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558.973046875 397.8939453125 l s q 0 0 1 rg BT 547.85 399.32 Td (47) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 547.85 367.8939453125 m 558.973046875 367.8939453125 l s q 0 0 1 rg BT 547.85 369.32 Td (49) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 547.85 352.8939453125 m 558.973046875 352.8939453125 l s q 0 0 1 rg BT 547.85 354.32 Td (49) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 547.85 337.8939453125 m 558.973046875 337.8939453125 l s q 0 0 1 rg BT 547.85 339.32 Td (49) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 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endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.75 69.25 Td (ii) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 228.65 726.90 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 231.71 726.90 Td (Forward Looking Statements ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 60.00 704.70 Td (This ) Tj ET Q q 0 0 0 rg BT 83.43 704.70 Td (Annual Report on Form 10-K contains forward-looking statements, as contemplated by the Private ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 691.50 Td (Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 173.15 691.50 Td (Act of 1995, in which the Company discusses factors it believes may affect its ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 678.30 Td (performance in the future. Forward-looking statements are all statements other than historical facts, such as ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (statements regarding assumptions, expectations, beliefs and projections about future events or conditions. ) Tj ET Q q 0 0 0 rg BT 556.16 665.10 Td (Y) Tj ET Q q 0 0 0 rg BT 562.89 665.10 Td (ou ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 651.90 Td (can generally identify forward-looking statements by the appearance in such a statement of words like ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 638.70 Td (anticipate, believe, continue, could, estimate, expect, forecast, intend, may) Tj ET Q q 0 0 0 rg BT 460.05 638.70 Td (, might, plan, ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 625.50 Td (potential, predict, project, remain, should, will, or other comparable words or the negative of such ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 612.30 Td (words. The accuracy of the Company) Tj ET Q q 0 0 0 rg BT 220.44 612.30 Td (s assumptions, expectations, beliefs and projections depends on events ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (or conditions that change over time and are thus susceptible to change based on actual experience, new ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 585.90 Td (developments and known and unknown risks. The Company gives no assurance that the forward-looking ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 572.70 Td (statements will prove to be correct and does not undertake any duty to update them. The Company) Tj ET Q q 0 0 0 rg BT 520.08 572.70 Td (s actual ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 559.50 Td (future results might differ from the forward-looking statements made in this ) Tj ET Q q 0 0 0 rg BT 400.58 559.50 Td (Annual Report on Form 10-K for a ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 546.30 Td (variety of reasons, including sustained low oil and natural gas prices; significant and sustained or additional ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (declines in oil and natural gas prices; a sustained weakening of demand for the Company) Tj ET Q q 0 0 0 rg BT 473.01 533.10 Td (s services; ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 519.90 Td (unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters, vessel ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 506.70 Td (management contracts, or failures to finalize commitments to charter or manage vessels; sustained or further ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 493.50 Td (reductions in capital spending budgets by customers; the inability to accurately predict vessel utilization levels ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 480.30 Td (and dayrates; fewer than anticipated deepwater and ultra-deepwater drilling units operating in the GoM or ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (other regions where the Company operates; the effect of inconsistency by the United States government in the ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 453.90 Td (pace of issuing drilling permits and plan approvals in the GoM or other drilling regions; the Company) Tj ET Q q 0 0 0 rg BT 524.95 453.90 Td (s inability ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 440.70 Td (to successfully complete the remainder of its current vessel newbuild program on-time and on-budget, which ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 427.50 Td (involves the construction and integration of highly complex vessels and systems; the inability to successfully ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 414.30 Td (market the vessels that the Company owns, is constructing or might acquire; the government's cancellation or ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (non-renewal of the management, operations and maintenance contracts for vessels; an oil spill or other ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 387.90 Td (significant event in the United States or another offshore drilling region that could have a broad impact on ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 374.70 Td (deepwater and other offshore energy exploration and production activities, such as the suspension of activities ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 361.50 Td (or significant regulatory responses; the imposition of laws or regulations that result in reduced exploration and ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 348.30 Td (production activities or that increase the Company) Tj ET Q q 0 0 0 rg BT 282.21 348.30 Td (s operating costs or operating requirements; environmental ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (litigation that impacts customer plans or projects; disputes with customers; bureaucratic, administrative or ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 321.90 Td (operating barriers that delay vessels in foreign markets from going on-hire or result in contractual penalties or ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 308.70 Td (deductions imposed by foreign customers; industry risks; the impact stemming from the reduction of Petrobras' ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 295.50 Td (announced plans for or administrative barriers to exploration and production activities in Brazil; less than ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 282.30 Td (expected growth in Mexican offshore activities; age or other restrictions imposed on our vessels by customers; ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (unanticipated difficulty in effectively competing in or operating in international markets; less than anticipated ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 255.90 Td (subsea infrastructure and field development demand in the GoM and other markets affecting our MPSVs; the ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 242.70 Td (level of fleet additions by the Company and its competitors that could result in vessel over capacity in the ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 229.50 Td (markets in which the Company competes; economic and geopolitical risks; weather) Tj ET Q q 0 0 0 rg BT 440.55 229.50 Td (-related risks; the shortage ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 216.30 Td (of or the inability to attract and retain qualified personnel, when needed, including vessel personnel for active ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (and newly constructed vessels; any success in unionizing the Company's U.S. fleet personnel; regulatory risks; ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 189.90 Td (the repeal or administrative weakening of the Jones ) Tj ET Q q 0 0 0 rg BT 289.96 189.90 Td (Act or changes in the interpretation of the Jones ) Tj ET Q q 0 0 0 rg BT 526.20 189.90 Td (Act ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 176.70 Td (related to the U.S. citizenship qualification; drydocking delays and cost overruns and related risks; vessel ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 163.50 Td (accidents, pollution incidents or other events resulting in lost revenue, fines, penalties or other expenses that ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 150.30 Td (are unrecoverable from insurance policies or other third parties; unexpected litigation and insurance expenses; ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (or fluctuations in foreign currency valuations compared to the U.S. dollar and risks associated with expanded ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 123.90 Td (foreign operations, such as non-compliance with or the unanticipated effect of tax laws, customs laws, ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 110.70 Td (immigration laws, or other legislation that result in higher than anticipated tax rates or other costs or the ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 97.50 Td (inability to repatriate foreign-sourced earnings and profits. In addition, the Company) Tj ET Q q 0 0 0 rg BT 444.26 97.50 Td (s future results may be ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 84.30 Td (impacted by adverse economic conditions, such as inflation, deflation, or lack of liquidity in the capital markets, ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.65 69.25 Td (iii) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 739.00 Td (that may negatively affect it or parties with whom it does business resulting in their non-payment or inability to ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 725.80 Td (perform obligations owed to the Company) Tj ET Q q 0 0 0 rg BT 238.80 725.80 Td (, such as the failure of customers to fulfill their contractual obligations ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 712.60 Td (or the failure by individual banks to provide funding under the Company) Tj ET Q q 0 0 0 rg BT 385.57 712.60 Td (s credit agreement, if required. ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 699.40 Td (Further) Tj ET Q q 0 0 0 rg BT 70.85 699.40 Td (, the Company can give no assurance regarding when and to what extent it will effect share ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 686.20 Td (repurchases. Should one or more of the foregoing risks or uncertainties materialize in a way that negatively ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 673.00 Td (impacts the Company) Tj ET Q q 0 0 0 rg BT 141.56 673.00 Td (, or should the Company) Tj ET Q q 0 0 0 rg BT 263.65 673.00 Td (s underlying assumptions prove incorrect, the Company) Tj ET Q q 0 0 0 rg BT 537.36 673.00 Td (s actual ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 659.80 Td (results may vary materially from those anticipated in its forward-looking statements, and its business, financial ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 646.60 Td (condition and results of operations could be materially and adversely affected and, if sufficiently severe, could ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 633.40 Td (result in noncompliance with certain covenants of our currently undrawn revolving credit facility) Tj ET Q q 0 0 0 rg BT 494.96 633.40 Td (. ) Tj ET Q q 0 0 0 rg BT 500.66 633.40 Td (Additional ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 620.20 Td (factors that you should consider are set forth in detail in the Risk Factors section of this ) Tj ET Q q 0 0 0 rg BT 468.46 620.20 Td (Annual Report on ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 607.00 Td (Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 593.80 Td (Commission which, after their filing, can be found on the Company) Tj ET Q q 0 0 0 rg BT 361.69 593.80 Td (s website, www) Tj ET Q q 0 0 0 rg BT 436.88 593.80 Td (.hornbeckoffshore.com.) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 60.00 571.60 Td (The Company makes references to certain industry-related terms in this ) Tj ET Q q 0 0 0 rg BT 411.74 571.60 Td (Annual Report on Form10-K. ) Tj ET Q q 0 0 0 rg BT 558.07 571.60 Td (A) Tj ET Q q 0 0 0 rg BT 565.00 571.60 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 558.40 Td (glossary and definitions of such terms can be found in Item9BOther Information on page47.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 69.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.95 739.75 Td (P) Tj ET Q q 0 0 0 rg BT 295.88 739.75 Td (ART I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 718.75 Td (ITEM1Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 697.75 Td (COMP) Tj ET Q q 0 0 0 rg BT 65.26 697.75 Td (ANY) Tj ET Q q 0 0 0 rg BT 86.19 697.75 Td ( OVER) Tj ET Q q 0 0 0 rg BT 117.13 697.75 Td (VIEW) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 676.75 Td (Hornbeck Of) Tj ET Q q 0 0 0 rg BT 115.95 676.75 Td (fshore Services, Inc. was incorporated under the laws of the State of Delaware in 1997. In this ) Tj ET Q q 0 0 0 rg BT 536.18 676.75 Td (Annual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 664.75 Td (Report on Form 10-K, references to Company) Tj ET Q q 0 0 0 rg BT 242.01 664.75 Td (, we, us, our or like terms refer to Hornbeck Of) Tj ET Q q 0 0 0 rg BT 470.21 664.75 Td (fshore Services, Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 652.75 Td (and its subsidiaries, except as otherwise indicated. Hornbeck Of) Tj ET Q q 0 0 0 rg BT 319.30 652.75 Td (fshore Services, Inc. is a leading provider of marine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 640.75 Td (transportation, subsea installation and accommodation support services to exploration and production, oilfield service, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 628.75 Td (fshore construction and U.S. military customers. Since our establishment, we have primarily focused on providing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (innovative technologically advanced marine solutions to meet the evolving needs of the deepwater and ultra-deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (energy industry in domestic and select foreign locations. ) Tj ET Q q 0 0 0 rg BT 289.84 604.75 Td (Throughout our history) Tj ET Q q 0 0 0 rg BT 389.71 604.75 Td (, we have expanded our fleet of vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (primarily through a series of new vessel construction programs, as well as through acquisitions of existing vessels. Until ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (August 29, 2013, we operated a Downstream tug and tank barge fleet, which we sold on that date. W) Tj ET Q q 0 0 0 rg BT 485.54 580.75 Td (e maintain our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (headquarters at 103 Northpark Boulevard, Suite 300, Covington, Louisiana, 70433; our telephone number is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (\(985\)727-2000.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 535.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 535.75 Td (e own and operate one of the youngest and largest fleets of U.S.-flagged, new generation OSVs and MPSVs. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (late 201) Tj ET Q q 0 0 0 rg BT 70.84 523.75 Td (1, we commenced our fifth OSV newbuild program, which also includes the construction of MPSVs. Since that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (time, we have grown our new generation fleet from 51 OSVs and four MPSVs to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.85 511.75 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.97 511.75 Td ( OSVs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.11 511.75 Td (six) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.33 511.75 Td ( MPSVs, after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (accounting for the sale of five OSVs in 2014 and 2015. Upon completion of the four vessels currently contracted to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (constructed under this newbuild program in 2016 and 2017, our expected fleet will be comprised of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.15 487.75 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.27 487.75 Td ( OSVs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.41 487.75 Td (ten) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 551.31 487.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (MPSVs. ) Tj ET Q q 0 0 0 rg BT 77.49 475.75 Td (T) Tj ET Q q 0 0 0 rg BT 82.49 475.75 Td (ogether) Tj ET Q q 0 0 0 rg BT 115.86 475.75 Td (, these vessels support the deep-well, deepwater and ultra-deepwater activities of the of) Tj ET Q q 0 0 0 rg BT 504.23 475.75 Td (fshore oil and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (gas industry) Tj ET Q q 0 0 0 rg BT 89.17 463.75 Td (. Such activities include oil and gas exploration, field development, production, construction, installation, IRM, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (well-stimulation and other enhanced oil recovery activities. W) Tj ET Q q 0 0 0 rg BT 308.72 451.75 Td (e have also developed a specialized application of our new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (generation OSVs for use by the U.S. military) Tj ET Q q 0 0 0 rg BT 231.45 439.75 Td (. Our new generation OSVs and MPSVs have enhanced capabilities that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (allow us to more ef) Tj ET Q q 0 0 0 rg BT 119.75 427.75 Td (fectively support the premium drilling and installation equipment and facilities required for the of) Tj ET Q q 0 0 0 rg BT 540.35 427.75 Td (fshore ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (deep-well, deepwater and ultra-deepwater energy industry) Tj ET Q q 0 0 0 rg BT 293.19 415.75 Td (. W) Tj ET Q q 0 0 0 rg BT 310.78 415.75 Td (e are among the leading operators of new generation OSVs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (in two of our three core markets and one of the top three operators of such equipment worldwide, based on DWT) Tj ET Q q 0 0 0 rg BT 533.50 403.75 Td (. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (fleet is among the youngest in the industry) Tj ET Q q 0 0 0 rg BT 222.59 391.75 Td (, with a weighted-average age, based on DWT) Tj ET Q q 0 0 0 rg BT 427.15 391.75 Td (, of seven years and, upon ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (completion of our current newbuild program in late 2017, we believe that the weighted-average age of our fleet will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (eight years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 346.75 Td (While we have historically operated our vessels predominately in the U.S. GoM, we have diversified our market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (presence and now operate in three core geographic markets: the GoM, Mexico and Brazil. In addition to our core ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (markets, we frequently operate in other foreign regions on a project or term charter basis. W) Tj ET Q q 0 0 0 rg BT 445.45 322.75 Td (e have recently operated in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (the Middle East, the Mediterranean Sea, the Black Sea and Latin ) Tj ET Q q 0 0 0 rg BT 325.63 310.75 Td (America, including Nicaragua, Guyana, ) Tj ET Q q 0 0 0 rg BT 501.65 310.75 Td (T) Tj ET Q q 0 0 0 rg BT 507.39 310.75 Td (rinidad and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 73.24 298.75 Td (Argentina. W) Tj ET Q q 0 0 0 rg BT 133.64 298.75 Td (e have further diversified by providing specialized vessel solutions to non-oilfield customers such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (the United States military as well as oceanographic research and other customers that utilize sophisticated marine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (platforms in their operations. In addition, we provide vessel management services for other vessel owners, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (crewing, daily operational management and maintenance activities. W) Tj ET Q q 0 0 0 rg BT 348.21 262.75 Td (e also operate a shore-base support facility located ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (in Port Fourchon, Louisiana. See "Item2-Properties" for a listing of our shoreside support facilities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 229.75 Td (Although all of our vessels are physically capable of operating in both domestic and international waters, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (approximately 85% are qualified under Section27 of the Merchant Marine ) Tj ET Q q 0 0 0 rg BT 364.53 217.75 Td (Act of 1920, as amended, or the Jones ) Tj ET Q q 0 0 0 rg BT 538.53 217.75 Td (Act, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (engage in the U.S. coastwise trade. ) Tj ET Q q 0 0 0 rg BT 198.88 205.75 Td (All but one of the vessels being constructed under our fifth OSV newbuild program ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (are eligible for Jones ) Tj ET Q q 0 0 0 rg BT 130.50 193.75 Td (Act coastwise trading privileges. Foreign owned, flagged, built or crewed vessels are restricted in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (their ability to conduct U.S. coastwise trade and are typically excluded from such trade in the GoM. Of the public ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (company OSV peer group, we own the largest fleet of Jones ) Tj ET Q q 0 0 0 rg BT 305.04 169.75 Td (Act-qualified, new generation OSVs, which we believe of) Tj ET Q q 0 0 0 rg BT 555.00 169.75 Td (fers ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (us a competitive advantage in the GoM. From time to time, we may elect to reflag certain of our vessels to the flag of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (another nation. For instance, since 2009, we have reflagged seven Jones ) Tj ET Q q 0 0 0 rg BT 365.66 145.75 Td (Act-qualified OSVs to Mexican and other flags, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (including recently one under Brazilian registry) Tj ET Q q 0 0 0 rg BT 237.03 133.75 Td (. Once a Jones ) Tj ET Q q 0 0 0 rg BT 309.30 133.75 Td (Act-qualified vessel is reflagged or a new vessel is foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (flagged, it permanently loses the right to engage in U.S. coastwise trade.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 739.75 Td (e intend to continue our ef) Tj ET Q q 0 0 0 rg BT 184.72 739.75 Td (forts to maximize stockholder value through our long-term return-oriented growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 70.83 727.75 Td (. W) Tj ET Q q 0 0 0 rg BT 85.64 727.75 Td (e will, as opportunities arise, acquire or construct additional vessels, as well as divest certain assets that we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (consider to be non-core or otherwise not in-line with our long-term strategy or prevailing industry trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (DESCRIPTION OF OUR BUSINESS) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (The Deepwater Of) Tj ET Q q 0 0 0 rg BT 120.84 673.75 Td (fshore Energy Industry) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 652.75 Td (The modern quest to explore for and produce energy resources located of) Tj ET Q q 0 0 0 rg BT 385.18 652.75 Td (fshore began in the 1940) Tj ET Q q 0 0 0 rg BT 497.87 652.75 Td (s. While these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 640.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 640.75 Td (fshore operations began in shallow waters, relatively close to shore, technological advances have permitted them to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (migrate to ever deeper waters and well depths. Until the late 1970's, most of) Tj ET Q q 0 0 0 rg BT 375.13 628.75 Td (fshore activity was technologically and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (logistically restricted to that which was accessible on the continental shelf, or waters of up to about 500 feet of depth. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (Since that time, a number of advances have opened drilling regions in deepwater) Tj ET Q q 0 0 0 rg BT 394.00 604.75 Td (. ) Tj ET Q q 0 0 0 rg BT 399.38 604.75 Td (The initial push into deeper waters was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (facilitated through the development of floating drilling units that could be positioned over a drilling site without being fixed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (to the seafloor) Tj ET Q q 0 0 0 rg BT 98.82 580.75 Td (. Petrobras pioneered these techniques in Brazil beginning in the late 1970) Tj ET Q q 0 0 0 rg BT 433.87 580.75 Td (s as it lacked an accessible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (shallow water continental shelf. ) Tj ET Q q 0 0 0 rg BT 183.67 568.75 Td (The first deepwater project in the United States Gulf of Mexico was completed in 1993 in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (nearly 3,000 feet of water by Shell Oil Company) Tj ET Q q 0 0 0 rg BT 247.04 556.75 Td (. ) Tj ET Q q 0 0 0 rg BT 252.41 556.75 Td (The ) Tj ET Q q 0 0 0 rg BT 271.87 556.75 Td (Auger facility produced a then unheard of 46,000 barrels per day ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (from a reservoir tapped at 25,000 feet. ) Tj ET Q q 0 0 0 rg BT 211.47 544.75 Td (T) Tj ET Q q 0 0 0 rg BT 216.47 544.75 Td (oday) Tj ET Q q 0 0 0 rg BT 237.42 544.75 Td (, exploration and production activities have pushed into the ultra-deepwater) Tj ET Q q 0 0 0 rg BT 569.30 544.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (where wells are routinely drilled in water depths of more than 8,000 feet, the deepest having been drilled in approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (10,000 feet of water) Tj ET Q q 0 0 0 rg BT 123.84 520.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 499.75 Td ( In addition to the ability to operate in very deepwater) Tj ET Q q 0 0 0 rg BT 292.54 499.75 Td (, technological advances have also allowed hydrocarbon ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (resources to be detected, drilled for and produced at extreme well depths. Pre-salt discoveries in Brazil are being drilled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (and produced in waters exceeding 5,000 feet and at well depths of more than 35,000 feet. In 2014, Chevron announced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (first oil from its Jack/St. Malo facility in the GoM, which is expected to produce previously undetectable lower tertiary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (hydrocarbons at an astounding rate of 94,000 barrels per day from deposits more than 20,000 feet below the seabed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (situated in 7,000 feet of water) Tj ET Q q 0 0 0 rg BT 166.64 439.75 Td (. In addition to contending with extreme deepwater and deep well depths, these projects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (present challenges involving high temperatures and pressures within reservoirs and the associated dif) Tj ET Q q 0 0 0 rg BT 486.07 427.75 Td (ficulties of safely ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (bringing those resources to the surface and then transporting them to shoreside locations. Despite these challenges, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (today deepwater production accounts for approximately 80% percent of all of) Tj ET Q q 0 0 0 rg BT 375.46 403.75 Td (fshore production in the United States. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 382.75 Td (Deepwater Regions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 361.75 Td (The energy industry has had success in many deepwater regions throughout the world. Deepwater drilling ef) Tj ET Q q 0 0 0 rg BT 540.25 361.75 Td (forts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (are underway in the Mediterranean Sea, the Indian Ocean and ) Tj ET Q q 0 0 0 rg BT 315.08 349.75 Td (Asia. However) Tj ET Q q 0 0 0 rg BT 381.77 349.75 Td (, the so-called golden triangle of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (deepwater activity is comprised of deposits found of) Tj ET Q q 0 0 0 rg BT 264.83 337.75 Td (fshore W) Tj ET Q q 0 0 0 rg BT 304.66 337.75 Td (est ) Tj ET Q q 0 0 0 rg BT 320.22 337.75 Td (Africa, the Eastern coast of South ) Tj ET Q q 0 0 0 rg BT 471.42 337.75 Td (America - dominated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (by Brazil - and the GoM. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 304.75 Td (As large international oil companies have been pushed out of participating in many regions of the world by national ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (oil companies intent upon retaining for themselves the economic benefits of national exploitation, the deepwater GoM has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (grown in significance. ) Tj ET Q q 0 0 0 rg BT 134.20 280.75 Td (The deepwater GoM is among the most abundant hydrocarbon regions in the world. Political ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (stability in the United States and accessibility of deepwater lease blocks allows major oil companies to plan, execute and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (finance the significant long-term commitments that deepwater success requires. While the scale and complexity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (associated with deepwater projects is considerable, the significant size of the resource discoveries allows companies to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (replenish reserves on a large scale from relatively few projects. Unlike most on-shore exploration and production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (projects, deepwater projects require long-lead times to plan and execute, but also enjoy long production lives once online. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (For instance, the first exploratory wells at the Jack/St. Malo fields were drilled in 2003 and 2004 and first oil was not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 196.75 Td (produced until 2014. Now online, Chevron projects that Jack/St. Malo are expected to produce an estimated 500 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (oil equivalent barrels over 30 years. Consequently) Tj ET Q q 0 0 0 rg BT 259.83 184.75 Td (, short term fluctuations in oil and gas prices typically do not have the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (same impact on sanctioned deepwater projects as such fluctuations may have on other on-shore and continental shelf ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (projects. ) Tj ET Q q 0 0 0 rg BT 78.80 160.75 Td (As a result of the current on-going commodity price declines, we are observing that some previously sanctioned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 148.75 Td (deepwater projects are being deferred. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 127.75 Td (An emerging opportunity for the deepwater of) Tj ET Q q 0 0 0 rg BT 259.00 127.75 Td (fshore energy industry is presented by recent changes in Mexico, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 115.75 Td (is opening its petroleum sector to foreign investment for the first time in recent history) Tj ET Q q 0 0 0 rg BT 411.54 115.75 Td (. In December 2013, the Mexican ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (congress ended PEMEX's 75 year-old monopoly on drilling activities in Mexico and voted in favor of allowing the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 91.75 Td (government to grant contracts and licenses for exploration and production of oil and gas to foreign firms, which previously ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 79.75 Td (had been prohibited under Mexico) Tj ET Q q 0 0 0 rg BT 189.26 79.75 Td (s constitution. ) Tj ET Q q 0 0 0 rg BT 255.78 79.75 Td (The constitutional and legislative changes in Mexico are expected to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 67.75 Td (allow technology not previously available in Mexico to be deployed there in order to exploit the Mexican deepwater GoM. ) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (In addition, these reforms are intended to expand competition, increase foreign investment in Mexico's energy sector and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (improve the operational ef) Tj ET Q q 0 0 0 rg BT 151.44 727.75 Td (ficiency of PEMEX. During 2015, Mexico hosted the first two auctions for of) Tj ET Q q 0 0 0 rg BT 485.86 727.75 Td (fshore oil and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (natural gas blocks allowed by the energy reforms. Mexico has not yet held a deepwater auction; however) Tj ET Q q 0 0 0 rg BT 502.37 715.75 Td (, the first is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (expected to occur in 2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 682.75 Td (Brazil, through its state-owned national oil company) Tj ET Q q 0 0 0 rg BT 286.21 682.75 Td (, Petrobras, has been a pioneer in deepwater drilling. ) Tj ET Q q 0 0 0 rg BT 526.18 682.75 Td (T) Tj ET Q q 0 0 0 rg BT 531.18 682.75 Td (oday it is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (a dominant player in the global deepwater energy industry claiming 34% of global deepwater and ultra-deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (production. Petrobras claims approximately 13.8 billion barrels of proven deepwater and ultra-deepwater resources, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (vast majority of which are located in pre-salt formations, which are the driving force behind an ambitious national plan to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (dramatically increase production by 2020 to 4.2 million barrels per day) Tj ET Q q 0 0 0 rg BT 345.42 634.75 Td (. Petrobras previously announced plans to spend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td ($220 billion in order to achieve its aggressive goals; however) Tj ET Q q 0 0 0 rg BT 305.05 622.75 Td (, recent declines in the price of oil combined with a wide ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (reaching corruption probe involving Petobras has resulted in a significant pull-back in planned deepwater spending. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (Petrobras' slowed expansion plans might open opportunities in Brazil for other major oil companies to participate on a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (larger scale in Brazil's deepwater markets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (The Subsea Oilfield) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 544.75 Td (Deepwater successes have driven further innovation around the infrastructure required to produce and transport ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (ashore the abundant resources that have been discovered. In shallower regions, once hydrocarbons are discovered, they ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (are typically produced by installing a fixed platform over the well site onto which are installed all of the equipment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 508.75 Td (infrastructure necessary to produce the hydrocarbons and move them ashore through pipelines. Platforms also provide a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 496.75 Td (locale from which well maintenance and similar activities can be performed. ) Tj ET Q q 0 0 0 rg BT 374.86 496.75 Td (The size, pressures, temperatures and water ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (depths of deepwater hydrocarbon deposits require enormous amounts of infrastructure to develop, produce and maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (their wells. ) Tj ET Q q 0 0 0 rg BT 88.61 472.75 Td (These challenges have pushed the development of technologies to allow infrastructure to be placed directly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (onto the seafloor) Tj ET Q q 0 0 0 rg BT 109.95 460.75 Td (, as opposed to a fixed platform. ) Tj ET Q q 0 0 0 rg BT 257.63 460.75 Td (The process of building out this subsea oilfield requires the use of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (vessels to transport infrastructure to location, install infrastructure to subsea points and inspect, repair and maintain it all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (over the multi-decade life of the field. When hydrocarbons are brought to the surface, they are brought from multiple ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (subsea locations through pipelines to a single deepwater floating production facility that often serves as a production hub ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (for multiple fields. ) Tj ET Q q 0 0 0 rg BT 119.18 412.75 Td (These production facilities take years to design, engineer) Tj ET Q q 0 0 0 rg BT 371.00 412.75 Td (, transport, install and, often, cost billions of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (dollars and represent a significant source of demand for vessel services. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (OSVs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 358.75 Td (OSVs primarily serve exploratory and developmental drilling rigs and production facilities and support of) Tj ET Q q 0 0 0 rg BT 517.83 358.75 Td (fshore and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (subsea construction, installation, IRM and decommissioning activities. OSVs dif) Tj ET Q q 0 0 0 rg BT 387.09 346.75 Td (fer from other ships primarily due to their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (cargo-carrying flexibility and capacity) Tj ET Q q 0 0 0 rg BT 198.66 334.75 Td (. In addition to transporting deck cargo, such as pipe or drummed material and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (equipment, OSVs also transport liquid mud, potable and drilling water) Tj ET Q q 0 0 0 rg BT 342.28 322.75 Td (, diesel fuel, dry bulk cement and personnel between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (shore bases and of) Tj ET Q q 0 0 0 rg BT 120.88 310.75 Td (fshore rigs and production facilities. Deepwater environments require OSVs with capabilities that allow ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (them to more ef) Tj ET Q q 0 0 0 rg BT 105.85 298.75 Td (fectively support drilling and related subsea construction projects that occur far from shore, in deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (and increasingly at extreme well depths. In order to best serve these projects, we have designed our various classes of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (new generation vessels in a manner that seeks to maximize their liquid mud and dry bulk cement capacities, as well as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (their open larger areas of open deck space. Deepwater operations also require vessels having dynamic positioning, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (anchorless station-keeping capability) Tj ET Q q 0 0 0 rg BT 198.69 250.75 Td (, driven primarily by safety concerns that preclude vessels from physically mooring to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (floating deepwater installations. DP) Tj ET Q q 0 0 0 rg BT 194.80 238.75 Td ( systems have experienced steady increases in technology over time with the highest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (DP) Tj ET Q q 0 0 0 rg BT 49.71 226.75 Td ( rating currently being DP-3. ) Tj ET Q q 0 0 0 rg BT 179.59 226.75 Td (The number following the DP) Tj ET Q q 0 0 0 rg BT 308.36 226.75 Td ( notation generally indicates the degree of redundancy built ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (into the vessel) Tj ET Q q 0 0 0 rg BT 101.97 214.75 Td (s systems and the range of usefulness of the vessel in deepwater construction and subsea operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.75 Td (Higher numbers represent greater DP) Tj ET Q q 0 0 0 rg BT 203.12 202.75 Td ( capabilities. ) Tj ET Q q 0 0 0 rg BT 263.52 202.75 Td (T) Tj ET Q q 0 0 0 rg BT 268.52 202.75 Td (oday) Tj ET Q q 0 0 0 rg BT 289.47 202.75 Td (, deepwater drilling operations in the GoM overwhelmingly prefer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (a DP-2 notation and a vessel with 2,500 DWT) Tj ET Q q 0 0 0 rg BT 238.14 190.75 Td ( capacity or greater) Tj ET Q q 0 0 0 rg BT 323.19 190.75 Td (. W) Tj ET Q q 0 0 0 rg BT 340.78 190.75 Td (e consider these vessels to be high-spec new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.75 Td (generation OSVs. Currently) Tj ET Q q 0 0 0 rg BT 160.32 178.75 Td (, 52 of our vessels are DP-2 and two are DP-3. ) Tj ET Q q 0 0 0 rg BT 372.64 178.75 Td (All four of the remaining MPSVs contracted to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.75 Td (be constructed under our fifth OSV newbuild program are expected to be DP-2. Ultra-deepwater projects, which occur in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 154.75 Td (waters of greater than 5,000 feet, are driving a need for DP-2 vessels with very large capacities. ) Tj ET Q q 0 0 0 rg BT 464.93 154.75 Td (The distance of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 142.75 Td (projects from shore, together with their water and well depths dictate the use of massive volumes of bulk drilling materials ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 130.75 Td (and related supplies. ) Tj ET Q q 0 0 0 rg BT 133.66 130.75 Td (The OSVs that have been delivered as part of our fifth OSV newbuild program are among the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 118.75 Td (largest in the world. With DWT) Tj ET Q q 0 0 0 rg BT 173.63 118.75 Td ( capacities of 5,500 DWT) Tj ET Q q 0 0 0 rg BT 285.17 118.75 Td ( to 6,200 DWT) Tj ET Q q 0 0 0 rg BT 348.52 118.75 Td (, we believe these ultra high-spec vessels provide ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 106.75 Td (our ultra-deepwater drilling customers vessel solutions that help them to maximize ef) Tj ET Q q 0 0 0 rg BT 409.88 106.75 Td (ficiencies and improve the logistical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 94.75 Td (challenges prevalent in their projects. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 73.75 Td (V) Tj ET Q q 0 0 0 rg BT 66.12 73.75 Td (essels that do not carry a DP-2 notation or have less than 2,500 DWT) Tj ET Q q 0 0 0 rg BT 373.87 73.75 Td ( capacity typically operate in more shallow ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 61.75 Td (U.S. waters or in foreign locations in which DP-2 has not yet emerged as the dominant standard. Currently) Tj ET Q q 0 0 0 rg BT 507.71 61.75 Td (, 14 of our ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (vessels are DP-1, comprising 10% of our fleet by DWT) Tj ET Q q 0 0 0 rg BT 276.64 739.75 Td (. ) Tj ET Q q 0 0 0 rg BT 284.80 739.75 Td (The remaining 90% of our fleet is considered high-spec, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (58% of our overall fleet that is ultra high-spec. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (MPSVs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 685.75 Td (MPSVs also support the deepwater activities of the energy industry) Tj ET Q q 0 0 0 rg BT 356.08 685.75 Td (. MPSVs are distinguished from OSVs in that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (they are significantly larger and more specialized vessels that are principally used for IRM activities, such as the subsea ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (installation of well heads, risers, jumpers, umbilicals and other equipment placed on the seafloor) Tj ET Q q 0 0 0 rg BT 460.12 661.75 Td (. MPSVs are also utilized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (in connection with the setting of pipelines, the commissioning and de-commissioning of of) Tj ET Q q 0 0 0 rg BT 431.03 649.75 Td (fshore facilities, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (maintenance and/or repair of subsea equipment and the intervention of such wells, well testing and flow-back operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (and other sophisticated deepwater operations. ) Tj ET Q q 0 0 0 rg BT 246.51 625.75 Td (T) Tj ET Q q 0 0 0 rg BT 251.51 625.75 Td (o perform these various functions, MPSVs are or can be equipped with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (variety of lifting and deployment systems, including large capacity cranes, winches or reel systems, well intervention ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (equipment, ROVs and accommodation facilities. ) Tj ET Q q 0 0 0 rg BT 254.26 601.75 Td (The typical MPSV is outfitted with one or more deepwater cranes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (employing active heave compensation technology) Tj ET Q q 0 0 0 rg BT 255.95 589.75 Td (, one or more ROVs and accommodations for the of) Tj ET Q q 0 0 0 rg BT 484.77 589.75 Td (fshore crew) Tj ET Q q 0 0 0 rg BT 535.90 589.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (including customer personnel. MPSVs can also be outfitted as a flotel to provide accommodations to large numbers of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 565.75 Td (fshore construction and technical personnel involved in large-scale of) Tj ET Q q 0 0 0 rg BT 349.71 565.75 Td (fshore projects, such as the commissioning of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (floating of) Tj ET Q q 0 0 0 rg BT 79.18 553.75 Td (fshore production facility) Tj ET Q q 0 0 0 rg BT 186.27 553.75 Td (. When in a flotel mode, the MPSV provides living quarters for personnel, catering, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (laundry) Tj ET Q q 0 0 0 rg BT 68.06 541.75 Td (, medical services, recreational facilities and of) Tj ET Q q 0 0 0 rg BT 274.08 541.75 Td (fices. In addition, flotels coordinate and help to provide the facilities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (necessary for the of) Tj ET Q q 0 0 0 rg BT 123.64 529.75 Td (fshore workers being accommodated to safely move from the vessel to other of) Tj ET Q q 0 0 0 rg BT 473.07 529.75 Td (fshore structures being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (supported through the use of articulated gangways that allow personnel to "walk to work." Generally) Tj ET Q q 0 0 0 rg BT 478.72 517.75 Td (, MPSVs command ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (higher day rates than OSVs due to their significantly larger relative size and versatility) Tj ET Q q 0 0 0 rg BT 413.22 505.75 Td (, as well as higher construction and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (operating costs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (370 class MPSVs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 451.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 451.75 Td (e have devised MPSVs that, in addition to the array of services described above, are also capable of being utilized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (to transport deck or bulk cargoes in capacities exceeding most other new generation OSVs. W) Tj ET Q q 0 0 0 rg BT 455.48 439.75 Td (e own and operate two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (proprietary 370 class DP-2 new generation MPSVs with such capabilities. ) Tj ET Q q 0 0 0 rg BT 363.75 427.75 Td (These MPSVs have approximately double the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (deadweight and three times the liquid mud barrel-capacity of one of our 265 class new generation OSVs and more than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (four times the liquid mud barrel-capacity of one of our 240 class new generation OSVs. Moreover) Tj ET Q q 0 0 0 rg BT 467.33 403.75 Td (, with their large tanks, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (these MPSVs have assisted in large volume deepwater well testing and flow-back operations, as well as supporting large ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (drilling operations in remote or harsh conditions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.11 379.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.61 379.75 Td (Both of our 370 class MPSVs have certifications by the USCG that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (permit Jones ) Tj ET Q q 0 0 0 rg BT 95.47 367.75 Td (Act-qualified operations as a supply vessel, industrial/construction vessel and as a petroleum and chemical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (tanker under subchapters L, I, D, and O, respectively) Tj ET Q q 0 0 0 rg BT 295.91 355.75 Td (. W) Tj ET Q q 0 0 0 rg BT 310.72 355.75 Td (e believe that these vessels are not only the largest supply ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (vessels in the world, but are also the only vessels in the world to have received all four of these certifications. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (400 class and 310 class MPSVs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 301.75 Td (Until recently) Tj ET Q q 0 0 0 rg BT 117.06 301.75 Td (, due to a lack of Jones ) Tj ET Q q 0 0 0 rg BT 222.12 301.75 Td (Act-qualified MPSVs, customers typically chartered an OSV to carry equipment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (to location, which was then installed by a foreign flag MPSV) Tj ET Q q 0 0 0 rg BT 299.12 289.75 Td (. By eliminating the need for two vessels, we believe our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (customers will improve ef) Tj ET Q q 0 0 0 rg BT 148.07 277.75 Td (ficiencies and mitigate operational risks. Our Jones ) Tj ET Q q 0 0 0 rg BT 378.74 277.75 Td (Act-qualified MPSVs will include a heave-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (compensated, knuckle-boom crane, helideck, accommodations for approximately 90-100 persons and will be suitable for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (two or more work-class ROVs. Moreover) Tj ET Q q 0 0 0 rg BT 218.27 253.75 Td (, our Jones ) Tj ET Q q 0 0 0 rg BT 269.96 253.75 Td (Act-qualified MPSVs will also be equipped with below-deck cargo ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (tanks, allowing them to expand their mission utility to include services more typically provided by OSVs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 220.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 220.75 Td (e recently announced upgrades to the four remaining MPSVs under construction in our ongoing newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 81.39 208.75 Td (These four vessels are under construction at two shipyards. ) Tj ET Q q 0 0 0 rg BT 350.79 208.75 Td (The modifications to the first two MPSVs, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 196.75 Td (are expected to be delivered in the second and third quarters of 2016, will increase the berthing capacity) Tj ET Q q 0 0 0 rg BT 496.10 196.75 Td (, expand the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (cargo-carrying capabilities and expand the work area for ROVs. ) Tj ET Q q 0 0 0 rg BT 322.63 184.75 Td (The modifications to the other two MPSVs will include ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (the addition of a 60-foot mid-body plug, installation of an additional crane, increased berthing capacity) Tj ET Q q 0 0 0 rg BT 484.43 172.75 Td (, expanded cargo-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (carrying capacities and expanded work areas for ROVs. ) Tj ET Q q 0 0 0 rg BT 288.72 160.75 Td (These two 400 class MPSVs are scheduled to be delivered in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 148.75 Td (the second and fourth quarters of 2017. Because all four of these MPSVs are Jones ) Tj ET Q q 0 0 0 rg BT 411.79 148.75 Td (Act-qualified, we expect that they will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 136.75 Td (enable our customers to transport equipment from shore to the installation site to be installed by the MPSV) Tj ET Q q 0 0 0 rg BT 506.44 136.75 Td (. W) Tj ET Q q 0 0 0 rg BT 524.04 136.75 Td (e believe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 124.75 Td (that, once delivered, the 400 class MPSVs will be the largest and most capable Jones ) Tj ET Q q 0 0 0 rg BT 417.33 124.75 Td (Act-qualified MPSVs available on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 112.75 Td (the market. ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 739.75 Td (e also outfitted one of our 310 class OSVs that was placed in service under our ongoing newbuild program as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (310 class MPSV in flotel configuration. ) Tj ET Q q 0 0 0 rg BT 209.24 727.75 Td (This new U.S.-flagged, Jones ) Tj ET Q q 0 0 0 rg BT 342.09 727.75 Td (Act-qualified MPSV includes a 35-ton knuckle-boom ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (crane, a motion-compensated gangway and accommodations for 194 persons. Being Jones ) Tj ET Q q 0 0 0 rg BT 444.02 715.75 Td (Act-qualified will give it ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (mission flexibility that foreign flag flotels lack in the GoM.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (430 class) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 661.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 661.75 Td (e also operate the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 152.09 661.75 Td (HOS Iron Horse) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.23 661.75 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.47 661.75 Td (HOS ) Tj ET Q q 0 0 0 rg BT 269.55 661.75 Td (Achiever) Tj ET Q q 0 0 0 rg BT 307.90 661.75 Td (,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.68 661.75 Td ( which are 430 class DP-3 new generation MPSVs. ) Tj ET Q q 0 0 0 rg BT 539.13 661.75 Td (A) Tj ET Q q 0 0 0 rg BT 545.24 661.75 Td ( DP-3 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (notation requires greater vessel and ship-system redundancies. DP-3 systems also include separate vessel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (compartments with fire-retardant walls for generators, prime movers, switchboards and most other DP) Tj ET Q q 0 0 0 rg BT 485.99 637.75 Td ( components. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (These 430 class MPSVs are designed to handle a variety of global of) Tj ET Q q 0 0 0 rg BT 341.56 625.75 Td (fshore energy applications, many of which are not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (dependent on the exploratory rig count. ) Tj ET Q q 0 0 0 rg BT 215.38 613.75 Td (They are excellent platforms for those specialty services described above for our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (370 class MPSVs with the exception of handling liquid cargoes. ) Tj ET Q q 0 0 0 rg BT 321.54 601.75 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 341.55 601.75 Td (HOS Iron Horse) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.68 601.75 Td ( and the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 451.60 601.75 Td (HOS ) Tj ET Q q 0 0 0 rg BT 475.68 601.75 Td (Achiever) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.58 601.75 Td ( are not U.S.-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (flagged vessels, however) Tj ET Q q 0 0 0 rg BT 147.73 589.75 Td (, they can engage in certain legally permissible operations in the U.S. that do not constitute ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (coastwise trade. ) Tj ET Q q 0 0 0 rg BT 113.63 577.75 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.64 577.75 Td (HOS ) Tj ET Q q 0 0 0 rg BT 157.72 577.75 Td (Achiever) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.63 577.75 Td ( had previously operated as a flotel, but during the fourth quarter of 2013, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 539.63 577.75 Td (HOS ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (Achiever's) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.82 565.75 Td ( capabilities were expanded with the outfitting of additional accommodations for up to 270 personnel onboard, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (including the vessel's marine crew) Tj ET Q q 0 0 0 rg BT 186.87 553.75 Td (, hotel and catering staf) Tj ET Q q 0 0 0 rg BT 290.64 553.75 Td (f. ) Tj ET Q q 0 0 0 rg BT 301.58 553.75 Td (The increased accommodations allow this vessel to support ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (the commissioning of deepwater installations around the world. Because flotel services do not typically involve the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (transportation of passengers, foreign-flag vessels, such as our 430 class MPSVs, can provide this service in the U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 508.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 508.75 Td (e believe that our reputation for safety and technologically superior vessels, combined with our size and scale in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 496.75 Td (certain core markets relative to our public company OSV peer group, enhance our ability to compete for work awarded by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (large international oil and gas producers, who are among our primary customers. ) Tj ET Q q 0 0 0 rg BT 398.41 484.75 Td (Approximately 90% of our total forward-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (contracted revenue is currently with major oil companies, national oil companies, and the U.S. government. ) Tj ET Q q 0 0 0 rg BT 514.39 472.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (customers demand a high level of safety and technological advancements to meet the more stringent regulatory ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (standards in the GoM. ) Tj ET Q q 0 0 0 rg BT 139.39 448.75 Td (As our customers) Tj ET Q q 0 0 0 rg BT 219.04 448.75 Td ( needs and requirements become more demanding, we expect that smaller ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (vessel operators may struggle to meet these standards. ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (The following table provides information, as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.22 739.75 Td (February17, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.94 739.75 Td (, regarding our fleet of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.55 739.75 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.68 739.75 Td ( new generation OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (six) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 48.22 727.75 Td ( MPSVs, four MPSVs yet to be delivered under our fifth OSV newbuild program that we own, and the four new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (generation OSVs that we manage for the U.S. Navy) Tj ET Q q 0 0 0 rg BT 264.27 715.75 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 286.50 699.55 Td (Our V) Tj ET Q q 0 0 0 rg BT 315.84 699.55 Td (essels) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 349.49 699.55 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 662.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 662.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 662.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 662.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 662.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 662.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 662.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 662.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 662.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 662.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 642.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 642.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 642.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 642.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 642.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 642.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 642.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 642.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 642.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 642.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 622.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 622.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 622.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 622.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 622.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 622.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 622.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 622.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 622.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 622.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 602.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 602.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 602.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 602.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 602.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 602.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 602.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 602.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 602.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 602.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 582.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 582.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 582.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 582.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 582.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 582.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 582.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 582.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 582.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 582.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 562.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 562.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 562.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 562.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 562.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 562.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 562.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 562.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 562.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 562.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 542.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 542.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 542.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 542.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 542.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 542.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 542.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 542.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 542.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 542.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 522.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 522.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 522.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 522.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 522.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 522.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 522.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 522.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 522.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 522.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 502.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 502.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 502.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 502.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 502.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 502.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 502.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 502.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 502.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 502.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 482.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 482.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 482.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 482.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 482.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 482.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 482.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 482.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 482.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 482.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 462.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 462.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 462.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 462.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 462.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 462.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 462.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 462.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 462.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 462.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 442.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 442.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 442.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 442.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 442.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 442.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 442.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 442.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 442.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 442.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 422.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 422.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 422.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 422.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 422.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 422.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 422.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 422.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 422.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 422.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 402.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 402.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 402.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 402.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 402.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 402.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 402.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 402.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 402.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 402.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 382.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 382.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 382.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 382.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 382.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 382.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 382.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 382.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 382.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 382.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 362.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 362.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 362.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 362.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 362.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 362.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 362.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 362.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 362.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 362.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 342.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 342.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 342.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 342.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 342.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 342.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 342.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 342.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 342.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 342.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 322.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 322.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 322.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 322.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 322.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 322.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 322.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 322.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 322.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 322.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 302.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 302.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 302.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 302.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 302.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 302.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 302.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 302.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 302.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 302.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 282.05 153.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 282.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 282.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 282.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 282.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 282.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 282.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 282.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 282.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 262.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 262.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 262.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 262.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 262.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 262.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 262.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 262.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 262.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 262.05 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 242.05 113.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 242.05 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 242.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 242.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 242.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 242.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 242.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 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36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 122.05 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 122.05 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 122.05 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 122.05 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 122.05 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 122.05 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 122.05 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 122.05 32.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 662.05 m 148.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 662.05 m 188.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 662.05 m 267.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 662.05 m 321.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 662.05 m 383.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 662.05 m 435.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 662.05 m 484.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 662.05 m 539.5 662.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 662.05 m 575.5 662.05 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 666.05 Td (Name) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 57.07 669.39 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 158.30 666.05 Td (Design) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.85 680.05 Td (Current) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 217.00 673.05 Td (Service) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 214.70 666.05 Td (Function) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.35 673.05 Td (Current) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.40 666.05 Td (Location) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 337.25 673.05 Td (In-Service) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.40 666.05 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.35 673.05 Td (Deadweight) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 666.05 Td (\(long tons\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 442.80 680.05 Td (LiquidMud) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.90 673.05 Td (Capacity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 447.45 666.05 Td (\(barrels\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.75 673.05 Td (Brake) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 493.25 666.05 Td (Horsepower) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.20 673.05 Td (DP) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 546.85 666.05 Td (Class) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 565.53 669.39 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 654.45 Td (OWNED VESSELS:) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 644.45 Td (MPSVs) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 634.45 Td (HOS Iron Horse) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 634.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 634.45 Td (430) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 634.45 Td (Multi-Purpose\(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 634.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 634.45 Td (Nov 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 634.45 Td (9,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 634.45 Td (n/a) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 634.45 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 634.45 Td (DP-3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 624.45 Td (HOS Achiever) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 82.75 624.45 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 624.45 Td (430) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 624.45 Td (Flotel\(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 624.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 624.45 Td (Oct 2008) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 624.45 Td (8,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 624.45 Td (n/a) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 624.45 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 624.45 Td (DP-3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 614.45 Td (HOS Warhorse) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 614.45 Td (..............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 614.45 Td (400ES) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 614.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 614.45 Td (TBD) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 614.45 Td (2Q2017est.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 366.14 617.79 Td (\(3\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 614.45 Td (6,200 est) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 614.45 Td (14,100 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 614.45 Td (9,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 614.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 604.45 Td (HOS Wild Horse) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 604.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 604.45 Td (400ES) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 604.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 604.45 Td (TBD) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 604.45 Td (4Q2017est.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 366.14 607.79 Td (\(3\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 604.45 Td (6,200 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 604.45 Td (14,100 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 604.45 Td (9,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 604.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 594.45 Td (HOS Centerline) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 594.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 594.45 Td (370) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 594.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 594.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 594.45 Td (Mar 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 594.45 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 594.45 Td (32,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 594.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 594.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 584.45 Td (HOS Strongline) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 584.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 584.45 Td (370) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 584.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 584.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 584.45 Td (Mar 2010) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 584.45 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 584.45 Td (32,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 584.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 584.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 574.45 Td (HOSBayou) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 76.90 574.45 Td (...................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 574.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 574.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 574.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 574.45 Td (Dec 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 574.45 Td (5,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 574.45 Td (20,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 574.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 574.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 564.45 Td (HOS Warland) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 82.75 564.45 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 564.45 Td (310ES) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 564.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 564.45 Td (TBD) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 564.45 Td (2Q2016est.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 366.14 567.79 Td (\(3\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 564.45 Td (6,200 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 564.45 Td (20,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 564.45 Td (9,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 564.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 554.45 Td (HOS Woodland) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 554.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 554.45 Td (310ES) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 554.45 Td (Multi-Purpose) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 554.45 Td (TBD) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 554.45 Td (3Q2016est.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 366.14 557.79 Td (\(3\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 554.45 Td (6,200 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 554.45 Td (20,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 554.45 Td (9,000 est.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 554.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 544.45 Td (HOSRiverbend) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 544.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 544.45 Td (300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 544.45 Td (Flotel) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 544.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 544.45 Td (Feb 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 544.45 Td (5,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 544.45 Td (21,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 544.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 544.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 534.45 Td (OSVs) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 38.00 524.45 Td (300 class \(Over 5,000 DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 514.45 Td (HOSCommander) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 94.40 514.45 Td (..........................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 514.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 514.45 Td (Supply) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 274.00 514.82 Td (Latin America) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 514.45 Td (Nov 2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 514.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 514.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 514.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 514.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 504.45 Td (HOSCarolina) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 82.75 504.45 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 504.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 504.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 504.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 504.45 Td (Feb 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 504.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 504.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 504.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 504.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 494.45 Td (HOSClaymore) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 494.45 Td (..............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 494.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 494.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 494.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 494.45 Td (Mar 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 494.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 494.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 494.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 494.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 484.45 Td (HOSCaptain) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 80.80 484.45 Td (.................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 484.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 484.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 484.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 484.45 Td (Jul 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 484.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 484.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 484.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 484.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 474.45 Td (HOSClearview) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 474.45 Td (..............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 474.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 474.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 474.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 474.45 Td (Aug 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 474.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 474.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 474.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 474.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 464.45 Td (HOSCrockett) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 82.75 464.45 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 464.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 464.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 464.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 464.45 Td (Dec 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 464.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 464.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 464.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 464.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 454.45 Td (HOSCaledonia) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 454.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 454.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 454.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 454.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 454.45 Td (Jan 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 454.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 454.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 454.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 454.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 444.45 Td (HOSCrestview) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 444.45 Td (..............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 444.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 444.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 444.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 444.45 Td (Feb 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 444.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 444.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 444.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 444.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 434.45 Td (HOSCedar Ridge) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 96.35 434.45 Td (.........................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 434.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 434.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 434.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 434.45 Td (Nov 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 434.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 434.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 434.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 434.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 424.45 Td (HOSCarousel) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.70 424.45 Td (...............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 424.45 Td (320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 424.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 424.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 424.45 Td (June 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 424.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 424.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 424.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 424.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 414.45 Td (HOSBlack Foot) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 414.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 414.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 414.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 414.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 414.45 Td (Jul 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 414.45 Td (6,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 414.45 Td (21,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 414.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 414.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 404.45 Td (HOSBlack Rock) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 404.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 404.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 404.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 404.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 404.45 Td (Aug 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 404.45 Td (6,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 404.45 Td (21,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 404.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 404.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 394.45 Td (HOSBlack Watch) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 94.40 394.45 Td (..........................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 394.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 394.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 394.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 394.45 Td (Oct 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 394.45 Td (6,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 394.45 Td (21,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 394.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 394.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 384.45 Td (HOSBrass Ring) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 384.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 384.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 384.45 Td (Supply \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 384.45 Td (Latin America) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 384.45 Td (Jan 2016) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 384.45 Td (6,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 384.45 Td (21,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 384.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 384.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 374.45 Td (HOS Briarwood) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 374.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 374.45 Td (310) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 374.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 374.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 374.45 Td (Jan 2016) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 374.45 Td (6,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 374.45 Td (21,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 374.45 Td (7,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 374.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 364.45 Td (HOSRed Dawn) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 364.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 364.45 Td (300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 364.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 364.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 364.45 Td (Jun 2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 364.45 Td (5,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 364.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 364.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 364.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 354.45 Td (HOSRed Rock) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 354.45 Td (..............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 354.45 Td (300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 354.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 354.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 354.45 Td (Oct 2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 354.45 Td (5,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 354.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 354.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 354.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 344.45 Td (HOSRenaissance) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 96.35 344.45 Td (.........................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 344.45 Td (300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 344.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 344.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 344.45 Td (Nov 2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 344.45 Td (5,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 344.45 Td (21,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 344.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 344.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 334.45 Td (HOSCoral) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 73.00 334.45 Td (.....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 334.45 Td (290) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 334.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 334.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 334.45 Td (Mar 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 334.45 Td (5,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 334.45 Td (15,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 334.45 Td (6,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 334.45 Td (DP-2) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 38.00 324.45 Td (280 class \(3,500 to 5,000 DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 314.45 Td (HOS Ridgewind) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 314.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 314.45 Td (265) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 314.45 Td (Supply) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 314.45 Td (Middle East) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 314.45 Td (Nov 2001) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 314.45 Td (3,756) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 314.45 Td (10,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 314.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 314.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 304.45 Td (HOSBrimstone) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 304.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 304.45 Td (265) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 304.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 304.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 304.45 Td (Jun 2002) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 304.45 Td (3,756) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 304.45 Td (10,400) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 304.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 304.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 294.45 Td (HOSStormridge) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 294.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 294.45 Td (265) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 294.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 294.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 294.45 Td (Aug 2002) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 294.45 Td (3,756) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 294.45 Td (10,400) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 294.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 294.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 284.45 Td (HOSSandstorm) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 284.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 284.45 Td (265) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 284.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 284.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 284.45 Td (Oct 2002) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 284.45 Td (3,756) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 284.45 Td (10,400) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 284.45 Td (6,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 284.45 Td (DP-2) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 38.00 274.45 Td (240 class \(2,500 to 3,500 DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 264.45 Td (HOS Saylor) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 76.90 264.45 Td (...................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 264.45 Td (240) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 264.45 Td (WellStimulation\(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 264.45 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 264.45 Td (Oct 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 264.45 Td (3,322) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 264.45 Td (n/a) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 264.45 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 264.45 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 254.45 Td (HOS Navegante) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 254.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 254.45 Td (240) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 254.45 Td (Stacked \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 254.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 254.45 Td (Jan 2000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 254.45 Td (3,322) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 254.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 254.45 Td (7,845) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 254.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 244.45 Td (HOS Resolution) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 244.45 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 244.45 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 244.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 244.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 244.45 Td (Oct 2008) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 244.45 Td (2,950) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 244.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 244.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 244.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 234.45 Td (HOS Mystique) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.70 234.45 Td (...............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 234.45 Td (250EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 234.45 Td (ROVSupport) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 234.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 234.45 Td (Jan 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 234.45 Td (2,950) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 234.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 234.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 234.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 224.45 Td (HOS Pinnacle) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 82.75 224.45 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 224.45 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 224.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 224.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 224.45 Td (Feb 2010) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 224.45 Td (2,950) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 224.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 224.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 224.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 214.45 Td (HOS Windancer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.50 214.45 Td (............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 214.45 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 214.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 214.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 214.45 Td (May 2010) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 214.45 Td (2,950) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 214.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 214.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 214.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 204.45 Td (HOS Wildwing) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.70 204.45 Td (...............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 204.45 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 204.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 204.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 204.45 Td (Sept2010) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 204.45 Td (2,950) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 204.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 204.45 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 204.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 194.45 Td (HOSBluewater) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 86.65 194.45 Td (..............................) 