, or SARs, were modified from cash-settled to stock-settled during the second quarter of 2019. These outstanding awards were granted to Company executives in 2017, 2018 and 2019 and to non-executive employees in 2019. After these modifications were completed, the Company has only 0.2 million awards outstanding that will settle in cash on their respective vesting dates. The remaining vesting provisions of the modified awards were not impacted and, therefore, the Company determined the fair value of the awards on the date of the modification was the same as the date prior to the modification. There was no additional compensation expense recognized at the time of modification. As of March 31, 2020, there were 0.5 million shares available for future issuance to employees under the incentive compensation plan. The Company did not grant any new tranches of stock-based incentive compensation awards during the three months ended March 31, 2020. During the three months ended March 31, 2020, the Company issued 1.5 million shares of common stock due to vesting of previously granted tranches of restricted stock. The issuance of shares of common stock under the incentive compensation plan was registered on Form S-8 with the Securities and Exchange Commission. The registration was terminated by the Company on June 18, 2020.

Under the Plan, all of the outstanding awards under the Company's long-term incentive compensation plan will be canceled, released and extinguished on the effective date of the Plan.

The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data):



	Three Months Ended March 31,
	2020		2019
Income before taxes	$	745	$	975
Net income	$	593	$	786
Earnings per common share:
Basic	$	0.02	$	0.02
Diluted	$	0.02	$	0.02

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Vessel Construction During the first quarter of 2018, the Company notified the shipyard that was constructing the remaining two vessels in the Company's fifth OSV newbuild program that it was terminating the construction contracts for such vessels based on the shipyard's statements that it would be more than one year late in the delivery of the vessels, among other reasons. On October 2, 2018, the shipyard filed suit against the Company in the 22nd Judicial District Court for the Parish of St. Tammany in the State of Louisiana, or the Gulf Island Litigation. The shipyard claims that the Company's termination was improper and that the shipyard should be permitted to complete construction of the vessels. Alternatively, the shipyard asserts that if the termination was proper, the Company would owe the shipyard compensation for unpaid work. The Company has responded to the suit and has alleged counter-claims. The Company intends to vigorously defend against the shipyard’s claims and considers them to be without merit. The shipyard has frustrated the Company's ability to complete the vessels at a replacement shipyard by asserting that it has possessory rights over the vessels. The Company disputes these asserted possessory rights and believes that the detention of the vessels, over which the Company has title, is wrongful. On November 5, 2019, the district court denied a preliminary motion for summary judgment to require the shipyard to release its possession of the vessels, which may delay further the ability to complete the vessels at a completion shipyard. Because of the shipyard's detention of the vessels, the timeframe in which the vessels can be completed at a replacement shipyard is also uncertain. The Company received performance bonds from sureties with respect to the vessel construction contracts in dispute. The sureties have denied the Company's claim under the bonds, but did authorize the Company to select a completion yard and, subject to a reservation of rights, offered to fund the cost to complete the vessels in excess of their contract price of up to the full amount of the performance bond. The Company rejected the sureties' conditional and non-conforming offer. As of March 2018, the date of termination of the construction contracts, these two remaining vessels, both of which are domestic 400 class MPSVs, were projected to be delivered in the second and third quarters of 2019, respectively. These projected delivery dates were subsequently amended, for guidance purposes, to be the second and third quarters of 2020; and then later extended to be the second and third quarters of 2021. Due to the continued uncertainty of the timing and location of future construction activities, the Company has now updated its forward guidance for the delivery dates related to these vessels to be the second and third quarters of 2022, respectively. However, the timing of the remaining construction draws remains subject to change commensurate with any potential further delays in the delivery dates of such vessels. The cost of this nearly completed 24-vessel newbuild program, before construction period interest, is expected to be approximately $1,335.0 million, of which $22.9 million and $34.6 million is currently expected to be incurred in 2021 and 2022, respectively. The foregoing amounts do not reflect any potential additional payments to the shipyard in respect of the aforementioned disputed claim. From the inception of this program through March 31, 2020, the Company had incurred $1,277.5 million, or 95.7%, of total expected project costs. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management's opinion that the Company's liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax benefit rate for the three months ended March 31, 2020 and 2019 was 20.5% and 19.4%, respectively. The Company's effective tax rate differs from the federal statutory rate due to the establishment of valuation allowances for state net operating losses, and foreign and other tax credit carryforwards, based upon management's conclusion that it is more likely than not such losses and credits will not be realized by their expiration dates.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

The Company determines if an agreement is a lease or contains a lease at inception. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. ROU assets and the corresponding lease liabilities are recorded at the commencement date based on the present value of lease payments over the expected lease term. The Company uses its incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments.

The Company is obligated under certain operating leases for shore-based facilities, office space and temporary housing. Such leases will often include options to extend the lease and the Company will include option periods that, on commencement date, it is reasonably likely that it will exercise. Some leases may require variable lease payments such as real estate taxes and maintenance expenses. These costs are expensed in the period in which they are incurred. None of the Company's leases contain any residual value guarantees. The Company recorded $1.1 million of expense related to leases in general and administrative and operating expenses during each of the three months ended March 31, 2020 and 2019, respectively. The expense recorded for short-term leases was $0.2 million and $0.1 million during the three months ended March 31, 2020 and 2019, respectively.

