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October 18, 2008

Margin call forces Hornbeck COO to sell some stock

Hornbeck Offshore Services, Inc. (NYSE: HOS) says that 4,520 shares of Hornbeck Offshore common stock owned by its Chief Operating Officer, Carl G. Annessa, were recently sold pursuant to an involuntary margin call effected by Mr. Annessa's broker. Following the sale, Mr. Annessa still beneficially owns or has rights to approximately 235,000 shares of company stock, including previously granted vested and unvested stock-based compensation. However, only about 44,000 of those shares remain pledged.

Given the recent volatility in the capital markets, it is possible that additional involuntary sales by Mr. Annessa's broker could occur. No other officers or directors of Hornbeck Offshore have any company common stock pledged against margin loans.

Mr. Annessa commented, "I am extremely disappointed to have been forced to sell any of my shares of Hornbeck Offshore stock at such a low price and am actively taking steps to eliminate the margin balance with my broker. These involuntary sales in no way reflect my view of the company."


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