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Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.00 184.45 Td (240 ED) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 195.00 184.45 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 274.00 184.45 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 328.00 184.45 Td (Jun 2003) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 390.00 184.45 Td (2,850) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 184.45 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 184.45 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 551.00 184.45 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 174.45 Td (HOSGreystone) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 88.60 174.45 Td (.............................) 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 599.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 599.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 599.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 599.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 599.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 599.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 599.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 599.50 32.00 -10.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 589.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 579.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 579.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 579.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 579.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 579.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 579.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 579.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 579.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 579.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 579.50 32.00 -10.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 569.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 559.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 559.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 559.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 559.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 559.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 559.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 559.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 559.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 559.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 559.50 32.00 -10.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 549.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 539.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 539.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 539.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 539.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 539.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 539.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 539.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 539.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 539.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 539.50 32.00 -10.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 529.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 519.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 519.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 519.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 519.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 519.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 519.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 519.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 519.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 519.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 519.50 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 499.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 499.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 499.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 499.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 499.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 499.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 499.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 499.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 499.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 499.50 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 479.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 479.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 479.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 479.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 479.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 479.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 479.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 479.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 479.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 479.50 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 459.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 459.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 459.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 459.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 459.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 459.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 459.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 459.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 459.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 459.50 32.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 439.50 119.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 439.50 36.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 439.50 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 439.50 44.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 439.50 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 439.50 48.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 439.50 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 439.50 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 439.50 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 439.50 32.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 719.5 m 155.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 719.5 m 195.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 719.5 m 274.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 719.5 m 322.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 719.5 m 384.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 719.5 m 436.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 719.5 m 485.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 719.5 m 540.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544.5 719.5 m 576.5 719.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 723.50 Td (Name) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 58.07 726.84 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 165.30 723.50 Td (Design) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 223.85 737.50 Td (Current) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 224.00 730.50 Td (Service) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.70 723.50 Td (Function) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.35 730.50 Td (Current) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.40 723.50 Td (Location) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 338.25 730.50 Td (In-Service) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 347.40 723.50 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.35 730.50 Td (Deadweight) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.90 723.50 Td (\(long tons\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.80 737.50 Td (LiquidMud) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 447.90 730.50 Td (Capacity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 448.45 723.50 Td (\(barrels\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.75 730.50 Td (Brake) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 494.25 723.50 Td (Horsepower) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 555.20 730.50 Td (DP) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.85 723.50 Td (Class) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 566.53 726.84 Td (\(2\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 711.90 Td (HOS Beignet) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 711.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 711.90 Td (S240E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 711.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 711.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 711.90 Td (May 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 359.74 715.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 711.90 Td (2,800) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 711.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 711.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 711.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 701.90 Td (HOS Boudin) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 80.00 701.90 Td (.....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 701.90 Td (S240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 701.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 701.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 701.90 Td (May 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 359.74 705.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 701.90 Td (2,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 701.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 701.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 701.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 691.90 Td (HOS Bourre') Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 80.00 691.90 Td (.....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 691.90 Td (S240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 691.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 691.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 691.90 Td (Sep 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 358.97 695.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 691.90 Td (2,800) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 691.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 691.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 691.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 681.90 Td (HOS Coquille) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 681.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 681.90 Td (S240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 681.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 681.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 681.90 Td (Sep 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 358.97 685.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 681.90 Td (2,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 681.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 681.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 681.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 671.90 Td (HOS Cayenne) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 85.85 671.90 Td (..................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 671.90 Td (S240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 671.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 671.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 671.90 Td (Nov 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 358.97 675.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 671.90 Td (2,800) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 671.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 671.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 671.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 661.90 Td (HOS Chicory) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 80.00 661.90 Td (.....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 661.90 Td (S240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 661.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 661.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 661.90 Td (Nov 2013) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 358.97 665.24 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 661.90 Td (2,700) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 661.90 Td (8,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 661.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 661.90 Td (DP-2) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 39.00 651.90 Td (200 class \(1,500 to 2,500 DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 641.90 Td (HOS Innovator) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 85.85 641.90 Td (..................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 641.90 Td (240 E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 641.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 641.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 641.90 Td (Apr 2001) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 641.90 Td (2,380) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 641.90 Td (5,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 641.90 Td (4,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 641.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 631.90 Td (HOSDominator) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 89.75 631.90 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 631.90 Td (240E) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 631.90 Td (Military) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 631.90 Td (OtherU.S.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 631.90 Td (Feb 2002) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 631.90 Td (2,380) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 631.90 Td (6,400) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 631.90 Td (4,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 631.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 621.90 Td (HOSDeepwater) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 91.70 621.90 Td (...............................) 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Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 601.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 601.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 601.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 601.90 Td (Mar 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 601.90 Td (2,250) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 601.90 Td (4,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 601.90 Td (4,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 601.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 591.90 Td (HOS Hawke) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 78.05 591.90 Td (......................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 591.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 591.90 Td (WellStimulation\(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 591.90 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 591.90 Td (Jul 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 591.90 Td (2,250) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 591.90 Td (4,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 591.90 Td (4,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 591.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 581.90 Td (HOS Douglas) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 581.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 581.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 581.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 581.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 581.90 Td (Apr 2000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 581.90 Td (2,250) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 581.90 Td (4,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 581.90 Td (4,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 581.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 571.90 Td (HOS Nome) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 76.15 571.90 Td (.......................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 571.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 571.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 571.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 571.90 Td (Aug 2000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 571.90 Td (2,250) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 571.90 Td (4,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 571.90 Td (4,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 571.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 561.90 Td (HOS Crossfire) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 85.85 561.90 Td (..................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 561.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 561.90 Td (Supply \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 561.90 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 561.90 Td (Nov 1998) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 561.90 Td (1,750) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 561.90 Td (3,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 561.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 561.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 551.90 Td (HOS Super H) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 551.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 551.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 551.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 551.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 551.90 Td (Jan 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 551.90 Td (1,750) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 551.90 Td (3,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 551.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 551.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 541.90 Td (HOSBrigadoon) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 89.75 541.90 Td (................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 541.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 541.90 Td (Supply \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 541.90 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 541.90 Td (Mar 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 541.90 Td (1,750) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 541.90 Td (3,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 541.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 541.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 531.90 Td (HOSThunderfoot) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 95.60 531.90 Td (.............................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 531.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 531.90 Td (Supply \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 531.90 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 531.90 Td (May1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 531.90 Td (1,750) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 531.90 Td (3,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 531.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 531.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 521.90 Td (HOS Dakota) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 80.00 521.90 Td (.....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 521.90 Td (200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 521.90 Td (Supply \(FF\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 521.90 Td (Mexico) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 521.90 Td (Jun 1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 521.90 Td (1,750) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 521.90 Td (3,600) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 521.90 Td (4,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 521.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 511.90 Td (HOSExplorer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 83.90 511.90 Td (...................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 511.90 Td (220) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 511.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 511.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 511.90 Td (Feb1999) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 511.90 Td (1,607) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 511.90 Td (3,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 511.90 Td (3,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 511.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 501.90 Td (HOS Voyager) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 501.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 501.90 Td (220) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 501.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 501.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 501.90 Td (May 1998) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 501.90 Td (1,607) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 501.90 Td (3,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 501.90 Td (3,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 501.90 Td (DP-1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 491.90 Td (HOS Pioneer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 491.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 491.90 Td (220) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 491.90 Td (Stacked) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 491.90 Td (GoM) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 491.90 Td (Jun 2000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 491.90 Td (1,607) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 491.90 Td (3,100) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 491.90 Td (4,200) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 491.90 Td (DP-1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 471.90 Td (MANAGED VESSELS:) Tj ET Q BT /F5 7.00 Tf ET q 0 0 0 rg BT 39.00 461.90 Td (240 class \(2,500 to 3,500 DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 451.90 Td (Black Powder) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.95 451.90 Td (....................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 451.90 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 451.90 Td (Military) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 451.90 Td (Other U.S.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 451.90 Td (Jun 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 451.90 Td (2,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 451.90 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 451.90 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 451.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 441.90 Td (Westwind) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.30 441.90 Td (..........................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 441.90 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 441.90 Td (Military) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 441.90 Td (Other U.S.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 441.90 Td (Jun 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 441.90 Td (2,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 441.90 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 441.90 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 441.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 431.90 Td (Eagleview) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 72.25 431.90 Td (.........................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 431.90 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 431.90 Td (Military) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 431.90 Td (Other U.S.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 431.90 Td (Oct 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 431.90 Td (2,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 431.90 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 431.90 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 431.90 Td (DP-2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 421.90 Td (Arrowhead) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 74.20 421.90 Td (........................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 162.00 421.90 Td (250 EDF) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 421.90 Td (Military) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 281.00 421.90 Td (Other U.S.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.00 421.90 Td (Jan 2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 391.00 421.90 Td (2,900) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.00 421.90 Td (8,300) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 421.90 Td (6,000) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.00 421.90 Td (DP-2) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 405.5 m 113.5 405.5 l s BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 397.60 Td (FFforeign-flagged) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (TBDto be determined) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 43.35 384.19 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 380.85 Td (Excludes one conventional OSV acquired with the Sea Mar Fleet in ) Tj ET Q q 0 0 0 rg BT 271.08 380.85 Td (August 2007. ) Tj ET Q q 0 0 0 rg BT 316.10 380.85 Td (This vessel, the ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 366.67 380.85 Td (Cape Breton) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 405.98 380.85 Td (, is considered a non-core asset and is currently ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 372.45 Td (inactive.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 43.35 367.39 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 364.05 Td (DP-1, DP-2 and DP-3 mean various classifications, or equivalent, of dynamic positioning systems on new generation vessels to automatically maintain a vessel) Tj ET Q q 0 0 0 rg BT 569.34 364.05 Td (s ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 355.65 Td (position and heading through anchor-less station keeping.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 43.35 350.59 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 347.25 Td (These vessels are currently being constructed under our fifth OSV newbuild construction program with anticipated in-service dates during 2016 and 2017.) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 43.35 342.19 Td (\(4\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 338.85 Td (These six vessels were converted into 240 class DP-2 OSVs as part of our 200 class OSV retrofit program. ) Tj ET Q q 0 0 0 rg BT 396.20 338.85 Td (These six vessels were originally constructed and placed ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 330.45 Td (in service in their prior 200 class DP-1 configuration in 1999 or 2000 and were acquired by us in ) Tj ET Q q 0 0 0 rg BT 359.02 330.45 Td (August 2007. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 309.45 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 309.45 Td (e own long-term lease rights to two adjacent shore-base facilities located in Port Fourchon, Louisiana, named ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 297.45 Td (HOS Port. Port Fourchon) Tj ET Q q 0 0 0 rg BT 152.53 297.45 Td (s proximity to the deepwater GoM provides a strategic logistical advantage for servicing drilling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 285.45 Td (rigs, production facilities and other of) Tj ET Q q 0 0 0 rg BT 198.69 285.45 Td (fshore installations and sites. Developed as a multi-use facility) Tj ET Q q 0 0 0 rg BT 475.30 285.45 Td (, Port Fourchon has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 273.45 Td (historically been a land base for of) Tj ET Q q 0 0 0 rg BT 187.58 273.45 Td (fshore oil support services and the Louisiana Of) Tj ET Q q 0 0 0 rg BT 398.63 273.45 Td (fshore Oil Port, or LOOP) Tj ET Q q 0 0 0 rg BT 506.26 273.45 Td (. ) Tj ET Q q 0 0 0 rg BT 514.05 273.45 Td (According to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 261.45 Td (industry sources, Port Fourchon services nearly all deepwater rigs and almost half of all shallow water rigs in the GoM. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 249.45 Td (The HOS Port facility has three years remaining on its current leases and three additional five-year renewal options on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 237.45 Td (each parcel. ) Tj ET Q q 0 0 0 rg BT 93.08 237.45 Td (The combined acreage of HOS Port is approximately 60 acres with total waterfront bulkhead of nearly 3,000 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 225.45 Td (linear feet. HOS Port not only supports our existing fleet and customers) Tj ET Q q 0 0 0 rg BT 353.01 225.45 Td ( deepwater logistics requirements, but it ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 213.45 Td (underscores our long-term commitment to and our long-term outlook for the deepwater GoM.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 192.45 Td (Principal Markets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 171.45 Td (OSVs and MPSVs operate worldwide, but are generally concentrated in relatively few of) Tj ET Q q 0 0 0 rg BT 448.35 171.45 Td (fshore regions with high ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 159.45 Td (levels of exploration and development activity) Tj ET Q q 0 0 0 rg BT 236.48 159.45 Td (, such as the GoM, the North Sea, Southeast ) Tj ET Q q 0 0 0 rg BT 437.71 159.45 Td (Asia, W) Tj ET Q q 0 0 0 rg BT 471.98 159.45 Td (est ) Tj ET Q q 0 0 0 rg BT 487.54 159.45 Td (Africa, Latin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 147.45 Td (America, and the Middle East. Our core geographic markets are the GoM, Mexico and Brazil. In these markets we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 135.45 Td (provide services to several major integrated oil companies as well as mid-size and large independent oil companies with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 123.45 Td (deepwater and ultra-deepwater activities and to national oil companies such as PEMEX and Petrobras. W) Tj ET Q q 0 0 0 rg BT 503.29 123.45 Td (e also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 111.45 Td (occasionally operate in select international markets, which have included the rest of Latin ) Tj ET Q q 0 0 0 rg BT 431.78 111.45 Td (America, W) Tj ET Q q 0 0 0 rg BT 483.27 111.45 Td (est ) Tj ET Q q 0 0 0 rg BT 498.84 111.45 Td (Africa, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 99.45 Td (Mediterranean Sea, the Black Sea and the Caribbean basin. W) Tj ET Q q 0 0 0 rg BT 317.66 99.45 Td (e are often subcontracted by other oilfield service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 87.45 Td (companies, both in the GoM and internationally) Tj ET Q q 0 0 0 rg BT 244.27 87.45 Td (, to provide a new generation fleet that enables them to render of) Tj ET Q q 0 0 0 rg BT 530.94 87.45 Td (fshore ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 75.45 Td (oilfield services, such as well stimulation or other enhanced oil recovery activities, diving and ROV operations, ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (construction, installation, maintenance, repair and decommissioning services. W) Tj ET Q q 0 0 0 rg BT 390.43 739.75 Td (e also provide a specialized application ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (of our new generation OSVs for use by the United States military) Tj ET Q q 0 0 0 rg BT 321.51 727.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 706.75 Td (While there is some vessel migration between regions, key factors such as mobilization costs, vessel suitability and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (government statutes prohibiting foreign-flagged vessels from operating in certain waters, or coastwise cabotage laws such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (as the Jones ) Tj ET Q q 0 0 0 rg BT 94.93 682.75 Td (Act, can limit the migration of OSVs. Because MPSVs are generally utilized for non-cargo operations, they ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (are less limited by cabotage laws. Demand for OSVs, as evidenced by dayrates and utilization rates, is primarily related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 658.75 Td (fshore oil and natural gas exploration, development and production activity) Tj ET Q q 0 0 0 rg BT 372.51 658.75 Td (. Such activity is influenced by a number of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (factors, including the actual and forecasted price of oil and natural gas, the level of drilling permit activity) Tj ET Q q 0 0 0 rg BT 494.95 646.75 Td (, capital budgets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (of of) Tj ET Q q 0 0 0 rg BT 55.28 634.75 Td (fshore exploration and production companies, and repair and maintenance needs in the deepwater oilfield. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 613.75 Td (Of) Tj ET Q q 0 0 0 rg BT 70.38 613.75 Td (fshore exploration and production activities are increasingly focused on deep wells \(as defined by total well depth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (rather than water depth\), whether on the Outer Continental Shelf or in the deepwater or ultra-deepwater) Tj ET Q q 0 0 0 rg BT 492.94 601.75 Td (. ) Tj ET Q q 0 0 0 rg BT 501.09 601.75 Td (These types of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (wells require high-specification equipment and have resulted in an on-going newbuild cycle for drilling rigs and for OSVs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (As a result of the projected deepwater drilling activity levels worldwide, there were 68 floating rigs under construction or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (on order on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.93 565.75 Td (February17, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.64 565.75 Td ( and, as of that date, there were options outstanding to build 22 additional floating rigs. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (addition, on that date, there were 123 high-spec jack-up rigs under construction or on order worldwide, and there were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (options outstanding to build 45 additional high-spec jack-up rigs. Each drilling rig working on deep-well projects typically ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (requires more than one OSV to service it, and the number of OSVs required is dependent on many factors, including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (type of activity being undertaken, the location of the rig and the size and capacity of the OSVs. During normal operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (conditions, based on the historical data for the number of floating rigs and OSVs working, we believe that two to four ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (OSVs per rig are required in the GoM and even more OSVs are necessary per rig in Brazil where greater logistical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (challenges result in longer vessel turnaround times to service drill sites. ) Tj ET Q q 0 0 0 rg BT 356.52 481.75 Td (T) Tj ET Q q 0 0 0 rg BT 362.08 481.75 Td (ypically) Tj ET Q q 0 0 0 rg BT 394.13 481.75 Td (, during the initial drilling stage, more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (OSVs are required to supply drilling mud, drill pipe and other materials than at later stages of the drilling cycle. In addition, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (generally more OSVs are required the farther a drilling rig is located from shore. Under normal weather conditions, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (transit time to deepwater drilling rigs in the GoM and Brazil can typically range from six to 24 hours for a new generation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (vessel. In Brazil, transit time for a new generation vessel to some of the newer) Tj ET Q q 0 0 0 rg BT 383.94 433.75 Td (, more logistically remote deepwater drilling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (rig locations are more appropriately measured in days, not hours. In addition to drilling rig support, deepwater and ultra-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (deepwater exploration and production activities will result in the expansion of other specialty-service of) Tj ET Q q 0 0 0 rg BT 488.29 409.75 Td (ferings for our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td (vessels. ) Tj ET Q q 0 0 0 rg BT 77.50 397.75 Td (These markets include subsea construction support, installation, IRM work, and life-of-field services, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (include well-stimulation, workovers and decommissioning.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 364.75 Td (Our charters are the product of either direct negotiation or a competitive proposal process, which evaluates vessel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 352.75 Td (capability) Tj ET Q q 0 0 0 rg BT 76.95 352.75 Td (, availability and price. Our primary method of chartering in the GoM is through direct vessel negotiations with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (our customers on either a long-term or spot basis. In the international market, we sometimes charter through local entities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (in order to comply with cabotage or other local requirements. Some charters are solicited by customers through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (international vessel brokerage firms, which earn a commission that is customarily paid by the vessel owner) Tj ET Q q 0 0 0 rg BT 506.77 316.75 Td (. Our U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (Navy charter was the product of a competitive procurement process conducted by the Military Sealift Command and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (operations and management agreement was a sole source selection based upon certain capabilities that are unique to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (the Company) Tj ET Q q 0 0 0 rg BT 94.74 280.75 Td (. ) Tj ET Q q 0 0 0 rg BT 102.52 280.75 Td (All of our charters, whether long-term or spot, are priced on a dayrate basis, whereby for each day that the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (vessel is under contract to the customer) Tj ET Q q 0 0 0 rg BT 212.20 268.75 Td (, we earn a fixed amount of charter-hire for making the vessel available for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (customer) Tj ET Q q 0 0 0 rg BT 77.49 256.75 Td () Tj ET Q q 0 0 0 rg BT 79.54 256.75 Td (s use. Many long-term contracts and all government, including national oil company) Tj ET Q q 0 0 0 rg BT 447.88 256.75 Td (, charters contain early ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (termination options in favor of the customer; however) Tj ET Q q 0 0 0 rg BT 270.57 244.75 Td (, some have fees designed to discourage early termination. Long-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (term charters sometimes contain provisions that permit us to increase our dayrates in order to be compensated for certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (increased operational expenses or regulatory changes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (Competition ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 178.75 Td (The of) Tj ET Q q 0 0 0 rg BT 88.17 178.75 Td (fshore support vessel industry is highly competitive. Competition primarily involves such factors as:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 160.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 160.75 Td (quality) Tj ET Q q 0 0 0 rg BT 104.86 160.75 Td (, capability and age of vessels;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 142.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 142.75 Td (quality) Tj ET Q q 0 0 0 rg BT 104.86 142.75 Td (, capability and nationality of the crew members;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 124.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 124.75 Td (ability to meet the customer) Tj ET Q q 0 0 0 rg BT 199.35 124.75 Td () Tj ET Q q 0 0 0 rg BT 201.39 124.75 Td (s schedule;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 106.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 106.75 Td (safety record, reputation, experience and;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 88.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 88.75 Td (price.) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 42.25 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (Our high-spec OSVs are predominately U.S.-flagged vessels, which qualify them under the Jones ) Tj ET Q q 0 0 0 rg BT 493.55 739.75 Td (Act to engage in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (domestic coastwise trade. ) Tj ET Q q 0 0 0 rg BT 156.42 727.75 Td (The Jones ) Tj ET Q q 0 0 0 rg BT 205.35 727.75 Td (Act restricts the ability of vessels that are foreign-built, foreign-owned, foreign-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (crewed or foreign-flagged from engaging in coastwise trade in the United States including its territories, like Puerto Rico. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (The transportation services typically provided by OSVs constitute coastwise trade as defined by the Jones ) Tj ET Q q 0 0 0 rg BT 506.80 703.75 Td (Act. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (Consequently) Tj ET Q q 0 0 0 rg BT 96.41 691.75 Td (, competition for our services in the GoM is largely restricted to other U.S. vessel owners and operators, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (both publicly and privately held. W) Tj ET Q q 0 0 0 rg BT 187.57 679.75 Td (e believe that we operate the second largest fleet by DWT) Tj ET Q q 0 0 0 rg BT 444.19 679.75 Td ( of new generation Jones ) Tj ET Q q 0 0 0 rg BT 558.16 679.75 Td (Act-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (qualified OSVs in the United States. See "Item 1A-Risk Factors" for a more detailed discussion of the Jones ) Tj ET Q q 0 0 0 rg BT 516.67 667.75 Td (Act. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (Internationally) Tj ET Q q 0 0 0 rg BT 97.52 655.75 Td (, our OSVs compete against other U.S. owners, as well as foreign owners and operators of OSVs. Some of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (our international competitors may benefit from a lower cost basis in their vessels, which are usually not constructed in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (U.S.shipyards, as well as from lower crewing costs and favorable tax regimes. While foreign vessel owners cannot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (engage in U.S. coastwise trade, some cabotage laws in other parts of the world permit temporary waivers for foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (vessels if domestic vessels are unavailable. W) Tj ET Q q 0 0 0 rg BT 244.24 607.75 Td (e and other U.S. and foreign vessel owners have been able to obtain such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 595.75 Td (waivers in the foreign jurisdictions in which we operate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 574.75 Td (Many of the services provided by MPSVs do not involve the transportation of merchandise and therefore are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (generally not considered coastwise trade under U.S. and foreign cabotage laws. Consequently) Tj ET Q q 0 0 0 rg BT 456.07 562.75 Td (, our MPSVs face, and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (HOSMAX MPSVs being constructed under our fifth OSV newbuild program will face, competition from both foreign-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (flagged vessels and U.S.-flagged vessels for non-coastwise trade activities. However) Tj ET Q q 0 0 0 rg BT 413.96 538.75 Td (, because our MPSVs will be Jones ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (Act-qualified, we believe our customers will achieve greater ef) Tj ET Q q 0 0 0 rg BT 309.28 526.75 Td (ficiency as our MPSVs will eliminate the need for customers ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (to separately charter a Jones ) Tj ET Q q 0 0 0 rg BT 167.19 514.75 Td (Act-qualified vessel to transport project cargo from a U.S. point to an installation site. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (addition, our U.S.-flagged MPSVs will compete for projects with other international MPSVs as well as participate in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (GoM and international OSV markets as large-capacity carriers of drilling fluids, petroleum products and deck cargos in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (support of deep-well exploration, development and production operations. Competition in the MPSV industry is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 466.75 Td (significantly af) Tj ET Q q 0 0 0 rg BT 98.63 466.75 Td (fected by the particular capabilities of a vessel to meet the requirements of a customer) Tj ET Q q 0 0 0 rg BT 480.30 466.75 Td () Tj ET Q q 0 0 0 rg BT 482.34 466.75 Td (s project. While ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 454.75 Td (operating in the GoM, our foreign-flagged DP-3 MPSVs are required to utilize U.S. crews while foreign-owned vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 442.75 Td (have historically been allowed to employ non-U.S. mariners, often from low-wage nations. U.S. crews are often more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 430.75 Td (expensive than foreign crews. ) Tj ET Q q 0 0 0 rg BT 173.30 430.75 Td (Also, foreign MPSV owners may have more favorable tax regimes than ours. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (Consequently) Tj ET Q q 0 0 0 rg BT 96.41 418.75 Td (, prices for foreign-owned MPSVs in the GoM are often lower than prices we can charge. Finally) Tj ET Q q 0 0 0 rg BT 521.98 418.75 Td (, some ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (potential MPSV customers are also owners of MPSVs that will compete with our vessels. However) Tj ET Q q 0 0 0 rg BT 472.85 406.75 Td (, we have, for some ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 394.75 Td (time, observed a clear preference by our customers for a one-stop Jones ) Tj ET Q q 0 0 0 rg BT 367.27 394.75 Td (Act solution, which would provide improved ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 382.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 382.75 Td (ficiencies, derived from a single U.S.-flagged vessel as well as greater regulatory certainty as compliance questions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (continue to arise from the use of foreign-flagged vessels in the subsea GoM. In the post-Macondo GoM, we see this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (Jones ) Tj ET Q q 0 0 0 rg BT 64.91 358.75 Td (Act preference as a long-term trend, not only for construction vessels but for vessels of all types working of) Tj ET Q q 0 0 0 rg BT 536.06 358.75 Td (fshore.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 337.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 337.75 Td (e continue to observe intense scrutiny by our customers on the safety and environmental management systems of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (vessel operators. ) Tj ET Q q 0 0 0 rg BT 117.15 325.75 Td (As a consequence, we believe that deepwater customers are increasingly biased towards companies ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (that have demonstrated a financial and operational commitment and capacity to employ such systems. W) Tj ET Q q 0 0 0 rg BT 503.83 313.75 Td (e believe this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (trend will, over time, make it dif) Tj ET Q q 0 0 0 rg BT 173.08 301.75 Td (ficult for small enterprises to compete ef) Tj ET Q q 0 0 0 rg BT 349.64 301.75 Td (fectively in the deepwater OSV and MPSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (markets. ) Tj ET Q q 0 0 0 rg BT 79.34 289.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 129.75 289.75 Td (, we have observed less willingness by operators to utilize DP-1 vessels in deepwater operations in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (the GoM. ) Tj ET Q q 0 0 0 rg BT 82.50 277.75 Td (This trend will likely result in the retirement of non-DP) Tj ET Q q 0 0 0 rg BT 318.52 277.75 Td ( vessels and a migration of DP-1 vessels to non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (deepwater regions, such as the shelf, and certain international regions. In 2014, PEMEX announced its intention to use ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (only vessels that are less that 15 years old. W) Tj ET Q q 0 0 0 rg BT 242.03 253.75 Td (e and other market participants in Mexico, however) Tj ET Q q 0 0 0 rg BT 467.69 253.75 Td (, have successfully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (challenged this restriction, but PEMEX may renew its attempt in the future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 220.75 Td (Although some of our principal competitors are larger) Tj ET Q q 0 0 0 rg BT 294.57 220.75 Td (, have greater financial resources and have more extensive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (international operations than we do, we believe that our financial strength, operating capabilities and reputation for quality ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 196.75 Td (and safety enable us to compete ef) Tj ET Q q 0 0 0 rg BT 191.48 196.75 Td (fectively with other fleets in the market areas in which we operate or intend to operate. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (In particular) Tj ET Q q 0 0 0 rg BT 87.69 184.75 Td (, we believe that the relatively young age and advanced features of our OSVs and MPSVs provide us with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (competitive advantage. ) Tj ET Q q 0 0 0 rg BT 144.22 172.75 Td (The ages of our high-spec new generation OSVs range from less than one year to 17 years with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (a weighted-average fleet age, based on DWT) Tj ET Q q 0 0 0 rg BT 236.12 160.75 Td (, of seven years. In fact, over 60% of our active new generation OSVs have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 148.75 Td (been placed in-service since January1, 2008. ) Tj ET Q q 0 0 0 rg BT 244.83 148.75 Td (The average age of the industry) Tj ET Q q 0 0 0 rg BT 388.08 148.75 Td (s conventional U.S.-flagged OSV fleet is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 136.75 Td (approximately 35 years and domestic new generation OSV fleet is approximately nine years. W) Tj ET Q q 0 0 0 rg BT 459.92 136.75 Td (e believe that most of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 124.75 Td (these older vessels are cold-stacked and many of them have been or will be permanently retired in the next few years due ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 112.75 Td (to physical and economic obsolescence. W) Tj ET Q q 0 0 0 rg BT 229.81 112.75 Td (orldwide competition for new generation vessels has been impacted in recent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 100.75 Td (years by the increase in newbuild OSVs placed in-service to address greater customer interest in deep-well, deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 88.75 Td (and ultra-deepwater drilling activity) Tj ET Q q 0 0 0 rg BT 189.22 88.75 Td (. Upon completion of our fifth OSV newbuild program, we expect to own a fleet of 72 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 76.75 Td (Upstream vessels of which 90% will be DP-2 or DP-3 with a weighted-average fleet age, based on DWT) Tj ET Q q 0 0 0 rg BT 494.54 76.75 Td (, of eight years in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 64.75 Td (2017.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 42.25 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (Our success depends in large part on our ability to attract and retain highly skilled and qualified personnel. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (inability to hire, train and retain a suf) Tj ET Q q 0 0 0 rg BT 196.46 727.75 Td (ficient number of qualified employees could impact our ability to manage, maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (and grow our business. In crewing our vessels, we require skilled employees who can perform physically demanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (work. ) Tj ET Q q 0 0 0 rg BT 64.90 703.75 Td (As the result of our stacking 33 vessels since October 2014, we have reduced our mariner headcount significantly) Tj ET Q q 0 0 0 rg BT 566.65 703.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (When these stacked vessels return to service, we will need to hire and train mariners to operate our vessels. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (CUST) Tj ET Q q 0 0 0 rg BT 63.04 670.75 Td (OMER DEPENDENCY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 649.75 Td (Our customers are generally limited to large, independent, integrated or nationally-owned energy companies. ) Tj ET Q q 0 0 0 rg BT 543.98 649.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (firms are relatively few in number) Tj ET Q q 0 0 0 rg BT 182.16 637.75 Td (. ) Tj ET Q q 0 0 0 rg BT 190.32 637.75 Td (The percentage of revenues attributable to a customer in any particular year depends ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (on the level of oil and natural gas exploration, development and production activities undertaken, the availability and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (suitability of our vessels for the customer) Tj ET Q q 0 0 0 rg BT 217.00 613.75 Td () Tj ET Q q 0 0 0 rg BT 219.04 613.75 Td (s projects or products and other factors, many of which are beyond our control. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (For the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.28 601.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.11 601.75 Td (, Royal Dutch Shell plc \(including worldwide af) Tj ET Q q 0 0 0 rg BT 415.47 601.75 Td (filiates\) and Seabed Geosolutions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (\(US\) Inc. each accounted for 10% or more of our consolidated revenues. For a discussion of significant customers in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (prior periods, see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.94 577.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.06 577.75 Td ( to our consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (GOVERNMENT REGULA) Tj ET Q q 0 0 0 rg BT 151.93 556.75 Td (TION) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (Environmental Laws and Regulations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 514.75 Td (Our operations are subject to a variety of federal, state, local and international laws and regulations regarding the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (discharge of materials into the environment or otherwise relating to environmental protection. ) Tj ET Q q 0 0 0 rg BT 451.59 502.75 Td (The requirements of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (laws and regulations have become more complex and stringent in recent years and may) Tj ET Q q 0 0 0 rg BT 424.91 490.75 Td (, in certain circumstances, impose ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (strict liability) Tj ET Q q 0 0 0 rg BT 89.15 478.75 Td (, rendering a company liable for environmental damages and remediation costs without regard to negligence ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 466.75 Td (or fault on the part of such party) Tj ET Q q 0 0 0 rg BT 176.45 466.75 Td (. ) Tj ET Q q 0 0 0 rg BT 184.23 466.75 Td (Aside from possible liability for damages and costs including natural resource damages ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 454.75 Td (associated with releases of oil or hazardous materials into the environment, such laws and regulations may expose us to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 442.75 Td (liability for the conditions caused by others or even acts of ours that were in compliance with all applicable laws and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 430.75 Td (regulations at the time such acts were performed. Failure to comply with applicable laws and regulations may result in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (imposition of administrative, civil and criminal penalties, revocation of permits, issuance of corrective action orders and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (suspension or termination of our operations. Moreover) Tj ET Q q 0 0 0 rg BT 278.35 406.75 Td (, it is possible that future changes in the environmental laws, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 394.75 Td (regulations or enforcement policies that impose additional or more restrictive requirements or claims for damages to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 382.75 Td (persons, property) Tj ET Q q 0 0 0 rg BT 113.08 382.75 Td (, natural resources or the environment could result in substantial costs and liabilities to us and could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (have a material adverse ef) Tj ET Q q 0 0 0 rg BT 153.66 370.75 Td (fect on our financial condition, results of operations or cash flows. W) Tj ET Q q 0 0 0 rg BT 457.52 370.75 Td (e believe that we are in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (substantial compliance with currently applicable environmental laws and regulations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 337.75 Td (OP) Tj ET Q q 0 0 0 rg BT 73.71 337.75 Td (A) Tj ET Q q 0 0 0 rg BT 79.82 337.75 Td ( 90 and regulations promulgated pursuant thereto amend and augment the oil spill provisions of the Clean ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.07 325.75 Td (ater ) Tj ET Q q 0 0 0 rg BT 64.53 325.75 Td (Act and impose a variety of duties and liabilities on responsible parties related to the prevention and/or reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (of oil spills and damages resulting from such spills in or threatening U.S. W) Tj ET Q q 0 0 0 rg BT 366.89 313.75 Td (aters, including the Outer Continental Shelf or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (adjoining shorelines. ) Tj ET Q q 0 0 0 rg BT 132.18 301.75 Td (A) Tj ET Q q 0 0 0 rg BT 138.29 301.75 Td ( responsible party includes the owner or operator of an onshore facility) Tj ET Q q 0 0 0 rg BT 455.50 301.75 Td (, pipeline or vessel or the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (lessee or permittee of the area in which an of) Tj ET Q q 0 0 0 rg BT 235.38 289.75 Td (fshore facility is located. OP) Tj ET Q q 0 0 0 rg BT 360.79 289.75 Td (A) Tj ET Q q 0 0 0 rg BT 366.91 289.75 Td ( 90 assigns liability to each responsible party ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (for containment and oil removal costs, as well as a variety of public and private damages including the costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (responding to a release of oil, natural resource damages, damages for injury to, or economic losses resulting from, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (destruction of real or personal property of persons who own or lease such af) Tj ET Q q 0 0 0 rg BT 372.67 253.75 Td (fected property) Tj ET Q q 0 0 0 rg BT 438.63 253.75 Td (. For any vessels, other than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (tank vessels, that are subject to OP) Tj ET Q q 0 0 0 rg BT 199.22 241.75 Td (A) Tj ET Q q 0 0 0 rg BT 205.34 241.75 Td ( 90, the liability limits are the greater of $1,100 per gross ton or $939,800. ) Tj ET Q q 0 0 0 rg BT 534.97 241.75 Td (A) Tj ET Q q 0 0 0 rg BT 541.09 241.75 Td ( party ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (cannot take advantage of liability limits if the spill was caused by gross negligence or willful misconduct or resulted from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (violation of a federal safety) Tj ET Q q 0 0 0 rg BT 154.22 217.75 Td (, construction or operating regulation. In addition, for vessels carrying crude oil from a well ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (situated on the Outer Continental Shelf, the limits apply only to liability for damages \(e.g. natural resources, real or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (personal property) Tj ET Q q 0 0 0 rg BT 113.08 193.75 Td (, subsistence use, reserves, profits and earnings capacity) Tj ET Q q 0 0 0 rg BT 366.36 193.75 Td (, and public services damages\). ) Tj ET Q q 0 0 0 rg BT 512.36 193.75 Td (The owner or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (operator of such vessel is liable for all removal costs resulting from a discharge without limits. If the party fails to report a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (spill or to cooperate fully in the cleanup, the liability limits likewise do not apply and certain defenses may not be available. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (Moreover) Tj ET Q q 0 0 0 rg BT 77.68 157.75 Td (, OP) Tj ET Q q 0 0 0 rg BT 96.95 157.75 Td (A) Tj ET Q q 0 0 0 rg BT 103.07 157.75 Td ( 90 imposes on responsible parties the need for proof of financial responsibility to cover at least some ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (costs in a potential spill. ) Tj ET Q q 0 0 0 rg BT 146.62 145.75 Td (As required, we have provided satisfactory evidence of financial responsibility to the USCG for all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (of our vessels over 300 tons. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 109.75 Td (OP) Tj ET Q q 0 0 0 rg BT 76.71 109.75 Td (A) Tj ET Q q 0 0 0 rg BT 82.82 109.75 Td ( 90 also imposes ongoing requirements on a responsible party) Tj ET Q q 0 0 0 rg BT 357.80 109.75 Td (, including preparedness and prevention of oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td (spills and preparation of an oil spill response plan. W) Tj ET Q q 0 0 0 rg BT 272.06 97.75 Td (e have engaged the Marine Spill Response Corporation to serve as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 85.75 Td (our Oil Spill Removal Organization for purposes of providing oil spill removal resources and services for our operations in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 73.75 Td (U.S. waters as required by the USCG. In addition, our ) Tj ET Q q 0 0 0 rg BT 279.27 73.75 Td (T) Tj ET Q q 0 0 0 rg BT 284.27 73.75 Td (ank V) Tj ET Q q 0 0 0 rg BT 309.29 73.75 Td (essel Response Plan and Non-T) Tj ET Q q 0 0 0 rg BT 452.15 73.75 Td (ank V) Tj ET Q q 0 0 0 rg BT 477.17 73.75 Td (essel Response Plan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 61.75 Td (have been approved by the USCG.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.80 42.25 Td (1) Tj ET Q q 0 0 0 rg BT 305.62 42.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (The Clean W) Tj ET Q q 0 0 0 rg BT 117.98 739.75 Td (ater ) Tj ET Q q 0 0 0 rg BT 137.44 739.75 Td (Act imposes strict controls on the discharge of pollutants into the navigable waters of the United ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (States. ) Tj ET Q q 0 0 0 rg BT 72.50 727.75 Td (The Clean W) Tj ET Q q 0 0 0 rg BT 130.49 727.75 Td (ater ) Tj ET Q q 0 0 0 rg BT 149.95 727.75 Td (Act also provides for civil, criminal and administrative penalties for any unauthorized discharge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (of oil or other hazardous substances in reportable quantities and imposes liability for the costs of removal and remediation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (of an unauthorized discharge, including the costs of restoring damaged natural resources. Many states have laws that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (are analogous to the Clean W) Tj ET Q q 0 0 0 rg BT 167.93 691.75 Td (ater ) Tj ET Q q 0 0 0 rg BT 187.39 691.75 Td (Act and also require remediation of accidental releases of petroleum in reportable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (quantities. Our OSVs routinely transport diesel fuel to of) Tj ET Q q 0 0 0 rg BT 285.39 679.75 Td (fshore rigs and platforms and also carry diesel fuel for their own ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (use. Our OSVs also transport bulk chemical materials used in drilling activities and liquid mud, which contain oil and oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (by-products. W) Tj ET Q q 0 0 0 rg BT 105.84 655.75 Td (e maintain vessel response plans as required by the Clean W) Tj ET Q q 0 0 0 rg BT 377.28 655.75 Td (ater ) Tj ET Q q 0 0 0 rg BT 396.74 655.75 Td (Act to address potential oil and fuel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (spills.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 622.75 Td (The Comprehensive Environmental Response, Compensation, and Liability ) Tj ET Q q 0 0 0 rg BT 395.19 622.75 Td (Act of 1980, also known as CERCLA ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (or Superfund, and similar laws impose liability for releases of hazardous substances into the environment. CERCLA) Tj ET Q q 0 0 0 rg BT 555.69 610.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (currently exempts crude oil from the definition of hazardous substances for purposes of the statute, but our operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (may involve the use or handling of other materials that may be classified as hazardous substances. CERCLA) Tj ET Q q 0 0 0 rg BT 520.14 586.75 Td ( assigns ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (strict liability to each responsible party for response costs, as well as natural resource damages. Under CERCLA, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (responsible parties include not only owners and operators of vessels but also any person who arranged for the disposal or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (treatment, or arranged with a transporter for transport for disposal or treatment of hazardous substances, and any person ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (who accepted hazardous substances for transport to disposal or treatment facilities. ) Tj ET Q q 0 0 0 rg BT 411.01 538.75 Td (Thus, we could be held liable for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (releases of hazardous substances that resulted from operations by third parties not under our control or for releases ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (associated with practices performed by us or others that were standard in the industry at the time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 493.75 Td (The Resource Conservation and Recovery ) Tj ET Q q 0 0 0 rg BT 251.21 493.75 Td (Act regulates the generation, transportation, storage, treatment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (disposal of onshore hazardous and non-hazardous wastes and requires states to develop programs to ensure the safe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (treatment, storage and disposal of wastes. W) Tj ET Q q 0 0 0 rg BT 238.70 469.75 Td (e generate non-hazardous wastes and small quantities of hazardous wastes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (in connection with routine operations. W) Tj ET Q q 0 0 0 rg BT 213.14 457.75 Td (e believe that all of the wastes that we generate are handled in all material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (respects in compliance with the Resource Conservation and Recovery ) Tj ET Q q 0 0 0 rg BT 348.93 445.75 Td (Act and analogous state statutes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 424.75 Td (The USCG published its final Ballast Rule on March 23, 2012, which became ef) Tj ET Q q 0 0 0 rg BT 411.11 424.75 Td (fective on June21, 2012, and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (United States EP) Tj ET Q q 0 0 0 rg BT 111.41 412.75 Td (A) Tj ET Q q 0 0 0 rg BT 117.53 412.75 Td ( renewed the V) Tj ET Q q 0 0 0 rg BT 184.24 412.75 Td (essel General Permit under the National Pollutant Discharge Elimination System on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (December 19, 2013. ) Tj ET Q q 0 0 0 rg BT 131.99 400.75 Td (These regulations require all our existing vessels to meet certain standards pertaining to ballast ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (water discharges, on certain dates between January 2014 and January 2016. ) Tj ET Q q 0 0 0 rg BT 382.89 388.75 Td (An exemption to certain compliance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 376.75 Td (requirements is provided for vessels that operate within an isolated geographic region, as determined by the USCG. Most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 364.75 Td (of our vessels operating in the GoM are exempt from the ballast water treatment requirements. However) Tj ET Q q 0 0 0 rg BT 498.44 364.75 Td (, for non-exempt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 352.75 Td (vessels, ballast water treatment equipment may be required to be utilized on the vessel. ) Tj ET Q q 0 0 0 rg BT 428.99 352.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.55 352.75 Td (February26, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.27 352.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (USCG has not approved any ballast water treatment systems and, as a result, it has granted extensions for compliance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (with such ballast water treatment requirements. W) Tj ET Q q 0 0 0 rg BT 260.35 328.75 Td (e have currently estimated the cost of compliance to be approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td ($250,000 per non-exempt vessel that may be fitted with a system. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 295.75 Td (The EP) Tj ET Q q 0 0 0 rg BT 92.61 295.75 Td (A) Tj ET Q q 0 0 0 rg BT 98.73 295.75 Td ( also imposed emissions regulations af) Tj ET Q q 0 0 0 rg BT 270.30 295.75 Td (fecting vessels that operate in the United States. ) Tj ET Q q 0 0 0 rg BT 490.24 295.75 Td (These regulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (impose standards that may require modifications to our vessels at a cost that we have as yet been unable to estimate. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (Moreover) Tj ET Q q 0 0 0 rg BT 77.68 271.75 Td (, the EP) Tj ET Q q 0 0 0 rg BT 112.52 271.75 Td (A) Tj ET Q q 0 0 0 rg BT 118.45 271.75 Td () Tj ET Q q 0 0 0 rg BT 120.49 271.75 Td (s decision to regulate greenhouse gases as a pollutant may result in further regulations and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (compliance costs.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (Climate Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 217.75 Td (Greenhouse gas emissions have increasingly become the subject of international, national, regional, state and local ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (attention. ) Tj ET Q q 0 0 0 rg BT 79.74 205.75 Td (The EP) Tj ET Q q 0 0 0 rg BT 112.35 205.75 Td (A) Tj ET Q q 0 0 0 rg BT 118.47 205.75 Td ( has adopted regulations under the Clean ) Tj ET Q q 0 0 0 rg BT 304.16 205.75 Td (Air ) Tj ET Q q 0 0 0 rg BT 318.61 205.75 Td (Act that require new and existing industrial facilities to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (obtain permits for carbon dioxide equivalent emissions above emission thresholds. In addition, the EP) Tj ET Q q 0 0 0 rg BT 484.40 193.75 Td (A) Tj ET Q q 0 0 0 rg BT 490.52 193.75 Td ( adopted rules that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (mandate reporting of greenhouse gas data and other information by i\) industrial sources, ii\) suppliers of certain products, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (and iii\) facilities that inject carbon dioxide underground. ) Tj ET Q q 0 0 0 rg BT 282.07 169.75 Td (T) Tj ET Q q 0 0 0 rg BT 287.07 169.75 Td (o the extent that these regulations may apply) Tj ET Q q 0 0 0 rg BT 485.35 169.75 Td (, we could be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (responsible for costs associated with complying with such regulations. Cap and trade initiatives to limit greenhouse gas ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (emissions have been introduced in the European Union. Similarly) Tj ET Q q 0 0 0 rg BT 324.31 145.75 Td (, numerous bills related to climate change have been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (introduced in the U.S. Congress, which could adversely impact most industries. In addition, future regulation of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (greenhouse gas could occur pursuant to future treaty obligations, statutory or regulatory changes or new climate change ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.75 Td (legislation in the jurisdictions in which we operate. It is uncertain whether any of these initiatives will be implemented. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td (However) Tj ET Q q 0 0 0 rg BT 74.91 97.75 Td (, based on published media reports, we believe that it is unlikely that the current proposed initiatives in the U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 85.75 Td (will be implemented without substantial modification. If such initiatives are implemented, we do not believe that such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 73.75 Td (initiatives would have a direct, material adverse ef) Tj ET Q q 0 0 0 rg BT 256.48 73.75 Td (fect on our operating results.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 42.25 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (Restrictions on greenhouse gas emissions or other related legislative or regulatory enactments could have an ef) Tj ET Q q 0 0 0 rg BT 554.54 739.75 Td (fect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (in those industries that use significant amounts of petroleum products, which could potentially result in a reduction in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (demand for petroleum products and, consequently and indirectly) Tj ET Q q 0 0 0 rg BT 319.87 715.75 Td (, our of) Tj ET Q q 0 0 0 rg BT 350.82 715.75 Td (fshore transportation and support services. W) Tj ET Q q 0 0 0 rg BT 552.40 715.75 Td (e are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (currently unable to predict the manner or extent of any such ef) Tj ET Q q 0 0 0 rg BT 310.98 703.75 Td (fect. Furthermore, one of the asserted long-term physical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 691.75 Td (fects of climate change may be an increase in the severity and frequency of adverse weather conditions, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (hurricanes, which may increase our insurance costs or risk retention, limit insurance availability or reduce the areas in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (which, or the number of days during which, our customers would contract for our vessels in general and in the GoM in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (particular) Tj ET Q q 0 0 0 rg BT 76.58 655.75 Td (. W) Tj ET Q q 0 0 0 rg BT 91.39 655.75 Td (e are currently unable to predict the manner or extent of any such ef) Tj ET Q q 0 0 0 rg BT 391.94 655.75 Td (fect.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (EMPLOYEES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 613.75 Td (On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.12 613.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.95 613.75 Td (, we had 1,233 employees, including 975 operating personnel and 258 corporate, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (administrative and management personnel. Excluded from these personnel totals are 212 third-country nationals that we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (contracted to serve on our vessels as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.54 589.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.37 589.75 Td (. ) Tj ET Q q 0 0 0 rg BT 311.52 589.75 Td (These non-U.S. mariners are typically provided by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (international crewing agencies. With the exception of 137 employees located in Brazil and Mexico, none of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (employees are represented by a union or employed pursuant to a collective bargaining agreement or similar arrangement. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 553.75 Td (e have not experienced any strikes or work stoppages, and our management believes that we continue to experience ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (good relations with our employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (GEOGRAPHIC ) Tj ET Q q 0 0 0 rg BT 106.75 520.75 Td (AREAS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 499.75 Td (The table below presents revenues by geographic region for the past three fiscal years \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 450.25 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 450.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 450.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 450.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 450.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 450.25 100.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 435.25 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 420.25 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 420.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 420.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 420.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 420.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 420.25 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 465.25 m 367.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 465.25 m 371.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 465.25 m 471.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 465.25 m 475.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 465.25 m 575.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 465.25 m 367.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 450.25 m 367.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 465.25 m 471.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 450.25 m 471.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 465.25 m 575.5 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 450.25 m 575.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 450.25 m 367.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 450.25 m 471.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 450.25 m 575.5 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 420.25 m 367.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 420.25 m 471.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 420.25 m 575.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 420.25 m 367.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 406.25 m 367.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 404.25 m 367.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 420.25 m 471.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 406.25 m 471.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 404.25 m 471.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 420.25 m 575.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 406.25 m 575.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 404.25 m 575.5 404.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.85 469.87 Td (Year Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.85 454.87 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.85 454.87 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.85 454.87 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 439.87 Td (United States) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.05 439.47 Td (...........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.00 439.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.50 439.87 Td (328,262) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.00 439.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.50 439.87 Td (490,314) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.00 439.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 439.87 Td (415,898) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 424.87 Td (International) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 424.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.50 424.87 Td (147,808) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.50 424.87 Td (144,479) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 424.87 Td (132,247) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.00 409.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.50 409.87 Td (476,070) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.00 409.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.50 409.87 Td (634,793) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.00 409.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 409.87 Td (548,145) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 384.75 Td (The table below presents net property) Tj ET Q q 0 0 0 rg BT 225.63 384.75 Td (, plant and equipment by geographic region for the past three fiscal years \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 372.75 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 323.25 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 323.25 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 323.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 323.25 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 323.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 323.25 95.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 308.25 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 293.25 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 293.25 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 293.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 293.25 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 293.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 293.25 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 338.25 m 378.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 338.25 m 382.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 338.25 m 476.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 338.25 m 480.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 338.25 m 575.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 338.25 m 378.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 323.25 m 378.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 338.25 m 476.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 323.25 m 476.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 338.25 m 575.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 323.25 m 575.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 323.25 m 378.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 323.25 m 476.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 323.25 m 575.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 293.25 m 378.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 293.25 m 476.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 293.25 m 575.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 293.25 m 378.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 279.25 m 378.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 277.25 m 378.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 293.25 m 476.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 279.25 m 476.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 277.25 m 476.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 293.25 m 575.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 279.25 m 575.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 277.25 m 575.5 277.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.45 342.87 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.35 327.87 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.85 327.87 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.35 327.87 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 312.87 Td (United States) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.15 312.47 Td (................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.00 312.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.15 312.87 Td (2,218,646) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.00 312.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.15 312.87 Td (2,052,145) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.00 312.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 312.87 Td (1,913,293) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 297.87 Td (International) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.60 297.47 Td (..................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.50 297.87 Td (356,015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.50 297.87 Td (407,341) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 297.87 Td (212,081) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.00 282.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.15 282.87 Td (2,574,661) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.00 282.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.15 282.87 Td (2,459,486) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.00 282.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 282.87 Td (2,125,374) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.75 Td (Foreign Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 236.75 Td (Operating in foreign markets presents many political, social and economic challenges. ) Tj ET Q q 0 0 0 rg BT 445.20 236.75 Td (Although we take measures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 224.75 Td (to mitigate these risks, they cannot be completely eliminated. See "Item1A) Tj ET Q q 0 0 0 rg BT 376.39 224.75 Td ( Risk Factors" for a further discussion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 212.75 Td (risks of operating in foreign markets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 191.75 Td (SEASONALITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 170.75 Td (Demand for our of) Tj ET Q q 0 0 0 rg BT 140.42 170.75 Td (fshore support services is directly af) Tj ET Q q 0 0 0 rg BT 299.18 170.75 Td (fected by the levels of of) Tj ET Q q 0 0 0 rg BT 406.85 170.75 Td (fshore drilling and production activity) Tj ET Q q 0 0 0 rg BT 567.86 170.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 158.75 Td (Budgets of many of our customers are based upon a calendar year) Tj ET Q q 0 0 0 rg BT 331.73 158.75 Td (, and demand for our services has historically been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 146.75 Td (stronger in the second and third calendar quarters when allocated budgets are expended by our customers and weather ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 134.75 Td (conditions are more favorable for of) Tj ET Q q 0 0 0 rg BT 193.12 134.75 Td (fshore activities. Many other factors, such as the expiration of drilling leases and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 122.75 Td (supply of and demand for oil and natural gas, may af) Tj ET Q q 0 0 0 rg BT 268.74 122.75 Td (fect this general trend in any particular year) Tj ET Q q 0 0 0 rg BT 459.96 122.75 Td (. In addition, we typically ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 110.75 Td (have an increase in demand for our vessels to survey and repair of) Tj ET Q q 0 0 0 rg BT 331.54 110.75 Td (fshore infrastructure immediately following major ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 98.75 Td (hurricanes or other named storms in the GoM.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 42.25 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (WEBSITE ) Tj ET Q q 0 0 0 rg BT 83.96 739.75 Td (AND OTHER ) Tj ET Q q 0 0 0 rg BT 145.81 739.75 Td (ACCESS T) Tj ET Q q 0 0 0 rg BT 196.20 739.75 Td (O COMP) Tj ET Q q 0 0 0 rg BT 236.01 739.75 Td (ANY) Tj ET Q q 0 0 0 rg BT 256.94 739.75 Td ( REPORTS ) Tj ET Q q 0 0 0 rg BT 310.47 739.75 Td (AND OTHER MA) Tj ET Q q 0 0 0 rg BT 387.50 739.75 Td (TERIALS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (Our website address is ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 164.49 718.75 Td (http://www) Tj ET Q q 0 0 0 rg BT 210.62 718.75 Td (.hornbeckoffshore.com) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.33 718.75 Td (. W) Tj ET Q q 0 0 0 rg BT 327.15 718.75 Td (e make available on this website, free of charge, access ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (to our ) Tj ET Q q 0 0 0 rg BT 63.80 706.75 Td (Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (and amendments to those reports, as well as other documents that we file with, or furnish to, the Commission pursuant to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (Sections 13\(a\) or 15\(d\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 215.55 682.75 Td (Act, as soon as reasonably practicable after such documents are filed with, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (furnished to, the Commission. W) Tj ET Q q 0 0 0 rg BT 183.09 670.75 Td (e intend to use our website as a means of disclosing material non-public information and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (for complying with disclosure obligations under Regulation FD. Such disclosures will be included on our website under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (the heading InvestorsIR Home. ) Tj ET Q q 0 0 0 rg BT 195.52 646.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 246.46 646.75 Td (, investors should monitor such portion of our website, in addition to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (following our press releases, Commission filings and public conference calls and webcasts. Periodically) Tj ET Q q 0 0 0 rg BT 494.92 634.75 Td (, we also update ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (our investor presentations which can be viewed on our website. ) Tj ET Q q 0 0 0 rg BT 322.09 622.75 Td (Y) Tj ET Q q 0 0 0 rg BT 327.84 622.75 Td (ou may read and copy any materials we file with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (Commission at the Commission) Tj ET Q q 0 0 0 rg BT 178.64 610.75 Td (s Public Reference Room at 100 F Street, N.E., W) Tj ET Q q 0 0 0 rg BT 400.58 610.75 Td (ashington, DC 20549. ) Tj ET Q q 0 0 0 rg BT 499.91 610.75 Td (Y) Tj ET Q q 0 0 0 rg BT 505.66 610.75 Td (ou can obtain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (information on the operation of the Public Reference Room by calling the Commission at 1-800-732-0330. ) Tj ET Q q 0 0 0 rg BT 508.86 598.75 Td (The SEC ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (that file electronically with the Commission at ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 237.75 574.75 Td (http://www) Tj ET Q q 0 0 0 rg BT 283.88 574.75 Td (.sec.gov) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.12 574.75 Td (. Our Corporate Governance Guidelines, Code of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (Conduct, titled "Navigating with Integrity) Tj ET Q q 0 0 0 rg BT 211.67 562.75 Td (," \(which applies to all employees, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 506.85 562.75 Td (ficer and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (certain Financial and ) Tj ET Q q 0 0 0 rg BT 130.50 550.75 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 193.13 550.75 Td (ficers\), Code of Business Conduct and Ethics for Members of the Board of Directors, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (and the charters for our ) Tj ET Q q 0 0 0 rg BT 142.17 538.75 Td (Audit, Nominating/Corporate Governance and Compensation Committees, can all be found on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (Investor Relations page of our website under Corporate Governance. W) Tj ET Q q 0 0 0 rg BT 363.21 526.75 Td (e intend to disclose any changes to or waivers ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (from the Code of Conduct that would otherwise be required to be disclosed under Item5.05 of Form 8-K on our website. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 502.75 Td (e will also provide printed copies of these materials to any stockholder upon request to Hornbeck Of) Tj ET Q q 0 0 0 rg BT 485.87 502.75 Td (fshore Services, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 57.12 490.75 Td (Attn: General Counsel, 103 Northpark Boulevard, Suite 300, Covington, Louisiana 70433. ) Tj ET Q q 0 0 0 rg BT 457.75 490.75 Td (The information on our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (website is not, and shall not be deemed to be, a part of this report or incorporated into any other filings we make with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 466.75 Td (Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (ITEM1ARisk Factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 427.75 Td (Our results of operations and financial condition can be adversely af) Tj ET Q q 0 0 0 rg BT 360.55 427.75 Td (fected by numerous risks. ) Tj ET Q q 0 0 0 rg BT 479.86 427.75 Td (Y) Tj ET Q q 0 0 0 rg BT 485.62 427.75 Td (ou should carefully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (consider the risks described below as well as the other information we have provided in this ) Tj ET Q q 0 0 0 rg BT 442.32 415.75 Td (Annual Report on Form 10-K. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (The risks described below are not the only ones we face. ) Tj ET Q q 0 0 0 rg BT 293.18 403.75 Td (Y) Tj ET Q q 0 0 0 rg BT 298.93 403.75 Td (ou should also consider the factors contained in our Forward ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (Looking Statements disclaimer found on page ii of this ) Tj ET Q q 0 0 0 rg BT 281.14 391.75 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 416.77 391.75 Td (Additional risks not presently known ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (to us or that we currently deem immaterial may also impair our business operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (As a result of the ongoing declines in oil prices that began in late 2014 and have continued through 2015 and into ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (2016, our clients have reduced and may further reduce spending on exploration and production projects, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (resulting in a decrease in demand for our services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 316.75 Td (Oil and natural gas prices, and market expectations of potential changes in these prices, significantly impact the level ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (of worldwide drilling and production services activities. Reduced demand for oil and natural gas or periods of surplus oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (and natural gas generally result in lower prices for these commodities and often impact the economics of planned drilling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (projects and ongoing production projects, resulting in the curtailment, reduction, delay or postponement of such projects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (for an indeterminate period of time. When drilling and production activity and spending declines, both vessel dayrates and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (utilization for our vessels historically decline as well. ) Tj ET Q q 0 0 0 rg BT 270.92 256.75 Td (This has been the case, beginning in October 2014 through 2015 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (and continuing in 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 226.75 Td (Oil prices worldwide have dropped significantly) Tj ET Q q 0 0 0 rg BT 265.08 226.75 Td (. If the current depressed oil and natural gas prices persist for a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (prolonged period, or decline further) Tj ET Q q 0 0 0 rg BT 191.10 214.75 Td (, oil and gas exploration and production companies will likely cancel or curtail ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.75 Td (additional drilling programs and lower production spending on existing wells even more than they have already) Tj ET Q q 0 0 0 rg BT 523.32 202.75 Td (, thereby ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (further reducing demand for our services. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 172.75 Td (Any prolonged reduction in the overall level of exploration and development activities, whether resulting from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (changes in oil and gas prices or otherwise, could materially and adversely af) Tj ET Q q 0 0 0 rg BT 373.22 160.75 Td (fect us by negatively impacting:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 142.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 142.75 Td (our revenues, cash flows and profitability; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 124.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 124.75 Td (the fair market value of our vessels; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 106.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 106.75 Td (our ability to maintain or increase our borrowing capacity; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 88.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 88.75 Td (our ability to obtain additional capital to finance our business and make acquisitions, and the cost of that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 76.75 Td (capital;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 58.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 58.75 Td (the collectability of our receivables; and) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 739.75 Td (our ability to retain skilled personnel whom we would need in the event of an upturn in the demand for our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 727.75 Td (services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 709.75 Td ( If any of the foregoing were to occur) Tj ET Q q 0 0 0 rg BT 197.76 709.75 Td (, it could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 355.44 709.75 Td (fect on our business and financial results.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (Increases in the supply of vessels could decrease dayrates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 667.75 Td (In addition to our fifth OSV newbuild program, which in nearing completion, certain of our competitors previously ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (announced plans to construct new vessels to be deployed in domestic and foreign locations, thus adding to the available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (vessel capacity) Tj ET Q q 0 0 0 rg BT 103.07 643.75 Td (. ) Tj ET Q q 0 0 0 rg BT 110.85 643.75 Td (A) Tj ET Q q 0 0 0 rg BT 116.97 643.75 Td ( remobilization to the GoM oilfield of U.S.-flagged vessels currently operating in other regions or in non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (oilfield applications would result in an increase in vessel capacity in the GoM, one of our core markets. Similarly) Tj ET Q q 0 0 0 rg BT 530.49 631.75 Td (, vessel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (capacity in foreign markets, including our core markets of Mexico and Brazil, may also be impacted by U.S.-flagged or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (other vessels migrating to such foreign locations. Further) Tj ET Q q 0 0 0 rg BT 289.46 607.75 Td (, a repeal, suspension or significant modification of the Jones ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 595.75 Td (Act, or the administrative erosion of its benefits, permitting vessels that are either foreign-flagged, foreign-built, foreign-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 583.75 Td (owned, foreign-controlled or foreign-operated to engage in the U.S. coastwise trade, would also result in an increase in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 571.75 Td (capacity) Tj ET Q q 0 0 0 rg BT 71.94 571.75 Td (. ) Tj ET Q q 0 0 0 rg BT 79.73 571.75 Td (Any increase in the supply of OSVs or MPSVs, whether through new construction, refurbishment or conversion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 559.75 Td (of vessels from other uses, remobilization or changes in law or its application, could not only increase competition for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 547.75 Td (charters and lower utilization and dayrates, which would adversely af) Tj ET Q q 0 0 0 rg BT 339.87 547.75 Td (fect our revenues and profitability) Tj ET Q q 0 0 0 rg BT 486.43 547.75 Td (, but could also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (worsen the impact of any downturn in the oil and gas industry on our results of operations and financial condition. