Hornbeck-Leevac Announces Completion of Equity Offering

Hornbeck-Leevac Marine Services, Inc. announced that it has completed the purchase of all of its outstanding warrants for an aggregate purchase price of $14.5 million. The repurchase of the warrants was financed through the successful offering of $14.6 million of the Company's common stock.

In addition, the Company announced that Jesse E. "Jempy" Neyman, Vice-President of Enron Principal Investments and board designee of the warrantholders, resigned from the Company's board of directors effective with the repurchase of the warrants.