During the three months ended March 31, 2020 and 2019, the Company recorded operating cash outflows from operating leases of $0.8 million and $0.8 million, respectively.

Annual maturities of operating lease liabilities under non-cancelable leases with terms in excess of one year, as of March 31, 2020, are as follows (in thousands):



	Three Months Ended March 31, 2020
Remainder of 2020	$	2,118
2021	3,008
2022	3,083
2023	3,122
2024	2,744
Thereafter	41,711
Total lease payments	55,786
Less: imputed interest	28,841
Total operating lease liabilities	$	26,945

Weighted-average remaining lease term (in years)	17.0
Weighted-average discount rate	9.0		%

Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2020

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]



Standard	Description	Required Date of Adoption	Effect on the financial statements and other significant matters
Standards that have not been adopted
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments"	This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted.	January 1, 2023	The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements.

ASU No. 2019-12, "Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes"	This standard modifies ASC 740 to simplify the accounting for income taxes by removing certain exceptions. Early adoption is permitted.	January 1, 2021	The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements.

ASU No. 2020-04, "Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting"	The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	Effective upon issuance (March 12, 2020) and generally can be applied through December 31, 2022.	The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements.

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

For the three months ended March 31, 2020 and 2019, the Company recognized revenues as follows (in thousands):



	Three months ended March 31,
	2020		2019
Vessel revenues	$	43,152	$	45,252
Vessel management revenues	9,020		8,475
Shore-based facility revenues	638		309
	$	52,810	$	54,036

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Loss Per Share

The table below reconciles the Company’s loss per share (in thousands, except for per share data):



	Three Months Ended March 31,
	2020			2019
Net loss	$	(58,205	)	$	(36,620	)
Weighted average number of shares of common stock outstanding	38,801			37,788
Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3)	—			—
Weighted average number of dilutive shares of common stock outstanding	38,801			37,788
Loss per common share:
Basic loss per common share	$	(1.50	)	$	(0.97	)
Diluted loss per common share	$	(1.50	)	$	(0.97	)


(1)	Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 6,186 shares and 404 shares of common stock for the three months ended March 31, 2020 and 2019, respectively.

(2)


(3)	Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 to these financial statements for further information regarding certain of the Company’s restricted stock grants.

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Recent Developments Recent Developments (Details) - USD ($) $ in Millions	Jun. 19, 2020	May 22, 2020	May 19, 2020	Feb. 29, 2020	Jun. 30, 2020
Subsequent Event [Member]
Plan of Reorganization, Date Plan Filed			May 19, 2020
Plan of Reorganization, Date Plan Confirmed	Jun. 19, 2020
Debtor-in-Possession Financing, Amount Arranged		$ 75
Debtor-in-Possession Financing, Borrowings Outstanding					$ 75
Debtor-in-Possession Financing [Domain] \| Subsequent Event [Member]
Long-term Debt, Maturity Date		Nov. 22, 2020
senior credit facility member [Domain]
Repayments of Lines of Credit				$ 50
senior credit facility member [Domain] \| Subsequent Event [Member]
Repayments of Lines of Credit		$ 50

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 52,810	$ 54,036
Vessel Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	43,152	45,252
Vessel Management Revenues
Disaggregation of Revenue [Line Items]
Revenues	9,020	8,475
Shore-based Facility Revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 638	$ 309

Revenue, Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Incentive Compensation (Details) - USD ($) $ in Thousands		3 Months Ended
Incentive Compensation (Details) - USD ($) $ in Thousands	Jun. 20, 2019	Mar. 31, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	7,000,000.0
Stock-based incentive compensation plan, maximum number of shares covered		11,950,000
Share-based Payment Arrangement, Plan Modification, Incremental Cost			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		500,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		1,500,000
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Plan Modification, Number of Shares Affected			5,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	200,000
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Plan Modification, Number of Shares Affected			1,600,000

Commitments and Contingencies (Detail) - Newbuild Program Five [Member] $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2011 Vessel Program	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 Vessel
Commitments and Contingencies Disclosure [Line Items]
Number Of Vessels \| Vessel	24				2
Number Of Ship Construction Programs \| Program	5
Aggregate cost of OSV newbuild program excluding construction period interest		$ 1,335.0
Cost incurred on OSV newbuild program		$ 1,277.5
Percentage of total project cost		95.70%
Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Estimated Construction Cost, 2021				$ 22.9
Estimated Construction Cost, 2022			$ 34.6

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective Tax Benefit Rate	20.50%	19.40%

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating Lease, Expense	$ 1,100	$ 1,100
short term operating lease expense	200	100
Operating Lease, Payments	800	$ 800
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	2,118
Lessee, Operating Lease, Liability, Payments, Due Year Two	3,008
Lessee, Operating Lease, Liability, Payments, Due Year Three	3,083
Lessee, Operating Lease, Liability, Payments, Due Year Four	3,122
Lessee, Operating Lease, Liability, Payments, Due Year Five	2,744
Lessee, Operating Lease, Liability, Payments, Due after Year Five	41,711
Lessee, Operating Lease, Liability, Payments, Due	55,786
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	28,841
Operating Lease, Liability	$ 26,945
Operating Lease, Weighted Average Remaining Lease Term	17 years
Operating Lease, Weighted Average Discount Rate, Percent	9.00%