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (Because some services provided by MPSVs are not protected by the Jones ) Tj ET Q q 0 0 0 rg BT 372.29 523.75 Td (Act, foreign competitors may bring additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (MPSVs to the GoM or build additional MPSVs that we will compete with domestically or internationally for such services.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (The failure to successfully complete our fifth OSV newbuild program or repairs, maintenance and routine ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (drydockings on-schedule and on-budget could adversely af) Tj ET Q q 0 0 0 rg BT 319.20 478.75 Td (fect our financial condition and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 457.75 Td (In November 201) Tj ET Q q 0 0 0 rg BT 135.97 457.75 Td (1, we commenced and later expanded our fifth OSV newbuild program. W) Tj ET Q q 0 0 0 rg BT 465.40 457.75 Td (e contracted with three ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (domestic shipyards on the Gulf Coast to construct a total of 19 new generation, high-spec OSVs, all of which have already ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (been delivered, and five MPSVs, one of which has been delivered. W) Tj ET Q q 0 0 0 rg BT 344.89 433.75 Td (e routinely engage shipyards to drydock our vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (for regulatory compliance and to provide repair and maintenance. Our vessel newbuild program and drydockings are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (subject to the risks of delay and cost overruns inherent in any large construction project, including shortages of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td (equipment, lack of shipyard availability) Tj ET Q q 0 0 0 rg BT 205.90 397.75 Td (, unforeseen engineering problems, work stoppages, weather interference, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (unanticipated cost increases, including costs of steel, inability to obtain necessary certifications and approvals and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (shortages of materials or skilled labor) Tj ET Q q 0 0 0 rg BT 201.08 373.75 Td (. Significant delays under our fifth OSV newbuild program could have a material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.75 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 82.51 361.75 Td (fect on anticipated contract commitments or anticipated revenues. Significant delays with respect to other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (possible newbuild programs or the conversion or drydockings of vessels could result in similar adverse ef) Tj ET Q q 0 0 0 rg BT 499.93 349.75 Td (fects to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (anticipated contract commitments or revenues. Significant cost overruns or delays for vessels under construction not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (adequately protected by liquidated damages provisions, in general could adversely af) Tj ET Q q 0 0 0 rg BT 412.72 325.75 Td (fect our financial condition and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (Additional reductions in Petrobras' announced plans for exploration and production activities of) Tj ET Q q 0 0 0 rg BT 493.24 292.75 Td (fshore) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (Brazil could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 219.79 280.75 Td (fect on the market for high-spec OSVs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 256.75 Td (Petrobras accounts for a substantial portion of global deepwater drilling activity and has publicly announced plans to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (reduce its investment in exploration and production activities by roughly $30 billion from 2015 through 2019. ) Tj ET Q q 0 0 0 rg BT 517.22 244.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (reduction and any decision by Petrobras to further reduce the scope or pace of its announced exploration and production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (plans of) Tj ET Q q 0 0 0 rg BT 70.84 220.75 Td (fshore Brazil could negatively impact the worldwide market for high-spec OSVs and could have a material adverse ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 208.75 Td (fect on our financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (The level of of) Tj ET Q q 0 0 0 rg BT 103.05 187.75 Td (fshore oil and gas exploration, development and production activity has historically been volatile ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (and is likely to continue to be so in the future. The level of activity is subject to large fluctuations in response to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 163.75 Td (relatively minor changes in a variety of factors that are beyond our control) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.43 163.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 142.75 Td (Changes in, among others, the following factors can negatively impact our performance:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 124.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 124.75 Td (worldwide demand for oil and natural gas;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 106.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 106.75 Td (prevailing oil and natural gas prices and expectations about future prices and price volatility;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 88.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 88.75 Td (changes in capital spending budgets by our customers;) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 740.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 740.10 Td (the ability of oil and gas companies to generate or otherwise obtain funds for exploration and production;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 722.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 722.10 Td (local and international political and economic conditions and policies;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 704.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 704.10 Td (unavailability of drilling rigs in our core markets of the GoM, Mexico and Brazil;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 686.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 686.10 Td (the cost of of) Tj ET Q q 0 0 0 rg BT 133.78 686.10 Td (fshore exploration for) Tj ET Q q 0 0 0 rg BT 227.16 686.10 Td (, and production and transportation of, oil and natural gas;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 668.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 668.10 Td (successful exploration for) Tj ET Q q 0 0 0 rg BT 188.98 668.10 Td (, and production and transportation of, oil and natural gas from onshore sources;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 650.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 650.10 Td (consolidation of oil and gas and oil service companies operating of) Tj ET Q q 0 0 0 rg BT 370.59 650.10 Td (fshore;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 632.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 632.10 Td (availability and rate of discovery of new oil and natural gas reserves in of) Tj ET Q q 0 0 0 rg BT 397.80 632.10 Td (fshore areas;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 614.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 614.10 Td (technological advances af) Tj ET Q q 0 0 0 rg BT 191.60 614.10 Td (fecting energy production and consumption;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 596.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 596.10 Td (the ability or willingness of the Organization of Petroleum Exporting Countries, or OPEC, to set and maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 584.10 Td (production levels for oil;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 566.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 566.10 Td (oil and natural gas production levels by non-OPEC countries;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 548.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 548.10 Td (weather conditions; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 530.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 530.10 Td (environmental and other regulations af) Tj ET Q q 0 0 0 rg BT 247.18 530.10 Td (fecting our customers and their other service providers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 509.10 Td (Since late 2014 we have observed a significant decline in oil prices, which has caused oil companies to announce ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (and implement significant reductions in their capital spending programs, that is the source upon which much of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (business activity depends. ) Tj ET Q q 0 0 0 rg BT 157.74 485.10 Td (A) Tj ET Q q 0 0 0 rg BT 163.86 485.10 Td ( prolonged reduction in oil prices could have a significant adverse and long-term impact on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 97.52 473.10 Td (s financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (Intense competition in our industry could reduce our profitability and market share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 431.10 Td (Contracts for our vessels are generally awarded on an intensely competitive basis. Some of our competitors, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (including diversified multinational companies, have substantially greater financial resources and larger operating staf) Tj ET Q q 0 0 0 rg BT 549.99 419.10 Td (fs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (than we do. ) Tj ET Q q 0 0 0 rg BT 93.08 407.10 Td (They may be better able to compete in making vessels available more quickly and ef) Tj ET Q q 0 0 0 rg BT 466.42 407.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 499.03 407.10 Td (, meeting the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (customer) Tj ET Q q 0 0 0 rg BT 77.49 395.10 Td () Tj ET Q q 0 0 0 rg BT 79.54 395.10 Td (s schedule and withstanding the ef) Tj ET Q q 0 0 0 rg BT 232.79 395.10 Td (fect of declines in dayrates and utilization rates. ) Tj ET Q q 0 0 0 rg BT 448.29 395.10 Td (They may also be better ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (able to weather a downturn in the oil and gas industry) Tj ET Q q 0 0 0 rg BT 272.07 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.86 383.10 Td (As a result, we could lose customers and market share to these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (competitors. Some of our competitors may also be willing to accept lower dayrates in order to maintain utilization, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (can have a negative impact on dayrates and utilization. Similarly) Tj ET Q q 0 0 0 rg BT 322.08 359.10 Td (, competition in various markets may also be impacted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (by U.S.-flagged vessels migrating in and out of foreign locations due to the pace of drilling permit activity in the GoM. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 77.68 335.10 Td (, customer demand for vessels under our fifth OSV newbuild program may not be as strong as we have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (anticipated and our inability to obtain contracts on anticipated terms or at all may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 512.19 323.10 Td (fect on our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (revenues and profitability) Tj ET Q q 0 0 0 rg BT 146.43 311.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 290.10 Td (e may not have the funds available or be able to obtain the funds necessary to meet the obligations relating to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (our fifth OSV newbuild program, our 2019 convertible senior notes, our 2020 senior notes, or our 2021 senior ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td (notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 245.10 Td (Under our fifth OSV newbuild program, we are spending approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.27 245.10 Td ($1,335 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.98 245.10 Td (, excluding capitalized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 233.10 Td (construction period interest, for the construction of vessels currently under contract, of which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.75 233.10 Td ($1,201.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.80 233.10 Td ( has been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 221.10 Td (paid as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.14 221.10 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.97 221.10 Td (. ) Tj ET Q q 0 0 0 rg BT 178.13 221.10 Td (The amounts required to fund our fifth OSV newbuild program represent a substantial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (capital commitment. W) Tj ET Q q 0 0 0 rg BT 139.73 209.10 Td (e expect the remaining obligations relating to this newbuild program to be paid, over time through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (2017, based on construction milestones. Our 2019 convertible senior notes, our 2020 senior notes, and our 2021 senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (notes, which collectively have a face value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.78 185.10 Td ($1,125 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.48 185.10 Td (, mature in September 2019, ) Tj ET Q q 0 0 0 rg BT 428.45 185.10 Td (April 2020, and March 2021, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 88.06 173.10 Td (. In addition, upon the occurrence of certain change of control events, as defined in the indentures governing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (the 2020 senior notes and the 2021 senior notes, holders of such notes would have the right to require us to repurchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (such notes at 101% of their principal amount, plus accrued and unpaid interest. Further) Tj ET Q q 0 0 0 rg BT 423.45 149.10 Td (, upon certain fundamental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (changes as defined in the indenture governing the 2019 convertible senior notes, holders of such notes would have the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (right to require us to repurchase such notes at 100% of their principal amount, plus any accrued and unpaid interest. ) Tj ET Q q 0 0 0 rg BT 555.01 125.10 Td (T) Tj ET Q q 0 0 0 rg BT 560.01 125.10 Td (o ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 113.10 Td (the extent that our cash on hand and cash flow from operations are not suf) Tj ET Q q 0 0 0 rg BT 365.47 113.10 Td (ficient to meet these obligations as they come ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 101.10 Td (due, we plan to borrow on our currently undrawn credit facility) Tj ET Q q 0 0 0 rg BT 307.62 101.10 Td (, sell non-core assets and arrange for additional financing. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 89.10 Td (Nevertheless, there can be no assurance that we will be able to sell our non-core assets or arrange for additional ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (financing on acceptable terms. Failure to meet our obligations related to our fifth OSV newbuild program, our 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (convertible senior notes, our 2020 senior notes, and our 2021 senior notes may result in the acceleration of our other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (indebtedness and result in a material adverse ef) Tj ET Q q 0 0 0 rg BT 248.72 715.75 Td (fect on our financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 694.75 Td (e have grown, and may continue to grow) Tj ET Q q 0 0 0 rg BT 238.25 694.75 Td (, through acquisitions that give rise to risks and challenges that could ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (adversely af) Tj ET Q q 0 0 0 rg BT 93.64 682.75 Td (fect our future financial results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 661.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 661.75 Td (e regularly consider possible acquisitions of single vessels, vessel fleets and businesses that complement our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (existing operations to enable us to grow our business. ) Tj ET Q q 0 0 0 rg BT 279.48 649.75 Td (Acquisitions can involve a number of special risks and challenges, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 619.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 619.75 Td (diversion of management time and attention from our existing business and other business opportunities;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 601.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 601.75 Td (delays in closing or the inability to close an acquisition for any reason, including third party consents or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 589.75 Td (approvals;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 571.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 571.75 Td (any unanticipated negative impact on us of disclosed or undisclosed matters relating to any vessels or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 559.75 Td (operations acquired;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 541.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 541.75 Td (loss or termination of employees, including costs associated with the termination or replacement of those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 529.75 Td (employees;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 511.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 511.75 Td (assumption of debt or other liabilities of the acquired business, including litigation related to the acquired ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 499.75 Td (business;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 481.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 481.75 Td (the incurrence of additional acquisition-related debt as well as increased expenses and working capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 469.75 Td (requirements;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 451.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 451.75 Td (dilution of stock ownership of existing stockholders;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 433.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 433.75 Td (increased costs and ef) Tj ET Q q 0 0 0 rg BT 176.58 433.75 Td (forts in connection with compliance with Section404 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 512.32 433.75 Td (Act; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 415.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 415.75 Td (substantial accounting charges for restructuring and related expenses, impairment of goodwill, amortization of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 403.75 Td (intangible assets, and stock-based compensation expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 382.75 Td (Even if we consummate an acquisition, the process of integrating acquired operations into our own may result in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (unforeseen operating dif) Tj ET Q q 0 0 0 rg BT 143.68 370.75 Td (ficulties and costs and may require significant management attention and financial resources. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (addition, integrating acquired businesses may impact the ef) Tj ET Q q 0 0 0 rg BT 298.75 358.75 Td (fectiveness of our internal controls over financial reporting. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (Any of the foregoing, and other factors, could harm our ability to achieve anticipated levels of utilization and profitability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (from acquired vessels or businesses or to realize other anticipated benefits of acquisitions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 313.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 313.75 Td (e can give no assurance that we will be able to identify desirable acquisition candidates or that we will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (successful in entering into definitive agreements or closing such acquisitions on satisfactory terms. ) Tj ET Q q 0 0 0 rg BT 476.21 301.75 Td (An inability to acquire ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (additional vessels or businesses may limit our growth potential.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (The early termination of contracts on our vessels could have an adverse ef) Tj ET Q q 0 0 0 rg BT 391.49 268.75 Td (fect on our operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 247.75 Td (Some of the long-term contracts for our vessels and all contracts with governmental entities and national oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 235.75 Td (companies contain early termination options in favor of the customer; however) Tj ET Q q 0 0 0 rg BT 381.18 235.75 Td (, some have early termination remedies or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (other provisions designed to discourage the customers from exercising such options. W) Tj ET Q q 0 0 0 rg BT 425.45 223.75 Td (e cannot assure that our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 211.75 Td (customers would not choose to exercise their termination rights in spite of such remedies or the threat of litigation with us. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (Until replacement of such business with other customers, any termination could temporarily disrupt our business or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (otherwise adversely af) Tj ET Q q 0 0 0 rg BT 135.31 187.75 Td (fect our financial condition and results of operations. W) Tj ET Q q 0 0 0 rg BT 380.82 187.75 Td (e might not be able to replace such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (business on economically equivalent terms. In addition, during the current and prior downturns, we have experienced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 163.75 Td (customers requesting contractual concessions even though contrary to existing contractual terms. While not legally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 151.75 Td (required to give concessions, commercial considerations may dictate that we do so, given the relatively few deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 139.75 Td (customers operating in the GoM. ) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (17) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (Our contracts with the United States Government could be impacted by budget cuts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 718.75 Td (Our government contracts depend upon annual funding commitments authorized by Congress. In a period of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (government budget cuts or other political events, our contracts might not be re-authorized, resulting in a decline in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (anticipated revenues.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 673.75 Td (e are subject to complex laws and regulations, including environmental regulations that can adversely af) Tj ET Q q 0 0 0 rg BT 542.99 673.75 Td (fect ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (the cost, manner or feasibility of doing business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 640.75 Td (Increasingly stringent federal, state, local and foreign laws and regulations governing worker health and safety and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (the manning, construction and operation of vessels significantly af) Tj ET Q q 0 0 0 rg BT 327.10 628.75 Td (fect our operations. Many aspects of the marine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (industry are subject to extensive governmental regulation by the USCG, the National ) Tj ET Q q 0 0 0 rg BT 412.13 616.75 Td (T) Tj ET Q q 0 0 0 rg BT 417.87 616.75 Td (ransportation Safety Board, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (EP) Tj ET Q q 0 0 0 rg BT 48.60 604.75 Td (A) Tj ET Q q 0 0 0 rg BT 54.72 604.75 Td ( and the United States Customs Service, and their foreign equivalents, and to regulation by private industry ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (organizations such as the ) Tj ET Q q 0 0 0 rg BT 151.63 592.75 Td (American Bureau of Shipping. ) Tj ET Q q 0 0 0 rg BT 289.86 592.75 Td (The USCG and the National ) Tj ET Q q 0 0 0 rg BT 416.97 592.75 Td (T) Tj ET Q q 0 0 0 rg BT 422.71 592.75 Td (ransportation Safety Board set ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (safety standards and are authorized to investigate vessel accidents and recommend improved safety standards, while the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (USCG and Customs Service are authorized to inspect vessels at will. Our operations are also subject to international ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (conventions, federal, state, local and international laws and regulations that control the discharge of pollutants into the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (environment or otherwise relate to environmental protection. Compliance with such laws, regulations and standards may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (require installation of costly equipment, increased manning, specific training, and/or operational changes. While we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (endeavor to comply with all applicable laws, circumstances might exist where we might not come into complete ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 508.75 Td (compliance with applicable laws and regulations which could result in administrative and civil penalties, criminal sanctions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 496.75 Td (imposition of remedial obligations or the suspension or termination of our operations. Some environmental laws impose ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (without regard to whether we were negligent or at fault. ) Tj ET Q q 0 0 0 rg BT 284.85 472.75 Td (These laws and regulations may expose us to liability for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (conduct of, or conditions caused by) Tj ET Q q 0 0 0 rg BT 192.02 460.75 Td (, others, including charterers. Moreover) Tj ET Q q 0 0 0 rg BT 368.21 460.75 Td (, these laws and regulations could change in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (ways that substantially increase costs that we may not be able to pass along to our customers. ) Tj ET Q q 0 0 0 rg BT 459.00 448.75 Td (Any changes in applicable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (conventions or laws, regulations or standards that would impose additional requirements or restrictions on our or our oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (and gas exploration and production customers) Tj ET Q q 0 0 0 rg BT 242.98 424.75 Td ( operations could adversely af) Tj ET Q q 0 0 0 rg BT 375.65 424.75 Td (fect our financial condition and results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (operations. It is possible that laws and regulations may become even more stringent, which could also adversely af) Tj ET Q q 0 0 0 rg BT 546.09 412.75 Td (fect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (our financial condition and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 379.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 379.75 Td (e are also subject to the Merchant Marine ) Tj ET Q q 0 0 0 rg BT 255.47 379.75 Td (Act of 1936, which provides that, upon proclamation by the President of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (a national emergency or a threat to the security of the national defense, the Secretary of ) Tj ET Q q 0 0 0 rg BT 427.72 367.75 Td (T) Tj ET Q q 0 0 0 rg BT 433.46 367.75 Td (ransportation may requisition or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (purchase any vessel or other watercraft owned by United States citizens \(which includes United States corporations\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (including vessels under construction in the United States. If one of our OSVs or MPSVs were purchased or requisitioned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 331.75 Td (by the federal government under this law) Tj ET Q q 0 0 0 rg BT 216.11 331.75 Td (, we would be entitled to be paid the fair market value of the vessel in the case of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (a purchase or) Tj ET Q q 0 0 0 rg BT 96.60 319.75 Td (, in the case of a requisition, the fair market value of charter hire. W) Tj ET Q q 0 0 0 rg BT 396.55 319.75 Td (e would also not be entitled to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (compensated for any consequential damages we suf) Tj ET Q q 0 0 0 rg BT 269.30 307.75 Td (fer as a result of the requisition or purchase of any of our OSVs or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (MPSVs. ) Tj ET Q q 0 0 0 rg BT 77.49 295.75 Td (The purchase or the requisition for an extended period of time of one or more of our vessels could adversely ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (af) Tj ET Q q 0 0 0 rg BT 44.16 283.75 Td (fect our results of operations and financial condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 262.75 Td (Finally) Tj ET Q q 0 0 0 rg BT 88.15 262.75 Td (, we are subject to the Merchant Marine ) Tj ET Q q 0 0 0 rg BT 266.02 262.75 Td (Act of 1920, commonly referred to as the Jones ) Tj ET Q q 0 0 0 rg BT 478.35 262.75 Td (Act, which requires ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (that vessels engaged in coastwise trade to carry cargo between U.S. ports be documented under the laws of the United ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (States and be controlled by U.S. citizens. ) Tj ET Q q 0 0 0 rg BT 223.32 238.75 Td (A) Tj ET Q q 0 0 0 rg BT 229.44 238.75 Td ( corporation is not considered a U.S. citizen unless, among other things, at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (least 75% of the ownership of voting interests with respect to its equity securities are held by U.S. citizens. W) Tj ET Q q 0 0 0 rg BT 519.93 226.75 Td (e endeavor ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (to ensure that we would be determined to be a U.S. citizen as defined under these laws by including in our certificate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.75 Td (incorporation certain restrictions on the ownership of our capital stock by non-U.S. citizens and establishing certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (mechanisms to maintain compliance with these laws. If we are determined at any time not to be in compliance with these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.75 Td (citizenship requirements, our vessels might become ineligible to engage in the coastwise trade in U.S. domestic waters, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.75 Td (and our business and operating results would be adversely af) Tj ET Q q 0 0 0 rg BT 307.66 166.75 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 145.75 Td (The Jones ) Tj ET Q q 0 0 0 rg BT 108.92 145.75 Td (Act) Tj ET Q q 0 0 0 rg BT 125.41 145.75 Td (s provisions restricting coastwise trade to vessels controlled by U.S. citizens have been circumvented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (in recent years by foreign interests that seek to engage in trade reserved for vessels controlled by U.S. citizens and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (otherwise qualifying for coastwise trade. Legal challenges against such actions are dif) Tj ET Q q 0 0 0 rg BT 417.70 121.75 Td (ficult, costly to pursue and are of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.75 Td (uncertain outcome. In addition, the Jones ) Tj ET Q q 0 0 0 rg BT 223.90 109.75 Td (Act is often criticized and there are ef) Tj ET Q q 0 0 0 rg BT 388.25 109.75 Td (forts underway by af) Tj ET Q q 0 0 0 rg BT 478.11 109.75 Td (fected interest groups ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td (to seek its repeal. ) Tj ET Q q 0 0 0 rg BT 119.75 97.75 Td (T) Tj ET Q q 0 0 0 rg BT 124.75 97.75 Td (o the extent such ef) Tj ET Q q 0 0 0 rg BT 211.85 97.75 Td (forts are successful and foreign competition is permitted, such competition could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 85.75 Td (have a material adverse ef) Tj ET Q q 0 0 0 rg BT 153.66 85.75 Td (fect on domestic companies in the of) Tj ET Q q 0 0 0 rg BT 315.79 85.75 Td (fshore service vessel industry and on our financial ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (condition and results of operations. In addition, in the interest of national defense, the Secretary of Homeland Security is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (authorized to suspend the coastwise trading restrictions imposed by the Jones ) Tj ET Q q 0 0 0 rg BT 384.53 727.75 Td (Act on vessels not controlled by U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (citizens. Such waivers are granted from time-to-time.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (Our business involves many operating risks that may disrupt our business or otherwise result in substantial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (losses, and insurance may be unavailable or inadequate to protect us against these risks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 661.75 Td (Our vessels are subject to operating risks such as:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 643.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 643.75 Td (catastrophic marine disaster;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 625.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 625.75 Td (adverse weather and sea conditions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 607.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 607.75 Td (mechanical failure;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 589.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 589.75 Td (collisions or allisions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 571.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 571.75 Td (oil and hazardous substance spills;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 553.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 553.75 Td (navigation errors;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 535.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 535.75 Td (acts of God; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 517.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 517.75 Td (war and terrorism.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 496.75 Td (The occurrence of any of these events may result in damage to or loss of our vessels or other property) Tj ET Q q 0 0 0 rg BT 512.26 496.75 Td (, injury or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (death of people or contamination of the environment. If any of these events were to occur) Tj ET Q q 0 0 0 rg BT 432.91 484.75 Td (, we could be exposed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (liability for resulting damages and possible penalties that, pursuant to typical marine indemnity policies, we must pay and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (then seek reimbursement from our insurer) Tj ET Q q 0 0 0 rg BT 221.63 460.75 Td (. ) Tj ET Q q 0 0 0 rg BT 229.42 460.75 Td (Af) Tj ET Q q 0 0 0 rg BT 238.69 460.75 Td (fected vessels may also be removed from service and thus be unavailable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (for income-generating activity) Tj ET Q q 0 0 0 rg BT 165.87 448.75 Td (. While we believe our insurance coverage is adequate and insures us against risks that are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (customary in the industry) Tj ET Q q 0 0 0 rg BT 146.42 436.75 Td (, we may be unable to renew such coverage in the future at commercially reasonable rates. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (Moreover) Tj ET Q q 0 0 0 rg BT 77.68 424.75 Td (, existing or future coverage may not be suf) Tj ET Q q 0 0 0 rg BT 269.27 424.75 Td (ficient to cover claims that may arise and we do not maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (insurance for loss of income resulting from a marine casualty) Tj ET Q q 0 0 0 rg BT 304.26 412.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (Our operations in international markets and shipyard activities in foreign shipyards subjects us to risks inherent ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (in conducting business internationally) Tj ET Q q 0 0 0 rg BT 218.43 379.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 358.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 358.75 Td (e derive a portion of our revenues from foreign sources. In addition, certain of our shipyard repair and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (procurement activities are being conducted with foreign vendors. W) Tj ET Q q 0 0 0 rg BT 336.53 346.75 Td (e therefore face risks inherent in conducting business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (internationally) Tj ET Q q 0 0 0 rg BT 96.96 334.75 Td (, such as legal and governmental regulatory requirements, potential vessel seizure or nationalization of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (assets, import-export quotas or other trade barriers, dif) Tj ET Q q 0 0 0 rg BT 277.59 322.75 Td (ficulties in collecting accounts receivable and longer collection ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (periods, political and economic instability) Tj ET Q q 0 0 0 rg BT 215.91 310.75 Td (, kidnapping of or assault on personnel, piracy) Tj ET Q q 0 0 0 rg BT 419.18 310.75 Td (, adverse tax consequences, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (dif) Tj ET Q q 0 0 0 rg BT 46.38 298.75 Td (ficulties and costs of staf) Tj ET Q q 0 0 0 rg BT 155.14 298.75 Td (fing international operations and language and cultural dif) Tj ET Q q 0 0 0 rg BT 409.03 298.75 Td (ferences. W) Tj ET Q q 0 0 0 rg BT 464.98 298.75 Td (e do not hedge against ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (foreign currency risk. While we endeavor to contract in U.S. Dollars when operating internationally) Tj ET Q q 0 0 0 rg BT 470.46 286.75 Td (, some contracts may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (be denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 200.36 274.75 Td (, which would result in a foreign currency exposure risk. ) Tj ET Q q 0 0 0 rg BT 451.03 274.75 Td (All of these risks are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (beyond our control and dif) Tj ET Q q 0 0 0 rg BT 151.45 262.75 Td (ficult to insure against. W) Tj ET Q q 0 0 0 rg BT 265.77 262.75 Td (e cannot predict the nature and the likelihood of any such events. If ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (such an event should occur) Tj ET Q q 0 0 0 rg BT 157.19 250.75 Td (, however) Tj ET Q q 0 0 0 rg BT 199.99 250.75 Td (, it could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 357.67 250.75 Td (fect on our financial condition and results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 217.75 Td (e may lose the right to operate in some international markets in which we have a presence.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 196.75 Td (In certain foreign markets in which we operate, most notably Mexico, we sometimes depend upon governmental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (waivers of cabotage laws. ) Tj ET Q q 0 0 0 rg BT 155.88 184.75 Td (These waivers could be revoked or made more burdensome, which could result in our inability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (to continue our operations or materially increase the costs of operating in such foreign locations. In addition, our foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (customers are often large state-owned oil companies that have monopolies or near monopolies in their home countries. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 148.75 Td (These companies sometimes impose contractual requirements or restrictions that cannot be negotiated away and that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 136.75 Td (can impose significant operating risks upon us. W) Tj ET Q q 0 0 0 rg BT 258.15 136.75 Td (e have attempted to challenge these contractual actions in foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 124.75 Td (markets, which entails significant risks. ) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (19) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (Future results of operations depend on the long-term financial stability of our customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (Some of the contracts we enter into for our vessels are full utilization contracts with initial terms ranging from one to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (five years. W) Tj ET Q q 0 0 0 rg BT 96.39 706.75 Td (e enter into these long-term contracts with our customers based on a credit assessment at the time of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (execution. Our financial condition in any period may therefore depend on the long-term stability and creditworthiness of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (our customers. W) Tj ET Q q 0 0 0 rg BT 116.95 682.75 Td (e can provide no assurance that our customers will fulfill their obligations under our long-term contracts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (and the insolvency or other failure of a customer to fulfill its obligations under such contract could adversely af) Tj ET Q q 0 0 0 rg BT 520.52 670.75 Td (fect our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 637.75 Td (e may be unable to attract and retain qualified, skilled employees necessary to operate our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 616.75 Td (Our success depends in large part on our ability to attract and retain highly skilled and qualified personnel. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (inability to hire, train and retain a suf) Tj ET Q q 0 0 0 rg BT 196.46 604.75 Td (ficient number of qualified employees could impair our ability to manage, maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (and grow our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 571.75 Td (In crewing our vessels, we require skilled employees who can perform physically demanding work. ) Tj ET Q q 0 0 0 rg BT 500.20 571.75 Td (As a result of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 559.75 Td (recent volatility of the oil and gas industry) Tj ET Q q 0 0 0 rg BT 218.13 559.75 Td (, we have significantly reduced our mariner headcount. ) Tj ET Q q 0 0 0 rg BT 465.50 559.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 515.90 559.75 Td (, as a result ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 547.75 Td (of such volatility) Tj ET Q q 0 0 0 rg BT 105.84 547.75 Td (, vessel employees and potential employees may choose to pursue employment in fields that of) Tj ET Q q 0 0 0 rg BT 527.56 547.75 Td (fer a more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (desirable work environment at wage rates that are competitive with ours. Further) Tj ET Q q 0 0 0 rg BT 393.94 535.75 Td (, unlike the current weak market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (conditions, during normal market conditions, we face strong competition within the broader oilfield industry for employees ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (and potential employees, including competition from drilling rig operators for our fleet personnel. ) Tj ET Q q 0 0 0 rg BT 464.57 511.75 Td (As the vessels being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (constructed in our fifth OSV newbuild program are delivered and placed in service, we may have dif) Tj ET Q q 0 0 0 rg BT 475.49 499.75 Td (ficulty hiring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (employees or finding suitable replacements as needed. Once normal market conditions return, should a reduced pool of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (workers arise, it is possible that we would have to raise wage rates to attract workers and to retain our current employees. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (In such circumstances, should we not be able to increase our service rates to our customers to compensate for wage-rate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (increases or recruit qualified personnel to operate our vessels at full utilization, our financial condition and results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (operations may be adversely af) Tj ET Q q 0 0 0 rg BT 174.78 439.75 Td (fected.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (Our employees are covered by federal laws that may subject us to job-related claims in addition to those ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (provided by state laws.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 385.75 Td (Some of our employees are covered by provisions of the Jones ) Tj ET Q q 0 0 0 rg BT 341.82 385.75 Td (Act, the Death on the High Seas ) Tj ET Q q 0 0 0 rg BT 486.91 385.75 Td (Act and general ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (maritime law) Tj ET Q q 0 0 0 rg BT 91.57 373.75 Td (. ) Tj ET Q q 0 0 0 rg BT 99.72 373.75 Td (These laws preempt state workers) Tj ET Q q 0 0 0 rg BT 253.85 373.75 Td ( compensation laws and permit these employees and their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.75 Td (representatives to pursue actions against employers for job-related incidents in federal courts based on tort theories. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (Because we are not generally protected by the damage limits imposed by state workers) Tj ET Q q 0 0 0 rg BT 424.72 349.75 Td ( compensation statutes for these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (types of claims, we may have greater exposure for any claims made by these employees.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (Our success depends on key members of our management, the loss of whom could disrupt our business ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 283.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 283.75 Td (e depend to a large extent on the ef) Tj ET Q q 0 0 0 rg BT 226.98 283.75 Td (forts and continued employment of our executive of) Tj ET Q q 0 0 0 rg BT 453.59 283.75 Td (ficers and key ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (management personnel. W) Tj ET Q q 0 0 0 rg BT 158.66 271.75 Td (e do not maintain key-man insurance. ) Tj ET Q q 0 0 0 rg BT 330.79 271.75 Td (The loss of services of one or more of our executive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 259.75 Td (ficers or key management personnel could have a negative impact on our financial condition and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (Restrictions contained in the indentures governing our 2020 senior notes, our 2021 senior notes, and in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (agreement governing our revolving credit facility may limit our ability to obtain additional financing and to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (pursue other business opportunities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 193.75 Td (Covenants contained in the indenture governing our 2020 senior notes, in the indenture governing our 2021 senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (notes and in the agreement governing our revolving credit facility require us to meet certain financial tests, which may limit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (or otherwise restrict:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 148.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 148.75 Td (our flexibility in operating, planning for) Tj ET Q q 0 0 0 rg BT 244.02 148.75 Td (, and reacting to changes, in our business;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 127.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 127.75 Td (our ability to dispose of assets, withstand current or future economic or industry downturns and compete with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 115.75 Td (others in our industry for strategic opportunities; and) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.70 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 739.75 Td (our ability to obtain additional financing for working capital, capital expenditures, including our newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.70 727.75 Td (programs, acquisitions, general corporate and other purposes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 706.75 Td (e have high levels of fixed costs that will be incurred regardless of our level of business activity) Tj ET Q q 0 0 0 rg BT 500.03 706.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 685.75 Td (Our business has high fixed costs. Downtime or low productivity due to reduced demand, as is currently being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (experienced, from weather interruptions or other causes can have a significant negative ef) Tj ET Q q 0 0 0 rg BT 434.38 673.75 Td (fect on our operating results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (and financial condition. In addition, given our recent vessel stackings, our fixed costs are borne by a substantially smaller ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (active fleet of vessels. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (Our revenues and operating results may vary significantly from quarter to quarter due to a number of factors ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (such as volatility in our vessel dayrates, changes in utilization, vessel incidents and other unforeseen matters. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (Many of these factors that may cause our actual financial results to vary from our publicly disclosed earnings ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (guidance and forecasts are outside of our control.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 571.75 Td (Our actual financial results might vary from those anticipated by us or by securities analysts and investors, and these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 559.75 Td (variations could be material. From time to time we publicly provide various forms of guidance, which reflect our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 547.75 Td (projections about future market expectations and operating performance. ) Tj ET Q q 0 0 0 rg BT 363.79 547.75 Td (The numerous assumptions underlying such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (guidance may be impacted by factors that are beyond our control and might not turn out to be correct. ) Tj ET Q q 0 0 0 rg BT 490.15 535.75 Td (Although we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (believe that the assumptions underlying our projections are reasonable when such projections are made, actual results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (could be materially dif) Tj ET Q q 0 0 0 rg BT 132.53 511.75 Td (ferent, particularly with respect to our MPSVs.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 490.75 Td (e are susceptible to unexpected increases in operating expenses such as crew wages, materials and supplies, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (maintenance and repairs, and insurance costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 457.75 Td (Many of our operating costs, such as crew wages, materials and supplies, maintenance and repairs, and insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (costs, are unpredictable and vary based on events beyond our control. Our gross margins will vary based on fluctuations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (in our operating costs. If our costs increase or we encounter unforeseen costs, we may not be able to recover such costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (from our customers, which could adversely af) Tj ET Q q 0 0 0 rg BT 236.45 421.75 Td (fect our financial position, results of operations and cash flows.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (Stacked vessels may introduce additional operational issues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 379.75 Td (In recognition of weak market conditions, we have stacked 33 OSVs on various dates since October 1, 2014 and we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (may choose to stack additional vessels should market conditions warrant. In connection with such stackings, we have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (reduced our mariner headcount significantly) Tj ET Q q 0 0 0 rg BT 229.26 355.75 Td (. Operationally) Tj ET Q q 0 0 0 rg BT 295.77 355.75 Td (, we limit the number of persons available to maintain such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (stacked vessels. ) Tj ET Q q 0 0 0 rg BT 114.37 343.75 Td (Also, we have fewer revenue-producing units in service that can contribute to our results and contribute ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 331.75 Td (cash flows to cover our fixed costs and commitments. When stacked vessels return to service, we will incur previously ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (deferred drydocking costs for regulatory recertifications and may incur costs to hire and train mariners to operate such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (vessels. Delay in reactivating stacked vessels and the costs and other expenses related to the reactivation of stacked ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (vessels could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 216.47 295.75 Td (fect on our cash flows and results of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 274.75 Td (e may be adversely af) Tj ET Q q 0 0 0 rg BT 148.48 274.75 Td (fected by uncertainty in the global financial markets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 253.75 Td (Our future results may be impacted by volatility) Tj ET Q q 0 0 0 rg BT 267.12 253.75 Td (, weakness or deterioration in the debt and equity capital markets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (Inflation, deflation, or other adverse economic conditions may negatively af) Tj ET Q q 0 0 0 rg BT 366.56 241.75 Td (fect us or parties with whom we do business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (resulting in their non-payment or inability to perform obligations owed to us, such as the failure of customers to honor their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (commitments, the failure of shipyards and major suppliers to complete orders or the failure by banks to provide expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (funding under our revolving credit agreement. ) Tj ET Q q 0 0 0 rg BT 242.79 205.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 293.19 205.75 Td (, credit market conditions may slow our collection ef) Tj ET Q q 0 0 0 rg BT 521.44 205.75 Td (forts as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (customers experience increased dif) Tj ET Q q 0 0 0 rg BT 193.12 193.75 Td (ficulty in obtaining requisite financing, potentially leading to lost revenue and higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (than normal accounts receivable. ) Tj ET Q q 0 0 0 rg BT 188.12 181.75 Td (This could result in greater expense associated with collection ef) Tj ET Q q 0 0 0 rg BT 473.09 181.75 Td (forts and increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (bad debt expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 148.75 Td (Any significant softening in the already limited global economic recovery may adversely impact our ability to issue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 136.75 Td (additional debt and equity in the future on acceptable terms. W) Tj ET Q q 0 0 0 rg BT 315.99 136.75 Td (e cannot be certain that additional funding will be available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 124.75 Td (if needed and to the extent required, on acceptable terms.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (21) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 739.75 Td (e may be unable to collect amounts owed to us by our customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 718.75 Td (e typically grant our customers credit on a short-term basis. Related credit risks are inherent as we do not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (typically collateralize receivables due from customers. W) Tj ET Q q 0 0 0 rg BT 289.24 706.75 Td (e provide estimates for uncollectible accounts based primarily on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (our judgment using historical losses, current economic conditions and individual evaluations of each customer as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (evidence supporting the receivables valuations stated on our financial statements. However) Tj ET Q q 0 0 0 rg BT 442.90 682.75 Td (, our receivables valuation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (estimates may not be accurate and receivables due from customers reflected in our financial statements may not be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (collectible.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (Future changes in legislation, policy) Tj ET Q q 0 0 0 rg BT 208.44 637.75 Td (, restrictions or regulations for drilling in the United States that cause delays ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (or deter new drilling could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 288.13 625.75 Td (fect on our financial position, results of operations and cash ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 592.75 Td (In response to the ) Tj ET Q q 0 0 0 rg BT 142.28 592.75 Td (April 20, 2010, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 209.55 592.75 Td (Deepwater Horizon) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.14 592.75 Td ( incident, the regulatory agencies with jurisdiction over oil and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (gas exploration, including the DOI, imposed temporary moratoria on drilling operations, by requiring operators to reapply ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (for exploration plans and drilling permits that had previously been approved, and by adopting numerous new regulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (and new interpretations of existing regulations regarding of) Tj ET Q q 0 0 0 rg BT 295.42 556.75 Td (fshore operations that are applicable to our customers and with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (which their new applications for exploration plans and drilling permits must prove compliant. Compliance with these new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (regulations and new interpretations of existing regulations have materially increased the cost of drilling operations in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (GoM. ) Tj ET Q q 0 0 0 rg BT 65.82 520.75 Td (These additional compliance costs could materially adversely impact our business, financial position or results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 508.75 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (The fundamental change purchase feature of our 2019 convertible senior notes and the change of control ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (purchase features of our 2020 senior notes and our 2021 senior notes and provisions of our certificate of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (incorporation, bylaws, stockholder rights plan and Delaware law may delay or prevent an otherwise beneficial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (takeover attempt of the Company) Tj ET Q q 0 0 0 rg BT 193.99 451.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 430.75 Td (The terms of our 2019 convertible senior notes require us to purchase the notes for cash in the event of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (fundamental change. Upon a change in control, our 2020 senior notes and our 2021 senior notes require us to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (repurchase such senior notes at 101% of aggregate principal. ) Tj ET Q q 0 0 0 rg BT 313.40 406.75 Td (A) Tj ET Q q 0 0 0 rg BT 319.52 406.75 Td ( takeover of the Company would trigger the requirement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 394.75 Td (that we purchase the 2019 convertible senior notes, the 2020 senior notes and the 2021 senior notes. Furthermore, our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 382.75 Td (certificate of incorporation and bylaws, Delaware corporations law) Tj ET Q q 0 0 0 rg BT 326.15 382.75 Td (, and our stockholder rights plan contain provisions that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (could have the ef) Tj ET Q q 0 0 0 rg BT 111.99 370.75 Td (fect of making it more dif) Tj ET Q q 0 0 0 rg BT 220.74 370.75 Td (ficult for a third party to acquire, or discourage a third party from attempting to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (acquire, control of us. ) Tj ET Q q 0 0 0 rg BT 136.98 358.75 Td (These provisions could limit the price that investors might be willing to pay in the future for shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (of our common stock and may have the ef) Tj ET Q q 0 0 0 rg BT 222.03 346.75 Td (fect of delaying or preventing a takeover of the Company that would otherwise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (be beneficial to investors.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (The convertible note hedge transactions may af) Tj ET Q q 0 0 0 rg BT 262.54 313.75 Td (fect the value of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 292.75 Td (In connection with the original issuance of our 2019 convertible senior notes, we entered into convertible note hedge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (transactions with counterparties that include the initial purchasers of such notes or their af) Tj ET Q q 0 0 0 rg BT 432.14 280.75 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 468.64 280.75 Td (The convertible note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (hedge transactions cover) Tj ET Q q 0 0 0 rg BT 147.18 268.75 Td (, subject to customary anti-dilution adjustments, the aggregate number of shares of our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (stock that initially underlie the notes, and are expected to reduce the potential equity dilution, and/or of) Tj ET Q q 0 0 0 rg BT 487.22 256.75 Td (fset cash payments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (due, upon conversion of the notes in the event the volume-weighted average price of our common stock on each trading ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (day of the relevant conversion period or other relevant valuation period is greater than the strike price of the convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (note hedge transactions. Concurrently with entering into the convertible note hedge transactions, we also entered into ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (separate warrant transactions with the same counterparties relating to the same number of shares of our common stock, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 196.75 Td (subject to customary anti-dilution adjustments, pursuant to which we sold warrants to the counterparties. If the warrants ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (are exercised, such exercise would mitigate some of the reduction upon exercise of the convertible note hedge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (transactions, and could have a dilutive ef) Tj ET Q q 0 0 0 rg BT 216.49 172.75 Td (fect on our earnings per share to the extent that the volume-weighted average ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 160.75 Td (price of our common stock during the measurement period at maturity of the warrants exceeds the strike price of the sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 148.75 Td (warrants.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 127.75 Td (In connection with establishing their initial hedges of these transactions, such counterparties or their af) Tj ET Q q 0 0 0 rg BT 511.74 127.75 Td (filiates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 115.75 Td (entered into various cash-settled over-the-counter derivative transactions with respect to our common stock. ) Tj ET Q q 0 0 0 rg BT 518.82 115.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (counterparties or their af) Tj ET Q q 0 0 0 rg BT 144.21 103.75 Td (filiates may modify their hedge positions by unwinding these derivative transactions, entering into ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 91.75 Td (or unwinding additional cash-settled over-the-counter derivative transactions and/or purchasing or selling our common ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (stock or other of our securities in secondary market transactions from time to time following the pricing of the notes and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (prior to maturity of the notes \(and are likely to do so during any conversion period related to any conversion of the notes\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 706.75 Td (The potential ef) Tj ET Q q 0 0 0 rg BT 128.75 706.75 Td (fect, if any) Tj ET Q q 0 0 0 rg BT 173.59 706.75 Td (, of these convertible note hedge and warrant transactions or any of these hedging ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (activities on the market price of our common stock will depend in part on market conditions and cannot be ascertained at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (this time, but any of these activities could materially and adversely af) Tj ET Q q 0 0 0 rg BT 339.30 682.75 Td (fect the value of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 661.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 661.75 Td (e do not make any representation or prediction as to the direction or magnitude of any potential ef) Tj ET Q q 0 0 0 rg BT 500.45 661.75 Td (fect that the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (transactions described above may have on the price of our common stock. In addition, we do not make any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (representation that the counterparties to those transactions will engage in these transactions or activities or that these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (transactions and activities, once commenced, will not be discontinued without notice; the counterparties or their af) Tj ET Q q 0 0 0 rg BT 538.31 625.75 Td (filiates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (may choose to engage in, or discontinue engaging in, any of these transactions or activities with or without notice at any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (time, and their decisions will be in their sole discretion and not within our control.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 580.75 Td (e are subject to counterparty risk with respect to the convertible note hedge transactions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 559.75 Td (The counterparties to the convertible note hedge transactions are financial institutions, and we will be subject to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 547.75 Td (risk that any or all of them might default under the convertible note hedge transactions. Our exposure to the credit risk of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (the counterparties will not be secured by any collateral. Global economic conditions experienced between 2008 and 2010 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (resulted in the actual or perceived failure or financial dif) Tj ET Q q 0 0 0 rg BT 280.40 523.75 Td (ficulties of many financial institutions. If a counterparty becomes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (subject to insolvency proceedings, we will become an unsecured creditor in those proceedings, with a claim equal to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (exposure at that time under our transactions with that counterparty) Tj ET Q q 0 0 0 rg BT 329.31 499.75 Td (. Our exposure will depend on many factors but, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (generally) Tj ET Q q 0 0 0 rg BT 75.84 487.75 Td (, an increase in our exposure will be correlated to an increase in the market price and in the volatility of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (common stock. In addition, upon a default by a counterparty) Tj ET Q q 0 0 0 rg BT 303.19 475.75 Td (, we may suf) Tj ET Q q 0 0 0 rg BT 359.14 475.75 Td (fer adverse tax consequences and more dilution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (than we currently anticipate with respect to our common stock. W) Tj ET Q q 0 0 0 rg BT 327.05 463.75 Td (e can provide no assurances as to the financial stability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (or viability of the counterparties to the convertible note hedge transactions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 430.75 Td (Conversion of the 2019 convertible senior notes or exercise of the warrants issued in the warrant transactions ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (may dilute the ownership interest of existing stockholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 397.75 Td (The conversion of the 2019 convertible senior notes or exercise of some or all of the warrants we issued in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (warrant transactions may dilute the ownership interests of existing stockholders. ) Tj ET Q q 0 0 0 rg BT 394.51 385.75 Td (Although the convertible note hedge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (transactions are expected to reduce potential dilution upon conversion of our convertible notes, the warrant transactions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.75 Td (could have a dilutive ef) Tj ET Q q 0 0 0 rg BT 137.55 361.75 Td (fect on our earnings per share to the extent that the price of our common stock exceeds the strike ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (price of the warrants. ) Tj ET Q q 0 0 0 rg BT 134.38 349.75 Td (Any sales in the public market of our common stock issuable upon such conversion could adversely ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (af) Tj ET Q q 0 0 0 rg BT 44.16 337.75 Td (fect prevailing market prices of our common stock. In addition, the anticipated exercise of the warrants for shares of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (common stock could depress the price of our common stock. Current accounting standards require us to use the treasury ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (method for determining potential dilution in our diluted earnings per share computation since it is our intention to settle the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (principal amount of the notes in cash. However) Tj ET Q q 0 0 0 rg BT 246.12 301.75 Td (, if due to changes in facts and circumstances beyond our control such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (intention were to change, or it becomes probable that we will be unable to settle the principal in cash, we could be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (required to change our methodology for determining fully diluted earnings per share to the if-converted method. ) Tj ET Q q 0 0 0 rg BT 532.22 277.75 Td (The if-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (converted method would result in a substantial dilutive ef) Tj ET Q q 0 0 0 rg BT 286.52 265.75 Td (fect on diluted earnings per share compared to the treasury ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (method.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 235.75 Td (Our stock price has been volatile, declining precipitously from time to time during the period from 2013 through ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (the present, and it could decline again. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 202.75 Td (The securities markets in general and our common stock in particular have experienced significant price and volume ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (volatility in recent years. ) Tj ET Q q 0 0 0 rg BT 148.08 190.75 Td (The market price and trading volume of our common stock may continue to experience ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.75 Td (significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.75 Td (regarding our operations or business prospects or those of companies in our industry) Tj ET Q q 0 0 0 rg BT 411.02 166.75 Td (. In addition to the other risk factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 154.75 Td (discussed above, the price and volume volatility of our common stock may be af) Tj ET Q q 0 0 0 rg BT 389.33 154.75 Td (fected by:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 133.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 133.75 Td (operating results that vary from the expectations of securities analysts and investors;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 112.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 112.75 Td (factors influencing the levels of global oil and natural gas exploration and exploitation activities, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 100.75 Td (the current depressed prices for oil or natural gas;) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 739.75 Td (disasters such as the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 204.71 739.75 Td (Deepwater Horizon) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.31 739.75 Td ( incident in the Gulf of Mexico in 2010;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 718.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 718.75 Td (the operating and securities price performance of companies that investors or analysts consider ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 706.75 Td (comparable to us;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 685.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 685.75 Td (actions by rating agencies related to our 2019 convertible senior notes, our 2020 senior notes, or our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 673.75 Td (2021 senior notes;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 652.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 652.75 Td (the ability or willingness of OPEC to set and maintain production levels for oil;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 631.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 631.75 Td (oil and gas production levels by non-OPEC countries;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 610.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 610.75 Td (geopolitical risks;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 589.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 589.75 Td (announcements of strategic developments, acquisitions and other material events by us or by our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 577.75 Td (competitors; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 556.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 556.75 Td (changes in global financial markets and global economies and general market conditions, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 544.75 Td (interest rates, commodity and equity prices and the value of financial assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (ITEM1BUnresolved Staff Comments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 502.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (ITEM2Properties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 460.75 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 172.65 460.75 Td (fices are in Covington, Louisiana, where we lease approximately 65,000 square feet of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 448.75 Td (fice space under a lease with an initial term expiring in September 2025 and three additional five-year renewal periods. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (Our primary domestic operating of) Tj ET Q q 0 0 0 rg BT 186.99 436.75 Td (fice is located in Port Fourchon, Louisiana. W) Tj ET Q q 0 0 0 rg BT 387.46 436.75 Td (e also maintain four international of) Tj ET Q q 0 0 0 rg BT 542.93 436.75 Td (fices ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (from which we operate our fleet of vessels in Mexico and Brazil, as set forth below) Tj ET Q q 0 0 0 rg BT 398.39 424.75 Td (. For more information, see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td ("Management) Tj ET Q q 0 0 0 rg BT 99.96 412.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 177.78 412.75 Td (Analysis of Financial Condition and Results of Operations" included within this report. W) Tj ET Q q 0 0 0 rg BT 566.34 412.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (believe that our facilities, including waterfront locations used for vessel dockage and certain vessel repair work, provide an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (adequate base of operations for the foreseeable future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 367.75 Td (Our principal properties as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.17 367.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.00 367.75 Td ( are as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.70 367.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 327.25 238.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 327.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 327.25 149.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 327.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 327.25 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 327.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 327.25 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 301.25 238.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 301.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 301.25 149.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 301.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 301.25 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 301.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 301.25 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 275.25 238.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 275.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 275.25 149.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 275.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 275.25 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 275.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 275.25 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 249.25 238.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 249.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 249.25 149.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 249.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 249.25 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 249.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 249.25 51.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 327.25 m 274.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 327.25 m 427.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 327.25 m 521.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 327.25 m 576.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 327.25 m 576.5 327.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 138.30 331.48 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.45 331.48 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.30 331.48 Td (AreaUsingProperty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.05 339.48 Td (Owned/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.70 331.48 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 317.47 Td (Covington, Louisiana, USA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.85 317.47 Td (........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 317.47 Td (CorporateHeadquarters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 317.47 Td (Corporate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 317.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 304.47 Td (Hammond, Louisiana, USA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.60 304.47 Td (.......................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 304.47 Td (Warehouse) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 304.47 Td (GoM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 304.47 Td (Owned) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 291.47 Td (Port Fourchon, Louisiana, USA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.30 291.47 Td (.................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 291.47 Td (Dock,Office,Warehouse,Yard) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 291.47 Td (GoM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 291.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 278.47 Td (Paraiso,Tabasco,Mexico) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.30 278.47 Td (..........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 278.47 Td (Office) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 278.47 Td (Mexico) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 278.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 265.47 Td (Ciudad Del Carmen, Campeche, Mexico) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.95 265.47 Td (..................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 265.47 Td (Office) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 265.47 Td (Mexico) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 265.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 252.47 Td (Barra da Tijuca, Rio de Janeiro, Brazil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.85 252.47 Td (......................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 252.47 Td (Office) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 252.47 Td (Brazil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 252.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 239.47 Td (Macae, Rio de Janeiro, Brazil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.95 239.47 Td (....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 239.47 Td (Office) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 239.47 Td (Brazil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 239.47 Td (Leased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 226.47 Td (Houston, Texas, USA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.85 226.47 Td (.................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.00 226.47 Td (Office) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.00 226.47 Td (GoM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.00 226.47 Td (Leased) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 202.75 Td (In addition to the foregoing, our revenues are principally derived from our vessels described in "Item1Business" of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (this ) Tj ET Q q 0 0 0 rg BT 53.79 190.75 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (Item3Legal Proceedings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 148.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 130.75 Td (Item4Mine Safety Disclosures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 112.75 Td (None.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.55 727.75 Td (P) Tj ET Q q 0 0 0 rg BT 294.48 727.75 Td (ART II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (Item5Market for Registrant) Tj ET Q q 0 0 0 rg BT 177.88 706.75 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 262.15 706.75 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 673.75 Td (Our common stock, $0.01 par value, trades on the New ) Tj ET Q q 0 0 0 rg BT 307.72 673.75 Td (Y) Tj ET Q q 0 0 0 rg BT 313.47 673.75 Td (ork Stock Exchange, or NYSE, under the trading symbol ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (HOS. ) Tj ET Q q 0 0 0 rg BT 69.71 661.75 Td (The following table sets forth, for the quarterly periods indicated, the high and low sale prices for our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (stock as reported by the NYSE during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.09 649.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.33 649.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.58 649.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.82 649.75 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.60 649.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 606.25 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 606.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 606.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 606.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 606.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 606.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 606.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 606.25 66.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 592.25 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 578.25 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 578.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 578.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 578.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 578.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 578.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 578.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 578.25 66.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 564.25 264.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 618.25 m 366.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 618.25 m 370.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 618.25 m 436.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 618.25 m 506.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 618.25 m 510.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 618.25 m 576.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 606.25 m 366.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 606.25 m 436.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 606.25 m 506.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 606.25 m 576.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 606.25 m 506.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 606.25 m 576.5 606.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 622.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.10 621.93 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.10 621.93 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 610.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.10 609.93 Td (High) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.00 609.93 Td (Low) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.10 609.93 Td (High) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.00 609.93 Td (Low) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 596.47 Td (First Quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.95 596.47 Td (........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.00 596.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.60 596.47 Td (25.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 596.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 596.47 Td (17.91) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 596.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.60 596.47 Td (49.04) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 596.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 596.47 Td (38.17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 582.47 Td (Second Quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.60 582.47 Td (..................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.00 582.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.60 582.47 Td (25.22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 582.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 582.47 Td (18.64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 582.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.60 582.47 Td (47.08) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 582.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 582.47 Td (37.44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 568.47 Td (Third Quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.50 568.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.00 568.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.60 568.47 Td (20.98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 568.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 568.47 Td (13.33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 568.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.60 568.47 Td (47.45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 568.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 568.47 Td (32.46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 554.47 Td (Fourth Quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.05 554.47 Td (....................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.00 554.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.60 554.47 Td (17.80) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 554.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.15 554.47 Td (8.23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 554.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.60 554.47 Td (33.54) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 554.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 554.47 Td (19.16) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 529.75 Td (On January31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.15 529.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.40 529.75 Td (, we had 23 holders of record of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 508.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 508.75 Td (e have not previously declared or paid, and we do not plan to declare or pay in the foreseeable future, any cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 496.75 Td (dividends on our common stock. In October 2014, our Board of Directors approved the buyback of up to $150 million of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (our common stock. Our current intention is to retain all additional cash that our business generates to cover all of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (growth capital expenditures, commercial-related capital expenditures, annually recurring cash debt service, maintenance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (capital expenditures and cash income taxes, as well as discretionary share repurchases from time to time and to fund ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (future growth. ) Tj ET Q q 0 0 0 rg BT 102.15 448.75 Td (Any future payment of cash dividends or stock repurchases will depend upon the financial condition, capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (requirements, plans to reduce our long-term debt and earnings of the Company) Tj ET Q q 0 0 0 rg BT 386.01 436.75 Td (, as well as other factors that our Board of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (Directors may deem relevant. In addition, the indentures governing our 2020 senior notes, our 2021 senior notes and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (agreement governing our revolving credit facility include restrictions on our ability to pay cash dividends on our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (stock. See "Item7-Management) Tj ET Q q 0 0 0 rg BT 183.32 400.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 261.14 400.75 Td (Analysis of Financial Condition and Results of Operations and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 565.19 400.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 570.76 400.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (to our consolidated financial statements for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 367.75 Td (See "Item12-Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (for information regarding shares of common stock authorized for issuance under our equity compensation plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (Repurchase of Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 313.75 Td (On October 28, 2014, our Board of Directors authorized us to repurchase up to $150 million in shares of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (common stock using dif) Tj ET Q q 0 0 0 rg BT 140.31 301.75 Td (ferent methods including, but not limited to, open-market purchases, privately negotiated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (transactions, accelerated share repurchases and Rule 10b5-1 trading plans. ) Tj ET Q q 0 0 0 rg BT 377.69 289.75 Td (The timing and amount of the repurchases ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (depends on several factors, such as market conditions, applicable legal requirements, available liquidity) Tj ET Q q 0 0 0 rg BT 493.29 277.75 Td (, the discretion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (management and other appropriate factors. ) Tj ET Q q 0 0 0 rg BT 233.71 265.75 Td (The repurchase program does not obligate us to acquire any particular ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (amount of common stock and may be modified, suspended or discontinued at any time. ) Tj ET Q q 0 0 0 rg BT 427.88 253.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.45 253.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.28 253.75 Td (, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (had repurchased and retired ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.42 241.75 Td (891,396) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.57 241.75 Td ( shares at an average price of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.64 241.75 Td ($28.05) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.23 241.75 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 419.41 241.75 Td (The repurchased shares cost a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (total of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.80 229.75 Td ($25 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.60 229.75 Td ( and represented roughly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.57 229.75 Td (2.5%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.36 229.75 Td ( of our total shares outstanding prior to the commencement of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 81.02 217.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.59 217.75 Td (February26, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.30 217.75 Td (, no additional shares had been repurchased.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 19.75 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 753.25 Td (Item6Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.00 738.25 Td (SELECTED HIST) Tj ET Q q 0 0 0 rg BT 220.72 738.25 Td (ORICAL) Tj ET Q q 0 0 0 rg BT 258.87 738.25 Td ( CONSOLIDA) Tj ET Q q 0 0 0 rg BT 320.90 738.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 397.38 738.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 446.08 738.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.90 723.25 Td (\(In thousands, except operating and per share data\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 708.25 Td ( ) Tj ET Q q 0 0 0 rg BT 49.50 708.25 Td (Our selected historical consolidated financial information as of and for the years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.72 708.25 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.55 708.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.11 708.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.35 708.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.91 708.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 578.16 708.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 696.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 35.75 696.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.99 696.25 Td (201) Tj ET Q q 0 0 0 rg BT 73.93 696.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 696.25 Td (, was derived from our audited historical consolidated financial statements prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 564.01 696.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 684.25 Td (Certain reclassifications have been made to prior period results to conform to current year presentation. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.98 684.25 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.54 684.25 Td ( for a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 672.25 Td (discussion of such reclassifications. ) Tj ET Q q 0 0 0 rg BT 176.72 672.25 Td (The data should be read in conjunction with and is qualified in its entirety by reference to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 660.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 18.50 660.25 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.87 660.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.65 660.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 157.46 660.25 Td (Analysis of Financial Condition and Results of Operations and our historical consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 648.25 Td (statements and the notes to those statements included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 335.36 648.25 Td (Annual Report on Form 10-K. In 2013, we closed the sale ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 636.25 Td (of our Downstream segment to Genesis Marine, LLC. ) Tj ET Q q 0 0 0 rg BT 255.09 636.25 Td (The historical results for the Downstream segment and the gain on the sale ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 624.25 Td (of that segment have been presented as discontinued operations for all periods in the Selected Historical Consolidated Financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 612.25 Td (Information presented herein. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.16 612.25 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.29 612.25 Td ( of the Consolidated Financial Statements for more information. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 581.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 581.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 581.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 581.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 581.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 581.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 581.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 581.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 581.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 581.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 561.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 561.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 561.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 561.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 561.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 561.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 561.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 561.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 561.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 561.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 541.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 541.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 541.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 541.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 541.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 541.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 541.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 541.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 541.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 541.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 521.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 521.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 521.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 521.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 521.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 521.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 521.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 521.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 521.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 521.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 501.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 501.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 501.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 501.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 501.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 501.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 501.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 501.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 501.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 501.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 481.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 481.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 481.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 481.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 481.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 481.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 481.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 481.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 481.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 481.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 461.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 461.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 461.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 461.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 461.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 461.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 461.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 461.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 461.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 461.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 441.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 441.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 441.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 441.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 441.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 441.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 441.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 441.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 441.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 441.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 421.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 421.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 421.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 421.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 421.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 421.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 421.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 421.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 421.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 421.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 401.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 401.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 401.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 401.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 401.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 401.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 401.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 401.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 401.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 401.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 381.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 381.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 381.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 381.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 381.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 381.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 381.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 381.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 381.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 381.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 361.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 361.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 361.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 361.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 361.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 361.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 361.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 361.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 361.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 361.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 341.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 341.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 341.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 341.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 341.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 341.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 341.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 341.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 341.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 341.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 321.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 321.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 321.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 321.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 321.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 321.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 321.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 321.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 321.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 321.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 301.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 301.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 301.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 301.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 301.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 301.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 301.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 301.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 301.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 301.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 281.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 281.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 281.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 281.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 281.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 281.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 281.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 281.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 281.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 281.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 261.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 261.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 261.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 261.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 261.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 261.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 261.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 261.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 261.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 261.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 241.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 241.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 241.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 241.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 241.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 241.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 241.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 241.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 241.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 241.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 221.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 221.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 221.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 221.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 221.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 221.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 221.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 221.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 221.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 221.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 201.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 201.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 201.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 201.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 201.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 201.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 201.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 201.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 201.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 201.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 181.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 181.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 181.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 181.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 181.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 181.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 181.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 181.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 181.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 181.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 161.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 161.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 161.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 161.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 161.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 161.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 161.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 161.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 161.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 161.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 141.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 141.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 141.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 141.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 141.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 141.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 141.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 141.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 141.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 141.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 121.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 121.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 121.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 121.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 121.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 121.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 121.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 121.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 121.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 121.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 101.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 101.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 101.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 101.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 101.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 101.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 101.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 101.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 101.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 101.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 81.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 81.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 81.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 81.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 81.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 81.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 81.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 81.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 81.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 81.75 52.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 61.75 316.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 61.75 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 61.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 61.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 61.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 61.75 49.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 61.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 61.75 51.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 61.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.00 61.75 52.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 591.75 m 380 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 591.75 m 384 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 591.75 m 435 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 591.75 m 439 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 591.75 m 488 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 591.75 m 492 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 591.75 m 543 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543 591.75 m 547 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 591.75 m 599 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 591.75 m 380 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 581.75 m 380 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 591.75 m 435 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 581.75 m 435 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 591.75 m 488 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 581.75 m 488 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 591.75 m 543 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 581.75 m 543 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 591.75 m 599 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 581.75 m 599 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 391.75 m 543 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 391.75 m 599 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 391.75 m 380 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 382.75 m 380 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 380.75 m 380 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 391.75 m 435 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 382.75 m 435 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 380.75 m 435 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 391.75 m 488 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 382.75 m 488 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 380.75 m 488 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 391.75 m 543 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 382.75 m 543 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 380.75 m 543 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 391.75 m 599 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 382.75 m 599 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 380.75 m 599 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 380.75 m 543 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 382.75 m 543 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 380.75 m 599 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 382.75 m 599 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 361.75 m 543 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 361.75 m 599 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 361.75 m 380 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 352.75 m 380 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 350.75 m 380 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 361.75 m 435 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 352.75 m 435 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 350.75 m 435 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 361.75 m 488 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 352.75 m 488 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 350.75 m 488 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 361.75 m 543 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 352.75 m 543 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 350.75 m 543 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 361.75 m 599 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 352.75 m 599 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 350.75 m 599 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 350.75 m 543 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 352.75 m 543 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 350.75 m 599 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547 352.75 m 599 352.75 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 16.50 594.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.20 594.15 Td (Year Ended December31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 16.50 584.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.70 584.15 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.20 584.15 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.20 584.15 Td (2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 509.20 584.15 Td (2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 564.90 584.15 Td (2011) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 574.15 Td (Statement of Operations Data:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 564.15 Td (Revenues) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 50.30 564.15 Td (..............................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 564.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 564.15 Td (476,070) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 564.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 564.15 Td (634,793) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 564.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 564.15 Td (548,145) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 564.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 564.15 Td (463,309) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 564.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 564.15 Td (330,836) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 554.15 Td (Operating expenses) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.45 554.15 Td (..............................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 554.15 Td (219,260) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 554.15 Td (296,500) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 554.15 Td (239,239) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 554.15 Td (226,462) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 554.15 Td (177,868) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 544.15 Td (Depreciation and amortization) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 110.60 544.15 Td (...............................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 544.15 Td (109,029) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 544.15 Td (115,450) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 544.15 Td (85,962) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 544.15 Td (73,675) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 544.15 Td (67,910) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 534.15 Td (General and administrative expenses) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 133.95 534.15 Td (...................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 534.15 Td (48,297) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 534.15 Td (54,245) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 534.15 Td (53,428) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 534.15 Td (45,178) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 534.15 Td (32,327) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 524.15 Td (Gain \(loss\) on sale of assets) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 106.70 524.15 Td (.................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 524.15 Td (44,060) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.50 524.15 Td (822) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.70 524.15 Td (1,587) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.20 524.15 Td (\(350) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 524.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 580.55 524.15 Td (980) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 514.15 Td (Operating income) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 73.65 514.15 Td (..................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 514.15 Td (143,544) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 514.15 Td (169,420) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 514.15 Td (171,103) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 514.15 Td (117,644) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 514.15 Td (53,711) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 504.15 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 132.00 504.15 Td (....................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 504.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.25 504.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.50 504.15 Td (\(25,776) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 504.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.40 504.15 Td (\(6,048) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 504.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 585.25 504.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 494.15 Td (Interest income) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.85 494.15 Td (......................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 355.70 494.15 Td (1,525) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 410.70 494.15 Td (1,086) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.70 494.15 Td (2,515) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.70 494.15 Td (2,167) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 580.55 494.15 Td (829) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 484.15 Td (Interest expense) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 69.75 484.15 Td (....................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 484.15 Td (39,496) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 484.15 Td (30,733) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 484.15 Td (47,352) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 484.15 Td (57,869) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 484.15 Td (59,649) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 474.15 Td (Other income \(expenses\)) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 95.09 477.49 Td (\(1\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 102.80 474.15 Td (...................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 355.70 474.15 Td (1,005) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.50 474.15 Td (501) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 471.10 474.15 Td (\(92) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 474.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.55 474.15 Td (185) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 580.55 474.15 Td (231) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 464.15 Td (Income \(loss\) before income taxes) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 124.20 464.15 Td (........................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 464.15 Td (106,578) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 464.15 Td (140,274) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 464.15 Td (100,398) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 464.15 Td (56,079) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 572.40 464.15 Td (\(4,878) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 464.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 454.15 Td (Income tax expense \(benefit\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 108.65 454.15 Td (................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 454.15 Td (39,757) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 454.15 Td (52,367) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 454.15 Td (36,320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 454.15 Td (21,384) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 572.40 454.15 Td (\(1,358) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 454.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 444.15 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 143.65 444.15 Td (..............................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 444.15 Td (66,821) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 444.15 Td (87,907) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 444.15 Td (64,078) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 444.15 Td (34,695) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 572.40 444.15 Td (\(3,520) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 444.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 434.15 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 165.05 434.15 Td (...................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 434.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.50 434.15 Td (618) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 434.15 Td (47,315) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.70 434.15 Td (2,322) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 580.55 434.15 Td (959) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 424.15 Td (Net income \(loss\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 71.70 424.15 Td (...................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 424.15 Td (66,821) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 424.15 Td (88,525) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 424.15 Td (111,393) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 424.15 Td (37,017) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 572.40 424.15 Td (\(2,561) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 424.15 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 414.15 Td (Per Share Data:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 404.15 Td (Basic earnings \(loss\) per common share from continuing operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 227.30 404.15 Td (...................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 404.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 404.15 Td (1.87) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 404.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 404.15 Td (2.43) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 404.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 404.15 Td (1.79) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 404.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 404.15 Td (0.98) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 404.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 576.25 404.15 Td (\(0.12) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 404.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 394.15 Td (Basic earnings per common share from discontinued operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 215.60 394.15 Td (.........................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 394.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 394.15 Td (0.02) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 394.15 Td (1.31) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 394.15 Td (0.07) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 394.15 Td (0.03) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 384.15 Td (Basic earnings \(loss\) per common share) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 143.65 384.15 Td (..............................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 384.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 384.15 Td (1.87) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 384.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 384.15 Td (2.45) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 384.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 384.15 Td (3.10) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 384.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 384.15 Td (1.05) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 384.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 576.25 384.15 Td (\(0.09) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 384.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 374.15 Td (Diluted earnings \(loss\) per common share from continuing operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 231.20 374.15 Td (.................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 374.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 374.15 Td (1.84) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 374.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 374.15 Td (2.40) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 374.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 374.15 Td (1.76) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 374.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 374.15 Td (0.97) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 374.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 576.25 374.15 Td (\(0.12) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 374.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 364.15 Td (Diluted earnings per common share from discontinued operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 219.50 364.15 Td (.......................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 364.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 364.15 Td (0.01) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 364.15 Td (1.29) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 364.15 Td (0.06) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 364.15 Td (0.03) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 354.15 Td (Diluted earnings \(loss\) per common share) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 147.55 354.15 Td (............................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 354.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 354.15 Td (1.84) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 354.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 354.15 Td (2.41) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 354.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 354.15 Td (3.05) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 354.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 354.15 Td (1.03) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 354.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 576.25 354.15 Td (\(0.09) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 354.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 344.15 Td (Weighted average basic shares outstanding) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 153.40 344.15 Td (.........................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 344.15 Td (35,755) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 344.15 Td (36,172) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 344.15 Td (35,895) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 344.15 Td (35,311) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 344.15 Td (27,876) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 334.15 Td (W) Tj ET Q q 0 0 0 rg BT 22.98 334.15 Td (eighted average diluted shares outstanding) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 156.86 337.49 Td (\(2\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 163.10 334.15 Td (....................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 334.15 Td (36,302) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 334.15 Td (36,692) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 334.15 Td (36,548) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 334.15 Td (36,080) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 334.15 Td (27,876) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 324.15 Td (Balance Sheet Data \(at period end\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 314.15 Td (Cash and cash equivalents) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 102.80 314.15 Td (...................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 314.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 314.15 Td (259,801) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 314.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 314.15 Td (185,123) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 314.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 314.15 Td (439,291) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 314.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 314.15 Td (576,678) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 314.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 314.15 Td (356,849) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 304.15 Td (W) Tj ET Q q 0 0 0 rg BT 22.98 304.15 Td (orking capital) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 64.23 307.49 Td (\(3\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 71.70 304.15 Td (...................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 304.15 Td (278,491) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 304.15 Td (253,566) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 304.15 Td (446,489) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 304.15 Td (360,120) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 304.15 Td (397,995) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 294.15 Td (Property, plant, and equipment from continuing operations, net) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 211.75 294.15 Td (...........................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.05 294.15 Td (2,574,661) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 397.05 294.15 Td (2,459,486) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.10 294.15 Td (2,125,374) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.10 294.15 Td (1,643,623) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 561.10 294.15 Td (1,431,414) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 284.15 Td (Property, plant, and equipment from discontinued operations, net) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 217.55 284.15 Td (........................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 284.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.25 284.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.55 284.15 Td (759) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 284.15 Td (168,487) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 284.15 Td (174,371) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 274.15 Td (T) Tj ET Q q 0 0 0 rg BT 20.00 274.15 Td (otal assets) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 53.46 277.49 Td (\(4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.05 274.15 Td (.........................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.05 274.15 Td (2,984,416) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 397.05 274.15 Td (2,860,935) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.10 274.15 Td (2,743,015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.10 274.15 Td (2,584,971) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 561.10 274.15 Td (2,124,656) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 264.15 Td (T) Tj ET Q q 0 0 0 rg BT 20.00 264.15 Td (otal short-term debt) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 80.69 267.49 Td (\(5\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 87.25 264.15 Td (...........................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 264.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.25 264.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.25 264.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 264.15 Td (238,071) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 585.25 264.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 254.15 Td (T) Tj ET Q q 0 0 0 rg BT 20.00 254.15 Td (otal long-term debt) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 78.37 257.49 Td (\(6\) \(7\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 93.10 254.15 Td (........................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.05 254.15 Td (1,070,281) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 397.05 254.15 Td (1,057,487) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.10 254.15 Td (1,045,297) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 254.15 Td (833,326) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 254.15 Td (762,179) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 244.15 Td (Total stockholders equity) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 95.05 244.15 Td (.......................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.05 244.15 Td (1,446,163) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 397.05 244.15 Td (1,370,765) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.10 244.15 Td (1,295,428) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.10 244.15 Td (1,165,845) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 561.10 244.15 Td (1,072,988) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 234.15 Td (Statement of Cash Flows Data:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 224.15 Td (Net cash provided by \(used in\) continuing operations:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.50 214.15 Td (Operating activities) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 95.05 214.15 Td (.......................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 214.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 214.15 Td (215,843) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 214.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 214.15 Td (163,106) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 214.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 214.15 Td (207,067) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 214.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 214.15 Td (128,865) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 214.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 214.15 Td (52,582) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.50 204.15 Td (Investing activities) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 93.10 204.15 Td (........................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 345.55 204.15 Td (\(141,349) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 204.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.55 204.15 Td (\(401,515) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.25 204.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.60 204.15 Td (\(526,630) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 204.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.60 204.15 Td (\(255,323) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 204.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 568.50 204.15 Td (\(62,889) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 204.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.50 194.15 Td (Financing activities) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 95.05 194.15 Td (.......................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 355.70 194.15 Td (1,023) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 404.50 194.15 Td (\(19,664) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.25 194.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.50 194.15 Td (\(61,344) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 194.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 194.15 Td (334,391) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 194.15 Td (228,830) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 184.15 Td (Net cash provided by \(used in\) discontinued operations:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.50 174.15 Td (Operating activities) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 95.05 174.15 Td (.......................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 174.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 174.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 174.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 410.70 174.15 Td (2,374) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 174.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 174.15 Td (15,368) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 174.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 174.15 Td (13,847) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 174.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 174.15 Td (11,068) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.50 164.15 Td (Investing activities) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 93.10 164.15 Td (........................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.25 164.15 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 410.70 164.15 Td (1,638) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 164.15 Td (228,689) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.40 164.15 Td (\(1,772) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 164.15 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 580.55 164.15 Td (675) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 154.15 Td (Other Financial Data \(unaudited\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 144.15 Td (EBITDA) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 41.78 147.49 Td (\(8\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.35 144.15 Td (...............................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 144.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 144.15 Td (253,578) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 144.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 144.15 Td (285,371) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 144.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 144.15 Td (231,197) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 144.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 144.15 Td (185,456) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 144.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 144.15 Td (121,852) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 134.15 Td (Capital expenditures) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.45 134.15 Td (..............................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 134.15 Td (293,349) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 134.15 Td (408,693) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 134.15 Td (542,651) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 134.15 Td (258,325) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 134.15 Td (72,176) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 16.50 124.15 Td (Other Operating Data \(unaudited\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 127.34 127.49 Td (\(9\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 132.90 124.15 Td (:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 114.15 Td (A) Tj ET Q q 0 0 0 rg BT 21.04 114.15 Td (verage number of new generation OSVs) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 145.95 117.49 Td (\(10\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 155.35 114.15 Td (........................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 114.15 Td (60.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 114.15 Td (57.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 114.15 Td (50.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 114.15 Td (51.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 114.15 Td (51.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 104.15 Td (A) Tj ET Q q 0 0 0 rg BT 21.04 104.15 Td (verage number of active new generation OSVs) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 166.18 107.49 Td (\(1) Tj ET Q BT /F3 4.55 Tf ET q 0 0 0 rg BT 169.89 107.49 Td (1\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.80 104.15 Td (..............................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 104.15 Td (42.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 104.15 Td (56.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 104.15 Td (50.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 104.15 Td (48.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 104.15 Td (41.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 94.15 Td (Average new generation OSV fleet capacity \(DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 174.80 94.15 Td (..............................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.90 94.15 Td (206,030) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.90 94.15 Td (177,033) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 94.15 Td (132,564) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 94.15 Td (128,190) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 566.90 94.15 Td (128,190) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 84.15 Td (Average new generation OSV vessel capacity \(DWT\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 182.55 84.15 Td (..........................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 355.70 84.15 Td (3,436) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 410.70 84.15 Td (3,076) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.70 84.15 Td (2,609) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.70 84.15 Td (2,514) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 574.65 84.15 Td (2,514) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 74.15 Td (A) Tj ET Q q 0 0 0 rg BT 21.04 74.15 Td (verage new generation OSV utilization rate) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 154.12 77.49 Td (\(12\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 163.10 74.15 Td (....................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 74.15 Td (54.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 74.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 74.15 Td (79.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.25 74.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 74.15 Td (83.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 74.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 74.15 Td (83.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 74.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 74.15 Td (71.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 74.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 64.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 22.99 64.15 Td (fective new generation OSV utilization rate ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 156.84 67.49 Td (\(13\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 167.00 64.15 Td (..................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.55 64.15 Td (77.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 64.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.55 64.15 Td (80.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.25 64.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.60 64.15 Td (84.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.25 64.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.60 64.15 Td (87.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.25 64.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 578.60 64.15 Td (87.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 592.25 64.15 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 54.15 Td (A) Tj ET Q q 0 0 0 rg BT 21.04 54.15 Td (verage new generation OSV dayrate) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 134.28 57.49 Td (\(14\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 143.65 54.15 Td (..............................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 54.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 54.15 Td (26,278) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 54.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 54.15 Td (27,416) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 54.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 54.15 Td (26,605) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 54.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 54.15 Td (23,445) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 54.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 54.15 Td (21,121) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 16.50 44.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 22.99 44.15 Td (fective dayrate) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 68.51 47.49 Td (\(15\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 77.55 44.15 Td (................................................................................................................................) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 332.50 44.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.75 44.15 Td (14,295) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.50 44.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.75 44.15 Td (21,823) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 44.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.80 44.15 Td (22,268) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.50 44.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.80 44.15 Td (19,506) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.50 44.15 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 570.80 44.15 Td (15,102) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 19.75 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 14 753.1 m 91 753.1 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 748.18 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 744.60 Td (Represents other operating income and expenses, including equity in income from investments and foreign currency transaction gains or losses.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 739.18 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 735.60 Td (For the year ended December 31, 2015, the Company had 322 anti-dilutive stock options. For the years ended December31, 2014, 2013 and 2012, the Company had ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 726.60 Td (no anti-dilutive stock options. Due to a net loss, we excluded, for the calculation of loss per share, the ef) Tj ET Q q 0 0 0 rg BT 384.76 726.60 Td (fect of equity awards representing the rights to acquire 1,209 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 717.60 Td (shares of common stock for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 246.33 717.60 Td (1 because the ef) Tj ET Q q 0 0 0 rg BT 301.66 717.60 Td (fect was anti-dilutive. See Note ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.80 717.60 Td (3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.97 717.60 Td ( of our consolidated financial statements for more ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 708.60 Td (information about diluted shares outstanding.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 703.18 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 699.60 Td (Includes working capital \(deficit\) from discontinued operations in the amount of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 301.51 699.60 Td ($470) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 318.19 699.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 322.36 699.60 Td ($1,461) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 345.30 699.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 349.47 699.60 Td ($\(1,750\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 377.40 699.60 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 396.17 699.60 Td ($210) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.86 699.60 Td ( as of December 31, 2014, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 569.51 699.60 Td (1, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 690.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 77.89 690.60 Td (.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 685.18 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 681.60 Td (Includes total assets from discontinued operations in the amount of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 263.16 681.60 Td ($470) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 279.85 681.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 284.01 681.60 Td ($2,337) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 306.95 681.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 311.12 681.60 Td ($176,277) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 342.41 681.60 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 361.17 681.60 Td ($183,472) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 392.46 681.60 Td ( as of December31, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 462.08 681.60 Td (2014) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 478.76 681.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 482.93 681.60 Td (2013) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 499.62 681.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.78 681.60 Td (2012) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 520.47 681.60 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 539.24 681.60 Td (201) Tj ET Q q 0 0 0 rg BT 551.19 681.60 Td (1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 555.36 681.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 672.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 77.89 672.60 Td (.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 667.18 Td (\(5\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 663.60 Td (Excludes imputed original issue discount associated with our 2026 convertible senior notes in the amount of $1) Tj ET Q q 0 0 0 rg BT 406.03 663.60 Td (1,093 as of December31, 2012. ) Tj ET Q q 0 0 0 rg BT 516.94 663.60 Td (Also excludes deferred ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 654.60 Td (financing costs associated with our 2026 convertible senior notes in the amount of $836 as of December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 421.89 654.60 Td (These notes were putable by the holders to the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 645.60 Td (Company on November15, 2013 and therefore were classified as short-term debt. ) Tj ET Q q 0 0 0 rg BT 316.37 645.60 Td (These notes were converted or redeemed in full by the Company in November2013.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 640.18 Td (\(6\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 636.60 Td (Excludes original issue discount associated with our 2014 senior notes in the amount of $215 as of December31, 201) Tj ET Q q 0 0 0 rg BT 429.39 636.60 Td (1; original issue discount associated with our 2017 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 627.60 Td (senior notes in the amount of $4,771 and $5,571 as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 315.18 627.60 Td (1, respectively; imputed original issue discount associated with our 2026 convertible ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 618.60 Td (senior notes in the amount of $23,566 as of December31, 201) Tj ET Q q 0 0 0 rg BT 246.36 618.60 Td (1; and imputed original issue discount associated with our 2019 convertible senior notes in the amount of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 609.60 Td ($41,600, $51,528, $60,908 and $69,699 as of December31, 2015, 2014, 2013 and 2012, respectively) Tj ET Q q 0 0 0 rg BT 376.91 609.60 Td (. ) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 604.18 Td (\(7\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 600.60 Td (Excludes deferred financing costs associated with our 2014 senior notes in the amount of $635 as of December 31, 201) Tj ET Q q 0 0 0 rg BT 435.22 600.60 Td (1 and deferred financing costs associated with ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 591.60 Td (our 2017 senior notes in the amount of $3,702 and $4,323 as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 346.87 591.60 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 394.25 591.60 Td (, and our 2019 convertible senior notes in the amount of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 582.60 Td ($4,095, $5,073, $5,996 and $6,801 as of December 31, 2015, 2014, 2013 and 2012, respectively and deferred financing costs associated with our 2020 senior notes in ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 573.60 Td (the amount of $3,944, $4,863, $5,782 and $6,701 as of December 31, 2015, 2014, 2013 and 2012, respectively; and deferred financing costs associated with our 2021 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 564.60 Td (senior notes in the amount of $5,080, $6,049, $7,017 as of December 31, 2015, 2014 and 2013, respectively; and deferred financing costs associated with our 2026 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 555.60 Td (convertible senior notes in the amount of $1,839 as of December 31, 201) Tj ET Q q 0 0 0 rg BT 280.54 555.60 Td (1.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 550.18 Td (\(8\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 546.60 Td (See our discussion of EBITDA) Tj ET Q q 0 0 0 rg BT 139.32 546.60 Td ( as a non-GAAP) Tj ET Q q 0 0 0 rg BT 193.38 546.60 Td ( financial measure immediately following these footnotes. ) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 541.18 Td (\(9\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 537.60 Td (Excluded from the Other Operating Data are the results of operations for our MPSVs, our shore-base facility) Tj ET Q q 0 0 0 rg BT 395.98 537.60 Td (, and vessel management services. Due to the fact that ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 528.60 Td (each of our MPSVs have a workload capacity and significantly higher income generating potential than each of our new generation OSVs, the utilization and dayrate ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 519.60 Td (levels of our MPSVs could have a very large impact on our results of operations. For this reason, our consolidated operating results, on a period-to-period basis, are ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 510.60 Td (disproportionately impacted by the level of dayrates and utilization achieved by our MPSVs.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 505.18 Td (\(10\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 501.60 Td (W) Tj ET Q q 0 0 0 rg BT 45.79 501.60 Td (e owned 60 new generation OSVs as of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 180.05 501.60 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 245.93 501.60 Td (. Our average number of new generation OSVs for the years ended ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 471.49 501.60 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 537.37 501.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 541.54 501.60 Td (2014) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 558.22 501.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 562.39 501.60 Td (2013) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 579.07 501.60 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 492.60 Td (2012) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 55.54 492.60 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 74.30 492.60 Td (201) Tj ET Q q 0 0 0 rg BT 86.26 492.60 Td (1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.43 492.60 Td (, reflect the deliveries of certain vessels under our fourth and fifth OSV newbuild programs. Please refer to Our V) Tj ET Q q 0 0 0 rg BT 465.22 492.60 Td (essels on page 6 of this Form10-K for ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 483.60 Td (more information about vessel names and placed in-service dates. Excluded from this data is one conventional OSV) Tj ET Q q 0 0 0 rg BT 423.39 483.60 Td (, which is stacked, and is considered a non-core ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 474.60 Td (asset.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 469.18 Td (\(1) Tj ET Q BT /F3 4.87 Tf ET q 0 0 0 rg BT 24.82 469.18 Td (1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 465.60 Td (In response to weak market conditions, we elected to stack certain of our new generation OSVs on various dates in 2009 and 2010. Based on improved market ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 456.60 Td (conditions, we had re-activated all of our stacked new generation OSVs by June30, 2013. During 2014, we experienced weak market conditions for which we elected to ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 447.60 Td (stack certain of our new generation OSVs on various dates during the fourth quarter of 2014 and throughout 2015.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 442.18 Td (\(12\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 438.60 Td (Utilization rates are average rates based on a 365-day year) Tj ET Q q 0 0 0 rg BT 235.64 438.60 Td (. V) Tj ET Q q 0 0 0 rg BT 244.40 438.60 Td (essels are considered utilized when they are generating revenues.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 433.18 Td (\(13\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 429.60 Td (Ef) Tj ET Q q 0 0 0 rg BT 45.80 429.60 Td (fective utilization rate is based on a denominator comprised only of vessel-days available for service by the active fleet, which excludes the impact of stacked vessel ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 420.60 Td (days due. ) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 415.18 Td (\(14\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 411.60 Td (A) Tj ET Q q 0 0 0 rg BT 43.72 411.60 Td (verage dayrates represent average revenue per day) Tj ET Q q 0 0 0 rg BT 216.19 411.60 Td (, which includes charter hire, crewing services and net brokerage revenues, based on the number of days during ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 402.60 Td (the period that the OSVs generated revenue.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 20.85 397.18 Td (\(15\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 38.85 393.60 Td (Ef) Tj ET Q q 0 0 0 rg BT 45.80 393.60 Td (fective dayrate represents the average dayrate multiplied by the average utilization rate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 363.60 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 64.98 363.60 Td ( Financial Measures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 342.60 Td (W) Tj ET Q q 0 0 0 rg BT 46.76 342.60 Td (e disclose and discuss EBITDA) Tj ET Q q 0 0 0 rg BT 185.16 342.60 Td ( as a non-GAAP) Tj ET Q q 0 0 0 rg BT 257.24 342.60 Td ( financial measure in our public releases, including quarterly earnings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 330.60 Td (releases, investor conference calls and other filings with the Commission. W) Tj ET Q q 0 0 0 rg BT 350.13 330.60 Td (e define EBITDA) Tj ET Q q 0 0 0 rg BT 424.06 330.60 Td ( as earnings \(net income\) before ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 318.60 Td (interest, income taxes, depreciation and amortization. Our measure of EBITDA) Tj ET Q q 0 0 0 rg BT 360.89 318.60 Td ( may not be comparable to similarly titled measures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 306.60 Td (presented by other companies. Other companies may calculate EBITDA) Tj ET Q q 0 0 0 rg BT 331.99 306.60 Td ( dif) Tj ET Q q 0 0 0 rg BT 345.15 306.60 Td (ferently than we do, which may limit their usefulness as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 294.60 Td (comparative measures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 273.60 Td (W) Tj ET Q q 0 0 0 rg BT 46.76 273.60 Td (e view EBITDA) Tj ET Q q 0 0 0 rg BT 113.45 273.60 Td ( primarily as a liquidity measure and, as such, we believe that the GAAP) Tj ET Q q 0 0 0 rg BT 432.31 273.60 Td ( financial measure most directly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 261.60 Td (comparable to this measure is cash flows provided by operating activities. Because EBITDA) Tj ET Q q 0 0 0 rg BT 419.25 261.60 Td ( is not a measure of financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 249.60 Td (performance calculated in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 232.32 249.60 Td (, it should not be considered in isolation or as a substitute for operating income, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 237.60 Td (net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 225.60 Td (prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 168.41 225.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 204.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 73.07 204.60 Td ( is widely used by investors and other users of our financial statements as a supplemental financial measure that, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 192.60 Td (when viewed with our GAAP) Tj ET Q q 0 0 0 rg BT 139.49 192.60 Td ( results and the accompanying reconciliation, we believe provides additional information that is useful to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 180.60 Td (gain an understanding of the factors and trends af) Tj ET Q q 0 0 0 rg BT 234.03 180.60 Td (fecting our ability to service debt, pay deferred taxes and fund drydocking charges ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 168.60 Td (and other maintenance capital expenditures. W) Tj ET Q q 0 0 0 rg BT 222.33 168.60 Td (e also believe the disclosure of EBITDA) Tj ET Q q 0 0 0 rg BT 397.43 168.60 Td ( helps investors meaningfully evaluate and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 156.60 Td (compare our cash flow generating capacity from quarter to quarter and year to year) Tj ET Q q 0 0 0 rg BT 380.92 156.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 135.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 73.07 135.60 Td ( is also a financial metric used by management \(i\)as a supplemental internal measure for planning and forecasting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 123.60 Td (overall expectations and for evaluating actual results against such expectations; \(ii\)as a significant criteria for annual incentive cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 111.60 Td (bonuses paid to our executive of) Tj ET Q q 0 0 0 rg BT 157.30 111.60 Td (ficers and other shore-based employees; \(iii\)to compare to the EBITDA) Tj ET Q q 0 0 0 rg BT 473.56 111.60 Td ( of other companies when ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 99.60 Td (evaluating potential acquisitions; and \(iv\)to assess our ability to service existing fixed charges and incur additional indebtedness.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 19.75 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 753.25 Td (The following table provides the detailed components of EBITDA) Tj ET Q q 0 0 0 rg BT 322.67 753.25 Td ( from continuing operations as we define that term for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 741.25 Td (years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.32 741.25 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.15 741.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.71 741.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.95 741.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.51 741.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 214.75 741.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.31 741.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.56 741.25 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.58 741.25 Td (201) Tj ET Q q 0 0 0 rg BT 283.52 741.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.08 741.25 Td ( respectively \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 695.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 695.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 695.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 695.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 695.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 695.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 695.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 695.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 695.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 695.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 667.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 667.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 667.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 667.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 667.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 667.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 637.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 637.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 637.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 637.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 637.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 637.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 607.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 607.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 607.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 607.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 607.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 607.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 577.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 577.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 577.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 577.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 577.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 577.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 708.75 m 324 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 708.75 m 328 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 708.75 m 393 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 708.75 m 397 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 708.75 m 461 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 708.75 m 465 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 708.75 m 530 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530 708.75 m 534 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 708.75 m 599 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 708.75 m 324 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 695.75 m 324 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 708.75 m 393 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 695.75 m 393 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 708.75 m 461 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 695.75 m 461 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 708.75 m 530 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 695.75 m 530 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 708.75 m 599 708.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 695.75 m 599 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 622.75 m 324 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 622.75 m 393 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 622.75 m 461 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 622.75 m 530 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 622.75 m 599 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 607.75 m 324 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 607.75 m 393 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 607.75 m 461 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 607.75 m 530 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 622.75 m 599 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 607.75 m 599 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 607.75 m 324 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 607.75 m 393 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 607.75 m 461 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 607.75 m 530 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 607.75 m 599 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 562.75 m 324 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 562.75 m 393 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 562.75 m 461 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 562.75 m 530 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 562.75 m 599 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 548.75 m 324 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 546.75 m 324 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 548.75 m 393 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 546.75 m 393 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 548.75 m 461 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 546.75 m 461 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 548.75 m 530 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 546.75 m 530 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 562.75 m 599 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 548.75 m 599 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 546.75 m 599 546.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 16.50 712.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.05 712.98 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 16.50 699.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.60 699.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 699.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 699.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.10 699.98 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 557.30 699.98 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 16.50 686.98 Td (Components of EBITDA:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 672.37 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.60 671.97 Td (..............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.50 672.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 672.42 Td (66,821) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 672.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 672.37 Td (87,907) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 672.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 672.37 Td (64,078) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.50 672.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 672.37 Td (34,695) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 672.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 566.75 672.37 Td (\(3,520) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 672.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 657.37 Td (Interest, net:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 642.37 Td (Debt obligations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.90 641.97 Td (...............................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 642.42 Td (39,496) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 642.37 Td (30,733) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 642.37 Td (47,352) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 642.37 Td (57,869) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.55 642.37 Td (59,649) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 627.37 Td (Interest income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.10 626.97 Td (................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.75 627.37 Td (\(1,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 627.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.75 627.37 Td (\(1,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 627.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.75 627.37 Td (\(2,515) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 627.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.75 627.37 Td (\(2,167) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.15 627.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 575.10 627.37 Td (\(829) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 627.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 612.37 Td (Total interest, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 611.97 Td (....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 612.42 Td (37,971) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 612.37 Td (29,647) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 612.37 Td (44,837) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 612.37 Td (55,702) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.55 612.37 Td (58,820) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 597.37 Td (Income tax expense \(benefit\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.80 596.97 Td (.................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 597.42 Td (39,757) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 597.37 Td (52,367) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 597.37 Td (36,320) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 597.37 Td (21,384) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 566.75 597.37 Td (\(1,358) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 597.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 582.37 Td (Depreciation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.55 581.97 Td (...........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 582.42 Td (82,566) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 582.37 Td (71,301) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 582.37 Td (55,332) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 582.37 Td (52,005) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.55 582.37 Td (52,453) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 567.37 Td (Amortization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.55 566.97 Td (...........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 567.42 Td (26,463) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 567.37 Td (44,149) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 567.37 Td (30,630) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 567.37 Td (21,670) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.55 567.37 Td (15,457) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 34.50 552.37 Td (EBITDA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.10 551.97 Td (..................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.50 552.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.00 552.37 Td (253,578) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 552.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 552.37 Td (285,371) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 552.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 552.37 Td (231,197) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.50 552.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 552.37 Td (185,456) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 552.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.00 552.37 Td (121,852) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 527.25 Td (The following table reconciles EBITDA) Tj ET Q q 0 0 0 rg BT 207.03 527.25 Td ( from continuing operations to cash flows provided by operating activities for the years ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 515.25 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 44.09 515.25 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.92 515.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.47 515.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.72 515.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.28 515.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.52 515.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.08 515.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.33 515.25 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.35 515.25 Td (201) Tj ET Q q 0 0 0 rg BT 256.29 515.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.85 515.25 Td ( respectively \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 469.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 469.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 469.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 469.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 469.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 469.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 469.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 469.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 469.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 469.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 441.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 441.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 441.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 411.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 411.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 411.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 381.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 381.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 381.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 351.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 351.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 351.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 321.75 246.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 321.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 321.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.00 321.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 482.75 m 324 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 482.75 m 328 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 482.75 m 393 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 482.75 m 397 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 482.75 m 461 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 482.75 m 465 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 482.75 m 530 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530 482.75 m 534 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 482.75 m 599 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 482.75 m 324 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 469.75 m 324 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 482.75 m 393 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 469.75 m 393 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 482.75 m 461 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 469.75 m 461 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 482.75 m 530 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 469.75 m 530 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 482.75 m 599 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 469.75 m 599 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 321.75 m 324 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 321.75 m 393 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 321.75 m 461 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 321.75 m 530 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 321.75 m 599 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 307.75 m 324 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 305.75 m 324 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 321.75 m 393 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 307.75 m 393 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 305.75 m 393 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 321.75 m 461 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 307.75 m 461 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 305.75 m 461 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 321.75 m 530 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 307.75 m 530 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 305.75 m 530 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 321.75 m 599 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 307.75 m 599 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 305.75 m 599 305.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 16.50 486.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.05 486.98 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 16.50 473.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.60 473.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 473.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 473.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.10 473.98 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 557.30 473.98 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 16.50 460.98 Td (EBITDA Reconciliation to GAAP:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 446.37 Td (EBITDA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.65 445.97 Td (.........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.50 446.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.00 446.37 Td (253,578) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 446.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 446.37 Td (285,371) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 446.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 446.37 Td (231,197) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.50 446.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 446.37 Td (185,456) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 446.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.00 446.37 Td (121,852) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 431.37 Td (Cash paid for deferred drydocking charges) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.45 430.97 Td (..................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.20 431.37 Td (\(13,267) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 431.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.20 431.37 Td (\(43,609) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 431.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.20 431.37 Td (\(35,875) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 431.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.20 431.37 Td (\(39,211) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.15 431.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.20 431.42 Td (\(16,832) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 431.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 416.37 Td (Cash paid for interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.80 415.97 Td (...................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.20 416.37 Td (\(50,492) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 416.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.20 416.37 Td (\(50,548) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 416.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.20 416.37 Td (\(53,636) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 416.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.20 416.37 Td (\(38,597) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.15 416.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.20 416.42 Td (\(43,811) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 416.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 401.37 Td (Cash paid for taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.45 400.97 Td (......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.75 401.97 Td (\(4,808) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 401.97 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.75 401.37 Td (\(5,679) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 401.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.75 401.37 Td (\(4,537) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 401.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.75 401.37 Td (\(1,332) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.15 401.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 566.75 401.37 Td (\(1,272) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 401.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 386.37 Td (Changes in working capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.00 385.97 Td (...........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 386.42 Td (65,415) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.20 386.37 Td (\(32,213) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 386.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 386.37 Td (33,458) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.10 386.37 Td (3,571) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.20 386.42 Td (\(13,297) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 386.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 371.37 Td (Stock-based compensation expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.70 370.97 Td (............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.55 371.42 Td (10,293) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.55 371.37 Td (10,324) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 371.37 Td (11,888) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.55 371.37 Td (10,805) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 570.10 371.37 Td (6,403) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 356.37 Td (\(Gain\) loss on sale of assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.35 355.97 Td (........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.20 356.37 Td (\(44,060) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 356.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.10 356.37 Td (\(822) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.15 356.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.75 356.37 Td (\(1,587) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 356.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.45 356.37 Td (350) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 575.10 356.37 Td (\(980) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 595.15 356.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 341.37 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.45 340.97 Td (...........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.15 341.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.15 341.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.55 341.37 Td (25,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.10 341.37 Td (6,048) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 585.15 341.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 326.37 Td (Changes in other, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.80 325.97 Td (...................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.10 326.42 Td (\(816) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.15 326.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.45 326.37 Td (282) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.45 326.37 Td (383) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.10 326.37 Td (1,775) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 578.45 326.42 Td (519) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 311.37 Td (Cash flows provided by continuing operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.35 310.97 Td (.............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.50 311.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.00 311.37 Td (215,843) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 311.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 311.37 Td (163,106) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 311.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 311.37 Td (207,067) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.50 311.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 311.37 Td (128,865) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 311.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.55 311.37 Td (52,582) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 286.25 Td (In addition, we also make certain adjustments, as applicable, to EBITDA) Tj ET Q q 0 0 0 rg BT 356.00 286.25 Td ( for losses on early extinguishment of debt, stock-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 274.25 Td (based compensation expense and interest income, to internally evaluate our performance based on the computation of ratios ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 262.25 Td (historically used in certain financial covenants of our credit agreements with various lenders. W) Tj ET Q q 0 0 0 rg BT 432.96 262.25 Td (e believe that these ratios can be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 250.25 Td (material components of financial covenants and, when applicable, failure to comply with such covenants could result in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 238.25 Td (acceleration of indebtedness or the imposition of restrictions on our financial flexibility) Tj ET Q q 0 0 0 rg BT 389.62 238.25 Td (. ) Tj ET Q q 0 0 0 rg BT 395.00 238.25 Td (The recent changes to the applicable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 226.25 Td (covenants contained in our credit facility are described in Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.43 226.25 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.99 226.25 Td ( of our consolidated financial statements included herein. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 205.25 Td (The following table provides certain detailed adjustments to EBITDA, as defined in our revolving credit facility for the years ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 193.25 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 44.09 193.25 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.92 193.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.47 193.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.72 193.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.28 193.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.52 193.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.08 193.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.33 193.25 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.35 193.25 Td (201) Tj ET Q q 0 0 0 rg BT 256.29 193.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.85 193.25 Td (, respectively \(in thousands\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 172.25 Td (Adjustments to EBITDA) Tj ET Q q 0 0 0 rg BT 125.91 172.25 Td ( for Computation of Financial Ratios Used in Debt Covenants) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.93 172.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 122.75 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 122.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 122.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 122.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 122.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 122.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 122.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 122.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.00 122.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.00 122.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 14.00 92.75 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 92.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 92.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 92.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 92.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 92.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 92.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 92.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.00 92.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.00 92.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 137.75 m 345 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 137.75 m 349 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 137.75 m 409 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 137.75 m 413 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 137.75 m 472 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 137.75 m 476 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 137.75 m 535 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535 137.75 m 539 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 137.75 m 599 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 137.75 m 345 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 122.75 m 345 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 137.75 m 409 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 122.75 m 409 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 137.75 m 472 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 122.75 m 472 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 137.75 m 535 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 122.75 m 535 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 137.75 m 599 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 122.75 m 599 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 122.75 m 345 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 122.75 m 409 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 122.75 m 472 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 122.75 m 535 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 122.75 m 599 122.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 142.37 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.05 141.98 Td (Year Ended December31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 127.37 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.10 126.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.60 126.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.10 126.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.10 126.98 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 126.98 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 112.37 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.45 111.97 Td (....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.50 112.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.15 112.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.50 112.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.15 112.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.50 112.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.55 112.37 Td (25,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.50 112.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.10 112.37 Td (6,048) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.50 112.37 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 585.15 112.37 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 97.37 Td (Stock-based compensation expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.70 96.97 Td (.....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.55 97.37 Td (10,293) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.55 97.37 Td (10,324) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.55 97.37 Td (11,914) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.55 97.37 Td (10,891) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 570.10 97.37 Td (6,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 16.50 82.37 Td (Interest income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 81.97 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.10 82.37 Td (1,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.10 82.37 Td (1,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.10 82.37 Td (2,515) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.10 82.37 Td (2,167) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 578.45 82.42 Td (829) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 19.75 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 753.25 Td (Set forth below are the material limitations associated with using EBITDA) Tj ET Q q 0 0 0 rg BT 359.87 753.25 Td ( as a non-GAAP) Tj ET Q q 0 0 0 rg BT 431.95 753.25 Td ( financial measure compared to cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 741.25 Td (flows provided by operating activities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.20 720.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 720.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 89.77 720.25 Td ( does not reflect the future capital expenditure requirements that may be necessary to replace our existing vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 708.25 Td (as a result of normal wear and tear) Tj ET Q q 0 0 0 rg BT 208.17 708.25 Td (,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.20 687.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 687.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 89.77 687.25 Td ( does not reflect the interest, future principal payments and other financing-related charges necessary to service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 675.25 Td (the debt that we have incurred in acquiring and constructing our vessels,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.20 654.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 654.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 89.77 654.25 Td ( does not reflect the deferred income taxes that we will eventually have to pay once we are no longer in an overall ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 642.25 Td (tax net operating loss carryforward position, as applicable, and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.20 621.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.20 621.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 89.77 621.25 Td ( does not reflect changes in our net working capital position.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 37.50 600.25 Td (Management compensates for the above-described limitations in using EBITDA) Tj ET Q q 0 0 0 rg BT 388.79 600.25 Td ( as a non-GAAP) Tj ET Q q 0 0 0 rg BT 460.87 600.25 Td ( financial measure by only ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 13.50 588.25 Td (using EBITDA) Tj ET Q q 0 0 0 rg BT 75.75 588.25 Td ( to supplement our GAAP) Tj ET Q q 0 0 0 rg BT 188.96 588.25 Td ( results.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 718.75 Td (Item7Management) Tj ET Q q 0 0 0 rg BT 138.43 718.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 223.08 718.75 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 697.75 Td (The following management) Tj ET Q q 0 0 0 rg BT 182.11 697.75 Td (s discussion and analysis of financial condition and results of operations should be read ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 685.75 Td (in conjunction with our historical consolidated financial statements and their notes included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 515.90 685.75 Td (Annual ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (Report on Form 10-K. This discussion contains forward-looking statements that reflect our current views with respect to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (future events and financial performance. Our actual results may differ materially from those anticipated in these forward-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (looking statements or as a result of certain factors such as those set forth in our Forward Looking Statements disclaimer ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (on page ii of this ) Tj ET Q q 0 0 0 rg BT 111.23 637.75 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (General) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 598.75 Td (During 2015, oil prices have remained in a trading range of $35 to $65 per barrel and an average of $49 with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (more recent price in the $28 to $40 range. ) Tj ET Q q 0 0 0 rg BT 224.82 586.75 Td (The drop in oil price is due to surplus oil, driven in part by a significant rise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (in U.S. shale oil production as well as other previously unavailable sources of supply and OPEC suppliers in the Middle ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (East and Russia not reducing their output. In addition, economic weakness in many regions of the world, notably ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (Europe and China, has reduced the previously expected oil consumption growth rate. ) Tj ET Q q 0 0 0 rg BT 417.90 550.75 Td (As a result of lower oil prices, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (major and independent oil companies with deepwater operations have significantly reduced their capital spending ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (budgets, which are the principal demand drivers for our services. Less spending by our customers combined with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (global oversupply of OSVs, including high-spec OSVs in our core markets, for the current market conditions, have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (resulted in reductions in both our dayrates and utilization.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 481.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 481.75 Td (e believe that the long-term nature of deepwater projects insulates them, somewhat, from a short-term fall in oil ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (prices and that many sanctioned or on-going projects will proceed. However) Tj ET Q q 0 0 0 rg BT 373.96 469.75 Td (, deepwater activities will be af) Tj ET Q q 0 0 0 rg BT 508.84 469.75 Td (fected by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (lower prices, even if they are af) Tj ET Q q 0 0 0 rg BT 174.22 457.75 Td (fected less than other activities. W) Tj ET Q q 0 0 0 rg BT 328.55 457.75 Td (e have experienced and continue to experience ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (requests by our deepwater customers for price reductions in order to help mitigate the impact that lower prices are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (having and will continue to have on oil company operating results and cashflows. In addition, sustained low prices ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (have caused un-sanctioned projects to be delayed or cancelled altogether) Tj ET Q q 0 0 0 rg BT 362.33 421.75 Td (, which could be manifested in less activity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (later) Tj ET Q q 0 0 0 rg BT 54.90 409.75 Td (, even if oil prices recover) Tj ET Q q 0 0 0 rg BT 167.73 409.75 Td (. Many of our operations are in support of deepwater projects that are in their final ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td (stages or of projects that do not involve deepwater and are more susceptible to immediate wind-down. W) Tj ET Q q 0 0 0 rg BT 502.73 397.75 Td (e cannot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (predict whether) Tj ET Q q 0 0 0 rg BT 103.82 385.75 Td (, to what extent, or when oil prices will improve. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 367.75 Td (In the GoM, 18 high-spec OSVs have been delivered into the domestic market during 2015, including five of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (own. W) Tj ET Q q 0 0 0 rg BT 71.94 355.75 Td (e expect an additional 18 high-spec OSVs to be delivered into domestic service during 2016 and 2017. W) Tj ET Q q 0 0 0 rg BT 540.38 355.75 Td (e do ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (not anticipate significant growth in the supply of high-spec OSVs beyond the currently anticipated level of 210 of such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 331.75 Td (vessels by the first quarter of 2017. During the fourth quarter of 2015, there was an average of roughly 48 floating rigs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (available in the GoM, while an average of 39 were working. ) Tj ET Q q 0 0 0 rg BT 302.82 319.75 Td (As of February 17, 2016, there were 50 rigs available and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (35 were working. However) Tj ET Q q 0 0 0 rg BT 156.05 307.75 Td (, ten floating rigs have contracts that will expire during 2016 and one rig is scheduled to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (leave the region. W) Tj ET Q q 0 0 0 rg BT 124.75 295.75 Td (e do not know whether the remaining rigs will receive contract renewals for operations in the GoM. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 283.75 Td (e expect three new rigs to arrive in the GoM during 2016. Once a rig arrives in the GoM, it can take several months ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (to commence work and, therefore, we do not know the timing of when operations of newly arrived rigs will begin. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (Given these market conditions, we anticipate our average dayrates and utilization levels to be adversely af) Tj ET Q q 0 0 0 rg BT 505.53 259.75 Td (fected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 247.75 Td (compared to our 2015 and 2014 results. However) Tj ET Q q 0 0 0 rg BT 257.80 247.75 Td (, the GoM is one of the premier deepwater markets in the world and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 235.75 Td (we are committed to supporting our customers in this market. W) Tj ET Q q 0 0 0 rg BT 318.70 235.75 Td (e feel that once the current supply and demand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (fundamentals return to normal conditions our results from operations will improve.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 205.75 Td (In recognition of these weak market conditions, we stacked 28 OSVs on various dates from October 1, 2014 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (through December 31, 2015. Post year-end, we have stacked an additional five new generation OSVs to date. ) Tj ET Q q 0 0 0 rg BT 530.57 193.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (33 stacked vessels represent 49% of our fleetwide vessel headcount, but only 33% of our total OSV and MPSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (deadweight tonnage. By stacking vessels, we expect to significantly reduce our cash outlays and lower our risk profile; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (however) Tj ET Q q 0 0 0 rg BT 73.25 157.75 Td (, we will have fewer revenue-producing units in service that can contribute to our results and contribute cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (flows to cover our fixed costs and commitments. W) Tj ET Q q 0 0 0 rg BT 263.67 145.75 Td (e may choose to stack additional vessels should market conditions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (warrant.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 115.75 Td (In Mexico, while the energy reform continues to progress, questions remain on the timing of the incremental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (activity expected in the deepwater GoM given the current oil price environment. PEMEX budget reductions have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 91.75 Td (resulted in contract cancellations and slower than expected growth in the market for our vessels in Mexico. W) Tj ET Q q 0 0 0 rg BT 521.61 91.75 Td (e have ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 741.75 Td (noticed that PEMEX is reviewing its vessel needs and, in certain circumstances, is not exercising options for vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 729.75 Td (that are currently operating in its chartered fleet. W) Tj ET Q q 0 0 0 rg BT 263.15 729.75 Td (e expect that certain of our Mexican-flagged vessels will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 717.75 Td (af) Tj ET Q q 0 0 0 rg BT 44.16 717.75 Td (fected and will likely be stacked, if not renewed. Nevertheless, we consider Mexico to be a long-term market for our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 705.75 Td (services, especially in light of energy reforms being carried out there. Despite current oil prices, we recently observed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 693.75 Td (improved bidding results from several international companies related to shallow water auctions in Mexico. W) Tj ET Q q 0 0 0 rg BT 521.04 693.75 Td (e will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 681.75 Td (continue to explore opportunities to place additional vessels into Mexico to support PEMEX in its ongoing shallow ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 669.75 Td (water activity and non-PEMEX customers in support of future shelf and deepwater activity there. In 2014, PEMEX ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 657.75 Td (announced its intention to use only vessels that are less that 15 years old. W) Tj ET Q q 0 0 0 rg BT 377.68 657.75 Td (e and other market participants in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 645.75 Td (Mexico, however) Tj ET Q q 0 0 0 rg BT 110.48 645.75 Td (, have successfully challenged this restriction, but PEMEX may renew its attempt in the future.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 627.75 Td (In Brazil, Petrobras generally appears to be moving towards an "all Brazilian flag" vessel fleet, which will limit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 615.75 Td (opportunities in Brazil for foreign flag vessels, except where highly specialized services are required. In January 2016, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 603.75 Td (we placed one of our newbuild HOSMAX 310 class OSVs into Brazilian registry) Tj ET Q q 0 0 0 rg BT 385.98 603.75 Td (. W) Tj ET Q q 0 0 0 rg BT 403.57 603.75 Td (e will continue to monitor this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 591.75 Td (market to charter our vessels to Petrobras or other companies operating in that region.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 570.75 Td (Market conditions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 553.20 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.07 553.20 Td (February17, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.79 553.20 Td (, we had 17% of our new generation OSV vessel-days contracted for the fiscal year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.20 Td (ending December31, 2016. Our forward OSV contract coverage for the fiscal year ending December31, 2017 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.20 Td (currently stands at 3%. MPSV contract coverage for the fiscal years ending December31, 2016 and 2017 is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.20 Td (currently 5% and 0%, respectively) Tj ET Q q 0 0 0 rg BT 185.88 517.20 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 499.65 Td (The principal threat facing all of our markets is the fall in oil prices and resultant reduction in capital spending ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.65 Td (by our customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 466.65 Td (Our V) Tj ET Q q 0 0 0 rg BT 62.67 466.65 Td (essels) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 445.65 Td (All of our current vessels are qualified under the Jones ) Tj ET Q q 0 0 0 rg BT 303.47 445.65 Td (Act to engage in U.S. coastwise trade, except for seven ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.65 Td (foreign-flagged new generation OSVs, two foreign-flagged well-stimulation vessels and two foreign-flagged MPSVs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.65 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.57 421.65 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.40 421.65 Td (, our 32 active new generation OSVs, six MPSVs and four managed OSVs were operating in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.65 Td (domestic and international areas as noted in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 385.15 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 385.15 86.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 373.15 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 361.15 440.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 361.15 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 336.15 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 336.15 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 312.15 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 312.15 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 288.15 440.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 288.15 86.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 348.15 m 562.5 348.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 288.15 m 562.5 288.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 276.15 m 562.5 276.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 264.15 m 562.5 264.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 262.15 m 562.5 262.15 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 389.37 Td (Operating Areas) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 375.42 Td (Domestic) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 363.42 Td (GoM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.00 363.42 Td (............................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.50 363.42 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 351.37 Td (Other U.S. coastlines) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 151.48 356.14 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.60 351.37 Td (...............................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.05 351.37 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.50 338.42 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 326.42 Td (Foreign) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 314.42 Td (Mexico) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.35 314.42 Td (.........................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.05 314.42 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 302.42 Td (Middle East) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.55 302.42 Td (.................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.05 302.42 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 290.42 Td (Europe) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.35 290.42 Td (.........................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.05 290.42 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.50 278.42 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 266.37 Td (T) Tj ET Q q 0 0 0 rg BT 44.19 266.37 Td (otal ) Tj ET Q q 0 0 0 rg BT 62.72 266.37 Td (Active V) Tj ET Q q 0 0 0 rg BT 99.03 266.37 Td (essels) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 127.37 271.14 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.50 266.37 Td (42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.65 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 39 249.14999999999998 m 116 249.14999999999998 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 244.23 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 240.65 Td (Includes one owned vessel and four managed vessels that are currently supporting the military) Tj ET Q q 0 0 0 rg BT 374.73 240.65 Td (.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 235.23 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 231.65 Td (Excluded from this table are 28 new generation OSVs and one non-core conventional OSV that were stacked as of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 444.09 231.65 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.97 231.65 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 210.65 Td (OSV Newbuild Program #5.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.83 210.65 Td ( Recently) Tj ET Q q 0 0 0 rg BT 223.77 210.65 Td (, we announced the expansion of our fifth OSV newbuild program to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 198.65 Td (enhance the four remaining MPSVs to be delivered. ) Tj ET Q q 0 0 0 rg BT 270.40 198.65 Td (These enhancements include additional accommodations, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 186.65 Td (additional ROV workspaces, additional crane lifting capacities and, for the final two MPSVs, a 60 foot mid-body ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 174.65 Td (section. Our fifth OSV newbuild program now consists of four 300 class OSVs, five 310 class OSVs, ten 320 class ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 162.65 Td (OSVs, three 310 class MPSVs and two 400 class MPSVs. ) Tj ET Q q 0 0 0 rg BT 298.34 162.65 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.91 162.65 Td (February17, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.62 162.65 Td (, we had delivered and placed in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 150.65 Td (service 20 vessels under such newbuild program. Delivery of the four remaining vessels under this 24-vessel domestic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 138.65 Td (newbuild program is expected to occur on various dates during 2016 and 2017. W) Tj ET Q q 0 0 0 rg BT 401.04 138.65 Td (e expect to own and operate 62 new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 126.65 Td (generation OSVs as of December31, 2016, as well as manage four vessels for the U.S. Navy) Tj ET Q q 0 0 0 rg BT 449.91 126.65 Td (. ) Tj ET Q q 0 0 0 rg BT 458.07 126.65 Td (These aggregate OSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 114.65 Td (vessel additions result in a projected average new generation OSV fleet complement of 61.9 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.70 114.65 Td (62.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.17 114.65 Td ( for fiscal years ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 102.65 Td (2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 160.35 102.65 Td (. With the addition of the four MPSVs, we expect to own and operate eight and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.78 102.65 Td (ten) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.68 102.65 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 90.65 Td (MPSVs as of December31, 2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 286.51 90.65 Td (. ) Tj ET Q q 0 0 0 rg BT 294.66 90.65 Td (These MPSV additions result in a projected average MPSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 78.65 Td (fleet complement of 6.9, 8.7 and 10.0 vessels for the fiscal years 2016, 2017 and 2018, respectively) Tj ET Q q 0 0 0 rg BT 476.08 78.65 Td (. ) Tj ET Q q 0 0 0 rg BT 484.23 78.65 Td (The aggregate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 66.65 Td (cost of our fifth OSV newbuild program, excluding construction period interest, is expected to be approximately ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 741.75 Td ($1,335.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.04 741.75 Td (, approximately 90% of which has already been incurred. For further information regarding our fifth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 729.75 Td (OSV newbuild program, please refer to the Capital Expenditures and Related Commitments section.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 708.75 Td (Operating Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 687.75 Td (Our operating costs are primarily a function of fleet size, areas of operations and utilization levels. ) Tj ET Q q 0 0 0 rg BT 496.15 687.75 Td (The most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 675.75 Td (significant direct operating costs are wages paid to vessel crews, maintenance and repairs, and marine insurance. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 663.75 Td (Because most of these expenses are incurred regardless of vessel utilization, our direct operating costs as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 651.75 Td (percentage of revenues may fluctuate considerably with changes in dayrates and utilization. Since October 1, 2014, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 639.75 Td (we have stacked 33 vessels. By removing these vessels from our active operating fleet, we have been able to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 627.75 Td (significantly reduce our operating costs, including crew costs. If market conditions worsen, we may elect to stack ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 615.75 Td (additional vessels. Our fixed operating costs are now spread over 29 owned and operated vessels and four vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 603.75 Td (managed for the U.S. Navy) Tj ET Q q 0 0 0 rg BT 155.87 603.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 582.75 Td (In certain foreign markets in which we operate, we are susceptible to higher operating costs, such as materials ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 570.75 Td (and supplies, crew wages, maintenance and repairs, taxes, importation duties, and insurance costs. Dif) Tj ET Q q 0 0 0 rg BT 494.95 570.75 Td (ficulties and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 558.75 Td (costs of staf) Tj ET Q q 0 0 0 rg BT 89.17 558.75 Td (fing international operations, including vessel crews, and language and cultural dif) Tj ET Q q 0 0 0 rg BT 450.89 558.75 Td (ferences generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 546.75 Td (contribute to a higher cost structure in foreign locations compared to our domestic operations. W) Tj ET Q q 0 0 0 rg BT 464.37 546.75 Td (e may not be able to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 534.75 Td (recover higher international operating costs through higher dayrates charged to our customers. ) Tj ET Q q 0 0 0 rg BT 460.50 534.75 Td (Therefore, when we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 522.75 Td (increase our international complement of vessels, our gross margins may fluctuate depending on the foreign areas of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 510.75 Td (operation and the complement of vessels operating domestically) Tj ET Q q 0 0 0 rg BT 319.86 510.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 489.75 Td (In addition to the operating costs described above, we incur fixed charges related to the depreciation of our fleet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 477.75 Td (and amortization of costs for routine drydock inspections and maintenance and repairs necessary to ensure ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 465.75 Td (compliance with applicable regulations and to maintain certifications for our vessels with the USCG and various ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 453.75 Td (classification societies. ) Tj ET Q q 0 0 0 rg BT 142.53 453.75 Td (The aggregate number of drydockings and other repairs undertaken in a given period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 441.75 Td (determines the level of maintenance and repair expenses and marine inspection amortization charges. W) Tj ET Q q 0 0 0 rg BT 503.85 441.75 Td (e capitalize ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 429.75 Td (costs incurred for drydock inspection and regulatory compliance and amortize such costs over the period between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 417.75 Td (such drydockings, typically 30 months. ) Tj ET Q q 0 0 0 rg BT 211.64 417.75 Td (Applicable maritime regulations require us to drydock our vessels twice in a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 405.75 Td (five-year period for inspection and routine maintenance and repair) Tj ET Q q 0 0 0 rg BT 327.29 405.75 Td (. If we undertake a disproportionately large number ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 393.75 Td (of drydockings in a particular fiscal period, comparative results may be af) Tj ET Q q 0 0 0 rg BT 358.19 393.75 Td (fected. While we can defer required ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 381.75 Td (drydockings of stacked vessels, we will be required to conduct such deferred drydockings prior to such vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 369.75 Td (returning to service, which could delay their return to active service.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 348.75 Td (Critical ) Tj ET Q q 0 0 0 rg BT 72.31 348.75 Td (Accounting Estimates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 327.75 Td (Our consolidated financial statements included in this ) Tj ET Q q 0 0 0 rg BT 297.92 327.75 Td (Annual Report on Form 10-K have been prepared in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 315.75 Td (accordance with accounting principles generally accepted in the United States. In many cases, the accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 303.75 Td (treatment of a particular transaction is specifically dictated by generally accepted accounting principles. In other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 291.75 Td (circumstances, we are required to make estimates, judgments and assumptions that we believe are reasonable based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 279.75 Td (upon available information. W) Tj ET Q q 0 0 0 rg BT 170.34 279.75 Td (e base our estimates and judgments on historical experience and various other factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 267.75 Td (that we believe are reasonable based upon the information available. ) Tj ET Q q 0 0 0 rg BT 346.21 267.75 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 441.06 267.75 Td (fer from these estimates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 255.75 Td (under dif) Tj ET Q q 0 0 0 rg BT 74.74 255.75 Td (ferent assumptions and conditions. W) Tj ET Q q 0 0 0 rg BT 244.09 255.75 Td (e believe that of our significant accounting policies discussed in Note 2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 243.75 Td (to our consolidated financial statements, the following may involve estimates that are inherently more subjective.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 222.75 Td (Carrying V) Tj ET Q q 0 0 0 rg BT 106.87 222.75 Td (alue of V) Tj ET Q q 0 0 0 rg BT 145.97 222.75 Td (essels) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.31 222.75 Td (. W) Tj ET Q q 0 0 0 rg BT 189.13 222.75 Td (e depreciate our OSVs and MPSVs over estimated useful lives of 25 years each. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 210.75 Td (Salvage value for our new generation marine equipment is typically ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.61 210.75 Td (25%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.62 210.75 Td ( of the originally recorded cost for these asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 198.75 Td (types. In assigning depreciable lives to these assets, we have considered the ef) Tj ET Q q 0 0 0 rg BT 391.03 198.75 Td (fects of both physical deterioration ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 186.75 Td (largely caused by wear and tear due to operating use and other economic and regulatory factors that could impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 174.75 Td (commercial viability) Tj ET Q q 0 0 0 rg BT 121.94 174.75 Td (. ) Tj ET Q q 0 0 0 rg BT 130.10 174.75 Td (T) Tj ET Q q 0 0 0 rg BT 135.10 174.75 Td (o date, our experience confirms that these policies are reasonable, although there may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 162.75 Td (events or changes in circumstances in the future that indicate that recovery of the carrying amount of our vessels might ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 150.75 Td (not be possible.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 129.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 129.75 Td (e presently review our vessels for impairment using the following asset groups: New Generation OSVs, MPSVs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 117.75 Td (and Conventional OSV) Tj ET Q q 0 0 0 rg BT 136.82 117.75 Td (. ) Tj ET Q q 0 0 0 rg BT 144.60 117.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.17 117.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.00 117.75 Td (, we only had one remaining conventional OSV) Tj ET Q q 0 0 0 rg BT 464.98 117.75 Td (, which remains cold-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 105.75 Td (stacked and has a net book value of only $0.4 million. Management has concluded that these groupings are currently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 93.75 Td (appropriate because our vessels are highly relevant and mobile and are consistent based on the operating and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 81.75 Td (marketing characteristics desired by our customers. When analyzing asset groups for impairment, we consider both ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 69.75 Td (historical and projected operating cash flows, operating income, and EBITDA) Tj ET Q q 0 0 0 rg BT 375.63 69.75 Td ( based on current operating environment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 57.75 Td (and future conditions that we can reasonably anticipate, such as inflation or prospective wage costs. ) Tj ET Q q 0 0 0 rg BT 483.86 57.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 45.75 Td (projections are based on, but not limited to, job location, current market dayrates included in recent sales proposals, ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (utilization and contract coverage; along with anticipated market drivers, such as drilling rig movements, results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 727.75 Td (fshore lease sales and discussions with our customers regarding their ongoing drilling plans. W) Tj ET Q q 0 0 0 rg BT 466.97 727.75 Td (e also consider ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (recent vessel sales and recent vessel appraisals. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 694.75 Td (If events or changes in circumstances as set forth above indicate that the asset group) Tj ET Q q 0 0 0 rg BT 440.03 694.75 Td (s carrying amount may not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (be recoverable, we would then be required to estimate the undiscounted future cash flows expected to result from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (use of the asset group and its eventual disposition. If the sum of the expected future cash flows is less than the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (carrying amount of the vessel, we would be required to reduce the carrying amount to fair value. Examples of events ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (or changes in circumstances that could indicate that the recoverability of the carrying amount of our asset groups ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (should be assessed might include a significant change in regulations such as OP) Tj ET Q q 0 0 0 rg BT 393.25 634.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.37 634.75 Td ( 90, a significant decrease in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (market value of the asset group and current period operating or cash flow losses combined with a history of operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the asset group.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 589.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 589.75 Td (e reviewed ) Tj ET Q q 0 0 0 rg BT 119.84 589.75 Td (ASC 360 regarding triggering events that would require an impairment analysis and concluded that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (there were no such events in 2015 or 2014. Our review gave consideration to the current market conditions, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (include the recent commodity price decline, a reduction in certain projected capital budgets for our customers and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (competitors' filings. While we expect this environment to have a negative impact on vessel utilization and dayrates, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (view the deepwater and ultra deepwater projects of our customers, which are the principal markets for our vessel fleet, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (to be somewhat insulated from short-term commodity price cycles compared to onshore shale and shallow shelf ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 517.75 Td (fshore exploration and production activities. However) Tj ET Q q 0 0 0 rg BT 280.96 517.75 Td (, continued commodity price declines or protracted extensions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (of the current price cycle could result in additional delays or cancellations of deepwater projects, which may adversely ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (af) Tj ET Q q 0 0 0 rg BT 44.16 493.75 Td (fect long-term fleet utilization. W) Tj ET Q q 0 0 0 rg BT 189.03 493.75 Td (e recently updated our analysis of whether a triggering event has occurred and we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (concluded that one has not. While the Company has historically operated its vessels predominately in the GoM, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (will continue to deploy vessels to international markets as conditions warrant. Our technologically advanced vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (are capable of working in and are ef) Tj ET Q q 0 0 0 rg BT 194.81 457.75 Td (fectively mobilized to dif) Tj ET Q q 0 0 0 rg BT 300.23 457.75 Td (ferent markets, so neither the geographic location of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (vessels, nor reduced drilling activity in a particular exploration area is considered on its own as an impairment trigger) Tj ET Q q 0 0 0 rg BT 550.14 445.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (In addition, since we consider cyclicality and volatility to be normal for our industry) Tj ET Q q 0 0 0 rg BT 397.09 433.75 Td (, we do not consider strategically ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (stacking vessels that we intend to reactivate to be a triggering event. W) Tj ET Q q 0 0 0 rg BT 353.76 421.75 Td (e believe that the fair values of all of our asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (groups exceed their carrying values. In order for the fair values of any of our assets to be below their respective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td (carrying values, current and projected ef) Tj ET Q q 0 0 0 rg BT 214.25 397.75 Td (fective dayrates would have to be significantly below the lowest levels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (experienced in the Company) Tj ET Q q 0 0 0 rg BT 165.34 385.75 Td (s history) Tj ET Q q 0 0 0 rg BT 201.83 385.75 Td (. In addition, those market conditions would have to be sustained for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (remaining economic useful lives of each vessel class, which is also unlikely) Tj ET Q q 0 0 0 rg BT 367.63 373.75 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 352.75 Td (Recertification Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.70 352.75 Td (. Our vessels are required by regulation to be recertified after certain periods of time. ) Tj ET Q q 0 0 0 rg BT 527.81 352.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (recertification costs are incurred while the vessel is in drydock where other routine repairs and maintenance are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (performed and, at times, major replacements and improvements are performed. W) Tj ET Q q 0 0 0 rg BT 403.19 328.75 Td (e expense routine repairs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (maintenance as they are incurred. Recertification costs can be accounted for in one of two ways: \(1\)defer and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (amortize or \(2\)expense as incurred. W) Tj ET Q q 0 0 0 rg BT 211.44 304.75 Td (e defer and amortize recertification costs over the length of time that the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (recertification is expected to last, which is generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.55 292.75 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.67 292.75 Td ( months. Major replacements and improvements, which extend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (the vessel) Tj ET Q q 0 0 0 rg BT 83.07 280.75 Td (s economic useful life or functional operating capability) Tj ET Q q 0 0 0 rg BT 324.13 280.75 Td (, are capitalized and depreciated over the vessel) Tj ET Q q 0 0 0 rg BT 540.74 280.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (remaining economic useful life. Inherent in this process are judgments we make regarding whether the specific cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (incurred is capitalizable and the period that the incurred cost will benefit.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 235.75 Td (Mobilization Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.14 235.75 Td (. V) Tj ET Q q 0 0 0 rg BT 152.82 235.75 Td (essels will routinely move to and from international and domestic operating areas. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (Mobilization costs associated with relocating vessels typically include fuel, crew costs, vessel modifications, materials ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 211.75 Td (and supplies, importation taxes or other pre-positioning expenses required by the customer) Tj ET Q q 0 0 0 rg BT 437.89 211.75 Td (. ) Tj ET Q q 0 0 0 rg BT 446.05 211.75 Td (The extent of mobilization ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (costs incurred to relocate a vessel is directly related to the customer contract terms and area of operation. Some of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (our charter agreements provide for us to recover mobilization costs through billings to our customers. Unless ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (mobilization costs are rebillable to customers, we expense these costs as incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 154.75 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.62 154.75 Td (. W) Tj ET Q q 0 0 0 rg BT 170.43 154.75 Td (e charter our vessels to customers under time charters based on a daily rate of hire and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 142.75 Td (recognize revenue as earned on a daily basis during the contract period of the specific vessel. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 121.75 Td (Allowance for Doubtful ) Tj ET Q q 0 0 0 rg BT 162.46 121.75 Td (Accounts) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.59 121.75 Td (. Our customers are primarily national oil companies, major and independent, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.75 Td (domestic and international, oil and gas and oil service companies. Our customers are granted credit on a short-term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td (basis and related credit risks are considered minimal. W) Tj ET Q q 0 0 0 rg BT 286.47 97.75 Td (e usually do not require collateral. W) Tj ET Q q 0 0 0 rg BT 450.82 97.75 Td (e provide an estimate for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 85.75 Td (uncollectible accounts based primarily on management) Tj ET Q q 0 0 0 rg BT 281.51 85.75 Td (s judgment. Management uses the relative age of receivable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 73.75 Td (balances, historical losses, current economic conditions and individual evaluations of each customer to make ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 61.75 Td (adjustments to the allowance for doubtful accounts. Our historical losses have not been significant. However) Tj ET Q q 0 0 0 rg BT 519.60 61.75 Td (, ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (because amounts due from individual customers can be significant, future adjustments to the allowance can be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (material if one or more individual customer) Tj ET Q q 0 0 0 rg BT 224.78 727.75 Td () Tj ET Q q 0 0 0 rg BT 226.83 727.75 Td (s balances are deemed uncollectible.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 706.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 100.76 706.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.88 706.75 Td (. W) Tj ET Q q 0 0 0 rg BT 136.70 706.75 Td (e follow accounting standards for income taxes that require the use of the liability method of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (computing deferred income taxes. Under this method, deferred income taxes are provided for the temporary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (dif) Tj ET Q q 0 0 0 rg BT 46.38 682.75 Td (ferences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 94.17 658.75 Td (ferences are expected to be recovered or settled. ) Tj ET Q q 0 0 0 rg BT 317.46 658.75 Td (The assessment of the realization of deferred tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (assets, particularly those related to tax net operating loss carryforwards and foreign tax credit carryforwards, involves ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (the use of management) Tj ET Q q 0 0 0 rg BT 143.11 634.75 Td (s judgment to determine whether it is more likely than not that we will realize such tax benefits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (in the future prior to their expiration. W) Tj ET Q q 0 0 0 rg BT 208.68 622.75 Td (e continue to review our projected operating results related to the realization of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (these foreign tax credit carryforwards and if current market conditions persist or worsen through 2018, we may not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (realize the full benefit of these carryforwards. In addition, each reporting period, we assess and adjust for any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (significant changes to our liability for unrecognized income tax benefits. W) Tj ET Q q 0 0 0 rg BT 365.99 586.75 Td (e account for any interest and penalties ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (relating to uncertain tax positions in general and administrative expenses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 553.75 Td (Stock-Based Compensation Expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.43 553.75 Td ( ) Tj ET Q q 0 0 0 rg BT 230.65 553.75 Td (All equity-settled share-based payments to employees and directors, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (including grants of stock options and restricted stock units, are recognized in the income statement based on their fair ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (values at the date of grant. ) Tj ET Q q 0 0 0 rg BT 159.42 529.75 Td (All cash-settled share-based payments to employees and directors are recognized in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (income statement based on their fair values at the end of the reporting period. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 496.75 Td (Legal Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.62 496.75 Td (. W) Tj ET Q q 0 0 0 rg BT 165.43 496.75 Td (e are involved in a variety of claims, lawsuits, investigations and proceedings, as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (described in Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.60 484.75 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.72 484.75 Td ( to our consolidated financial statements. W) Tj ET Q q 0 0 0 rg BT 323.75 484.75 Td (e determine whether an estimated loss from a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 460.75 Td (e assess our potential liability by analyzing our litigation and regulatory matters using available information. W) Tj ET Q q 0 0 0 rg BT 532.00 460.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (developments in any of these matters cause a change in our determination such that we expect an unfavorable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (judgment or be settled for a significant amount, they could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 412.70 400.75 Td (fect on our results of operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (in the period or periods in which such change in determination, judgment or settlement occurs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 346.75 Td (The tables below set forth the average dayrates, utilization rates and ef) Tj ET Q q 0 0 0 rg BT 373.89 346.75 Td (fective dayrates for our new generation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (OSVs and the average number and size of such vessels owned during the periods indicated. ) Tj ET Q q 0 0 0 rg BT 448.29 334.75 Td (These vessels generate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (a substantial portion of our revenues and operating profit. Excluded from the OSV information below is the results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (operations for our MPSVs, our shore-base facility) Tj ET Q q 0 0 0 rg BT 253.13 310.75 Td (, and vessel management services, including the four vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (managed for the U.S. Navy) Tj ET Q q 0 0 0 rg BT 155.87 298.75 Td (. ) Tj ET Q q 0 0 0 rg BT 161.25 298.75 Td (The Company does not provide average or ef) Tj ET Q q 0 0 0 rg BT 362.30 298.75 Td (fective dayrates for its MPSVs. MPSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (dayrates are impacted by highly variable customer-required cost-of-sales associated with ancillary equipment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (services, such as ROVs, accomodation units and cranes, which are typically recovered through higher dayrates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (charged to the customer) Tj ET Q q 0 0 0 rg BT 143.29 262.75 Td (. Due to the fact that each of our MPSVs have a workload capacity and significantly higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (income generating potential than each of the Company) Tj ET Q q 0 0 0 rg BT 280.98 250.75 Td (s new generation OSVs, the utilization and dayrate levels of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (MPSVs could have a very large impact on our results of operations. For this reason, our consolidated operating results, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (on a period-to-period basis, are disproportionately impacted by the level of dayrates and utilization achieved by our six ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (MPSVs.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (34) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 720.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 720.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 720.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 720.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 720.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 720.50 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 705.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 690.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 690.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 690.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 690.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 690.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 690.50 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 675.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 660.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 660.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 660.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 660.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 660.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 660.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 630.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 630.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 630.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 630.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 630.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 630.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 600.50 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 600.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 600.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 600.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 600.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 600.50 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 733.5 m 403.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 733.5 m 407.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 733.5 m 482.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 733.5 m 486.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 733.5 m 403.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 720.5 m 403.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 733.5 m 482.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 720.5 m 482.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 720.5 m 562.5 720.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 737.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.85 737.73 Td (Years Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 724.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.60 724.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 724.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.10 724.73 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 710.12 Td (Offshore Supply Vessels:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 695.12 Td (A) Tj ET Q q 0 0 0 rg BT 65.49 695.12 Td (verage number of new generation OSVs) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 243.93 699.89 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.75 694.72 Td (..........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.60 695.12 Td (60.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.60 695.12 Td (57.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.60 695.12 Td (50.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 680.12 Td (A) Tj ET Q q 0 0 0 rg BT 65.49 680.12 Td (verage number of active new generation OSVs) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 272.83 684.89 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.30 679.72 Td (...............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.60 680.12 Td (42.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.60 680.12 Td (56.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.60 680.12 Td (50.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 665.12 Td (Average new generation OSV fleet capacity \(DWT\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.10 664.72 Td (..............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.95 665.12 Td (206,030) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.95 665.12 Td (177,033) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.95 665.12 Td (132,564) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 650.12 Td (Average new generation OSV capacity \(DWT\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.85 649.72 Td (......................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.05 650.12 Td (3,436) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.05 650.12 Td (3,076) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.05 650.12 Td (2,609) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 635.12 Td (A) Tj ET Q q 0 0 0 rg BT 65.49 635.12 Td (verage new generation OSV utilization rate) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 255.60 639.89 Td (\(3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.65 634.72 Td (.....................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.60 635.12 Td (54.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 394.10 635.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.60 635.12 Td (79.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.10 635.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.60 635.12 Td (83.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.10 635.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 620.12 Td (Ef) Tj ET Q q 0 0 0 rg BT 68.27 620.12 Td (fective new generation OSV utilization rate) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 256.71 624.89 Td (\(4\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.65 619.72 Td (.....................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.60 620.12 Td (77.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 394.10 620.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.60 620.12 Td (80.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.10 620.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.60 620.12 Td (84.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.10 620.12 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 605.12 Td (A) Tj ET Q q 0 0 0 rg BT 65.49 605.12 Td (verage new generation OSV dayrate) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 227.26 609.89 Td (\(5\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.05 604.72 Td (................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.00 605.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.50 605.12 Td (26,278) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.00 605.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.50 605.12 Td (27,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.00 605.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.50 605.12 Td (26,605) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 590.12 Td (Ef) Tj ET Q q 0 0 0 rg BT 68.27 590.12 Td (fective dayrate) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 133.30 594.89 Td (\(6\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.40 589.72 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.00 590.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.50 590.12 Td (14,295) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.00 590.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.50 590.12 Td (21,823) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.00 590.12 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.50 590.12 Td (22,268) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 571.5 m 113.5 571.5 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 566.58 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 563.00 Td (W) Tj ET Q q 0 0 0 rg BT 68.29 563.00 Td (e owned 60 new generation OSVs as of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 202.55 563.00 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 268.43 563.00 Td (. Our average number of new generation OSVs for the year ended ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 492.32 563.00 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 558.20 563.00 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 554.00 Td (reflects the deliveries of certain vessels under our fifth OSV newbuild program. Please refer to Our V) Tj ET Q q 0 0 0 rg BT 396.11 554.00 Td (essels on page6 of this Form10-K for more ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 545.00 Td (information about vessel names and placed in-service dates. Excluded from this data is one conventional OSV that we consider to be a non-core ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 536.00 Td (asset.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 530.58 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 527.00 Td (In response to weak market conditions, we elected to stack 28) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 267.72 527.00 Td ( new generation OSVs ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 339.71 527.00 Td (on various dates since October 2014. Subsequent to year-end, we ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 518.00 Td (have stacked an additional five new generation OSVs. ) Tj ET Q q 0 0 0 rg BT 244.81 518.00 Td (Active new generation OSVs represent vessels that are immediately available for service during ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 509.00 Td (each respective period.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 503.58 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 500.00 Td (Utilization rates are average rates based on a 365-day year) Tj ET Q q 0 0 0 rg BT 258.14 500.00 Td (. V) Tj ET Q q 0 0 0 rg BT 266.90 500.00 Td (essels are considered utilized when they are generating revenues.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 494.58 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 491.00 Td (Ef) Tj ET Q q 0 0 0 rg BT 68.30 491.00 Td (fective utilization rate is based on a denominator comprised only of vessel-days available for service by the active fleet, which excludes the impact of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 482.00 Td (stacked vessel days.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 476.58 Td (\(5\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 473.00 Td (A) Tj ET Q q 0 0 0 rg BT 66.22 473.00 Td (verage new generation OSV dayrates represent average revenue per day) Tj ET Q q 0 0 0 rg BT 309.99 473.00 Td (, which includes charter hire, crewing services and net brokerage revenues, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 464.00 Td (based on the number of days during the period that the OSVs generated revenues.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 458.58 Td (\(6\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 455.00 Td (Ef) Tj ET Q q 0 0 0 rg BT 68.30 455.00 Td (fective dayrate represents the average dayrate multiplied by the average utilization rate.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.20 739.75 Td (YEAR ENDED DECEMBER 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.23 739.75 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.48 739.75 Td ( COMP) Tj ET Q q 0 0 0 rg BT 291.51 739.75 Td (ARED T) Tj ET Q q 0 0 0 rg BT 328.55 739.75 Td (O ) Tj ET Q q 0 0 0 rg BT 338.93 739.75 Td (YEAR ENDED DECEMBER 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.96 739.75 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.20 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (Summarized financial information for the years ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.15 718.75 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.40 718.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.18 718.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 409.64 718.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.88 718.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 489.50 718.75 Td (, is shown ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (below in the following table \(in thousands, except percentage changes\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 655.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 655.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 655.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 655.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 655.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 655.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 627.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 627.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 627.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 627.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 627.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 627.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 599.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 599.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 599.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 599.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 599.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 599.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 571.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 571.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 571.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 571.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 571.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 571.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 543.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 543.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 543.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 543.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 543.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 543.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 515.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 515.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 515.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 515.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 515.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 515.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 487.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 487.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 487.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 487.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 487.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 487.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 459.25 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 459.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 459.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 459.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 459.25 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 459.25 14.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 667.25 m 354.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 667.25 m 358.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 667.25 m 418.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 667.25 m 483.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 667.25 m 487.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 667.25 m 548.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 667.25 m 354.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 655.25 m 354.5 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 667.25 m 418.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 655.25 m 418.5 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 655.25 m 483.5 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 655.25 m 548.5 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 613.25 m 354.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 613.25 m 418.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 613.25 m 483.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 613.25 m 548.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 613.25 m 354.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 613.25 m 418.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 557.25 m 354.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 557.25 m 418.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 557.25 m 354.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 543.25 m 354.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 557.25 m 418.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 543.25 m 418.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 557.25 m 483.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 543.25 m 483.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 557.25 m 548.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 543.25 m 548.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 543.25 m 354.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 529.25 m 354.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 543.25 m 418.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 529.25 m 418.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 529.25 m 483.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 529.25 m 548.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 529.25 m 354.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 529.25 m 418.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 473.25 m 354.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 473.25 m 418.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 473.25 m 483.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 473.25 m 548.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 473.25 m 354.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 473.25 m 418.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 473.25 m 548.5 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 445.25 m 354.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 445.25 m 418.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.25 m 548.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 445.25 m 354.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 432.25 m 354.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 430.25 m 354.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 445.25 m 418.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 432.25 m 418.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 430.25 m 418.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 445.25 m 483.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 432.25 m 483.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 430.25 m 483.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.25 m 548.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.25 m 548.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 430.25 m 548.5 430.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 671.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.20 678.93 Td (Y) Tj ET Q q 0 0 0 rg BT 339.09 678.93 Td (ear Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 670.93 Td (December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.15 671.48 Td (Increase \(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 659.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.10 658.93 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 658.93 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.45 658.93 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.15 658.93 Td (%Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 645.47 Td (Revenues:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 631.47 Td (Domestic) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.70 631.47 Td (..............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.00 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 631.47 Td (328,262) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.00 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 631.47 Td (490,314) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.00 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.15 631.47 Td (\(162,052) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 631.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 631.47 Td (\(33.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 631.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 631.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 617.47 Td (Foreign) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 110.40 617.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 617.47 Td (147,808) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 617.47 Td (144,479) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.60 617.47 Td (3,329) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.70 617.47 Td (2.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 617.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 603.47 Td (476,070) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 603.47 Td (634,793) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.15 603.47 Td (\(158,723) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 603.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 603.47 Td (\(25.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 603.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 603.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 589.47 Td (Operating expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.85 589.47 Td (..........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 589.47 Td (219,260) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 589.47 Td (296,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 589.47 Td (\(77,240) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 589.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 589.47 Td (\(26.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 589.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 589.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 575.47 Td (Depreciation and amortization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.30 575.47 Td (..........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 575.47 Td (109,029) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 575.47 Td (115,450) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.25 575.47 Td (\(6,421) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 575.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.40 575.47 Td (\(5.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 575.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 575.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 561.47 Td (General and administrative expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.85 561.47 Td (...............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 561.47 Td (48,297) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.05 561.47 Td (54,245) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.25 561.47 Td (\(5,948) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 561.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 561.47 Td (\(11.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 561.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 561.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 547.47 Td (376,586) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 547.47 Td (466,195) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 547.47 Td (\(89,609) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 547.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 547.47 Td (\(19.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 547.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 547.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 533.47 Td (Gain on sale of assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.95 533.47 Td (......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 533.47 Td (44,060) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.95 533.47 Td (822) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.05 533.47 Td (43,238) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.10 533.47 Td (>100.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 533.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 519.47 Td (Operating income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 519.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.50 519.47 Td (143,544) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.50 519.47 Td (169,420) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 519.47 Td (\(25,876) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 519.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 519.47 Td (\(15.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 519.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 519.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 505.47 Td (Interest expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.95 505.47 Td (...............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 505.47 Td (39,496) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.05 505.47 Td (30,733) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.60 505.47 Td (8,763) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.15 505.47 Td (28.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 505.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 491.47 Td (Interest income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 110.40 491.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.60 491.47 Td (1,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.60 491.47 Td (1,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.95 491.47 Td (439) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.15 491.47 Td (40.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 491.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 477.47 Td (Income tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.85 477.47 Td (..........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 477.47 Td (39,757) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.05 477.47 Td (52,367) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 477.47 Td (\(12,610) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 477.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 477.47 Td (\(24.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 477.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 477.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 463.47 Td (Income from continuing operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.75 463.47 Td (...................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.00 463.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 463.47 Td (66,821) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.00 463.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.05 463.47 Td (87,907) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.00 463.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 463.47 Td (\(21,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 463.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 463.47 Td (\(24.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 463.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 463.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 449.47 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.10 449.47 Td (..............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.65 449.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.95 449.47 Td (618) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.60 449.47 Td (\(618) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 449.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.25 449.47 Td (\(100.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 449.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 449.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 435.47 Td (Net income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.70 435.47 Td (.......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.00 435.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.05 435.47 Td (66,821) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.00 435.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.05 435.47 Td (88,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.00 435.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.70 435.47 Td (\(21,704) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 435.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.85 435.47 Td (\(24.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.65 435.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.10 435.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 417.25 m 113.5 417.25 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 396.75 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.03 396.75 Td (. Revenues for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.84 396.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.09 396.75 Td ( decreased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.68 396.75 Td ($158.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.39 396.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.61 396.75 Td (25.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.97 396.75 Td (, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.64 396.75 Td ($476.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.35 396.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.49 396.75 Td ($634.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 384.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 384.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.57 384.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.81 384.75 Td (. Our weighted-average active operating fleet for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.38 384.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.62 384.75 Td ( was approximately 48 vessels compared to 61 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 372.75 Td (vessels for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.57 372.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.82 372.75 Td (. ) Tj ET Q q 0 0 0 rg BT 116.97 372.75 Td (The decrease in revenues was primarily due to soft market conditions in the GoM, which led to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 360.75 Td (decision to stack ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.70 360.75 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.83 360.75 Td ( new generation OSVs on various dates between October 1, 2014 and December 31, 2015. For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 348.75 Td (the twelve months ended December 31, 2015, we had an average of 18.0 vessels stacked compared to 0.8 vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 336.75 Td (stacked in the prior-year period. ) Tj ET Q q 0 0 0 rg BT 182.00 336.75 Td (This decrease in revenue was partially of) Tj ET Q q 0 0 0 rg BT 363.02 336.75 Td (fset by $54.0 million in revenue earned from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 324.75 Td (the full or partial-period contribution of 14 vessels that were placed in service under our fifth OSV newbuild program ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 312.75 Td (since December 2013. Revenue from our MPSV fleet decreased $40.7 million, or 23.2%, for 2015 compared to 2014. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 300.75 Td (Our new generation OSV average dayrates were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.01 300.75 Td ($26,278) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.16 300.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.38 300.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.63 300.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.77 300.75 Td ($27,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.92 300.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.15 300.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.39 300.75 Td (, a decrease of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 288.75 Td ($1,138, or 4.2%. Our new generation OSV utilization was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.48 288.75 Td (54.4%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.83 288.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.06 288.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.30 288.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.45 288.75 Td (79.6%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.80 288.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.03 288.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.27 288.75 Td (. ) Tj ET Q q 0 0 0 rg BT 499.43 288.75 Td (This decrease ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 276.75 Td (in utilization is primarily due to soft market conditions for high-spec OSVs operating in the GoM and the incremental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 264.75 Td (vessels that were stacked during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.85 264.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.10 264.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.24 264.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.49 264.75 Td (. Our new generation OSVs incurred 238 days of aggregate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 252.75 Td (downtime for regulatory drydockings and were stacked for an aggregate of 6,587 days during the twelve months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 239.55 Td (December 31, 2015. Excluding stacked vessel days, our new generation OSV ef) Tj ET Q q 0 0 0 rg BT 393.80 239.55 Td (fective utilization was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.51 239.55 Td (77.8%) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 518.86 239.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.92 239.55 Td (and) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 538.60 239.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.35 Td (80.7%) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 64.35 226.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.41 226.35 Td (during the twelve months ended December 31, 2015 and 2014, respectively) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 402.62 226.35 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.79 226.35 Td (Domestic revenues decreased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.35 Td ($162.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.70 214.35 Td ( during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.06 214.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.30 214.35 Td ( compared to 2014 due to lower dayrates earned by vessels operating in our fleet during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.35 Td (twelve months ended December 31, 2015 and the stacking of vessels in late 2014 through 2015. Foreign revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.35 Td (increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.48 190.35 Td ($3.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.06 190.35 Td ( primarily due to the full or partial-period contribution of 1) Tj ET Q q 0 0 0 rg BT 395.44 190.35 Td (1 OSVs and two MPSVs that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.35 Td (relocated to foreign regions on various dates since 2013. Foreign revenues comprised ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.33 178.35 Td (31.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.69 178.35 Td ( of our total revenues for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 166.35 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.39 166.35 Td (22.8%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.74 166.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.97 166.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.22 166.35 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 145.35 Td (Operating expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.50 145.35 Td (. Operating expenses were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.79 145.35 Td ($219.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.50 145.35 Td (, a decrease of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.43 145.35 Td ($77.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.57 145.35 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.80 145.35 Td (26.1%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.15 145.35 Td (, for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.16 145.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.40 145.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.35 Td (compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.36 133.35 Td ($296.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.07 133.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.29 133.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.54 133.35 Td (. Operating expenses were driven lower by vessels that were removed from our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.35 Td (active fleet count since late 2014, which resulted in a substantial reduction in mariner headcount. ) Tj ET Q q 0 0 0 rg BT 468.85 121.35 Td (This decrease was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.35 Td (partially of) Tj ET Q q 0 0 0 rg BT 81.40 109.35 Td (fset by $25.7 million of operating costs related to the full or partial-period contribution from vessels added to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 96.15 Td (our fleet since December 2013.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 174.96 96.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.08 96.15 Td (Aggregate cash operating expenses are projected to be in the range of $170.0 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 84.15 Td (to $185.0 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.05 84.15 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.29 84.15 Td (. Such cash operating expense estimate is exclusive of any additional repositioning ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 72.15 Td (expenses we may incur in connection with the potential relocation of more of our vessels into international markets or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 60.15 Td (back to the GoM, and any customer-required cost-of-sales related to future contract fixtures that are typically recovered ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 48.15 Td (through higher dayrates.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (Depreciation and ) Tj ET Q q 0 0 0 rg BT 138.01 739.75 Td (Amortization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.59 739.75 Td (. Depreciation and amortization expense was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.92 739.75 Td ($6.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 739.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.73 739.75 Td (5.6%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.52 739.75 Td (, lower for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.20 739.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.45 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.36 727.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.61 727.75 Td (. Depreciation increased by $1) Tj ET Q q 0 0 0 rg BT 253.72 727.75 Td (1.3 million primarily due to the contribution of 14 vessels that were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 714.55 Td (placed in service on various dates since December 2013.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 289.47 714.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.58 714.55 Td (The depreciation increase was more than of) Tj ET Q q 0 0 0 rg BT 489.95 714.55 Td (fset by a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 702.55 Td (decrease in amortization expense of $17.7 million, primarily due to $6.8 million of incremental amortization recorded for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 690.55 Td (the accelerated regulatory drydocking of vessels during 2014 along with lower amortization from the sale of four ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 678.55 Td (vessels to the U.S. Navy in 2015 and the deferral of planned drydockings for stacked vessels. Depreciation and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 666.55 Td (amortization expense is expected to continue to increase from current levels as the vessels under our current newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 654.55 Td (program are placed in service and when any newly constructed vessels undergo their initial 30-month and 60-month ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 642.55 Td (recertifications.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 621.55 Td (General and ) Tj ET Q q 0 0 0 rg BT 117.45 621.55 Td (Administrative Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.94 621.55 Td (. General and administrative expenses of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.48 621.55 Td ($48.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.63 621.55 Td ( decreased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.22 621.55 Td ($5.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 609.55 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 609.55 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.57 609.55 Td (1) Tj ET Q q 0 0 0 rg BT 86.39 609.55 Td (1.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.18 609.55 Td (, during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.31 609.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.56 609.55 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.70 609.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.95 609.55 Td (. ) Tj ET Q q 0 0 0 rg BT 259.10 609.55 Td (The decrease in G&A) Tj ET Q q 0 0 0 rg BT 354.15 609.55 Td ( expenses was primarily due to lower ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 597.55 Td (shoreside compensation and short-term incentive compensation expense and a reduction in bad debt reserves. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 585.55 Td (General and administrative expenses as a percentage of revenues were 10.1% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.44 585.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.68 585.55 Td ( compared to 8.5% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.84 585.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.09 585.55 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 573.55 Td (Our general and administrative expenses are expected to be in the approximate range of $47.0 to $52.0 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 561.55 Td (2016. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 540.55 Td (Gain on Sale of ) Tj ET Q q 0 0 0 rg BT 131.34 540.55 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.35 540.55 Td (. During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.15 540.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.39 540.55 Td (, we completed the sale of four 250EDF class OSVs, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 473.74 540.55 Td (HOS ) Tj ET Q q 0 0 0 rg BT 497.81 540.55 Td (Arrowhead) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.17 540.55 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 528.55 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.68 528.55 Td (HOS Black Powder) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.27 528.55 Td (, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 160.50 528.55 Td (HOS Eagleview) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.53 528.55 Td ( and the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 269.45 528.55 Td (HOS W) Tj ET Q q 0 0 0 rg BT 303.16 528.55 Td (estwind) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.06 528.55 Td (, to the U.S. Navy for cash consideration of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.94 528.55 Td ($152.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 516.55 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 516.55 Td (. ) Tj ET Q q 0 0 0 rg BT 72.49 516.55 Td (The sale resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.62 516.55 Td ($44.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.76 516.55 Td ( \($27.6 million after-tax or $0.76 per diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 504.55 Td (share\). During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.92 504.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.16 504.55 Td (, we sold a non-core 220 class OSV that resulted in an aggregate gain of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.83 504.55 Td ($0.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 492.55 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 492.55 Td ( \($0.5 million after-tax or $0.01 per diluted share\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 471.55 Td (Operating Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.49 471.55 Td (. Operating income decreased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.57 471.55 Td ($25.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.71 471.55 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.61 471.55 Td ($143.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.31 471.55 Td ( during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.67 471.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.91 471.55 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.06 471.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 560.30 471.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 459.55 Td (for the reasons discussed above. Operating income as a percentage of revenues was 30.2% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.69 459.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.94 459.55 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 447.55 Td (26.7% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.58 447.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.83 447.55 Td (. Excluding the gain on sale of assets, our operating income for 2015 would have been $99.5 million, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 435.55 Td (20.9% of revenues and for 2014 would have been $168.6 million, or 26.6% of revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 414.55 Td (Interest Expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.82 414.55 Td ( Interest expense increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.45 414.55 Td ($8.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.03 414.55 Td ( during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.39 414.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.63 414.55 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.78 414.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.02 414.55 Td ( primarily due to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 401.35 Td (capitalizing a lower percentage of interest compared to the prior-year period) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 371.18 401.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.24 401.35 Td ( During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.03 401.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.28 401.35 Td (, we capitalized interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 389.35 Td ($24.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.14 389.35 Td (, or roughly 38% of our total interest costs, compared to capitalized interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.32 389.35 Td ($33.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.46 389.35 Td (, or roughly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 377.35 Td (52% of our total interest costs, for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.74 377.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.98 377.35 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 356.35 Td (Interest Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.92 356.35 Td (. Interest income increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.10 356.35 Td ($0.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.68 356.35 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.58 356.35 Td ($1.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.16 356.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.38 356.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.63 356.35 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.77 356.35 Td ($1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.35 356.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 344.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 344.35 Td (. Our average cash balance decreased to $269.9 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.18 344.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.43 344.35 Td ( compared to $307.9 million for 2014. ) Tj ET Q q 0 0 0 rg BT 518.90 344.35 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 332.35 Td (average interest rate earned on our invested cash balances was approximately 0.5% and 0.4% during the fiscal years ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 320.35 Td (ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.17 320.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.42 320.35 Td ( and December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.25 320.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.49 320.35 Td (, respectively) Tj ET Q q 0 0 0 rg BT 322.10 320.35 Td (. ) Tj ET Q q 0 0 0 rg BT 330.26 320.35 Td (The decrease in average cash balance was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 308.35 Td (primarily due to cash outflows associated with our fifth OSV newbuild program in 2014 and 2015 and lower revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 296.35 Td (earned by active vessels operating in our fleet. ) Tj ET Q q 0 0 0 rg BT 247.61 296.35 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 396.94 296.35 Td (fset by cash inflows from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 284.35 Td (four vessels to the U.S. Navy in 2015. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 263.35 Td (Income T) Tj ET Q q 0 0 0 rg BT 100.76 263.35 Td (ax Expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.80 263.35 Td ( Our ef) Tj ET Q q 0 0 0 rg BT 186.18 263.35 Td (fective tax rate was 37.3% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.13 263.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.38 263.35 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.62 263.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.87 263.35 Td (. During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.66 263.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.90 263.35 Td ( and 2014, our income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 251.35 Td (tax expense primarily consisted of deferred taxes. Our income tax rate is dif) Tj ET Q q 0 0 0 rg BT 372.64 251.35 Td (ferent from the federal statutory rate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 239.35 Td (primarily due to expected state tax liabilities and items not deductible for federal income tax purposes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 218.35 Td (Income from Continuing Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.86 218.35 Td (. Operating performance decreased year-over-year by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.64 218.35 Td ($21.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.78 218.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 206.35 Td (reported income from continuing operations of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.78 206.35 Td ($66.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.92 206.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.15 206.35 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.40 206.35 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.54 206.35 Td ($87.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.68 206.35 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.91 206.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.16 206.35 Td (. Excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 194.35 Td (the gain on sale of assets from both periods presented, income from continuing operations would have been $39.2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 182.35 Td (million for the twelve months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.53 182.35 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.36 182.35 Td ( compared to $87.4 million for the same period in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.92 182.35 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.17 182.35 Td (. ) Tj ET Q q 0 0 0 rg BT 533.32 182.35 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 170.35 Td (decrease in income from continuing operations for the twelve months ended December 31, 2015 was primarily driven ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 158.35 Td (by lower revenues due to soft market conditions discussed above that were partially of) Tj ET Q q 0 0 0 rg BT 417.13 158.35 Td (fset by the gain on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 146.35 Td (four vessels to the U.S. Navy in 2015. ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.20 739.75 Td (YEAR ENDED DECEMBER 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.23 739.75 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.48 739.75 Td ( COMP) Tj ET Q q 0 0 0 rg BT 291.51 739.75 Td (ARED T) Tj ET Q q 0 0 0 rg BT 328.55 739.75 Td (O ) Tj ET Q q 0 0 0 rg BT 338.93 739.75 Td (YEAR ENDED DECEMBER 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.96 739.75 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.20 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (Summarized financial information for the years ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.15 718.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.40 718.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 409.64 718.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.88 718.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 489.50 718.75 Td (, is shown ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (below in the following table \(in thousands, except percentage changes\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 655.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 655.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 655.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 655.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 655.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 655.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 655.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 627.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 627.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 627.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 627.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 627.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 627.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 627.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 599.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 599.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 599.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 599.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 599.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 599.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 599.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 571.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 571.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 571.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 571.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 571.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 571.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 571.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 543.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 543.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 543.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 543.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 543.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 543.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 543.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 515.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 515.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 515.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 515.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 515.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 515.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 515.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 487.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 487.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 487.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 487.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 487.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 487.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 487.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 459.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 459.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 459.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 459.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 459.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 459.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 459.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 431.25 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 431.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 431.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 431.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 431.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.75 431.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 431.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 431.25 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.75 431.25 14.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 667.25 m 370.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 667.25 m 374.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 667.25 m 429.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 667.25 m 488.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.75 667.25 m 492.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 667.25 m 547.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 667.25 m 370.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 655.25 m 370.75 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 667.25 m 429.75 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 655.25 m 429.75 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 655.25 m 488.75 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 655.25 m 547.75 655.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 613.25 m 370.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 613.25 m 429.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 613.25 m 488.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 613.25 m 547.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 613.25 m 370.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 613.25 m 429.75 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 557.25 m 370.75 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 543.25 m 370.75 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 557.25 m 429.75 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 543.25 m 429.75 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 557.25 m 488.75 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 543.25 m 488.75 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 557.25 m 547.75 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 543.25 m 547.75 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 529.25 m 370.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 529.25 m 429.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 529.25 m 488.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 529.25 m 547.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 529.25 m 370.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 529.25 m 429.75 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 459.25 m 370.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 459.25 m 429.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 459.25 m 488.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 459.25 m 547.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 459.25 m 370.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 459.25 m 429.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 459.25 m 547.75 459.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 431.25 m 370.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 431.25 m 429.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 431.25 m 370.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 418.25 m 370.75 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 416.25 m 370.75 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 431.25 m 429.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 418.25 m 429.75 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 416.25 m 429.75 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 431.25 m 488.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 418.25 m 488.75 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 416.25 m 488.75 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 431.25 m 547.75 431.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 418.25 m 547.75 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 416.25 m 547.75 416.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.25 671.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.45 678.93 Td (Y) Tj ET Q q 0 0 0 rg BT 355.34 678.93 Td (ear Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.20 670.93 Td (December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.40 671.48 Td (Increase \(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.25 659.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.85 658.93 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.85 658.93 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.70 658.93 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.40 658.93 Td (%Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 645.47 Td (Revenues:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.25 631.47 Td (Domestic) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.75 631.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.25 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 631.47 Td (490,314) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.25 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 631.47 Td (415,898) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.25 631.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 631.47 Td (74,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 631.47 Td (17.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 631.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.25 617.47 Td (Foreign) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.20 617.47 Td (........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 617.47 Td (144,479) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 617.47 Td (132,247) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 617.47 Td (12,232) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.95 617.47 Td (9.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 617.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 603.47 Td (634,793) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 603.47 Td (548,145) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 603.47 Td (86,648) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 603.47 Td (15.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 603.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 589.47 Td (Operating expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.65 589.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 589.47 Td (296,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 589.47 Td (239,239) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 589.47 Td (57,261) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 589.47 Td (23.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 589.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 575.47 Td (Depreciation and amortization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.30 575.47 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 575.47 Td (115,450) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 575.47 Td (85,962) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 575.47 Td (29,488) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 575.47 Td (34.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 575.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 561.47 Td (General and administrative expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.65 561.47 Td (......................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 561.47 Td (54,245) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 561.47 Td (53,428) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.20 561.47 Td (817) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.95 561.47 Td (1.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 561.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 547.47 Td (466,195) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 547.47 Td (378,629) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 547.47 Td (87,566) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 547.47 Td (23.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 547.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 533.47 Td (Gain on sale of assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.95 533.47 Td (..............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.20 533.47 Td (822) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.85 533.47 Td (1,587) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.85 533.47 Td (\(765) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 533.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.10 533.47 Td (\(48.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 533.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 533.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 519.47 Td (Operating income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.50 519.47 Td (.....................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.75 519.47 Td (169,420) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 519.47 Td (171,103) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.50 519.47 Td (\(1,683) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 519.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.65 519.47 Td (\(1.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 519.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 519.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 505.47 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.85 505.47 Td (.......................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.90 505.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 505.47 Td (25,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 505.47 Td (\(25,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 505.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.50 505.47 Td (\(100.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 505.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 505.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 491.47 Td (Interest expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.95 491.47 Td (.......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 491.47 Td (30,733) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 491.47 Td (47,352) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 491.47 Td (\(16,619) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 491.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.10 491.47 Td (\(35.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 491.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 491.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 477.47 Td (Interest income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.40 477.47 Td (.........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.85 477.47 Td (1,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.85 477.47 Td (2,515) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.50 477.47 Td (\(1,429) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 477.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.10 477.47 Td (\(56.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 477.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 477.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 463.47 Td (Income tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.65 463.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 463.47 Td (52,367) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 463.47 Td (36,320) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 463.47 Td (16,047) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 463.47 Td (44.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 463.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 449.47 Td (Income from continuing operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.75 449.47 Td (...........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 449.47 Td (87,907) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 449.47 Td (64,078) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.30 449.47 Td (23,829) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.40 449.47 Td (37.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 449.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 435.47 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.10 435.47 Td (......................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.20 435.47 Td (618) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.30 435.47 Td (47,315) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 435.47 Td (\(46,697) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 435.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.10 435.47 Td (\(98.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 435.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 435.47 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 421.47 Td (Net income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.75 421.47 Td (...............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.25 421.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 421.47 Td (88,525) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.25 421.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.75 421.47 Td (111,393) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.25 421.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.95 421.47 Td (\(22,868) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.90 421.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.10 421.47 Td (\(20.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.90 421.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.35 421.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 403.25 m 113.5 403.25 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 382.75 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.03 382.75 Td (. Revenues for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.84 382.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.09 382.75 Td ( increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.34 382.75 Td ($86.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.49 382.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.71 382.75 Td (15.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.18 382.75 Td (%, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.74 382.75 Td ($634.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.45 382.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.59 382.75 Td ($548.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 560.29 382.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.45 370.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.69 370.75 Td (. Our weighted-average active operating fleet for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.26 370.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.51 370.75 Td ( was approximately 61 vessels compared to 54 vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.45 358.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.69 358.75 Td (. ) Tj ET Q q 0 0 0 rg BT 80.85 358.75 Td (These higher revenues primarily resulted from the full or partial-period contribution of 20 vessels that were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (placed in service under our fifth OSV newbuild program since 2013 or returned to service under our 200 class OSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (retrofit program since 2012 and, to a lesser extent, an increase in revenues from the MPSV fleet. V) Tj ET Q q 0 0 0 rg BT 475.12 334.75 Td (essels placed in-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (service under our fifth OSV newbuild program and our OSV retrofit program accounted for increases of $102.5 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (and $17.7 million, respectively) Tj ET Q q 0 0 0 rg BT 169.22 310.75 Td (, in revenues during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.83 310.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.07 310.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.22 310.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.46 310.75 Td (. Revenue from our MPSVs that were in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (service during each of the twelve months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.57 298.75 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.40 298.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.64 298.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.89 298.75 Td ( increased by $35.3 million, or 27.5%, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (primarily due to higher spot dayrates earned by one of our MPSVs performing flotel services in the GoM. ) Tj ET Q q 0 0 0 rg BT 502.71 286.75 Td (These higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (revenues were partially of) Tj ET Q q 0 0 0 rg BT 149.76 274.75 Td (fset by a $73.4 million decrease in revenue for our remaining vessels that were in service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (during each of the twelve months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.12 262.75 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.95 262.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.19 262.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.44 262.75 Td ( due to soft market conditions and 128 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (incremental days out-of-service for regulatory drydockings compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.92 250.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.17 250.75 Td (. Our new generation OSV average ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (dayrates were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.59 238.75 Td ($27,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.73 238.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.96 238.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.21 238.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.35 238.75 Td ($26,605) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.50 238.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.72 238.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.97 238.75 Td (, an increase of $81) Tj ET Q q 0 0 0 rg BT 401.06 238.75 Td (1, or 3.0%. Our new generation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (OSV utilization was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.93 226.75 Td (79.6%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.28 226.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.51 226.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.75 226.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.90 226.75 Td (83.7%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.25 226.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.48 226.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.72 226.75 Td (. ) Tj ET Q q 0 0 0 rg BT 329.88 226.75 Td (This decrease in utilization was primarily due to soft ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (spot market conditions for our high-spec OSVs operating in the GoM and the incremental vessel-days out-of-service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.75 Td (for regulatory drydockings during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.41 202.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.65 202.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.80 202.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.04 202.75 Td (. Domestic revenues increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.22 202.75 Td ($74.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.37 202.75 Td ( during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.72 202.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 557.97 202.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (due to the full or partial-period contribution of 14 vessels added to our fleet under our fifth OSV newbuild program on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.75 Td (various dates during 2013 and 2014. Foreign revenues increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.98 178.75 Td ($12.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.12 178.75 Td ( primarily due to the relocation of an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.75 Td (MPSV from the GoM to foreign markets during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.41 166.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.66 166.75 Td (. Foreign revenues comprised 22.8% of our total revenues for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 154.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 154.75 Td ( compared to 24.1% for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.97 154.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.22 154.75 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 133.75 Td (Operating expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.50 133.75 Td (. Operating expenses were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.79 133.75 Td ($296.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.50 133.75 Td (, an increase of $57.3 million, or 23.9%, for 2014 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.36 121.75 Td ($239.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.07 121.75 Td ( for 2013. Newly constructed vessels under our fifth OSV newbuild program and upgraded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.75 Td (vessels placed in service under our 200 class OSV retrofit program during 2013 and 2014 accounted for approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td ($55.0 million of the higher operating costs. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 76.75 Td (Depreciation and ) Tj ET Q q 0 0 0 rg BT 138.01 76.75 Td (Amortization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.59 76.75 Td (. Depreciation and amortization expense was $29.5 million, or 34.3%, higher for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 64.75 Td (2014 compared to 2013. ) Tj ET Q q 0 0 0 rg BT 149.79 64.75 Td (This increase is primarily due to the full or partial-period contribution of 14 newbuild vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 52.75 Td (that were placed in service on various dates during 2013 and 2014, as well as the higher cost basis of six vessels ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (redelivered under our 200 class OSV retrofit program in 2013. ) Tj ET Q q 0 0 0 rg BT 314.85 739.75 Td (The increase in amortization is primarily due to a higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (per-vessel average in shipyard costs for vessel regulatory drydockings given the shift in our fleet mix to a higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (percentage of much larger high-spec vessels and, to a lesser extent, incremental amortization recorded for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (accelerated regulatory drydocking of vessels during 2014. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 682.75 Td (General and ) Tj ET Q q 0 0 0 rg BT 117.45 682.75 Td (Administrative Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.94 682.75 Td (. General and administrative expenses of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.48 682.75 Td ($54.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.63 682.75 Td ( increased by $0.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (million, or 1.5%, during 2014 compared to 2013. ) Tj ET Q q 0 0 0 rg BT 254.28 670.75 Td (This increase in G&A) Tj ET Q q 0 0 0 rg BT 347.66 670.75 Td ( expenses was primarily the result of the growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (of our shoreside support team related to our on-going newbuild program and expanding international operations. ) Tj ET Q q 0 0 0 rg BT 537.81 658.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (increase was partially of) Tj ET Q q 0 0 0 rg BT 142.53 646.75 Td (fset due to the valuation of our stock-based compensation expense, which was driven lower by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (the recent decline in our stock price, and lower shoreside incentive compensation expense. General and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (administrative expenses as a percentage of revenues were 8.5% for 2014 compared to 9.7% for 2013. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 601.75 Td (Gain on Sale of ) Tj ET Q q 0 0 0 rg BT 131.34 601.75 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.35 601.75 Td (. During 2014, we sold a non-core 220 class OSV that resulted in an aggregate gain of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (approximately $0.8 million \($0.5 million after-tax or $0.01 per diluted share\). During 2013, we sold certain non-core ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (marine assets, including two 220 class OSVs, that resulted in an aggregate gain of approximately $1.6 million \($1.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (million after-tax or $0.03 per diluted share\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 544.75 Td (Operating Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.49 544.75 Td (. Operating income decreased by $1.7 million to $169.4 million during 2014 compared to 2013 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (for the reasons discussed above. Operating income as a percentage of revenues was 26.7% for 2014 compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (31.2% for 2013. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 499.75 Td (Loss on Early Extinguishment of Debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.53 499.75 Td ( On March 14, 2013, we commenced a cash tender of) Tj ET Q q 0 0 0 rg BT 467.81 499.75 Td (fer for all of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td ($250.0 million in aggregate principal amount of our 2017 senior notes. ) Tj ET Q q 0 0 0 rg BT 350.65 487.75 Td (Approximately 94% of such senior notes were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (validly tendered during the designated tender period, which ended on March 27, 2013. ) Tj ET Q q 0 0 0 rg BT 422.75 475.75 Td (The remaining 2017 senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (notes were redeemed on May 13, 2013. During 2013, we recorded a loss on early extinguishment of debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (approximately $25.8 million \($16.1 million after-tax or $0.44 per diluted share\), which was comprised of the tender of) Tj ET Q q 0 0 0 rg BT 549.41 451.75 Td (fer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (costs, the write-of) Tj ET Q q 0 0 0 rg BT 114.18 439.75 Td (f of unamortized financing costs and original issue discount, and a bond redemption premium. ) Tj ET Q q 0 0 0 rg BT 533.68 439.75 Td (There ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (was no such transaction in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 406.75 Td (Interest Expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.82 406.75 Td ( Interest expense decreased $16.6 million during 2014 compared to 2013 primarily due to lower ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 394.75 Td (interest expense resulting from the November 2013 retirement of our convertible senior notes due 2026. During 2014, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 382.75 Td (we capitalized interest of $33.2 million, or roughly 52% of our total interest costs, compared to capitalized interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td ($31.2 million, or roughly 40% of our total interest costs, for 2013. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 349.75 Td (Interest Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.92 349.75 Td (. Interest income decreased by $1.4 million to $1.1 million for 2014 compared to $2.5 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (2013. Our average cash balance decreased to $307.9 million for 2014 compared to $663.4 million for 2013. ) Tj ET Q q 0 0 0 rg BT 516.12 337.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (average interest rate earned on our invested cash balances was approximately 0.4% during the fiscal years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (December31, 2014 and December31, 2013. ) Tj ET Q q 0 0 0 rg BT 242.06 313.75 Td (The decrease in average cash balance was due to cash outflows ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (associated with our fifth OSV newbuild program in 2014 and the retirement of all of our outstanding $250 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (aggregate principal amount of 2026 convertible senior notes in November 2013.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 268.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 100.76 268.75 Td (ax Expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.80 268.75 Td ( Our ef) Tj ET Q q 0 0 0 rg BT 186.18 268.75 Td (fective tax rate was 37.3% and 36.2% for 2014 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 495.07 268.75 Td (. During 2014, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (our income tax expense primarily consisted of deferred taxes. Our income tax rate is dif) Tj ET Q q 0 0 0 rg BT 422.10 256.75 Td (ferent from the federal statutory ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (rate primarily due to expected state tax liabilities and items not deductible for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 511.07 244.75 Td (The lower ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (tax rate for 2013 was primarily attributable to the tax benefit taken in 2013 in connection with the re-pricing of the net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (deferred tax liabilities on the balance sheet as a result of the sale of the Downstream segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.01 220.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 199.75 Td (Income from Continuing Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.86 199.75 Td (. Operating performance increased year-over-year by $23.8 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (reported income from continuing operations of $87.9 million for 2014 compared to $64.1 million for 2013. Excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (the after-tax loss on early extinguishment of debt, income from continuing operations would have been $80.2 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 163.75 Td (the twelve months ended December 31, 2013 compared to $87.9 million for the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 487.75 163.75 Td (This increase in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 151.75 Td (income from continuing operations for 2014 was primarily due to higher operating income based on the full or partial- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 139.75 Td (period contribution of 14 vessels placed in service under our fifth OSV newbuild program discussed above and a $15.2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 127.75 Td (million decrease in net interest expense. Income from continuing operations for 2013 was adversely impacted by a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 115.75 Td ($25.8 million pre-tax loss on early extinguishment of debt in connection with the tender of) Tj ET Q q 0 0 0 rg BT 429.38 115.75 Td (fer purchase and redemption ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (of our 2017 senior notes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 82.75 Td (Discontinued Operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.29 82.75 Td ( On ) Tj ET Q q 0 0 0 rg BT 193.41 82.75 Td (August 29, 2013, we closed the sale of substantially all of our Downstream assets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 70.75 Td (to Genesis Marine, LLC. ) Tj ET Q q 0 0 0 rg BT 148.83 70.75 Td (As a result of this transaction, the current and historical operating results of these vessels for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 58.75 Td (2014 and 2013 have been restated and reflected as discontinued operations. Excluded from the sale were three older) Tj ET Q q 0 0 0 rg BT 558.02 58.75 Td (, ) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (lower-horsepower tugs considered to be non-core assets. During the twelve months ended December 31, 2014, these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (three tugs were sold for net cash proceeds of $1.6 million. ) Tj ET Q q 0 0 0 rg BT 297.63 727.75 Td (These sales resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td ($0.9 million \($0.6 million after-tax or $0.02 per diluted share. Operating income during 2013 for this segment included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (a gain on sale of assets of approximately $60.0 million \($38.1 million after-tax or $1.04 per diluted share\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 682.75 Td (The following table details financial highlights for fiscal years ended December 31, 2014, and 2013, respectively) Tj ET Q q 0 0 0 rg BT 552.88 682.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (related to our Downstream segment that was sold in ) Tj ET Q q 0 0 0 rg BT 268.90 670.75 Td (August 2013 \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 627.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.75 627.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.75 627.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.75 627.25 84.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.75 615.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.75 603.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.75 603.25 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.75 603.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.75 603.25 84.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.75 591.25 354.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.75 639.25 m 473.75 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.75 639.25 m 477.75 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.75 639.25 m 561.75 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.75 639.25 m 473.75 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.75 627.25 m 473.75 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.75 639.25 m 561.75 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.75 627.25 m 561.75 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.75 627.25 m 473.75 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.75 627.25 m 561.75 627.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 642.93 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.35 630.93 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 630.93 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 617.52 Td (Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.40 617.52 Td (.............................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.25 617.52 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.75 617.52 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.25 617.52 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.30 617.52 Td (43,318) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 605.52 Td (Gain on sale of assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.75 605.52 Td (........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.20 605.52 Td (867) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.30 605.52 Td (60,076) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 593.52 Td (Operating income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.50 593.52 Td (................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.20 593.52 Td (555) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.30 593.52 Td (74,278) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.25 581.52 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.10 581.52 Td (.................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.20 581.52 Td (618) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.30 581.52 Td (47,315) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 558.75 Td (Liquidity and Capital Resources) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 537.75 Td (Our capital requirements have historically been financed with cash flows from operations, proceeds from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 525.75 Td (issuances of our debt and common equity securities, borrowings under our credit facilities and cash received from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 513.75 Td (sale of assets. W) Tj ET Q q 0 0 0 rg BT 111.96 513.75 Td (e require capital to fund on-going operations, remaining obligations under our expanded fifth OSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 501.75 Td (newbuild program, vessel recertifications, discretionary capital expenditures and debt service and may require capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 489.75 Td (to fund potential future vessel construction, retrofit or conversion projects, acquisitions or stock repurchases. ) Tj ET Q q 0 0 0 rg BT 516.61 489.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 477.75 Td (nature of our capital requirements and the types of our financing sources are not expected to change significantly for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 465.75 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 444.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 444.75 Td (e have reviewed all of our debt agreements as well as our liquidity position and projected future cash needs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 432.75 Td (Despite volatility in commodity markets, we remain confident in our current financial position, the strength of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 420.75 Td (balance sheet and the short- and long-term viability of our business model. ) Tj ET Q q 0 0 0 rg BT 371.56 420.75 Td (T) Tj ET Q q 0 0 0 rg BT 376.56 420.75 Td (o date, our liquidity has been impacted by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 408.75 Td (such volatility through lower than normal cash flow from operations. However) Tj ET Q q 0 0 0 rg BT 378.38 408.75 Td (, including cash on-hand, we expect to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 396.75 Td (generate suf) Tj ET Q q 0 0 0 rg BT 91.42 396.75 Td (ficient cash flow from operations to cover all of our growth capital expenditures for the remaining four ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 384.75 Td (HOSMAX vessels under construction, commercial-related capital expenditures, and all of our annually recurring cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 372.75 Td (debt service, maintenance capital expenditures and cash income taxes through the completion of the newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 360.75 Td (program, as well as discretionary share repurchases from time to time, without ever having to use our currently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 348.75 Td (undrawn revolving credit facility) Tj ET Q q 0 0 0 rg BT 174.21 348.75 Td (. W) Tj ET Q q 0 0 0 rg BT 191.80 348.75 Td (e also believe that we will be able to fund all of the deferred maintenance capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 336.75 Td (expenditures that will be required upon reactivation of our stacked vessels when market conditions improve without ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 324.75 Td (having to draw on such facility) Tj ET Q q 0 0 0 rg BT 168.66 324.75 Td (. W) Tj ET Q q 0 0 0 rg BT 186.25 324.75 Td (e have three tranches of funded unsecured debt outstanding that mature in fiscal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 312.75 Td (years 2019, 2020 and 2021, respectively) Tj ET Q q 0 0 0 rg BT 215.38 312.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 291.75 Td (As of December31, 2015, we had total cash and cash equivalents of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.41 291.75 Td ($259.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.12 291.75 Td (. W) Tj ET Q q 0 0 0 rg BT 443.93 291.75 Td (e also have a $300 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 279.75 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 133.07 279.75 Td (, expandable up to $500 million, which is undrawn as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.00 279.75 Td (February26, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.72 279.75 Td (. On February 6, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 267.75 Td (2015, we amended and extended the maturity of our existing revolving credit facility to February 2020, provided that, if ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 255.75 Td (the 2019 convertible senior notes remain outstanding on March 1, 2019, the Company is required to maintain a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 243.75 Td (specified minimum liquidity level until after the redemption or refinancing of the convertible senior notes, which mature ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 231.75 Td (on September 1, 2019. ) Tj ET Q q 0 0 0 rg BT 142.74 231.75 Td (As of December 31, 2015, we had posted letters of credit for $0.5 million and had $299.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 219.75 Td (million of credit available under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 290.38 219.75 Td (. ) Tj ET Q q 0 0 0 rg BT 298.53 219.75 Td (The full undrawn credit amount of such facility is available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 207.75 Td (for all uses of proceeds, including working capital, if necessary) Tj ET Q q 0 0 0 rg BT 311.51 207.75 Td (. However) Tj ET Q q 0 0 0 rg BT 358.75 207.75 Td (, the primary intended use of the facility is the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 195.75 Td (potential future construction or acquisition of assets that generate additional EBITDA.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 174.75 Td (On October 28, 2014, our Board of Directors authorized us to repurchase up to $150 million in shares of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 162.75 Td (common stock from time to time, $25 million of which was used to buy-back 891,396 shares during the fourth quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 150.75 Td (of 2014. ) Tj ET Q q 0 0 0 rg BT 77.52 150.75 Td (There were no such repurchases during the twelve months ended December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 466.63 150.75 Td (Any future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 138.75 Td (repurchases under this program will be funded from our cash on-hand, cash flow from operations and/or cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 126.75 Td (proceeds from the divestiture of non-core assets. While we have an authorized share repurchase program, we will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 114.75 Td (continue to prioritize our usage of cash appropriate to the current market cycle.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 93.75 Td (Although we expect to continue generating positive working capital through our operations, events beyond our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 81.75 Td (control, such as sustained low prices for oil and natural gas, a further significant decline in such commodity prices, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 69.75 Td (renewed regulatory-driven delays in the issuance of drilling plans and permits in the GoM, declines in expenditures for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 57.75 Td (exploration, development and production activity) Tj ET Q q 0 0 0 rg BT 249.28 57.75 Td (, any extended reduction in domestic consumption of refined ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (petroleum products and other reasons discussed under the Forward Looking Statements on page ii and "Item 1A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (Risk Factors" of this ) Tj ET Q q 0 0 0 rg BT 126.80 727.75 Td (Annual Report on Form 10-K, may af) Tj ET Q q 0 0 0 rg BT 290.02 727.75 Td (fect our financial condition, results of operations or cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (flows. Should such need for additional financing arise, we may not be able to access the capital markets on attractive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (terms at that time or otherwise obtain suf) Tj ET Q q 0 0 0 rg BT 216.45 703.75 Td (ficient capital to meet our maturing debt obligations or finance growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (opportunities that may arise. W) Tj ET Q q 0 0 0 rg BT 173.66 691.75 Td (e will continue to closely monitor our liquidity position, as well as the state of the global ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (capital and credit markets. See further discussion in the Contractual Obligations section below) Tj ET Q q 0 0 0 rg BT 454.00 679.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (Cash Flows) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 637.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 106.32 637.75 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.78 637.75 Td (. W) Tj ET Q q 0 0 0 rg BT 160.59 637.75 Td (e rely primarily on cash flows from operations to provide working capital for current and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (future operations. Cash flows from operating activities were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.90 625.75 Td ($215.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.60 625.75 Td ( in 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.75 625.75 Td ($163.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.45 625.75 Td ( in 2014, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.06 625.75 Td ($207.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 613.75 Td ( in 2013. Operating cash flows in 2015 were favorably impacted by a reduction in outstanding accounts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (receivable balances combined with lower cash outflows for regulatory drydocking expenses compared to the prior year) Tj ET Q q 0 0 0 rg BT 559.05 601.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (partially of) Tj ET Q q 0 0 0 rg BT 81.40 589.75 Td (fset by lower cash inflows from soft market conditions. Cash flows from operations for 2015 reflect full or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (partial-period contributions from 14 vessels that were placed in service under our fifth OSV newbuild program on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (various dates during 2014 and 2015. Operating cash flows in 2014 included the impact of $43.6 million of costs related ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (to regulatory recertifications for our vessels. Operating cash flows in 2014 were unfavorably af) Tj ET Q q 0 0 0 rg BT 453.80 553.75 Td (fected by the soft ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (market conditions for our OSVs operating in the GoM, partially of) Tj ET Q q 0 0 0 rg BT 322.06 541.75 Td (fset by the full or partial-period contributions from 14 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (vessels that were placed in service under our fifth OSV newbuild program on various dates during 2013 and 2014. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (Operating cash flows in 2013 were favorably af) Tj ET Q q 0 0 0 rg BT 243.71 517.75 Td (fected by the increased dayrates for our high-spec OSVs and MPSVs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (operating in the GoM and, to a lesser extent, the partial-period contributions from four new generation OSVs that were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (delivered under our fifth OSV newbuild program.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 472.75 Td (Investing ) Tj ET Q q 0 0 0 rg BT 102.43 472.75 Td (Activities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.66 472.75 Td ( Net cash used in investing activities was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.64 472.75 Td ($141.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.34 472.75 Td ( in 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.48 472.75 Td ($401.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.19 472.75 Td ( in 2014, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td ($526.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.70 460.75 Td ( in 2013. Cash utilized in 2015 consisted of construction costs incurred for our fifth OSV newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (program partially of) Tj ET Q q 0 0 0 rg BT 121.41 448.75 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.65 448.75 Td ($152.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.35 448.75 Td ( in aggregate proceeds from the sale of four 250EDF class OSVs to the U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (Navy) Tj ET Q q 0 0 0 rg BT 58.04 436.75 Td (. ) Tj ET Q q 0 0 0 rg BT 66.20 436.75 Td (The proceeds from the asset sale have been reinvested in the construction of vessels under our fifth OSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (newbuild program. Cash utilized during 2014 primarily consisted of construction costs incurred for our fifth OSV ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (newbuild program and capital improvements made to our existing operating fleet, partially of) Tj ET Q q 0 0 0 rg BT 442.15 412.75 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.38 412.75 Td ($7.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.96 412.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (aggregate net cash proceeds from the sale of non-core assets. Cash utilized during 2013 primarily consisted of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (construction costs incurred for our fifth OSV newbuild program and capital improvements made to our existing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 376.75 Td (operating fleet, partially of) Tj ET Q q 0 0 0 rg BT 150.33 376.75 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.57 376.75 Td ($16.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.71 376.75 Td ( in aggregate net cash proceeds from the sale of non-core assets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 355.75 Td (Financing ) Tj ET Q q 0 0 0 rg BT 105.77 355.75 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.22 355.75 Td (. Net cash provided by \(used in\) financing activities was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.67 355.75 Td ($1.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.25 355.75 Td ( in 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.40 355.75 Td ($\(19.7\) million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.20 355.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (2014, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.27 343.75 Td ($\(61.3\) million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.07 343.75 Td ( in 2013. Net cash provided by financing activities in 2015 resulted from net proceeds from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 331.75 Td (common shares issued pursuant to our employee stock-based incentive plan, partially of) Tj ET Q q 0 0 0 rg BT 426.58 331.75 Td (fset by deferred financing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (costs related to the amendment and extension of our existing $300 million revolving credit facility) Tj ET Q q 0 0 0 rg BT 462.15 319.75 Td (. Net cash used in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (financing activities for 2014 primarily resulted from the repurchase of our common stock. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.20 307.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.76 307.75 Td ( to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (consolidated financial statements for further information regarding the common stock repurchase. Net cash used in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (financing activities for 2013 primarily resulted from the repurchase and retirement of our 2017 senior notes and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (redemption of our 2026 convertible senior notes. ) Tj ET Q q 0 0 0 rg BT 255.95 271.75 Td (These outflows were partially of) Tj ET Q q 0 0 0 rg BT 395.83 271.75 Td (fset by the issuance of our 2021 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (senior notes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 238.75 Td (On March14, 2013, we commenced a tender of) Tj ET Q q 0 0 0 rg BT 271.60 238.75 Td (fer and solicitation of consents relating to the repurchase of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.75 Td (existing 2017 senior notes. ) Tj ET Q q 0 0 0 rg BT 160.34 226.75 Td (The tender of) Tj ET Q q 0 0 0 rg BT 219.64 226.75 Td (fer expired on ) Tj ET Q q 0 0 0 rg BT 283.02 226.75 Td (April 10, 2013. On March28, 2013, we also completed the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.75 Td (private placement of $450 million of 2021 senior notes, resulting in of) Tj ET Q q 0 0 0 rg BT 340.44 214.75 Td (fering proceeds of approximately $442.4 million, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.75 Td (net of transaction costs. In connection with the tender of) Tj ET Q q 0 0 0 rg BT 285.97 202.75 Td (fer) Tj ET Q q 0 0 0 rg BT 297.08 202.75 Td (, related consent solicitation, and related redemption, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.75 Td (used $269.3 million of such proceeds to repurchase all of our outstanding $250 million aggregate principal amount of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.75 Td (2017 senior notes. ) Tj ET Q q 0 0 0 rg BT 123.29 178.75 Td (As a result of the repurchase of the 2017 senior notes, we recorded a pre-tax loss on early ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.75 Td (extinguishment of debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.52 166.75 Td ($25.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.66 166.75 Td ( \($16.1 million after-tax or $0.44 per diluted share\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 145.75 Td (On November 15, 2013, we completed the conversion and redemption of all of our outstanding $250 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (aggregate principal amount of 2026 convertible senior notes. W) Tj ET Q q 0 0 0 rg BT 319.32 133.75 Td (e elected to redeem the 2026 convertible senior notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (on November 15, 2013, or the Redemption Date, at a redemption price of 100% of the principal amount thereof and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 109.75 Td (accrued and unpaid interest to, but excluding, the Redemption Date. Holders of approximately $249.6 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 97.75 Td (aggregate principal amount of the 2026 convertible senior notes elected to convert prior to the previously announced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 85.75 Td (redemption date of November 15, 2013. ) Tj ET Q q 0 0 0 rg BT 218.15 85.75 Td (The conversions of the 2026 convertible senior notes were settled based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 73.75 Td (the applicable conversion rate of 20.6260 shares of our common stock per $1,000 principal amount of notes, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 61.75 Td (equates to a conversion price of $48.48 per share, and on the volume-weighted average price of our common stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 49.75 Td (during the Observation Period \(as defined in the Indenture governing the 2026 convertible senior notes\) of October 8, ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (41) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (2013 through November 1) Tj ET Q q 0 0 0 rg BT 151.44 739.75 Td (1, 2013. W) Tj ET Q q 0 0 0 rg BT 202.40 739.75 Td (e satisfied our conversion obligations to holders by paying cash equal to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (aggregate principal amount of the 2026 convertible senior notes converted and delivering shares of our common stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (in settlement of all conversion obligations in excess of the principal amount \(except that we paid cash in lieu of issuing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (fractional shares\). In total, we delivered 728,41) Tj ET Q q 0 0 0 rg BT 245.38 703.75 Td (1 shares of our common stock to the converting holders, which were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (provided to us by the counterparties to the previously disclosed convertible note hedge transactions entered into in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (2006 concurrently with the pricing of the 2026 convertible senior notes. ) Tj ET Q q 0 0 0 rg BT 354.34 679.75 Td (This prevented the equity dilution that would ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (otherwise have resulted from the share delivery requirements of the conversion. ) Tj ET Q q 0 0 0 rg BT 394.33 667.75 Td (The number of shares of our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (stock outstanding after the conversion was the same as immediately prior to the conversion. ) Tj ET Q q 0 0 0 rg BT 448.25 655.75 Td (The remaining $0.4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (million in aggregate principal amount of the 2026 convertible senior notes was redeemed on November 15, 2013 at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (redemption price of 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (Redemption Date. ) Tj ET Q q 0 0 0 rg BT 121.98 619.75 Td (The cash payment obligations related to the conversion and redemption were funded with cash on-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (hand.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.02 607.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 586.75 Td (Discontinued Operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.79 586.75 Td ( Net cash provided by discontinued operations was $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.59 586.75 Td (4.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.61 586.75 Td ( in 2014 and $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.00 586.75 Td (244.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 574.75 Td ( in 2013. Net cash provided by discontinued operations in 2014 primarily resulted from the sale of our final three ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (older) Tj ET Q q 0 0 0 rg BT 57.68 562.75 Td (, lower-horsepower tugs. Net cash provided by discontinued operations in 2013 primarily resulted from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (substantially all of the assets related to the Downstream segment to Genesis Marine, LLC for approximately $230 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (million in gross cash proceeds. See Note 13 for further discussion regarding Discontinued Operations. ) Tj ET Q q 0 0 0 rg BT 494.95 538.75 Td (The proceeds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (from the asset sale have been reinvested in the construction of vessels under our fifth OSV newbuild program. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 508.75 Td (Commitments and Contractual Obligations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 487.75 Td (The following table sets forth our aggregate contractual obligations as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.86 487.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.69 487.75 Td ( \(in thousands\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.62 487.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 447.25 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 447.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 447.25 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 447.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 447.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 447.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 447.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 447.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 447.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 447.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 447.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 417.25 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 417.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 417.25 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 417.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 417.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 417.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 417.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 417.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 417.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 417.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 417.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 387.25 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 387.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 387.25 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 387.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 387.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 387.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 387.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 387.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 387.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 387.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 387.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 357.25 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 357.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 357.25 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 357.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 357.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 357.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 357.25 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 357.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 357.25 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 357.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 357.25 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 447.25 m 253.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 447.25 m 315.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 447.25 m 376.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 447.25 m 439.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 447.25 m 500.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 447.25 m 563.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 447.25 m 315.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 447.25 m 376.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 447.25 m 439.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 447.25 m 500.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 447.25 m 563.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 357.25 m 315.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 357.25 m 376.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 357.25 m 439.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 357.25 m 500.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 357.25 m 563.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 343.25 m 315.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 341.25 m 315.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 343.25 m 376.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 341.25 m 376.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 343.25 m 439.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 341.25 m 439.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 343.25 m 500.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 341.25 m 500.5 341.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 343.25 m 563.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 341.25 m 563.5 341.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 451.48 Td (Contractual Obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.70 451.48 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.80 459.48 Td (Lessthan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.75 451.48 Td (1) Tj ET Q q 0 0 0 rg BT 342.28 451.48 Td (Y) Tj ET Q q 0 0 0 rg BT 347.17 451.48 Td (ear) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.00 451.48 Td (1-3 Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 451.48 Td (3-5 Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.90 451.48 Td (Thereafter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 436.87 Td (V) Tj ET Q q 0 0 0 rg BT 45.12 436.87 Td (essel construction commitments) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 187.39 441.64 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.20 436.47 Td (...................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.00 436.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.50 436.87 Td (133,292) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.00 436.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.05 436.87 Td (86,358) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.00 436.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.05 436.87 Td (46,934) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.00 436.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.65 436.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.00 436.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.65 436.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 421.87 Td (5.000% senior notes due 2021) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 174.66 426.64 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.30 421.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.50 421.87 Td (450,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.65 421.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.65 421.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.65 421.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.50 421.87 Td (450,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 406.87 Td (5.875% senior notes due 2020) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 174.66 411.64 Td (\(3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.30 406.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.50 406.87 Td (375,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.65 406.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.65 406.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.50 406.87 Td (375,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.65 406.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 391.87 Td (1.500% convertible senior notes due 2019) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 225.80 396.64 Td (\(4\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.10 391.47 Td (.....) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.50 391.87 Td (300,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.65 391.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.65 391.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.50 391.87 Td (300,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.65 391.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 376.87 Td (Interest payments) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 118.48 381.64 Td (\(5\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.75 376.47 Td (............................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.50 376.87 Td (240,891) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.05 376.87 Td (49,031) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.05 376.87 Td (98,063) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.05 376.87 Td (82,547) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.05 376.87 Td (11,250) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 361.87 Td (Operating leases) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 114.60 366.64 Td (\(6\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.95 361.47 Td (.............................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.05 361.92 Td (39,790) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.60 361.87 Td (3,032) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.60 361.87 Td (4,710) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.60 361.87 Td (4,862) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.05 361.87 Td (27,186) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 346.87 Td (Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.50 346.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.00 346.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.15 346.87 Td (1,538,973) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.00 346.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.50 346.87 Td (138,421) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.00 346.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 346.87 Td (149,707) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.00 346.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.50 346.87 Td (762,409) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.00 346.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.50 346.87 Td (488,436) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 328.25 m 113.5 328.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 323.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 319.75 Td (V) Tj ET Q q 0 0 0 rg BT 65.94 319.75 Td (essel construction commitments reflect contractual milestone payments for our fifth OSV newbuild program. ) Tj ET Q q 0 0 0 rg BT 426.39 319.75 Td (The total project costs for the currently ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 310.75 Td (contracted 24-vessel program are expected to be ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 226.87 310.75 Td ($1,335.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 279.40 310.75 Td (, excluding capitalized construction period interest. From the inception of this ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 301.75 Td (program through ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 118.88 301.75 Td (December31, 2015) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 184.76 301.75 Td (, we have incurred ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 248.13 301.75 Td ($1,201.7 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 300.67 301.75 Td (, or ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 313.59 301.75 Td (90.0%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 334.86 301.75 Td (, of total expected project costs.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 296.33 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 292.75 Td (Our 2021 senior notes, with a fixed interest rate of 5.000%per year) Tj ET Q q 0 0 0 rg BT 283.99 292.75 Td (, mature on March1, 2021 and currently include ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 445.34 292.75 Td ($5,080) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 468.28 292.75 Td ( of deferred financing costs.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 287.33 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 283.75 Td (Our 2020 senior notes, with a fixed interest rate of 5.875%per year) Tj ET Q q 0 0 0 rg BT 283.99 283.75 Td (, mature on ) Tj ET Q q 0 0 0 rg BT 323.60 283.75 Td (April1, 2020 and currently include ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 439.09 283.75 Td ($3,944) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 462.03 283.75 Td ( of deferred financing costs.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 278.33 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 274.75 Td (Our 2019 convertible senior notes, with a fixed interest rate of 1.500%per year) Tj ET Q q 0 0 0 rg BT 322.35 274.75 Td (, mature on September1, 2019 and currently include ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 499.54 274.75 Td ($41,600) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 526.66 274.75 Td ( of non-) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 265.75 Td (cash original issue discount and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 169.75 265.75 Td ($4,095) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 192.70 265.75 Td ( of deferred financing costs. Holders of the convertible senior notes may require that such notes be ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 256.75 Td (repurchased at their option pursuant to certain types of corporate transactions described in Note ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 381.97 256.75 Td (6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 386.14 256.75 Td ( of our consolidated financial statements included ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 247.75 Td (herein. ) Tj ET Q q 0 0 0 rg BT 88.32 247.75 Td (The debt maturities reflected in the table above assume that the holders of our convertible senior notes do not require that such notes be ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 238.75 Td (repurchased prior to their maturity in September 2019.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 233.33 Td (\(5\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 229.75 Td (Interest payments relate to our 2021 senior notes due March1, 2021, our 2020 senior notes due ) Tj ET Q q 0 0 0 rg BT 382.41 229.75 Td (April1, 2020 and our 2019 convertible senior notes ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 220.75 Td (due September1, 2019 with semi-annual interest payments of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 269.81 220.75 Td ($1) Tj ET Q q 0 0 0 rg BT 277.60 220.75 Td (1.3 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 311.37 220.75 Td ( payable ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 341.81 220.75 Td (March 1 and September 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 428.53 220.75 Td (, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 432.69 220.75 Td ($1) Tj ET Q q 0 0 0 rg BT 440.48 220.75 Td (1.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 474.25 220.75 Td ( payable ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 504.28 220.75 Td (April 1 and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 211.75 Td (October 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.29 211.75 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 113.05 211.75 Td ($2.3 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 150.99 211.75 Td ( payable ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 181.43 211.75 Td (March 1 and September 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 268.15 211.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 311.36 211.75 Td (. Non-cash interest expense has been excluded from the table above.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 206.33 Td (\(6\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 202.75 Td (Included in operating leases are commitments for a shore-base port facility) Tj ET Q q 0 0 0 rg BT 308.43 202.75 Td (, of) Tj ET Q q 0 0 0 rg BT 318.72 202.75 Td (fice space, of) Tj ET Q q 0 0 0 rg BT 362.77 202.75 Td (fice equipment and vehicles. See Item 2Properties for ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 193.75 Td (additional information regarding our leased of) Tj ET Q q 0 0 0 rg BT 211.74 193.75 Td (fice space and other facilities.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (42) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 718.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.57 718.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.40 718.75 Td (, the Company had the following outstanding long-term debt \(in thousands, except ef) Tj ET Q q 0 0 0 rg BT 522.78 718.75 Td (fective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (interest rate\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 650.25 294.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 650.25 42.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 650.25 6.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 650.25 39.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 650.25 6.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 650.25 41.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 650.25 6.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 650.25 93.00 -10.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 640.25 294.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 630.25 294.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 630.25 42.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 630.25 6.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 630.25 39.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 630.25 6.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 630.25 41.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 630.25 6.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 630.25 93.00 -18.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 650.25 m 372.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 650.25 m 417.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 650.25 m 464.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 650.25 m 563.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 650.25 m 372.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 650.25 m 417.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 650.25 m 464.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 650.25 m 563.5 650.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 612.25 m 372.5 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 598.25 m 372.5 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 596.25 m 372.5 596.25 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 342.30 661.84 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 342.65 654.34 Td (Debt) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 381.85 669.34 Td (Effective) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 383.95 661.84 Td (Interest) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 389.35 654.34 Td (Rate) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 433.25 684.34 Td (Semi-) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 430.75 676.84 Td (Annual) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 434.30 669.34 Td (Cash) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 429.95 661.84 Td (Interest) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 427.85 654.34 Td (Payment) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 489.60 654.34 Td (Payment Dates) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 39.00 642.34 Td (5.875% senior notes due 2020, net of deferred financing costs of $3,944 \(1\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 291.55 642.34 Td (.................) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 333.00 642.34 Td ($) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 342.30 642.34 Td (371,056) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 395.70 642.34 Td (6.08) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.30 642.34 Td (%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 426.00 642.34 Td ($) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 438.55 642.34 Td (11,000) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 473.00 642.34 Td (April 1 and October 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 39.00 632.34 Td (5.000% senior notes due 2021, net of deferred financing costs of $5,080 \(1\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 291.55 632.34 Td (.................) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 342.30 632.34 Td (444,920) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 395.70 632.34 Td (5.21) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.30 632.34 Td (%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 438.55 632.34 Td (11,300) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 473.00 632.34 Td (March 1 and September 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 39.00 622.29 Td (1.500% convertible senior notes due 2019, net of original issue discount of $41,600) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 39.00 614.79 Td (and deferred financing costs of $4,095) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 168.60 614.34 Td (............................................................................) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 342.30 616.34 Td (254,305) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 395.70 616.34 Td (6.23) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.30 616.34 Td (%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 442.70 616.34 Td (2,300) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 473.00 619.34 Td (March 1 and September 1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 333.00 601.34 Td ($) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 336.05 601.34 Td (1,070,281) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 583.25 m 113.5 583.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 45.00 574.75 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 574.75 Td (The senior notes do not require any payments of principal prior to their stated maturity dates, but pursuant to the indentures under which the 2020 and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 565.75 Td (2021 senior notes were issued, we would be required to make of) Tj ET Q q 0 0 0 rg BT 277.17 565.75 Td (fers to purchase such senior notes upon the occurrence of specified events, such as ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 556.75 Td (certain asset sales or a change in control.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 535.75 Td (On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.12 535.75 Td (February6, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.28 535.75 Td (, we amended and extended our revolving credit facility to extend the maturity date, modify ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (certain covenants and reduce the collateral coverage of such facility) Tj ET Q q 0 0 0 rg BT 335.43 523.75 Td (. ) Tj ET Q q 0 0 0 rg BT 343.58 523.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.59 523.75 Td ($300.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.30 523.75 Td ( revolving credit facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (remains undrawn as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.94 511.75 Td (February26, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.66 511.75 Td (. With the revolving credit facility) Tj ET Q q 0 0 0 rg BT 366.52 511.75 Td (, we have the option of borrowing at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (variable rate of interest equal to \(i\) London Interbank Of) Tj ET Q q 0 0 0 rg BT 281.52 499.75 Td (fered Rate, or LIBOR, plus a margin of 2.0% to 3.0% or \(ii\)the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (greatest of the Prime Rate, the Federal Funds Ef) Tj ET Q q 0 0 0 rg BT 251.48 487.75 Td (fective Rate plus 1/2 of 1% or LIBOR, plus 1.0%; plus in each case an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (applicable margin. ) Tj ET Q q 0 0 0 rg BT 122.53 475.75 Td (The applicable margin for each base rate is determined by a pricing grid, which is based on a new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (total debt-to-capitalization ratio, as defined in the credit agreement governing the revolving credit facility) Tj ET Q q 0 0 0 rg BT 492.18 463.75 Td (, as amended. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (The applicable LIBOR margin for the amended revolving credit facility ranges from 200 to 300 basis points. Unused ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (commitment fees are payable quarterly at the annual rate of 37.5 to 50.0 basis points of the unused portion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (borrowing base of the new revolving credit facility) Tj ET Q q 0 0 0 rg BT 253.14 427.75 Td (, based on the defined total debt-to-capitalization ratio. For additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (information with respect to our revolving credit facility) Tj ET Q q 0 0 0 rg BT 269.80 415.75 Td (, our 2020 senior notes, our 2021 senior notes, and our 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (convertible senior notes, please refer to Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.78 403.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.34 403.75 Td ( of our consolidated financial statements included herein.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 382.75 Td (The credit agreement governing the revolving credit facility and the indentures governing our 2020 senior notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 370.75 Td (and 2021 senior notes impose certain operating and financial restrictions on us. Such restrictions af) Tj ET Q q 0 0 0 rg BT 477.73 370.75 Td (fect, and in many ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (cases limit or prohibit, among other things, our ability to incur additional indebtedness, make capital expenditures, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (redeem equity) Tj ET Q q 0 0 0 rg BT 98.63 346.75 Td (, create liens, sell assets and make dividend or other restricted payments. Based on our financial ratios ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.95 334.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.78 334.75 Td (, the full amount of the undrawn borrowing base under our revolving credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 322.75 Td (facility is available to us for all uses of proceeds, including working capital, if necessary) Tj ET Q q 0 0 0 rg BT 418.78 322.75 Td (. For the quarter ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (December31, 2015, we were in compliance with all of our debt covenants. W) Tj ET Q q 0 0 0 rg BT 380.44 310.75 Td (e continuously review our debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.75 Td (covenants and report to our lenders our compliance with financial ratios on a quarterly basis. W) Tj ET Q q 0 0 0 rg BT 459.37 298.75 Td (e also consider such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (covenants in evaluating transactions that will have an ef) Tj ET Q q 0 0 0 rg BT 282.64 286.75 Td (fect on our financial ratios.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (Capital Expenditures and Related Commitments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 244.75 Td (The following table sets forth the amounts incurred for our fifth OSV newbuild program, before construction period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (interest, during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.42 232.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.25 232.75 Td ( and since such program) Tj ET Q q 0 0 0 rg BT 373.80 232.75 Td (s inception, as well as the estimated total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (project costs for such program \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.62 220.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 165.25 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 165.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 165.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 165.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 165.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 165.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 165.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 165.25 84.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 165.25 m 299.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 165.25 m 387.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 165.25 m 475.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 165.25 m 563.5 165.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 138.25 m 299.5 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 136.25 m 299.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 138.25 m 387.5 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 136.25 m 387.5 136.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 138.25 m 475.5 138.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 136.25 m 475.5 136.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.45 192.93 Td (Forthe) Tj ET Q q 0 0 0 rg BT 262.64 192.93 Td (Y) Tj ET Q q 0 0 0 rg BT 267.53 192.93 Td (ear) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.25 184.93 Td (Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.35 176.93 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.60 168.93 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.95 185.48 Td (Incurred) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.30 177.48 Td (Since) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.20 169.48 Td (Inception) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.85 185.48 Td (Estimated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.55 177.48 Td (Program) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.30 169.48 Td (T) Tj ET Q q 0 0 0 rg BT 422.59 169.48 Td (otals) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 441.26 173.29 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.75 185.48 Td (Projected) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.40 177.48 Td (Delivery) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.90 169.48 Td (Dates) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 528.69 173.29 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 155.47 Td (Growth Capital Expenditures:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 141.47 Td (OSV Newbuild Program #5) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 159.05 146.24 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.30 141.47 Td (...............) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 141.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.60 141.47 Td (169.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.00 141.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.25 141.47 Td (1,201.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 394.00 141.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.25 141.47 Td (1,335.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.45 141.47 Td (2Q2013-4Q2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 39 123.25 m 116 123.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 118.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 114.75 Td (Estimated Program ) Tj ET Q q 0 0 0 rg BT 127.49 114.75 Td (T) Tj ET Q q 0 0 0 rg BT 131.24 114.75 Td (otals and Projected Delivery Dates are based on internal estimates and are subject to change due to delays and possible cost ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 105.75 Td (overruns inherent in any large construction project, including, without limitations, shortages of equipment, lack of shipyard availability) Tj ET Q q 0 0 0 rg BT 499.80 105.75 Td (, unforeseen ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 96.75 Td (engineering problems, work stoppages, weather interference, unanticipated cost increases, the inability to obtain necessary certifications and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 87.75 Td (approvals and shortages of materials, component equipment or skilled labor) Tj ET Q q 0 0 0 rg BT 312.76 87.75 Td (. ) Tj ET Q q 0 0 0 rg BT 316.51 87.75 Td (All of the above historical and budgeted capital expenditure project ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 78.75 Td (amounts for our newbuild program represent estimated cash outlays and do not include any allocation of capitalized construction period interest. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 69.75 Td (Projected delivery dates correspond to the first and last vessels that are contracted with shipyards for construction and delivery under our currently ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 60.75 Td (active program, respectively) Tj ET Q q 0 0 0 rg BT 154.17 60.75 Td (.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 33.25 Td (43) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 745.13 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 741.55 Td (Our fifth OSV newbuild program consists of vessel construction contracts with ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 321.06 741.55 Td (three) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 338.15 741.55 Td ( domestic shipyards to build ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 432.79 741.55 Td (four) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 445.71 741.55 Td ( 300 class OSVs, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 505.32 741.55 Td (five) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 516.99 741.55 Td ( 310 class ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 732.55 Td (OSVs, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.11 732.55 Td (ten) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 95.53 732.55 Td ( 320 class OSVs, ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 155.14 732.55 Td (three) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 172.24 732.55 Td ( 310 class MPSVs and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 249.78 732.55 Td (two) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 261.45 732.55 Td ( 400 class MPSVs. ) Tj ET Q q 0 0 0 rg BT 328.15 732.55 Td (As of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 347.33 732.55 Td (February17, 2016) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.62 732.55 Td (, we had placed 20 vessels in service under ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 723.55 Td (such program. ) Tj ET Q q 0 0 0 rg BT 111.24 723.55 Td (The remaining four vessels under this ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 238.39 723.55 Td (24) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 246.73 723.55 Td (-vessel domestic newbuild program are currently expected to be placed in service as follows: ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 714.55 Td (two) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 73.02 714.55 Td ( in the remainder of 2016 and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 173.10 714.55 Td (two) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 184.77 714.55 Td ( in 2017. Please refer to Our V) Tj ET Q q 0 0 0 rg BT 287.75 714.55 Td (essels on page6 of this Form10-K for more information about vessel names and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 705.55 Td (placed-in-service dates. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 681.55 Td (The following table summarizes the costs incurred, prior to the allocation of construction period interest, for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 669.55 Td (purposes set forth below for the years ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.26 669.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.51 669.55 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.06 669.55 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.31 669.55 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.33 669.55 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.57 669.55 Td (, and a forecast for the fiscal year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 657.55 Td (ending December 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.39 657.55 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.64 657.55 Td ( \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.76 657.55 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 599.05 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 599.05 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 599.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 599.05 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 599.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 599.05 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 599.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 599.05 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 571.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 571.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 571.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 571.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 571.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 571.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 571.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 571.05 67.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 558.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 545.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 545.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 545.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 545.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 545.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 545.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 545.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 545.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 519.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 519.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 519.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 519.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 519.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 519.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 519.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 519.05 67.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 506.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 493.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 493.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 493.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 493.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 493.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 493.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 493.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 493.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 467.05 248.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 467.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 467.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 467.05 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 467.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 467.05 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 467.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 467.05 67.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 625.05 m 350.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 625.05 m 354.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 625.05 m 421.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 625.05 m 425.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 625.05 m 491.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 625.05 m 495.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 625.05 m 562.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 625.05 m 350.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 612.05 m 350.5 612.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 625.05 m 421.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 612.05 m 421.5 612.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 625.05 m 491.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 612.05 m 491.5 612.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 625.05 m 562.5 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 612.05 m 562.5 612.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 599.05 m 350.5 599.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 599.05 m 421.5 599.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 599.05 m 491.5 599.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 599.05 m 562.5 599.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 545.05 m 350.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 545.05 m 421.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 545.05 m 491.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 545.05 m 562.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 545.05 m 350.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 532.05 m 350.5 532.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 545.05 m 421.5 545.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 532.05 m 421.5 532.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 532.05 m 491.5 532.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 532.05 m 562.5 532.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 480.05 m 350.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 480.05 m 421.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 480.05 m 491.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 480.05 m 562.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 480.05 m 350.5 480.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 467.05 m 350.5 467.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 467.05 m 421.5 467.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 467.05 m 491.5 467.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 467.05 m 562.5 467.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 467.05 m 350.5 467.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 455.05 m 350.5 455.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 453.05 m 350.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 455.05 m 421.5 455.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 453.05 m 421.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 455.05 m 491.5 455.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 453.05 m 491.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 455.05 m 562.5 455.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 453.05 m 562.5 453.05 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 629.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.05 629.28 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 616.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.10 616.28 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.60 616.28 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.10 616.28 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 616.28 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 603.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.30 603.28 Td (Forecast) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.25 603.28 Td (Actual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.75 603.28 Td (Actual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 603.28 Td (Actual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 588.67 Td (Maintenance and Other Capital Expenditures:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 574.27 Td (Maintenance Capital Expenditures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 561.27 Td (Deferred drydocking charges) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 187.40 566.04 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.65 561.27 Td (..............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 561.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 561.27 Td (11.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.00 561.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 561.27 Td (13.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.00 561.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.15 561.27 Td (43.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.00 561.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 561.27 Td (35.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 548.27 Td (Other vessel capital improvements) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 212.39 553.04 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.65 548.27 Td (.....................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 548.27 Td (10.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 548.27 Td (14.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.15 548.27 Td (23.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 548.27 Td (10.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 535.27 Td (21.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 535.27 Td (28.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.15 535.27 Td (67.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 535.27 Td (46.8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 522.27 Td (Other Capital Expenditures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 509.27 Td (200 class OSV retrofit program) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 196.28 514.04 Td (\(3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.95 509.27 Td (...........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.65 509.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.65 509.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.70 509.27 Td (0.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 509.27 Td (48.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 496.27 Td (Commercial-related vessel improvements) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 242.95 501.04 Td (\(4\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.20 496.27 Td (..........) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 496.27 Td (13.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 496.27 Td (72.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.15 496.27 Td (31.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 496.27 Td (14.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 483.27 Td (Miscellaneous non-vessel additions) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 216.31 488.04 Td (\(5\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.40 483.27 Td (....................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.70 483.27 Td (1.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 483.27 Td (16.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.70 483.27 Td (9.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.70 483.27 Td (3.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 470.27 Td (14.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.15 470.27 Td (88.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.15 470.27 Td (41.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.15 470.27 Td (66.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 457.27 Td (Total:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.40 457.27 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 457.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.15 457.27 Td (35.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.00 457.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.60 457.27 Td (116.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.00 457.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.60 457.27 Td (108.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.00 457.27 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.60 457.27 Td (113.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.55 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 39 440.05 m 116 440.05 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 435.13 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.35 431.55 Td (Deferred drydocking charges for 2016 include the projected recertification costs for 16 OSVs and one MPSV) Tj ET Q q 0 0 0 rg BT 395.72 431.55 Td (.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 426.13 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 422.55 Td (Other vessel capital improvements include costs for discretionary vessel enhancements, which are typically incurred during a planned drydocking ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 413.55 Td (event to meet customer specifications.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 408.13 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 404.55 Td (Our 200 class OSV retrofit program consisted of a vessel construction contract with a domestic shipyard to upgrade and stretch six of our Super 200 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 395.55 Td (class DP-1 OSVs converting them into 240 class DP-2 OSVs. ) Tj ET Q q 0 0 0 rg BT 267.55 395.55 Td (The total project costs for such program, which commenced in December 2012 and was ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 386.55 Td (completed in November 2013, was $50.4 million. ) Tj ET Q q 0 0 0 rg BT 225.06 386.55 Td (These vessel improvement costs have resulted in higher dayrates charged to customers.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 381.13 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 377.55 Td (Commercial-related vessel improvements include items, such as cranes, ROVs, helidecks, living quarters, and other specialized vessel equipment ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 368.55 Td (which costs are typically included in and of) Tj ET Q q 0 0 0 rg BT 202.55 368.55 Td (fset, in whole or in part, by higher dayrates charged to customers.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 363.13 Td (\(5\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 359.55 Td (Non-vessel capital expenditures are primarily related to information technology and shore-side support initiatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 338.55 Td (Inflation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 317.55 Td (T) Tj ET Q q 0 0 0 rg BT 65.00 317.55 Td (o date, general inflationary trends have not had a material ef) Tj ET Q q 0 0 0 rg BT 331.66 317.55 Td (fect on our operating revenues or expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 296.55 Td (Item7AQuantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 276.25 296.55 Td (About Market Risk) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 275.55 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 275.55 Td (e have not entered into any derivative financial instrument transactions to manage or reduce market risk or for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 263.55 Td (speculative purposes, other than the convertible note hedge and warrant transactions entered into concurrently with our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 251.55 Td (convertible note of) Tj ET Q q 0 0 0 rg BT 117.54 251.55 Td (ferings in ) Tj ET Q q 0 0 0 rg BT 160.34 251.55 Td (August 2012. Such transactions were entered into to mitigate the potential dilutive ef) Tj ET Q q 0 0 0 rg BT 532.61 251.55 Td (fect of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 239.55 Td (the conversion feature of the convertible notes on our common stock. ) Tj ET Q q 0 0 0 rg BT 347.28 239.55 Td (A) Tj ET Q q 0 0 0 rg BT 353.40 239.55 Td ( hypothetical 25% change from our closing share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 227.55 Td (price of $9.94 to $12.43 as of December31, 2015 would not have had an impact on such warrant transactions because ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 215.55 Td (the strike price of the warrants associated with the convertible notes is $68.53.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 194.55 Td (Changes in interest rates may result in changes in the fair market value of our financial instruments, interest income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 182.55 Td (and interest expense. Our financial instruments that are exposed to interest rate risk are cash equivalents and long-term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 170.55 Td (borrowings. Due to the short duration and conservative nature of our cash equivalent investment portfolio, we do not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 158.55 Td (expect any material loss with respect to our investments. ) Tj ET Q q 0 0 0 rg BT 289.26 158.55 Td (The book value for cash equivalents is considered to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 146.55 Td (representative of its fair value. ) Tj ET Q q 0 0 0 rg BT 171.63 146.55 Td (A) Tj ET Q q 0 0 0 rg BT 177.74 146.55 Td ( hypothetical 10% change in interest rates as of December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.23 146.55 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.48 146.55 Td ( would have had no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 134.55 Td (material impact on such investments, interest income or interest expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 113.55 Td (Changes in interest rates would not impact the interest expense for our long-term fixed interest rate 2020 senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 101.55 Td (notes, 2021 senior notes, and 2019 convertible senior notes. However) Tj ET Q q 0 0 0 rg BT 345.64 101.55 Td (, changes in interest rates would impact the fair ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 89.55 Td (market value of such notes. In general, the fair value of debt with a fixed interest rate will increase as interest rates fall. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 77.55 Td (Conversely) Tj ET Q q 0 0 0 rg BT 85.28 77.55 Td (, the fair value of debt will decrease as interest rates rise. ) Tj ET Q q 0 0 0 rg BT 340.22 77.55 Td (The currently outstanding 2020 senior notes accrue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 65.55 Td (interest at a rate of 5.875%per annum and mature on ) Tj ET Q q 0 0 0 rg BT 276.15 65.55 Td (April1, 2020 and the ef) Tj ET Q q 0 0 0 rg BT 379.38 65.55 Td (fective interest rate on such notes is 6.08%. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 53.55 Td (The currently outstanding 2021 senior notes accrue interest at the rate of 5.000%per annum and mature on March1, ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (2021 and the ef) Tj ET Q q 0 0 0 rg BT 105.33 739.75 Td (fective interest rate on such notes is 5.21%. Our outstanding 2019 convertible senior notes accrue interest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (at the rate of 1.500% and mature on September1, 2019. ) Tj ET Q q 0 0 0 rg BT 289.32 727.75 Td (The ef) Tj ET Q q 0 0 0 rg BT 317.49 727.75 Td (fective interest rate on such notes, after taking into ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (account the accretion of imputed original issue discount, is 6.23%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 694.75 Td (In connection with our 2019 convertible senior notes, we are a party to outstanding convertible note hedge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.75 Td (transactions with respect to our common stock. ) Tj ET Q q 0 0 0 rg BT 249.79 682.75 Td (The counterparties to such transactions are Barclays Bank PLC; JP) Tj ET Q q 0 0 0 rg BT 548.09 682.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 670.75 Td (Morgan Chase Bank, National ) Tj ET Q q 0 0 0 rg BT 171.63 670.75 Td (Association, London Branch; and W) Tj ET Q q 0 0 0 rg BT 330.44 670.75 Td (ells Fargo Bank, National ) Tj ET Q q 0 0 0 rg BT 444.39 670.75 Td (Association. W) Tj ET Q q 0 0 0 rg BT 513.12 670.75 Td (e are not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 658.75 Td (currently aware of any collection issues with regard to any of these counterparties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 637.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 637.75 Td (e estimate the fair value of our 2020 senior notes, 2021 senior notes and 2019 convertible senior notes, all of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (which are publicly traded, by using quoted market prices. ) Tj ET Q q 0 0 0 rg BT 293.17 625.75 Td (The fair value of our undrawn revolving credit facility) Tj ET Q q 0 0 0 rg BT 523.09 625.75 Td (, when ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (there are outstanding balances, approximates its carrying value. ) Tj ET Q q 0 0 0 rg BT 324.87 613.75 Td (The face value, carrying value and fair value of our total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 601.75 Td (debt was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.80 601.75 Td ($1,125.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.85 601.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.40 601.75 Td ($1,070.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.45 601.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.69 601.75 Td ($736.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.39 601.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 366.00 601.75 Td (, as of December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.61 601.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.85 601.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 580.75 Td (As of December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.15 580.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.40 580.75 Td (, we had no amounts outstanding under our variable interest rate revolving credit facility) Tj ET Q q 0 0 0 rg BT 559.54 580.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (Therefore it is not subject to interest rate risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 547.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 547.75 Td (e have operations in international markets, which include two of our primary geographic regions of Brazil and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (Mexico. ) Tj ET Q q 0 0 0 rg BT 72.68 535.75 Td (As of December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.83 535.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.08 535.75 Td (, we had time charters for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.68 535.75 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.80 535.75 Td ( of our vessels working in foreign markets. ) Tj ET Q q 0 0 0 rg BT 504.55 535.75 Td (Although most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (of our time charter contracts are denominated U.S. Dollars, we do collect time charter payments and value added tax, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (V) Tj ET Q q 0 0 0 rg BT 41.93 511.75 Td (A) Tj ET Q q 0 0 0 rg BT 47.86 511.75 Td (T) Tj ET Q q 0 0 0 rg BT 52.86 511.75 Td (, payments in local currencies for four vessels, which creates an exchange risk related to currency fluctuations. W) Tj ET Q q 0 0 0 rg BT 556.79 511.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (also frequently acquire other vessel equipment for our active vessels that are denominated in foreign currencies, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (creates an exchange risk to foreign currency fluctuations related to the payment terms of such commitments or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 87.51 475.75 Td (T) Tj ET Q q 0 0 0 rg BT 92.51 475.75 Td (o date, we have not hedged against any foreign currency rate fluctuations associated with foreign currency ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (V) Tj ET Q q 0 0 0 rg BT 41.93 463.75 Td (A) Tj ET Q q 0 0 0 rg BT 47.86 463.75 Td (T) Tj ET Q q 0 0 0 rg BT 53.78 463.75 Td ( payments or other foreign currency denominated transactions arising in the normal course of business. W) Tj ET Q q 0 0 0 rg BT 525.50 463.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (continually monitor the currency exchange risks associated with conducting international operations. ) Tj ET Q q 0 0 0 rg BT 483.84 451.75 Td (T) Tj ET Q q 0 0 0 rg BT 488.84 451.75 Td (o date, gains or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (losses associated with such fluctuations have not been material. However) Tj ET Q q 0 0 0 rg BT 364.51 439.75 Td (, as we further expand our operations in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (international markets, we may become exposed to certain risks typically associated with foreign currency fluctuation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (Item8Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 385.75 Td (The financial statements and supplementary information required by this Item appear on pages F-1 through F-34 of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (this ) Tj ET Q q 0 0 0 rg BT 53.79 373.75 Td (Annual Report on Form10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 352.75 Td (Item9Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 249.01 352.75 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 326.98 352.75 Td (Accounting and Financial Disclosures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 331.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 310.75 Td (Item9AControls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (Disclosure Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 268.75 Td (Our management, with the participation of our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 348.30 268.75 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 468.73 268.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 487.07 268.75 Td (, has evaluated the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 256.75 Td (fectiveness of our disclosure controls and procedures \(as such term is defined in Rules 13a-15\(e\) and 15d-15\(e\) under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 146.07 244.75 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 330.08 244.75 Td (Act\)\) as of the end of the period covered by this report. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (Based on that evaluation, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 251.50 232.75 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 371.93 232.75 Td (ficer have concluded that, as of the end of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 220.75 Td (such period, our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 300.96 220.75 Td (fective to ensure that information required to be disclosed by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 208.75 Td (us in reports that we file or submit under the Exchange ) Tj ET Q q 0 0 0 rg BT 280.02 208.75 Td (Act is recorded, processed, summarized and reported within the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 196.75 Td (time periods specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 333.19 196.75 Td (s rules and forms, and that such information is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (accumulated and communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 417.14 184.75 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 537.57 184.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 555.91 184.75 Td (, as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (appropriate, to allow timely decisions regarding required disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 151.75 Td (Management) Tj ET Q q 0 0 0 rg BT 99.53 151.75 Td (s Report on Internal Control Over Financial Reporting) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 130.75 Td (Management of the Company is responsible for establishing and maintaining adequate internal control over financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 118.75 Td (reporting, as such term is defined in Rule 13\(a\)-15\(f\) or Rule15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 437.88 118.75 Td (Act. Internal control over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 106.75 Td (financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 94.75 Td (external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (reporting includes maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; providing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 715.75 Td (accordance with U.S. generally accepted accounting principles; providing reasonable assurance that receipts and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 703.75 Td (expenditures of Company assets are made in accordance with authorizations of the Company) Tj ET Q q 0 0 0 rg BT 452.71 703.75 Td (s management and board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 691.75 Td (of directors; and providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (could have a material ef) Tj ET Q q 0 0 0 rg BT 141.99 679.75 Td (fect on our financial statements would be prevented or detected on a timely basis. Because of its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (misstatement of our financial statements would be prevented or detected. In addition, projections of any evaluation of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 643.75 Td (fectiveness to future periods are subject to the risk that controls may become inadequate because of changes in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (conditions, or that the degree of compliance with the policies of procedures may deteriorate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 610.75 Td (Under the supervision and with the participation of our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 507.85 610.75 Td (ficer and Chief ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 89.17 598.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 107.51 598.75 Td (, we conducted an evaluation of the ef) Tj ET Q q 0 0 0 rg BT 275.79 598.75 Td (fectiveness of our internal control over financial reporting as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (December31, 2015, utilizing the criteria set forth in the report entitled Internal ControlIntegrated Framework issued in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (2013 by the Committee of Sponsoring Organizations of the ) Tj ET Q q 0 0 0 rg BT 298.75 574.75 Td (T) Tj ET Q q 0 0 0 rg BT 304.49 574.75 Td (readway Commission \(COSO\). Based upon such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (assessment, our management concluded that our internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 459.38 562.75 Td (fective as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (December31, 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 529.75 Td (Ernst& ) Tj ET Q q 0 0 0 rg BT 95.39 529.75 Td (Y) Tj ET Q q 0 0 0 rg BT 101.14 529.75 Td (oung LLP) Tj ET Q q 0 0 0 rg BT 142.67 529.75 Td (, an independent registered public accounting firm, who audited our consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (statements included in this Form 10-K, has issued an attestation report on our internal control over financial reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (which is included herein.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 484.75 Td (There were no changes in our internal controls over financial reporting that occurred during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (December31, 2015 that have materially af) Tj ET Q q 0 0 0 rg BT 224.26 472.75 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 427.50 472.75 Td (fect, our internal control over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (financial reporting.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 739.75 Td (REPORT OF INDEPENDENT REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 379.98 739.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 718.75 Td (The Board of Directors and Stockholders of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (Hornbeck Of) Tj ET Q q 0 0 0 rg BT 91.95 706.75 Td (fshore Services, Inc.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 685.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 685.75 Td (e have audited Hornbeck Of) Tj ET Q q 0 0 0 rg BT 193.60 685.75 Td (fshore Services, Inc.) Tj ET Q q 0 0 0 rg BT 286.23 685.75 Td (s internal control over financial reporting as of December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 673.75 Td (2015, based on criteria established in Internal ControlIntegrated Framework issued by the Committee of Sponsoring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 661.75 Td (Organizations of the ) Tj ET Q q 0 0 0 rg BT 128.09 661.75 Td (T) Tj ET Q q 0 0 0 rg BT 133.83 661.75 Td (readway Commission \(2013 framework\) \(the COSO criteria\). Hornbeck Of) Tj ET Q q 0 0 0 rg BT 460.41 661.75 Td (fshore Services, Inc.) Tj ET Q q 0 0 0 rg BT 553.05 661.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 649.75 Td (management is responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 237.60 649.75 Td (fective internal control over financial reporting, and for its assessment of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 637.75 Td (fectiveness of internal control over financial reporting included in the accompanying Management) Tj ET Q q 0 0 0 rg BT 475.34 637.75 Td (s Report on Internal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 625.75 Td (Control over Financial Reporting. Our responsibility is to express an opinion on the company) Tj ET Q q 0 0 0 rg BT 446.03 625.75 Td (s internal control over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 613.75 Td (financial reporting based on our audit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 592.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 592.75 Td (e conducted our audit in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 420.03 592.75 Td (Accounting Oversight Board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 108.07 580.75 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (whether ef) Tj ET Q q 0 0 0 rg BT 82.51 568.75 Td (fective internal control over financial reporting was maintained in all material respects. Our audit included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 257.10 544.75 Td (fectiveness of internal control based on the assessed risk, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (performing such other procedures as we considered necessary in the circumstances. W) Tj ET Q q 0 0 0 rg BT 423.77 532.75 Td (e believe that our audit provides a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (reasonable basis for our opinion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 499.75 Td (A) Tj ET Q q 0 0 0 rg BT 66.12 499.75 Td ( company) Tj ET Q q 0 0 0 rg BT 111.51 499.75 Td (s internal control over financial reporting is a process designed to provide reasonable assurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (regarding the reliability of financial reporting and the preparation of financial statements for external purposes in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (accordance with generally accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 296.16 475.75 Td (A) Tj ET Q q 0 0 0 rg BT 302.27 475.75 Td ( company) Tj ET Q q 0 0 0 rg BT 347.67 475.75 Td (s internal control over financial reporting includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (those policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (reflect the transactions and dispositions of the assets of the company; provide reasonable assurance that transactions are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (management and directors of the company; andprovide reasonable assurance regarding prevention or timely detection of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (unauthorized acquisition, use, or disposition of the company) Tj ET Q q 0 0 0 rg BT 303.20 403.75 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 468.11 403.75 Td (fect on the financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 370.75 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (Also, projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 209.81 358.75 Td (fectiveness to future periods are subject to the risk that controls may become ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (deteriorate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 313.75 Td (In our opinion, Hornbeck Of) Tj ET Q q 0 0 0 rg BT 182.11 313.75 Td (fshore Services, Inc. maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 443.15 313.75 Td (fective internal control over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (financial reporting as of December31, 2015, based on the COSO criteria.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 280.75 Td (W) Tj ET Q q 0 0 0 rg BT 69.26 280.75 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 413.36 280.75 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (States\), the consolidated balance sheets of Hornbeck Of) Tj ET Q q 0 0 0 rg BT 285.97 268.75 Td (fshore Services, Inc. and subsidiaries as of December31, 2015 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (and 2014, and the related consolidated statements of operations, comprehensive income, changes in stockholders' equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 244.75 Td (and cash flows for each of the three years in the period ended December31, 2015 of Hornbeck Of) Tj ET Q q 0 0 0 rg BT 470.52 244.75 Td (fshore Services, Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (and our report dated February26, 2016 expressed an unqualified opinion thereon.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.85 202.87 Td (/s/Ernst& Young LLP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 187.87 Td (New Orleans, Louisiana) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 172.87 Td (February 26, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (Item9BOther Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 718.75 Td (Glossary of T) Tj ET Q q 0 0 0 rg BT 99.16 718.75 Td (erms) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 694.75 Td ("2014 senior notes" or "2014 notes" means 6.125% senior notes due 2014;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 673.75 Td ("2017 senior notes" or "2017 notes" means 8.000% senior notes due 2017;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 652.75 Td ("2019 convertible senior notes" or "2019 notes" means 1.500% convertible senior notes due 2019;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 631.75 Td ("2020 senior notes" or "2020 notes" means 5.875% senior notes due 2020;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 610.75 Td ("2021 senior notes" or "2021 notes" means 5.000% senior notes due 2021;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 589.75 Td ("2026 convertible senior notes" or "2026 notes" means 1.625% convertible senior notes due 2026;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 568.75 Td (AHTS means anchor-handling towing supply;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 547.75 Td (ASC means Financial ) Tj ET Q q 0 0 0 rg BT 165.04 547.75 Td (Accounting Standards Board ) Tj ET Q q 0 0 0 rg BT 294.57 547.75 Td (Accounting Standards Codification;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 526.75 Td (average dayrate means, when referring to OSVs or MPSVs, average revenue per day) Tj ET Q q 0 0 0 rg BT 445.00 526.75 Td (, which includes charter hire, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (crewing services and net brokerage revenues, based on the number of days during the period that the OSVs or MPSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (as applicable, generated revenue. For purposes of vessel brokerage arrangements, this calculation excludes that portion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (of revenue that is equal to the cost of in-chartering third-party equipment paid by customers;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 469.75 Td ("BOEM" means the Bureau of Ocean Energy Management;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 448.75 Td ("BSEE" means the Bureau of Safety and Environmental Enforcement;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 427.75 Td ("cabotage laws" means laws pertaining to the privilege of operating vessels in the navigable waters of a nation;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 406.75 Td (coastwise trade means the transportation of merchandise or passengers by water) Tj ET Q q 0 0 0 rg BT 426.85 406.75 Td (, or by land and water) Tj ET Q q 0 0 0 rg BT 522.47 406.75 Td (, between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 394.75 Td (points in the United States, either directly or via a foreign port;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 373.75 Td (conventional means, when referring to OSVs, vessels that are at least 30 years old, are generally less than 200) Tj ET Q q 0 0 0 rg BT 560.45 373.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.75 Td (length or carry less than 1,500 deadweight tons of cargo when originally built and primarily operate, when active, on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (continental shelf;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 328.75 Td (deepwater means of) Tj ET Q q 0 0 0 rg BT 157.09 328.75 Td (fshore areas, generally 1,000) Tj ET Q q 0 0 0 rg BT 288.47 328.75 Td ( to 5,000) Tj ET Q q 0 0 0 rg BT 329.24 328.75 Td ( in depth;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 307.75 Td (Deepwater Horizon incident means the subsea blowout and resulting oil spill at the Macondo well site in the GoM ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (in ) Tj ET Q q 0 0 0 rg BT 46.01 295.75 Td (April 2010 and subsequent sinking of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 229.47 295.75 Td (Deepwater Horizon) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.07 295.75 Td ( drilling rig;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 274.75 Td (deep-well means a well drilled to a true vertical depth of 15,000) Tj ET Q q 0 0 0 rg BT 348.12 274.75 Td ( or greater) Tj ET Q q 0 0 0 rg BT 393.70 274.75 Td (, regardless of whether the well was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (drilled in the shallow water of the Outer Continental Shelf or in the deepwater or ultra-deepwater;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 241.75 Td (DOI means U.S. Department of the Interior and all its various sub-agencies, including ef) Tj ET Q q 0 0 0 rg BT 454.45 241.75 Td (fective October1, 201) Tj ET Q q 0 0 0 rg BT 551.54 241.75 Td (1 the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (Bureau of Ocean Energy Management \(BOEM\), which handles of) Tj ET Q q 0 0 0 rg BT 332.63 229.75 Td (fshore leasing, resource evaluation, review and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (administration of oil and gas exploration and development plans, renewable energy development, National Environmental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (Policy ) Tj ET Q q 0 0 0 rg BT 64.90 205.75 Td (Act analysis and environmental studies, and the Bureau of Safety and Environmental Enforcement \(BSEE\) which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (is responsible for the safety and enforcement functions of of) Tj ET Q q 0 0 0 rg BT 300.41 193.75 Td (fshore oil and gas operations, including the development and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (enforcement of safety and environmental regulations, permitting of of) Tj ET Q q 0 0 0 rg BT 340.43 181.75 Td (fshore exploration, development and production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (activities, inspections, of) Tj ET Q q 0 0 0 rg BT 143.65 169.75 Td (fshore regulatory programs, oil spill response and newly formed training and environmental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (compliance programs; BOEM and BSEE being successor entities to the Bureau of Ocean Energy Management, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (Regulation and Enforcement \(BOEMRE\), which ef) Tj ET Q q 0 0 0 rg BT 264.25 145.75 Td (fective June 2010 was the successor entity to the Minerals ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (Management Service;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 112.75 Td (domestic public company OSV peer group includes Gulfmark Of) Tj ET Q q 0 0 0 rg BT 349.94 112.75 Td (fshore, Inc. \(NYSE:GLF\), SEACOR Holdings Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 100.75 Td (\(NYSE:CKH\) and ) Tj ET Q q 0 0 0 rg BT 115.84 100.75 Td (T) Tj ET Q q 0 0 0 rg BT 121.58 100.75 Td (idewater Inc. \(NYSE:TDW\);) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (48) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.75 Td (DP-1, DP-2 and DP-3 mean various classifications of dynamic positioning systems on new generation vessels ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (to automatically maintain a vessel) Tj ET Q q 0 0 0 rg BT 187.56 727.75 Td (s position and heading through anchor-less station-keeping;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 706.75 Td (DWT means deadweight tons;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 685.75 Td (ef) Tj ET Q q 0 0 0 rg BT 71.49 685.75 Td (fective dayrate means the average dayrate multiplied by the average utilization rate;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 664.75 Td (EIA means the U.S. Energy Information ) Tj ET Q q 0 0 0 rg BT 243.97 664.75 Td (Administration;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 643.75 Td ("EP) Tj ET Q q 0 0 0 rg BT 76.15 643.75 Td (A" means United States Environmental Protection ) Tj ET Q q 0 0 0 rg BT 298.70 643.75 Td (Agency;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 622.75 Td (flotel means on-vessel accommodations services, such as lodging, meals and of) Tj ET Q q 0 0 0 rg BT 421.66 622.75 Td (fice space;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 601.75 Td ("GAAP" means United States generally accepted accounting principles;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 580.75 Td (GoM means the U.S. Gulf of Mexico;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 559.75 Td (high-specification or high-spec means, when referring to new generation OSVs, vessels with cargo-carrying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 547.75 Td (capacity of greater than 2,500 DWT) Tj ET Q q 0 0 0 rg BT 193.68 547.75 Td ( \(i.e., 240 class OSV notations or higher\), and dynamic-positioning systems with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.75 Td (DP-2 classification or higher; and, when referring to jack-up drilling rigs, rigs capable of working in 400-ft. of water depth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (or greater) Tj ET Q q 0 0 0 rg BT 78.80 523.75 Td (, with hook-load capacity of 2,000,000 lbs. or greater) Tj ET Q q 0 0 0 rg BT 310.61 523.75 Td (, with cantilever reach of 70-ft. or greater; and minimum ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (quarters capacity of 150 berths or more and dynamic-positioning systems with a DP-2 classification or higher;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 490.75 Td ("IHS-CERA" means the division of IHS Inc. focused on providing knowledge and independent analysis on energy ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (markets, geopolitics, industry trends and strategy;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 457.75 Td ("IHS-Petrodata" means the division of IHS Inc. focused on providing data, information, and market intelligence to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (of) Tj ET Q q 0 0 0 rg BT 44.16 445.75 Td (fshore energy industry;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 424.75 Td (IRM means inspection, repair and maintenance, also known as IMR, or inspection, maintenance and repair) Tj ET Q q 0 0 0 rg BT 545.24 424.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (depending on regional preference;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 391.75 Td (Jones ) Tj ET Q q 0 0 0 rg BT 92.24 391.75 Td (Act means the U.S. cabotage law known as the Merchant Marine ) Tj ET Q q 0 0 0 rg BT 385.17 391.75 Td (Act of 1920, as amended;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 370.75 Td (Jones ) Tj ET Q q 0 0 0 rg BT 92.24 370.75 Td (Act-qualified means, when referring to a vessel, a U.S.-flagged vessel qualified to engage in domestic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (coastwise trade under the Jones ) Tj ET Q q 0 0 0 rg BT 182.20 358.75 Td (Act;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 337.75 Td (long-term contract means a time charter of one year or longer in duration;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 316.75 Td (Macondo means the well site location in the deepwater GoM where the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 383.50 316.75 Td (Deepwater Horizon) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.10 316.75 Td ( incident occurred as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (well as such incident itself;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 283.75 Td (MPSV means a multi-purpose support vessel;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 262.75 Td (MSRC means the Marine Spill Response Corporation;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 241.75 Td (new generation means, when referring to OSVs, modern, deepwater-capable vessels subject to the regulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (promulgated under the International Convention on ) Tj ET Q q 0 0 0 rg BT 264.31 229.75 Td (T) Tj ET Q q 0 0 0 rg BT 269.31 229.75 Td (onnage Measurement of Ships, 1969, which was adopted by the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (United States and made ef) Tj ET Q q 0 0 0 rg BT 154.23 217.75 Td (fective for all U.S.-flagged vessels in 1992 and foreign-flagged equivalent vessels;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 196.75 Td (OP) Tj ET Q q 0 0 0 rg BT 77.04 196.75 Td (A) Tj ET Q q 0 0 0 rg BT 83.15 196.75 Td ( 90 means the Oil Pollution ) Tj ET Q q 0 0 0 rg BT 208.22 196.75 Td (Act of 1990;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 175.75 Td (OSV means an of) Tj ET Q q 0 0 0 rg BT 145.41 175.75 Td (fshore supply vessel, also known as a PSV) Tj ET Q q 0 0 0 rg BT 338.48 175.75 Td (, or platform supply vessel, depending on regional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 163.75 Td (preference;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 142.75 Td (PEMEX means Petroleos Mexicanos;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 121.75 Td (Petrobras means Petroleo Brasileiro S.A.;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 100.75 Td (public company OSV peer group means SEACOR Holdings Inc. \(NYSE:CKH\), GulfMark Of) Tj ET Q q 0 0 0 rg BT 469.41 100.75 Td (fshore, Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 88.75 Td (\(NYSE:GLF\), ) Tj ET Q q 0 0 0 rg BT 97.49 88.75 Td (T) Tj ET Q q 0 0 0 rg BT 103.23 88.75 Td (idewater Inc. \(NYSE:TDW\), Farstad Shipping \(NO:F) Tj ET Q q 0 0 0 rg BT 332.74 88.75 Td (AR\), Solstad Of) Tj ET Q q 0 0 0 rg BT 402.03 88.75 Td (fshore \(NO:SOFF\), Deep Sea Supply ) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 69.25 Td (49) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 739.75 Td (\(NO:DESSC\), DOF) Tj ET Q q 0 0 0 rg BT 123.78 739.75 Td (ASA) Tj ET Q q 0 0 0 rg BT 143.24 739.75 Td ( \(NO:DOF\), Siem Of) Tj ET Q q 0 0 0 rg BT 233.06 739.75 Td (fshore \(NO:SIOFF\), Groupe BourbonSA) Tj ET Q q 0 0 0 rg BT 412.58 739.75 Td ( \(GBB:FP\), Havila Shipping ) Tj ET Q q 0 0 0 rg BT 535.96 739.75 Td (ASA) Tj ET Q q 0 0 0 rg BT 555.42 739.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 727.75 Td (\(NO:HA) Tj ET Q q 0 0 0 rg BT 70.26 727.75 Td (VI\), Eidesvik Of) Tj ET Q q 0 0 0 rg BT 138.98 727.75 Td (fshore \(NO:EIOF\) and/or Ezra Holdings Ltd \(SI:EZRA\);) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 706.75 Td (ROV means a remotely operated vehicle; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 685.75 Td ("USCG" means United States Coast Guard; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 664.75 Td (ultra-deepwater means of) Tj ET Q q 0 0 0 rg BT 179.87 664.75 Td (fshore areas, generally more than 5,000) Tj ET Q q 0 0 0 rg BT 359.05 664.75 Td ( in depth; and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 643.75 Td (ultra high-specification or ultra high-spec means, when referring to new generation OSVs, vessels with cargo-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (carrying capacity of greater than 5,000 DWT) Tj ET Q q 0 0 0 rg BT 232.02 631.75 Td ( \(i.e., 300 class OSV notations or higher\), and dynamic-positioning systems ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (with a DP-2 classification or higher) Tj ET Q q 0 0 0 rg BT 188.85 619.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.20 598.75 Td (P) Tj ET Q q 0 0 0 rg BT 293.13 598.75 Td (ART III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (Item10Directors, Executive Officers and Corporate Governance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 556.75 Td (The information required under this item is incorporated by reference herein from the Company) Tj ET Q q 0 0 0 rg BT 481.69 556.75 Td (s definitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.72 556.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.96 556.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (proxy statement anticipated to be filed with the Securities and Exchange Commission within 120 days after December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 532.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (Item1) Tj ET Q q 0 0 0 rg BT 64.35 511.75 Td (1Executive Compensation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 490.75 Td (The information required under this item is incorporated by reference herein from the Company) Tj ET Q q 0 0 0 rg BT 481.69 490.75 Td (s definitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.72 490.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.96 490.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (proxy statement anticipated to be filed with the Securities and Exchange Commission within 120 days after December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 466.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 466.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (Item12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 424.75 Td (The information required under this item is incorporated by reference herein from the Company) Tj ET Q q 0 0 0 rg BT 481.69 424.75 Td (s definitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.72 424.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.96 424.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 412.75 Td (proxy statement anticipated to be filed with the Securities and Exchange Commission within 120 days after December 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 400.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (Item13Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 251.05 379.75 Td (ransactions, and Director Independence) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 358.75 Td (The information required under this item is incorporated by reference herein from the Company) Tj ET Q q 0 0 0 rg BT 481.69 358.75 Td (s definitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.72 358.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.96 358.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 346.75 Td (proxy statement anticipated to be filed with the Securities and Exchange Commission within 120 days after December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 334.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 334.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 308.75 Td (Item14Principal ) Tj ET Q q 0 0 0 rg BT 125.11 308.75 Td (Accounting Fees and Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 291.75 Td (The information required under this item is incorporated by reference herein from the Company) Tj ET Q q 0 0 0 rg BT 481.69 291.75 Td (s definitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.72 291.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.96 291.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 279.75 Td (proxy statement anticipated to be filed with the Securities and Exchange Commission within 120 days after December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 267.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 267.75 Td (.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.50 643.75 Td (2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 109.62 643.75 Td (Financial Statement Schedules) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.47 643.75 Td (. ) Tj ET Q q 0 0 0 rg BT 252.48 643.75 Td (All schedules are omitted because they are not applicable or the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (required information is shown in the financial statements or the notes thereto.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.50 610.75 Td (3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 109.62 610.75 Td (Exhibits) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.63 610.75 Td (. ) Tj ET Q q 0 0 0 rg BT 150.01 610.75 Td (The Exhibit Index is shown on page E-1 of this report.) 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Our responsibility is to express an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 637.75 Td (opinion on these financial statements based on our audits.) 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W) Tj ET Q q 0 0 0 rg BT 105.85 556.75 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 535.75 Td (In our opinion, the financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 369.43 535.75 Td (, in all material respects, the consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (financial position of Hornbeck Of) Tj ET Q q 0 0 0 rg BT 179.78 523.75 Td (fshore Services, Inc. and subsidiaries at December31, 2015 and 2014, and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (consolidated results of their operations and their cash flows for each of the three years in the period ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (2015, in conformity with U.S. generally accepted accounting principles.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.85 400.87 Td (/s/ Ernst& Young LLP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 385.87 Td (New Orleans, Louisiana) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 370.87 Td (February 26, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.25 69.25 Td (The accompanying notes are an integral part of these consolidated statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.70 54.25 Td (F - 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 739.75 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 739.75 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 739.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.10 727.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 278.36 727.75 Td (TED BALANCE SHEETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.35 715.75 Td (\(In thousands, except per share data\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 680.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 680.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 680.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 680.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 652.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 652.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 652.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 652.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 614.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 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530.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 530.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 502.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 502.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 502.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 502.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 474.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 474.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 474.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 474.25 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 446.25 367.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 446.25 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 446.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 446.25 85.00 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684.20 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.60 684.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.45 670.47 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 656.47 Td (Current assets:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 642.47 Td (Cash and cash equivalents) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.50 642.47 Td (...............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.00 642.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 642.47 Td (259,801) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.00 642.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 642.47 Td (185,123) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 628.47 Td (Accounts receivable, net of allowance for doubtful accounts of $2,877 and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 618.47 Td ($3,693 respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.15 618.47 Td (...........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 618.87 Td (91,202) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 618.87 Td (130,969) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 604.47 Td (Other current assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.95 604.47 Td (..........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 604.47 Td (13,033) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 604.47 Td (20,049) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 590.47 Td (Current assets from discontinued operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.50 590.47 Td (....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.65 590.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.95 590.47 Td (470) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 576.47 Td (Total current assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.80 576.47 Td (.....................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 576.47 Td (364,036) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 576.47 Td (336,611) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 562.47 Td (Property, plant and equipment, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 212.85 562.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 562.47 Td (2,574,661) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 562.47 Td (2,459,486) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 548.47 Td (Deferred charges, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.25 548.47 Td (.......................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 548.47 Td (35,273) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 548.47 Td (52,968) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 534.47 Td (Other assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.60 534.47 Td (......................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 534.47 Td (10,446) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 534.47 Td (11,870) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 520.47 Td (Total assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.50 520.47 Td (.................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.00 520.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 520.47 Td (2,984,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.00 520.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 520.47 Td (2,860,935) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.55 506.47 Td (LIABILITIES AND STOCKHOLDERS EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 492.47 Td (Current liabilities:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 478.47 Td (Accounts payable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.80 478.47 Td (..............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.00 478.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 478.47 Td (35,916) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.00 478.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 478.47 Td (42,404) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 464.47 Td (Accrued interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.25 464.47 Td (................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 464.47 Td (14,795) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 464.47 Td (14,890) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 450.47 Td (Accrued payroll and benefits) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.05 450.47 Td (.............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 450.47 Td (11,222) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 450.47 Td (14,830) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 436.47 Td (Deferred revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.80 436.47 Td (..............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.60 436.47 Td (5,734) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 436.47 Td (1,561) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 422.47 Td (Other accrued liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.80 422.47 Td (.....................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 422.47 Td (17,878) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 422.47 Td (9,360) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 408.47 Td (Total current liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.95 408.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.05 408.47 Td (85,545) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 408.47 Td (83,045) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 394.47 Td (Long-term debt, net of original issue discount of $41,600 and $51,528 and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 384.47 Td (deferred financing costs of $13,119 and $15,985, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.50 384.47 Td (.........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 384.87 Td (1,070,281) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 384.87 Td (1,057,487) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 370.47 Td (Deferred tax liabilities, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.95 370.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 370.47 Td (381,619) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 370.47 Td (346,961) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 356.47 Td (Other liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.90 356.47 Td (...................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.95 356.47 Td (808) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 356.47 Td (1,117) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 342.47 Td (Long-term liabilities of discontinued operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.85 342.47 Td (.................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.65 342.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 342.47 Td (1,560) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 328.47 Td (Total liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.80 328.47 Td (..............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 328.47 Td (1,538,253) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 328.47 Td (1,490,170) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 314.47 Td (Stockholders equity:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 300.47 Td (Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 290.47 Td (and outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.50 290.47 Td (.................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.65 290.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.65 290.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 276.47 Td (Common stock: $0.01 par value; 100,000 shares authorized; 35,985 and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 266.47 Td (35,557 shares issued and outstanding, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.05 266.47 Td (.........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.95 266.87 Td (360) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.95 266.87 Td (356) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 252.47 Td (Additional paid-in capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.35 252.47 Td (...................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 252.47 Td (748,041) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 252.47 Td (736,294) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 238.47 Td (Retained earnings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.60 238.47 Td (.............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.50 238.47 Td (701,838) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.50 238.47 Td (635,017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.00 224.47 Td (Accumulated other comprehensive loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.30 224.47 Td (............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.25 224.47 Td (\(4,076) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.65 224.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 551.60 224.47 Td (\(902) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 571.65 224.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 210.47 Td (Total stockholders equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.80 210.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 210.47 Td (1,446,163) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 210.47 Td (1,370,765) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 196.47 Td (Total liabilities and stockholders equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.95 196.47 Td (......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.00 196.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.15 196.47 Td (2,984,416) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.00 196.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.15 196.47 Td (2,860,935) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.25 69.25 Td (The accompanying notes are an integral part of these consolidated statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.70 54.25 Td (F - 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 739.75 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 739.75 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 739.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 727.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.66 727.75 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.47 727.75 Td (A) Tj ET Q q 0 0 0 rg BT 289.95 727.75 Td (TEMENTS OF OPERA) Tj ET Q q 0 0 0 rg BT 391.99 727.75 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.35 715.75 Td (\(In thousands, except per share data\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 672.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 672.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 672.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 672.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 672.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 672.25 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 644.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 644.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 644.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 644.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 644.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 644.25 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 630.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 616.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 616.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 616.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 616.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 616.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 616.25 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 602.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 588.25 306.00 -14.00 re f /GS0 gs 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342.50 532.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 532.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 532.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 532.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 532.25 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 518.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 504.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 504.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 504.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 504.25 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 504.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 504.25 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 490.25 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 476.25 306.00 -14.00 re f /GS0 gs 0.8 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0 j 3 M 342.5 684.25 m 417.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 684.25 m 421.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 684.25 m 496.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 684.25 m 500.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 684.25 m 576.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 672.25 m 417.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 672.25 m 496.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 672.25 m 576.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 672.25 m 417.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 672.25 m 496.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 672.25 m 576.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 588.25 m 417.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 588.25 m 496.5 588.25 l s 0 0 0 RG 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496.5 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 462.25 m 576.5 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 434.25 m 417.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 434.25 m 496.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 434.25 m 576.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 406.25 m 496.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 406.25 m 576.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 406.25 m 417.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 393.25 m 417.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 391.25 m 417.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 406.25 m 496.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 393.25 m 496.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 391.25 m 496.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 406.25 m 576.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 393.25 m 576.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 391.25 m 576.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 391.25 m 417.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 393.25 m 417.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 391.25 m 496.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 393.25 m 496.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 391.25 m 576.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 393.25 m 576.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 350.25 m 417.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 350.25 m 496.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 350.25 m 576.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 350.25 m 417.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 337.25 m 417.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 335.25 m 417.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 350.25 m 496.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 337.25 m 496.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 335.25 m 496.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 350.25 m 576.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 337.25 m 576.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 335.25 m 576.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 335.25 m 496.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 337.25 m 496.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 335.25 m 576.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 337.25 m 576.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 308.25 m 496.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 308.25 m 576.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 308.25 m 417.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 295.25 m 417.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 293.25 m 417.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 308.25 m 496.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 295.25 m 496.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 293.25 m 496.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 308.25 m 576.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 295.25 m 576.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 293.25 m 576.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 281.25 m 417.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 279.25 m 417.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 281.25 m 496.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 279.25 m 496.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 281.25 m 576.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 279.25 m 576.5 279.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 267.25 m 417.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 265.25 m 417.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 267.25 m 496.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 265.25 m 496.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 267.25 m 576.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 265.25 m 576.5 265.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 688.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.05 687.93 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 676.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.60 675.93 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.60 675.93 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.10 675.93 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 662.65 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 662.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 662.65 Td (476,070) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 662.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 662.65 Td (634,793) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 662.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 662.65 Td (548,145) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 648.65 Td (Costs and expenses:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 634.65 Td (Operating expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.95 634.20 Td (..............................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 634.65 Td (219,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 634.65 Td (296,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 634.65 Td (239,239) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 620.65 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.95 620.20 Td (..........................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 620.65 Td (82,566) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 620.65 Td (71,301) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 620.65 Td (55,332) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 606.65 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.95 606.20 Td (..........................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 606.65 Td (26,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 606.65 Td (44,149) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 606.65 Td (30,630) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 592.65 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.95 592.20 Td (....................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 592.65 Td (48,297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 592.65 Td (54,245) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 592.65 Td (53,428) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 578.65 Td (376,586) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 578.65 Td (466,195) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 578.65 Td (378,629) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 564.65 Td (Gain on sale of assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.45 564.20 Td (...........................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 564.65 Td (44,060) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 564.65 Td (822) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.45 564.65 Td (1,587) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 550.65 Td (Operating income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.95 550.20 Td (..................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 550.65 Td (143,544) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 550.65 Td (169,420) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 550.65 Td (171,103) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 536.65 Td (Other income \(expense\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 522.65 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.45 522.20 Td (.....................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.00 522.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.00 522.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 522.65 Td (\(25,776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 573.00 522.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 508.65 Td (Interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.95 508.20 Td (......................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.45 508.65 Td (1,525) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.45 508.65 Td (1,086) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.45 508.65 Td (2,515) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 494.65 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.95 494.20 Td (....................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 494.65 Td (\(39,496) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.00 494.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 494.65 Td (\(30,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 494.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 494.65 Td (\(47,352) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 573.00 494.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 480.65 Td (Other income \(expense\), net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.45 480.20 Td (.................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.45 480.65 Td (1,005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 480.65 Td (501) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.95 480.65 Td (\(92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 573.00 480.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 466.65 Td (\(36,966) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.00 466.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 466.65 Td (\(29,146) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 466.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 466.65 Td (\(70,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 573.00 466.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 452.65 Td (Income before income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.45 452.20 Td (.........................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 452.65 Td (106,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 452.65 Td (140,274) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 452.65 Td (100,398) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 438.65 Td (Income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.95 438.20 Td (......................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 438.65 Td (39,757) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 438.65 Td (52,367) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 438.65 Td (36,320) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 424.65 Td (Income from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.45 424.20 Td (...............................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 424.65 Td (66,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 424.65 Td (87,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 424.65 Td (64,078) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 410.65 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.45 410.20 Td (...........................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.00 410.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.95 410.65 Td (618) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 410.65 Td (47,315) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 396.65 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.45 396.20 Td (...................................................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 396.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 396.65 Td (66,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 396.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 396.65 Td (88,525) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 396.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 396.65 Td (111,393) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 382.65 Td (Earnings per share:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 368.65 Td (Basic earnings per common share from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 368.20 Td (.....................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 368.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 368.65 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 368.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 368.65 Td (2.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 368.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 368.65 Td (1.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 354.65 Td (Basic earnings per common share from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 354.20 Td (.................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.00 354.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 354.65 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 354.65 Td (1.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 340.65 Td (Basic earnings per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.95 340.20 Td (................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 340.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 340.65 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 340.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 340.65 Td (2.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 340.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 340.65 Td (3.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 326.65 Td (Diluted earnings per common share from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 326.20 Td (...................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 326.65 Td (1.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 326.65 Td (2.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 326.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 326.65 Td (1.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 312.65 Td (Diluted earnings per common share from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.45 312.20 Td (...............) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.00 312.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 312.65 Td (0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 312.65 Td (1.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 298.65 Td (Diluted earnings per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.45 298.20 Td (.............................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 298.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 298.65 Td (1.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 298.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 298.65 Td (2.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 298.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 298.65 Td (3.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 284.65 Td (Weighted average basic shares outstanding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.45 284.20 Td (.................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 284.65 Td (35,755) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 284.65 Td (36,172) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 284.65 Td (35,895) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 270.65 Td (Weighted average diluted shares outstanding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.95 270.20 Td (..............................................) 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0.9333333333333333 1 rg /GS0 gs 203.50 405.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 405.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 405.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 405.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 405.25 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 405.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 405.25 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 405.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 405.25 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 405.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 405.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 379.25 167.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 379.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 379.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 379.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 379.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 379.25 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 379.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 379.25 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 379.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 379.25 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 379.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 379.25 59.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 683.25 m 262.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 683.25 m 266.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 683.25 m 325.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 662.25 m 262.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 662.25 m 325.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 662.25 m 387.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 662.25 m 441.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 662.25 m 513.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 662.25 m 576.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 568.25 m 262.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 568.25 m 325.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 568.25 m 387.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 568.25 m 441.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 568.25 m 513.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 568.25 m 576.5 568.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 555.25 m 262.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 555.25 m 325.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 555.25 m 387.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 555.25 m 441.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 555.25 m 513.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 555.25 m 576.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 461.25 m 262.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 461.25 m 325.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 461.25 m 387.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 461.25 m 441.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 461.25 m 513.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 461.25 m 576.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 461.25 m 262.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 448.25 m 262.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 461.25 m 325.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 448.25 m 325.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 461.25 m 387.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 448.25 m 387.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 461.25 m 441.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 448.25 m 441.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 461.25 m 513.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 448.25 m 513.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 461.25 m 576.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 448.25 m 576.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 448.25 m 262.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 448.25 m 325.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 448.25 m 387.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 448.25 m 441.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 448.25 m 513.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 448.25 m 576.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 366.25 m 262.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 354.25 m 262.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 352.25 m 262.5 352.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 366.25 m 325.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 354.25 m 325.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 352.25 m 325.5 352.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 366.25 m 387.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 354.25 m 387.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 352.25 m 387.5 352.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 366.25 m 441.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 354.25 m 441.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 352.25 m 441.5 352.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 366.25 m 513.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 354.25 m 513.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 352.25 m 513.5 352.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 366.25 m 576.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 354.25 m 576.5 354.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 352.25 m 576.5 352.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 687.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.65 687.48 Td (Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.40 682.48 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.65 674.48 Td (Paid-In) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.65 666.48 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.10 674.48 Td (Retained) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.85 666.48 Td (Earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.85 687.93 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 679.93 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.95 671.93 Td (Comprehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.95 663.98 Td (Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.20 682.48 Td (T) Tj ET Q q 0 0 0 rg BT 541.49 682.48 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.15 674.48 Td (Stockholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.25 666.48 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 666.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.15 666.48 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.35 666.48 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 653.48 Td (Balance at January1, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.75 653.48 Td (35,479) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.00 653.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.95 653.53 Td (355) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 653.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.30 653.48 Td (705,658) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.00 653.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 653.48 Td (460,090) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.00 653.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 653.53 Td (\(258) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 653.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 653.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 653.48 Td (1,165,845) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 640.48 Td (Excess tax benefit from sharebased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 632.48 Td (payments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 632.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 632.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 632.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 632.53 Td (4,501) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 632.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 632.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 632.48 Td (4,501) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 619.48 Td (Shares issued under employee benefit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 611.48 Td (programs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 611.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.95 611.48 Td (616) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.80 611.48 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 611.53 Td (5,400) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 611.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 611.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 611.48 Td (5,406) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 598.48 Td (Stock-based compensation expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 168.85 598.93 Td (..............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 598.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 598.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 598.53 Td (8,820) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 598.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 598.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 598.48 Td (8,820) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 585.48 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.95 585.93 Td (.............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 585.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 585.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 585.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 585.48 Td (111,393) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 585.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.35 585.53 Td (111,393) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 572.48 Td (Foreign currency translation loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.30 572.93 Td (............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 572.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 572.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 572.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 572.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 572.53 Td (\(537) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 572.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.25 572.48 Td (\(537) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 572.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 559.48 Td (Balance at December31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.75 559.48 Td (36,095) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.00 559.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.95 559.53 Td (361) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 559.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.30 559.48 Td (724,379) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.00 559.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 559.48 Td (571,483) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.00 559.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 559.53 Td (\(795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 559.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 559.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 559.48 Td (1,295,428) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 546.48 Td (Excess tax benefit from sharebased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 538.48 Td (payments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 538.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 538.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 538.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.95 538.53 Td (292) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 538.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 538.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.95 538.53 Td (292) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 525.48 Td (Shares issued under employee benefit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 517.48 Td (programs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 517.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.95 517.48 Td (353) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.80 517.48 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 517.53 Td (2,182) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 517.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 517.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 517.48 Td (2,186) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 504.48 Td (Stock repurchased and retired) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 148.85 504.93 Td (.......................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 243.25 504.53 Td (\(891) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.30 504.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.15 504.48 Td (\(9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.30 504.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 504.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.15 504.48 Td (\(24,991) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.30 504.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 504.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.15 504.48 Td (\(25,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 504.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 491.48 Td (Stock-based compensation expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 168.85 491.93 Td (..............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 491.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 491.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 491.53 Td (9,441) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 491.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 491.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 491.48 Td (9,441) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 478.48 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.95 478.93 Td (.............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 478.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 478.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 478.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.80 478.53 Td (88,525) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 478.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 478.48 Td (88,525) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 465.48 Td (Foreign currency translation loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.30 465.93 Td (............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 465.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 465.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 465.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 465.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 465.53 Td (\(107) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 465.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.25 465.48 Td (\(107) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 465.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 452.48 Td (Balance at December31, 2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.75 452.48 Td (35,557) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.00 452.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.95 452.53 Td (356) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 452.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.30 452.48 Td (736,294) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.00 452.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 452.48 Td (635,017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.00 452.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 452.53 Td (\(902) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 452.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 452.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 452.48 Td (1,370,765) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 439.48 Td (Excess tax shortfall from sharebased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 431.48 Td (payments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 431.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 431.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 431.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.25 431.53 Td (\(572) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.30 431.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 431.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 431.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.25 431.48 Td (\(572) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 431.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 417.48 Td (Shares issued under employee benefit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 409.48 Td (programs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 409.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.95 409.48 Td (428) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.80 409.48 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 409.53 Td (1,855) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 409.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 409.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 409.48 Td (1,859) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 396.48 Td (Stock-based compensation expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 168.85 396.93 Td (..............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 396.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 396.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.80 396.53 Td (10,464) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 396.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 396.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 396.48 Td (10,464) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 383.48 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.95 383.93 Td (.............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 383.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 383.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 383.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.80 383.53 Td (66,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.30 383.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 383.48 Td (66,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 370.48 Td (Foreign currency translation loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.30 370.93 Td (............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.25 370.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 370.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 370.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.25 370.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.60 370.53 Td (\(3,174) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 370.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 550.60 370.53 Td (\(3,174) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 370.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 357.48 Td (Balance at December31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.75 357.48 Td (35,985) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.00 357.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.95 357.53 Td (360) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 357.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.30 357.48 Td (748,041) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.00 357.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.30 357.48 Td (701,838) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.00 357.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.60 357.53 Td (\(4,076) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 357.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 357.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 357.48 Td (1,446,163) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.25 33.25 Td (The accompanying notes are an integral part of these consolidated statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.70 18.25 Td (F - 7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.35 748.75 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 360.62 748.75 Td (VICES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 736.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 247.76 736.75 Td (TED ST) Tj ET Q q 0 0 0 rg BT 282.57 736.75 Td (A) Tj ET Q q 0 0 0 rg BT 289.05 736.75 Td (TEMENTS OF CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.55 724.75 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 688.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 688.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 688.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 688.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 688.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 688.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 666.25 311.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 666.25 73.00 -21.00 re f 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0.9333333333333333 1 rg /GS0 gs 423.50 326.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 326.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 326.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 304.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 304.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 304.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 304.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 304.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 304.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 282.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 282.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 282.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 282.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 282.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 282.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 260.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 260.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 260.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 260.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 260.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 260.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 238.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 238.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 238.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 238.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 238.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 238.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 216.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 216.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 216.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 216.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 216.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 216.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 194.25 311.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 194.25 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 194.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 194.25 74.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 194.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 194.25 74.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 701.25 m 419.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 701.25 m 423.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 701.25 m 497.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 701.25 m 501.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.25 m 575.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 688.25 m 419.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 688.25 m 497.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 688.25 m 575.5 688.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 480.25 m 419.5 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 480.25 m 497.5 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 480.25 m 575.5 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 480.25 m 497.5 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 414.25 m 419.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 414.25 m 497.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 414.25 m 575.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 414.25 m 497.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 304.25 m 419.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 304.25 m 497.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 304.25 m 575.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 293.25 m 419.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 293.25 m 497.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 304.25 m 575.5 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 293.25 m 575.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 260.25 m 419.5 260.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 260.25 m 497.5 260.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 260.25 m 575.5 260.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 249.25 m 419.5 249.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 249.25 m 497.5 249.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 249.25 m 575.5 249.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 238.25 m 419.5 238.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 238.25 m 497.5 238.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 238.25 m 575.5 238.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 216.25 m 419.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 216.25 m 497.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 216.25 m 575.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 206.25 m 419.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 204.25 m 419.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 216.25 m 497.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 206.25 m 497.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 204.25 m 497.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 216.25 m 575.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 206.25 m 575.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 204.25 m 575.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 184.25 m 419.5 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 182.25 m 419.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 184.25 m 497.5 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 182.25 m 497.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 184.25 m 575.5 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 182.25 m 575.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 182.25 m 419.5 182.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 184.25 m 419.5 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 173.25 m 419.5 173.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 171.25 m 419.5 171.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 173.25 m 497.5 173.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 171.25 m 497.5 171.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 173.25 m 575.5 173.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 171.25 m 575.5 171.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 705.50 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 414.60 705.34 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 692.50 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 374.15 692.34 Td (2015) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 451.65 692.34 Td (2014) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 529.65 692.34 Td (2013) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 38.00 678.88 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 667.88 Td (Income from continuing operations) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 203.05 667.88 Td (.....................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 349.00 667.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 667.88 Td (66,821) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 426.00 667.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 667.88 Td (87,907) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 504.00 667.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 667.88 Td (64,078) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 656.83 Td (Adjustments to reconcile income from continuing operations to net) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 647.38 Td (cash provided by operating activities:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 635.88 Td (Depreciation) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 129.15 635.88 Td (.................................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 635.88 Td (82,566) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 635.88 Td (71,301) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 635.88 Td (55,332) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 624.88 Td (Amortization) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 129.15 624.88 Td (.................................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 624.88 Td (26,463) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 624.88 Td (44,149) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 624.88 Td (30,630) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 613.88 Td (Stock-based compensation expense) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 229.45 613.88 Td (...........................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 613.88 Td (10,293) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 613.88 Td (10,324) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 613.88 Td (11,888) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 602.88 Td (Loss on early extinguishment of debt) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 229.45 602.88 Td (...........................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 602.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 602.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 602.88 Td (25,776) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 591.88 Td (Addition to \(reduction of\) provision for bad debts) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 277.00 591.88 Td (.........................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 396.60 591.88 Td (\(816) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 591.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 477.75 591.88 Td (282) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 555.90 591.88 Td (383) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 580.88 Td (Deferred tax expense) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 166.10 580.88 Td (...................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 580.88 Td (34,086) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 580.88 Td (50,440) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 580.88 Td (32,320) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 569.88 Td (Amortization of deferred financing costs) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 242.65 569.88 Td (......................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 569.88 Td (9,675) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 569.88 Td (8,154) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 569.88 Td (16,826) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 558.88 Td (Gain on sale of assets) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 168.75 558.88 Td (..................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 383.40 558.88 Td (\(44,060) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 558.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 474.60 558.88 Td (\(822) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 558.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 544.85 558.88 Td (\(1,587) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 558.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 547.88 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 255.85 547.88 Td (.................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 536.88 Td (Accounts receivable) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 184.60 536.88 Td (............................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 536.88 Td (39,743) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 461.40 536.88 Td (\(38,500) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 536.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 536.88 Td (9,793) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 525.88 Td (Other current and long-term assets) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 247.95 525.88 Td (....................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 525.88 Td (8,472) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 466.70 525.88 Td (\(8,393) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 525.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 525.88 Td (8,956) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 514.88 Td (Deferred drydocking charges) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 221.55 514.88 Td (..............................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 383.40 514.88 Td (\(13,267) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 514.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 461.40 514.88 Td (\(43,609) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 514.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 539.55 514.88 Td (\(35,875) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 514.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 503.88 Td (Accounts payable) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 174.05 503.88 Td (................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 383.40 503.88 Td (\(10,486) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 503.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 466.70 503.88 Td (\(4,146) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 503.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 503.88 Td (1,073) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 492.88 Td (Accrued liabilities and other liabilities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 253.25 492.88 Td (..................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 492.88 Td (6,448) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 461.40 492.88 Td (\(13,981) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 492.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 539.55 492.88 Td (\(12,626) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 492.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 98.00 481.88 Td (Accrued interest) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 168.75 481.88 Td (..................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 401.90 481.88 Td (\(95) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 481.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 481.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 555.90 481.88 Td (100) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 470.88 Td (Net cash provided by operating activities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 229.45 470.88 Td (...........................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 381.30 470.88 Td (215,843) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 459.30 470.88 Td (163,106) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 470.88 Td (207,067) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 38.00 459.88 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 448.88 Td (Costs incurred for OSV newbuild program #5) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 247.95 448.88 Td (....................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 378.10 448.88 Td (\(190,070) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 448.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 456.10 448.88 Td (\(343,989) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 448.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 534.25 448.88 Td (\(465,165) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 448.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 437.88 Td (Net proceeds from sale of assets) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 197.80 437.88 Td (.......................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 381.30 437.88 Td (152,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 437.88 Td (7,178) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 437.88 Td (16,021) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 426.88 Td (Vessel capital expenditures) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 174.05 426.88 Td (................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 383.40 426.88 Td (\(86,792) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 426.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 461.40 426.88 Td (\(55,089) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 426.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 539.55 426.88 Td (\(73,593) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 426.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 415.88 Td (Non-vessel capital expenditures) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 192.50 415.88 Td (.........................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 383.40 415.88 Td (\(16,487) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 415.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 466.70 415.88 Td (\(9,615) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 415.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 544.85 415.88 Td (\(3,893) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 415.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 404.88 Td (Net cash used in investing activities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 208.35 404.88 Td (...................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 378.10 404.88 Td (\(141,349) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 404.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 456.10 404.88 Td (\(401,515) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 404.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 534.25 404.88 Td (\(526,630) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 404.88 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 38.00 393.88 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 382.88 Td (Tax benefit from share-based payments) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 224.20 382.88 Td (.............................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 382.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 477.75 382.88 Td (292) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 382.88 Td (4,501) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 371.88 Td (Repayment of senior notes) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 171.40 371.88 Td (.................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 371.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 371.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 534.25 371.88 Td (\(250,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 371.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 360.88 Td (Proceeds from the issuance of senior notes) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 240.05 360.88 Td (.......................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 360.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 360.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 360.88 Td (450,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 349.88 Td (Redemption premium on the retirement of debt) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 255.85 349.88 Td (.................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 349.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 349.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 539.55 349.88 Td (\(17,658) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 349.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 338.88 Td (Repurchase of common stock) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 184.60 338.88 Td (............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.65 338.52 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.70 338.52 Td (\(25,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.65 338.52 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 562.30 338.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 327.88 Td (Retirement of convertible senior notes) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 218.90 327.88 Td (...............................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 327.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 327.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 534.25 327.88 Td (\(250,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 327.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 316.88 Td (Deferred financing costs) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 160.85 316.88 Td (.....................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 388.70 316.88 Td (\(2,089) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 316.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 484.15 316.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 544.85 316.88 Td (\(7,807) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 316.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 305.88 Td (Net cash proceeds from other shares issued) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 245.30 305.88 Td (.....................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 305.88 Td (3,112) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 305.88 Td (5,044) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 305.88 Td (9,620) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 294.88 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 266.45 294.88 Td (.............................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 294.88 Td (1,023) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 461.40 294.88 Td (\(19,664) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 294.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 539.55 294.88 Td (\(61,344) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 294.88 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 38.00 283.88 Td (CASH FLOWS FROM DISCONTINUED OPERATIONS:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 272.88 Td (Net cash provided by operating activities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 229.45 272.88 Td (...........................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 272.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 272.88 Td (2,374) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 272.88 Td (15,368) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 261.88 Td (Net cash provided by investing activities) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 226.85 261.88 Td (............................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 261.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 261.88 Td (1,638) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 261.88 Td (228,689) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 250.88 Td (Net cash provided by discontinued operations) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 250.60 250.88 Td (...................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 406.15 250.88 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 250.88 Td (4,012) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 250.88 Td (244,057) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 239.88 Td (Effects of exchange rate changes on cash) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 234.75 239.88 Td (.........................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 396.60 239.88 Td (\(839) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 415.65 239.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 474.60 239.88 Td (\(107) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 239.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 552.75 239.88 Td (\(537) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 239.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 228.88 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 282.25 228.88 Td (.......................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 228.88 Td (74,678) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 456.10 228.88 Td (\(254,168) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 493.65 228.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 534.25 228.88 Td (\(137,387) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 571.80 228.88 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 217.88 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 266.45 217.88 Td (.............................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 381.30 217.88 Td (185,123) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 459.30 217.88 Td (439,291) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 217.88 Td (576,678) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 56.00 206.88 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 240.05 206.88 Td (.......................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 349.00 206.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 381.30 206.88 Td (259,801) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 426.00 206.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 459.30 206.88 Td (185,123) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 504.00 206.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 206.88 Td (439,291) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 38.00 195.88 Td (SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 184.88 Td (Cash paid for interest) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 166.10 184.88 Td (...................................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 349.00 184.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 386.55 184.88 Td (50,492) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 426.00 184.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 464.55 184.88 Td (50,548) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 504.00 184.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 542.70 184.88 Td (53,636) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 74.00 173.88 Td (Cash paid for income taxes) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 189.90 173.88 Td (..........................................................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 349.00 173.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 391.85 173.88 Td (4,808) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 426.00 173.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 469.85 173.88 Td (5,679) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 504.00 173.88 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 548.00 173.88 Td (4,537) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 128.1396484375 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Content) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.70 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 219.85 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 289.67 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 366.15 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 380.96 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.44 742.25 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.70 69.25 Td (F - 8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (1. Organization) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (Nature of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 646.75 Td (Hornbeck Of) Tj ET Q q 0 0 0 rg BT 115.95 646.75 Td (fshore Services, Inc., or the Company) Tj ET Q q 0 0 0 rg BT 282.50 646.75 Td (, was incorporated in the state of Delaware in 1997. ) Tj ET Q q 0 0 0 rg BT 515.79 646.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (Company) Tj ET Q q 0 0 0 rg BT 78.06 634.75 Td (, through its subsidiaries, operates of) Tj ET Q q 0 0 0 rg BT 241.30 634.75 Td (fshore supply vessels, or OSVs, multi-purpose support vessels, or MPSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (and a shore-base facility to provide logistics support and specialty services to the of) Tj ET Q q 0 0 0 rg BT 404.90 622.75 Td (fshore oil and gas exploration and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (production industry) Tj ET Q q 0 0 0 rg BT 119.75 610.75 Td (, primarily in the U.S. Gulf of Mexico, or GoM, Latin ) Tj ET Q q 0 0 0 rg BT 347.61 610.75 Td (America and select international markets. ) Tj ET Q q 0 0 0 rg BT 536.03 610.75 Td (All ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (significant intercompany accounts and transactions have been eliminated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.56 577.75 Td (. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 161.21 577.75 Td (Accounting Policies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 535.75 Td (The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (recognizes revenue as earned on a daily basis during the contract period of the specific vessel.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 502.75 Td (Deferred revenue represents payments received from customers or billings submitted to customers in advance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (providing vessel access through time charters or other contracted arrangements. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (Cash and Cash Equivalents) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 448.75 Td (Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 436.75 Td (available for current use with an initial maturity of three months or less.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (Accounts Receivable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 394.75 Td (Accounts receivable consists of trade receivables net of reserves and amounts to be rebilled to customers.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (Property) Tj ET Q q 0 0 0 rg BT 76.75 373.75 Td (, Plant and Equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 352.75 Td (Property) Tj ET Q q 0 0 0 rg BT 97.05 352.75 Td (, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (improvements are computed using the straight-line method based on the estimated useful lives of the related assets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (Salvage values for new generation marine equipment are estimated to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.42 304.75 Td (25%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.43 304.75 Td ( of the originally recorded cost.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (The estimated useful lives by classification are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 264.25 475.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 264.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 264.25 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 234.25 475.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 234.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 234.25 61.00 -15.00 re f /GS0 gs BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 253.87 Td (Offshore supply vessels) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.55 253.47 Td (.................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.60 253.87 Td (25 years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 238.87 Td (Multi-purpose support vessels) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.60 238.47 Td (........................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.60 238.87 Td (25 years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 223.87 Td (Non-vessel related property, plant and equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.70 223.47 Td (.........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.75 223.87 Td (3-28 years) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 198.75 Td (See Considerations Regarding Impairment of Long-Lived ) Tj ET Q q 0 0 0 rg BT 317.92 198.75 Td (Assets below for more information.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 177.75 Td (Deferred Charges) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 156.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 124.85 156.75 Td (s vessels are required by regulation to be recertified after certain periods of time. ) Tj ET Q q 0 0 0 rg BT 486.51 156.75 Td (The Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 144.75 Td (defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 132.75 Td (line basis over the period to be benefited from such expenditures \(generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.31 132.75 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.43 132.75 Td ( months\). Financing charges are amortized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 120.75 Td (over the term of the related debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 99.75 Td (Deferred charges also include prepaid lease expenses related to the Company) Tj ET Q q 0 0 0 rg BT 410.03 99.75 Td (s shore-base port facility) Tj ET Q q 0 0 0 rg BT 517.67 99.75 Td (. Such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 87.75 Td (prepaid lease expenses are being amortized on a straight-line basis over the ef) Tj ET Q q 0 0 0 rg BT 385.47 87.75 Td (fective remaining term of the lease.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.70 69.25 Td (F - 9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (Mobilization Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 81.95 679.75 Td (These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (modification and pre-positioning expenses, materials and supplies and importation taxes. ) Tj ET Q q 0 0 0 rg BT 434.38 667.75 Td (The Company incurred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (mobilization costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.82 655.75 Td ($1.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.40 655.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.96 655.75 Td ($1.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.54 655.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.78 655.75 Td ($2.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.36 655.75 Td ( during 2015, 2014 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 493.86 655.75 Td (, associated with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (the mobilization and pre-positioning of vessels to or from dif) Tj ET Q q 0 0 0 rg BT 299.29 643.75 Td (ferent geographic locations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 79.53 622.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 601.75 Td (Deferred tax assets and liabilities are recognized for the future tax consequences attributable to dif) Tj ET Q q 0 0 0 rg BT 495.07 601.75 Td (ferences between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 589.75 Td (the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (assets and liabilities are measured using currently enacted tax rates. ) Tj ET Q q 0 0 0 rg BT 344.87 577.75 Td (The ef) Tj ET Q q 0 0 0 rg BT 373.04 577.75 Td (fect on deferred tax assets and liabilities of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (change in tax rates is recognized in income in the period that includes the enactment date. ) Tj ET Q q 0 0 0 rg BT 441.06 565.75 Td (The provision for income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (the benefit or the future deductibility is uncertain. ) Tj ET Q q 0 0 0 rg BT 256.13 517.75 Td (As a result of the sale of the Downstream segment during the third ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (quarter of 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (recorded a valuation allowance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.76 493.75 Td ($0.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.23 493.75 Td ( million for the year ended December 31, 2013. During 2014, the Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (recorded an additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.74 481.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.32 481.75 Td ( related to these state operating losses. During 2015, the total valuation allowance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td ($1.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.46 469.75 Td ( million on these state operating losses was reversed since the losses were written of) Tj ET Q q 0 0 0 rg BT 431.58 469.75 Td (f upon ceasing to do business in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (those particular jurisdictions. If the current market downturn persists for longer than currently expected a valuation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (allowance may be required for certain foreign tax credits that will begin to expire in 2019. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 424.75 Td (Use of Estimates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 403.75 Td (The preparation of financial statements in conformity with United States generally accepted accounting principles ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 325.97 391.75 Td (fect the amounts reported in the financial statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (and accompanying notes. ) Tj ET Q q 0 0 0 rg BT 154.97 379.75 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 254.84 379.75 Td (fer from those estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (Legal Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 337.75 Td (In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (governmental investigations. ) Tj ET Q q 0 0 0 rg BT 168.11 325.75 Td (These matters may involve large or unspecified damages or penalties that may be sought ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (from the Company and may require years to resolve. ) Tj ET Q q 0 0 0 rg BT 274.81 313.75 Td (The Company records a liability related to a loss contingency to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 301.75 Td (such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. ) Tj ET Q q 0 0 0 rg BT 528.31 301.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 289.75 Td (liability is recorded for an amount that is management) Tj ET Q q 0 0 0 rg BT 275.38 289.75 Td (s best estimate of the loss, or when a best estimate cannot be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 277.75 Td (made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 265.75 Td (liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 253.75 Td (governmental investigations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 232.75 Td (Concentration of Credit Risk) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 211.75 Td (Customers are primarily major and independent, domestic and international, oil and oil service companies, as well ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (as national oil companies and the U.S. military) Tj ET Q q 0 0 0 rg BT 240.36 199.75 Td (. ) Tj ET Q q 0 0 0 rg BT 248.51 199.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 313.36 199.75 Td (s customers are granted credit on a short-term basis and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (related credit risks are considered minimal. ) Tj ET Q q 0 0 0 rg BT 231.45 187.75 Td (The Company usually does not require collateral. ) Tj ET Q q 0 0 0 rg BT 454.16 187.75 Td (The Company provides an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (estimate for uncollectible accounts based primarily on management) Tj ET Q q 0 0 0 rg BT 336.53 175.75 Td (s judgment using the relative age of customer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 163.75 Td (balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 151.75 Td (to the allowance for doubtful accounts. ) Tj ET Q q 0 0 0 rg BT 211.67 151.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.24 151.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.07 151.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.62 151.75 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.31 151.75 Td ( customer represented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.14 151.75 Td (25%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 470.15 151.75 Td ( of the Company's net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 139.75 Td (accounts receivable balance.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (The following table represents the allowance for doubtful accounts \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 676.25 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 676.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 676.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 676.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 676.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 676.25 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 646.25 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 646.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 646.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 646.25 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 689.25 m 419.5 689.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 689.25 m 423.5 689.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 689.25 m 497.5 689.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 689.25 m 501.5 689.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 689.25 m 576.5 689.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 676.25 m 419.5 676.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 676.25 m 497.5 676.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 676.25 m 576.5 676.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 646.25 m 419.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 646.25 m 497.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 646.25 m 576.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 632.25 m 419.5 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 630.25 m 419.5 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 632.25 m 497.5 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 630.25 m 497.5 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 632.25 m 576.5 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 630.25 m 576.5 630.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 693.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.45 693.48 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 680.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.10 680.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.10 680.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.60 680.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 665.87 Td (Balance, beginning of year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.40 665.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.00 665.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.60 665.87 Td (3,693) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.00 665.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.60 665.87 Td (3,411) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.00 665.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 665.87 Td (3,028) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 650.87 Td (Changes to provision) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.40 650.47 Td (..........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.60 650.87 Td (\(816) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.65 650.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.95 650.87 Td (282) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 650.87 Td (383) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 635.87 Td (Balance, end of year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.60 635.47 Td (...........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.00 635.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.60 635.87 Td (2,877) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.00 635.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.60 635.87 Td (3,693) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.00 635.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 635.87 Td (3,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 578.00 631.75 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (Considerations Regarding Impairment of Long-Lived ) Tj ET Q q 0 0 0 rg BT 288.98 610.75 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 589.75 Td (When events or circumstances indicate that the carrying amount of long-lived assets to be held and used or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 577.75 Td (intangible assets might not be recoverable, the expected future undiscounted cash flows from the assets are estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 565.75 Td (and compared with the carrying amount of the assets. If the sum of the estimated undiscounted cash flows is less than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (the carrying amount of the assets, an impairment loss is recorded. ) Tj ET Q q 0 0 0 rg BT 333.73 553.75 Td (The impairment loss is measured by comparing the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.75 Td (fair value of the assets with their carrying amounts. Fair value is determined based on discounted cash flow or appraised ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 529.75 Td (values, as appropriate. ) Tj ET Q q 0 0 0 rg BT 142.55 529.75 Td (The Company reviewed its long-lived assets giving consideration to the current market conditions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 517.75 Td (which include the on going commodity price decline, the reduction in certain projected 2016 capital budgets for its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 505.75 Td (customers and recent competitor public filings. While the Company expects this environment to have a negative impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (on vessel utilization and dayrates, the Company views the deepwater and ultra deepwater projects of its customers, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (are the principal markets for its vessel fleet, to be somewhat insulated from commodity price cycles compared to onshore ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (shale and shallow shelf of) Tj ET Q q 0 0 0 rg BT 150.34 469.75 Td (fshore exploration and production activities. However) Tj ET Q q 0 0 0 rg BT 387.13 469.75 Td (, continued commodity price declines or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (protracted extensions of the current price cycle could result in additional delays or additional cancellations of deepwater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (projects, which may adversely af) Tj ET Q q 0 0 0 rg BT 180.32 445.75 Td (fect long-term fleet utilization. No triggering events occurred in 2015, 2014 or 2013 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (the Company did not record any impairment losses related to its long-lived assets during these periods. ) Tj ET Q q 0 0 0 rg BT 497.72 433.75 Td (The Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (persists. ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.30 69.25 Td (F - 1) Tj ET Q q 0 0 0 rg BT 313.11 69.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (Recent ) Tj ET Q q 0 0 0 rg BT 71.75 712.75 Td (Accounting Pronouncements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 691.75 Td (The following table provides a brief description of recent accounting pronouncements that could have a material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (ef) Tj ET Q q 0 0 0 rg BT 44.16 679.75 Td (fect on our financial statements: ) Tj ET Q 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 35.50 608.25 396.00 -13.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 431.50 608.25 4.00 -13.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 435.50 608.25 140.00 -13.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 35.50 512.25 396.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 431.50 512.25 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 435.50 512.25 140.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 608.25 m 158.5 608.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 608.25 m 352.5 608.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 608.25 m 431.5 608.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 608.25 m 575.5 608.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 612.87 Td (Standard) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.00 612.87 Td (Description) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.00 622.87 Td (Date of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.00 612.87 Td (Adoption) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.00 632.87 Td (Effect on the financial) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.00 622.87 Td (statements and other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.00 612.87 Td (significant matters) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 598.47 Td (Standards that are not yet adopted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 586.20 Td (Accounting Standards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 577.20 Td (Update \(ASU\) No. 2014-09,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 568.20 Td ("Revenue from Contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 559.20 Td (with Customers" \(Topic 606\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 586.20 Td (This standard requires entities to recognize) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 577.20 Td (revenue in a way that depicts the transfer of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 568.20 Td (promised goods or services to customers in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 559.20 Td (an amount that reflects the consideration to) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 550.20 Td (which the entity expects to be entitled to in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 541.20 Td (exchange for those goods or services. ASU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 532.20 Td (2014-09 requires retrospective application.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.00 586.20 Td (January 1, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 586.20 Td (The Company is evaluating the) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 577.20 Td (effect of this new standard on its) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 568.20 Td (financial statements and related) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 559.20 Td (disclosures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 501.87 Td (Standards that were adopted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 488.20 Td (ASU No. 2015-03, "Interest -) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 479.20 Td (Imputation of Interest -) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 470.20 Td (Simplifying the Presentation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 461.20 Td (of Debt Issuance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 452.20 Td (Costs" \(Subtopic 835-30\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 488.20 Td (ASU No. 2015-03 requires that debt issuance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 479.20 Td (costs related to a recognized debt liability be) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 470.20 Td (presented in the balance sheet as a direct) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 461.20 Td (deduction from the carrying amount of that) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 452.20 Td (debt liability, consistent with debt discounts.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 443.20 Td (The recognition and measurement guidance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 434.20 Td (for debt issuance costs are not affected by the) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 425.20 Td (amendments in ASU No. 2015-03.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.00 488.20 Td (October 1, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 488.20 Td (The adoption of this ASU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 479.20 Td (resulted in reductions in Deferred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 470.20 Td (charges of $13.1 million and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 461.20 Td ($16.0 million and corresponding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 452.20 Td (decreases in Long-term debt as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 443.20 Td (of December 31, 2015 and 2014,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 434.20 Td (respectively.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 396.20 Td (ASU No. 2015-17, "Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 387.20 Td (Sheet Classification of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 378.20 Td (Deferred Taxes \(Topic 740\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 396.20 Td (ASU No. 2015-17 requires companies to) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 387.20 Td (classify all deferred tax assets and liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 378.20 Td (as noncurrent on the balance sheet instead of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 369.20 Td (separating deferred taxes into current and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 360.20 Td (noncurrent amounts. Also, companies will no) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 351.20 Td (longer allocate valuation allowances between) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 342.20 Td (current and noncurrent deferred tax assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 333.20 Td (because those allowance also will be) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.00 324.20 Td (classified as noncurrent.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.00 396.20 Td (October 1, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 396.20 Td (The adoption of this ASU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 387.20 Td (resulted in reductions of current) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 378.20 Td (assets of $5.3 million and $45.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 369.20 Td (million and corresponding) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 360.20 Td (decreases in Deferred tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 351.20 Td (liabilities as of December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 342.20 Td (2015 and 2014, respectively.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.56 712.75 Td (. Earnings Per Share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (Basic earnings per common share was calculated by dividing net income by the weighted average number of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (common shares outstanding during the period. Diluted earnings per common share was calculated by dividing net income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (by the weighted average number of common shares outstanding during the year plus the ef) Tj ET Q q 0 0 0 rg BT 439.40 667.75 Td (fect of dilutive securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (W) Tj ET Q q 0 0 0 rg BT 45.26 655.75 Td (eighted average number of common shares outstanding was calculated by using the sum of the shares determined on a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (daily basis divided by the number of days in the period. ) Tj ET Q q 0 0 0 rg BT 284.85 643.75 Td (The table below reconciles the Company) Tj ET Q q 0 0 0 rg BT 467.55 643.75 Td (s earnings per share \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (thousands, except for per share data\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 204.99 631.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 586.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 586.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 586.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 586.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 586.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 586.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 573.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 560.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 560.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 560.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 560.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 560.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 560.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 547.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 534.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 534.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 534.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 534.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 534.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 534.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 521.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 508.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 508.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 508.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 508.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 508.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 508.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 495.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 482.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 482.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 482.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 482.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 482.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 482.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 469.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 456.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 456.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 456.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 456.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 456.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 456.25 73.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 443.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 430.25 315.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 430.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 430.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 430.25 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 430.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 430.25 73.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 599.25 m 423.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 599.25 m 427.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 599.25 m 499.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 599.25 m 503.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 599.25 m 576.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 586.25 m 423.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 586.25 m 576.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 586.25 m 499.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 560.25 m 499.5 560.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 560.25 m 423.5 560.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 548.25 m 423.5 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 546.25 m 423.5 546.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 560.25 m 499.5 560.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 548.25 m 499.5 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 546.25 m 499.5 546.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 560.25 m 576.5 560.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 548.25 m 576.5 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 546.25 m 576.5 546.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 521.25 m 423.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 521.25 m 499.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 521.25 m 576.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 509.25 m 423.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 507.25 m 423.5 507.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 509.25 m 499.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 507.25 m 499.5 507.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 509.25 m 576.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 507.25 m 576.5 507.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 469.25 m 423.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 469.25 m 423.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 457.25 m 423.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 455.25 m 423.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 469.25 m 499.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 457.25 m 499.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 455.25 m 499.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 469.25 m 576.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 457.25 m 576.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 455.25 m 576.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 455.25 m 499.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 457.25 m 499.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 455.25 m 576.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 457.25 m 576.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 430.25 m 499.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 430.25 m 576.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 430.25 m 423.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 418.25 m 423.5 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 416.25 m 423.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 430.25 m 499.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 418.25 m 499.5 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 416.25 m 499.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 430.25 m 576.5 430.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 418.25 m 576.5 418.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 416.25 m 576.5 416.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 603.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.55 603.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 590.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.10 590.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.10 590.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.60 590.48 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 577.48 Td (Income from continuing operations ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 163.96 581.29 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 174.60 577.93 Td (..............................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 577.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.80 577.53 Td (66,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 577.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.80 577.53 Td (87,907) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 577.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 577.48 Td (64,078) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 564.48 Td (Income from discontinued operations, net of tax ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 209.76 568.29 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.05 564.93 Td (..........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 564.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.95 564.53 Td (618) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 564.48 Td (47,315) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 551.48 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.50 551.93 Td (.......................................................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 551.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.80 551.53 Td (66,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 551.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.80 551.53 Td (88,525) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 551.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.35 551.53 Td (111,393) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 538.48 Td (Weighted average number of shares of common stock outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 276.85 538.93 Td (................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.80 538.53 Td (35,755) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.80 538.53 Td (36,172) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 538.48 Td (35,895) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 525.48 Td (Add: Net ef) Tj ET Q q 0 0 0 rg BT 78.88 525.48 Td (fect of dilutive stock options and unvested restricted stock ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 285.21 529.29 Td (\(3\)\(4\)\(5\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.75 525.93 Td (...................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 525.53 Td (547) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.95 525.53 Td (520) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.95 525.53 Td (653) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 512.48 Td (Weighted average number of dilutive shares of common stock outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.50 512.93 Td (....................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.80 512.53 Td (36,302) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.80 512.53 Td (36,692) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.80 512.48 Td (36,548) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 499.48 Td (Earnings per common share:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 486.48 Td (Basic earnings per common share from continuing operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 276.85 486.93 Td (................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 486.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 486.53 Td (1.87) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 486.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 486.53 Td (2.43) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 486.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 486.53 Td (1.79) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 473.48 Td (Basic earnings per common share from discontinued operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.75 473.93 Td (............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 473.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 473.53 Td (0.02) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 473.53 Td (1.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 460.48 Td (Basic earnings per common share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 181.30 460.93 Td (...........................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 460.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 460.53 Td (1.87) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 460.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 460.53 Td (2.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 460.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 460.53 Td (3.10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 447.48 Td (Diluted earnings per common share from continuing operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.30 447.93 Td (..............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 447.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 447.53 Td (1.84) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 447.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 447.53 Td (2.40) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 447.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 447.53 Td (1.76) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 434.48 Td (Diluted earnings per common share from discontinued operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.20 434.93 Td (..........................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 434.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 434.53 Td (0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 434.53 Td (1.29) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 421.48 Td (Diluted earnings per common share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 185.70 421.93 Td (.........................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 421.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 421.53 Td (1.84) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.00 421.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.70 421.53 Td (2.41) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.00 421.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 421.53 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 403.25 m 113.5 403.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 398.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 394.75 Td (Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 500.80 394.75 Td ($25.8 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 542.91 394.75 Td (. See ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 385.75 Td (Note 6 for further information regarding the Company) Tj ET Q q 0 0 0 rg BT 239.23 385.75 Td (s debt.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 380.33 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 376.75 Td (On ) Tj ET Q q 0 0 0 rg BT 73.03 376.75 Td (August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 371.33 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 367.75 Td (The Company had ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 125.14 367.75 Td (322) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 137.65 367.75 Td ( anti-dilutive stock options for the year ended December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 360.58 367.75 Td (The Company had ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 424.37 367.75 Td (no) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 432.71 367.75 Td ( anti-dilutive stock options for the years ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 358.75 Td (ended December31, 2014 and 2013. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 349.75 Td (common stock for the period or when the results from operations are a net loss.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 344.33 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 340.75 Td (For the years ended December31, 2015, 2014 and 2013, the 2019 convertible senior notes issued in ) Tj ET Q q 0 0 0 rg BT 398.68 340.75 Td (August 2012 were not dilutive, as the average price ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 331.75 Td (of the Company) Tj ET Q q 0 0 0 rg BT 115.83 331.75 Td (s stock was less than the ef) Tj ET Q q 0 0 0 rg BT 207.41 331.75 Td (fective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 322.75 Td (our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 313.75 Td (share computation. See Note 6 for further information.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 308.33 Td (\(5\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 304.75 Td (Dilutive restricted stock is expected to fluctuate from quarter to quarter depending on the Company) Tj ET Q q 0 0 0 rg BT 390.16 304.75 Td (s performance compared to a predetermined set of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 295.75 Td (performance criteria. See Note 8 for further information regarding certain of the Company) Tj ET Q q 0 0 0 rg BT 360.54 295.75 Td (s restricted stock unit awards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (4. Defined Contribution Plan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 253.75 Td (The Company of) Tj ET Q q 0 0 0 rg BT 133.75 253.75 Td (fers a 401\(k\) plan to all full-time employees. Employees must be at least ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.33 253.75 Td (eighteen) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.70 253.75 Td ( years of age and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 241.75 Td (have completed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.38 241.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.17 241.75 Td ( months of service to be eligible for participation. Participants may elect to defer up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.03 241.75 Td (60%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.05 241.75 Td ( of their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 229.75 Td (compensation, subject to certain statutorily established limits. ) Tj ET Q q 0 0 0 rg BT 309.28 229.75 Td (The Company may elect to make annual matching and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 217.75 Td (profit sharing contributions to the 401\(k\) plan. In response to weak market conditions, the Company temporarily ceased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (matching contributions to the 401\(k\) plan ef) Tj ET Q q 0 0 0 rg BT 227.60 205.75 Td (fective January 1, 2015. During the years ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.65 205.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.90 205.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.25 193.75 Td (, the Company made contributions to the 401\(k\) plan of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.08 193.75 Td ($6.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.66 193.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.90 193.75 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.49 193.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 551.10 193.75 Td (. ) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (5. Property) Tj ET Q q 0 0 0 rg BT 87.50 712.75 Td (, Plant and Equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (Property) Tj ET Q q 0 0 0 rg BT 97.05 691.75 Td (, plant and equipment consisted of the following \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.67 691.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 646.25 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 646.25 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 646.25 89.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 631.25 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 616.25 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 616.25 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 616.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 616.25 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 586.25 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 586.25 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 586.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 586.25 89.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 659.25 m 483.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 659.25 m 487.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 659.25 m 576.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 646.25 m 483.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 646.25 m 576.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 601.25 m 483.5 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 601.25 m 576.5 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 586.25 m 483.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 586.25 m 576.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 571.25 m 483.5 571.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 571.25 m 576.5 571.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 557.25 m 483.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 555.25 m 483.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 557.25 m 576.5 557.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 555.25 m 576.5 555.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 663.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.45 663.48 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 650.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.10 650.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.60 650.48 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 635.87 Td (Offshore supply vessels and multi-purpose support vessels) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.05 635.47 Td (................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.00 635.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.15 635.87 Td (2,409,221) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 635.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.15 635.87 Td (2,283,883) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 620.87 Td (Non-vessel related property, plant and equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.60 620.47 Td (................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.50 620.87 Td (132,034) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 620.87 Td (104,789) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 605.87 Td (Less: Accumulated depreciation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.60 605.47 Td (...........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.15 605.87 Td (\(452,134) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.65 605.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.15 605.87 Td (\(390,774) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 605.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.15 590.87 Td (2,089,121) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.15 590.87 Td (1,997,898) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 575.87 Td (Construction in progress) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.25 575.47 Td (.......................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.50 575.87 Td (485,540) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 575.87 Td (461,588) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.00 560.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.15 560.87 Td (2,574,661) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 560.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.15 560.87 Td (2,459,486) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 535.75 Td (In November 201) Tj ET Q q 0 0 0 rg BT 135.97 535.75 Td (1, the Company announced, and has since expanded, its fifth OSV newbuild program. On January ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 523.75 Td (31, 2016, this program consisted of vessel construction contracts with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.71 523.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.50 523.75 Td ( domestic shipyards to build ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.67 523.75 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.90 523.75 Td ( 300 class ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 511.75 Td (OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.67 511.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.24 511.75 Td ( 310 class OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.71 511.75 Td (ten) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.62 511.75 Td ( 320 class OSVs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.78 511.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.34 511.75 Td ( 310 class MPSVs. ) Tj ET Q q 0 0 0 rg BT 377.26 511.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.83 511.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.66 511.75 Td (, the Company had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 499.75 Td (placed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.25 499.75 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.37 499.75 Td ( vessels in-service under its fifth newbuild program. Subsequent to year-end, the Company placed in service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 487.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.56 487.75 Td ( additional vessels under such program. In February 2016, the Company announced plans to enhance the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 475.75 Td (marketability of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.70 475.75 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.94 475.75 Td ( remaining 310 class MPSVs. ) Tj ET Q q 0 0 0 rg BT 275.92 475.75 Td (The first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.82 475.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.38 475.75 Td ( of those MPSVs, which are expected to be delivered in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 463.75 Td (the second and third quarters of 2016, will be enhanced by increasing the berthing capacity) Tj ET Q q 0 0 0 rg BT 438.29 463.75 Td (, expanding the cargo carrying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 451.75 Td (capabilities and expanding the work area for ROVs. ) Tj ET Q q 0 0 0 rg BT 269.28 451.75 Td (The functionality of the second ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.70 451.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.26 451.75 Td ( MPSVs will be increased by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 439.75 Td (adding a 60-foot mid-body plug, installation of an additional crane, increasing the berthing capacity) Tj ET Q q 0 0 0 rg BT 470.54 439.75 Td (, expanding the cargo-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (carrying capacities and expanding the work areas for ROVs. ) Tj ET Q q 0 0 0 rg BT 307.62 427.75 Td (These latter two MPSVs have been upgraded to a 400 class ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 415.75 Td (designation and are scheduled to be delivered in the second and fourth quarters of 2017, respectively) Tj ET Q q 0 0 0 rg BT 483.89 415.75 Td (. ) Tj ET Q q 0 0 0 rg BT 492.04 415.75 Td (The aggregate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 403.75 Td (cost of these four conversions will be approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.22 403.75 Td ($70.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.36 403.75 Td ( and will extend the deliveries by an aggregate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.95 403.75 Td (730) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.63 403.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (additional vessel-days. ) Tj ET Q q 0 0 0 rg BT 142.54 391.75 Td (The Company's fifth OSV newbuild program now consists of four 300 class OSVs, five 310 class ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 379.75 Td (OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. Based on current contracts and internal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 367.75 Td (estimates,the aggregate total cost of this program, before construction period interest, is now expected to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 355.75 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.03 355.75 Td ($1,335.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.07 355.75 Td (. From the inception of this program through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.17 355.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.00 355.75 Td (, the Company has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (incurred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.91 343.75 Td ($1,201.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.95 343.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.18 343.75 Td (90.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.53 343.75 Td (, of total expected project costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 318.55 Td (During 2015, the Company closed on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.30 318.55 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.53 318.55 Td ( 250EDF class OSVs, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 408.69 318.55 Td (HOS ) Tj ET Q q 0 0 0 rg BT 432.77 318.55 Td (Arrowhead) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.13 318.55 Td (, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 503.36 318.55 Td (HOS Black ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 306.55 Td (Powder) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.91 306.55 Td (, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.14 306.55 Td (HOS Eagleview) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.17 306.55 Td ( and the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 201.09 306.55 Td (HOS W) Tj ET Q q 0 0 0 rg BT 234.80 306.55 Td (estwind) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.71 306.55 Td (, which were previously chartered to the U.S. Navy) Tj ET Q q 0 0 0 rg BT 491.95 306.55 Td (, for cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 294.55 Td (consideration of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.38 294.55 Td ($152.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.08 294.55 Td (. ) Tj ET Q q 0 0 0 rg BT 179.24 294.55 Td (The sale resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 409.36 294.55 Td ($44.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 294.55 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.61 294.55 Td ($27.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.75 294.55 Td ( after-tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 282.55 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 47.67 282.55 Td ($0.76) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.69 282.55 Td ( per diluted share\). ) Tj ET Q q 0 0 0 rg BT 161.45 282.55 Td (These vessels are now managed by the Company for the U.S. Navy) Tj ET Q q 0 0 0 rg BT 461.97 282.55 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 261.55 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.56 261.55 Td (. Long-T) Tj ET Q q 0 0 0 rg BT 80.25 261.55 Td (erm Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 240.55 Td (As of the dates indicated below) Tj ET Q q 0 0 0 rg BT 197.87 240.55 Td (, the Company had the following outstanding long-term debt \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 200.05 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 200.05 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 200.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 200.05 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 170.05 374.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 170.05 81.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 170.05 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 170.05 81.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 137.05 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 137.05 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 137.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 137.05 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 215.04999999999995 m 491.5 215.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 215.04999999999995 m 495.5 215.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 215.04999999999995 m 576.5 215.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 200.04999999999995 m 491.5 200.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 200.04999999999995 m 576.5 200.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 200.04999999999995 m 491.5 200.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 200.04999999999995 m 576.5 200.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 137.04999999999995 m 491.5 137.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 123.04999999999995 m 491.5 123.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 121.04999999999995 m 491.5 121.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 137.04999999999995 m 576.5 137.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 123.04999999999995 m 576.5 123.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 121.04999999999995 m 576.5 121.04999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 219.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.95 219.28 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 204.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.60 204.28 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.60 204.28 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 189.28 Td (5.875% senior notes due 2020, net of deferred financing costs of $3,944 and $4,863) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.05 189.73 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.00 189.28 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.35 189.33 Td (371,056) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.00 189.28 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.35 189.33 Td (370,137) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 174.28 Td (5.000% senior notes due 2021, net of deferred financing costs of $5,080 and $6,049) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.05 174.73 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.35 174.33 Td (444,920) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.35 174.33 Td (443,951) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 161.73 Td (1.500% convertible senior notes due 2019, net of original issue discount of $41,600 and $51,528 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 153.78 Td (deferred financing costs of $4,095 and $5,073) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 204.70 153.78 Td (...........................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.35 156.33 Td (254,305) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.35 156.33 Td (243,399) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 141.28 Td (Revolving credit facility due 2020) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 160.25 141.73 Td (...............................................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.30 141.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 141.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.00 126.28 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.70 126.33 Td (1,070,281) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.00 126.28 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 126.28 Td (1,057,487) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.35 712.75 Td (The table below summarizes the Company's cash interest payments \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 669.25 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 669.25 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 669.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 669.25 126.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 654.25 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 639.25 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 639.25 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 639.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 639.25 126.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 669.25 m 444.5 669.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 669.25 m 575.5 669.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.80 683.47 Td (Semi-Annual Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.70 673.47 Td (Interest Payment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 673.87 Td (Payment Dates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 658.87 Td (5.875% senior notes due 2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.60 658.47 Td (.........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.00 658.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.05 658.87 Td (11,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.50 658.87 Td (April 1 and October 1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 643.87 Td (5.000% senior notes due 2021) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.60 643.47 Td (.........................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.05 643.87 Td (11,300) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.35 643.87 Td (March 1 and September 1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 628.87 Td (1.500% convertible senior notes due 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.60 628.47 Td (.......................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.60 628.87 Td (2,300) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.35 628.87 Td (March 1 and September 1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 594.75 Td (Annual maturities of debt, excluding the potential ef) Tj ET Q q 0 0 0 rg BT 286.63 594.75 Td (fects of conditions discussed in Convertible Senior Notes, during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 582.75 Td (each year ending December31, are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 572.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 572.25 96.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 557.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 542.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 542.25 96.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 527.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 512.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 512.25 96.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 497.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 482.25 444.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 482.25 96.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 482.25 m 576.5 482.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 468.25 m 576.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 466.25 m 576.5 466.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 561.87 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.80 561.47 Td (....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.00 561.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 561.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 546.87 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.80 546.47 Td (....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 546.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 531.87 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.80 531.47 Td (....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 531.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 516.87 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.80 516.47 Td (....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 516.87 Td (254,305) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 501.87 Td (2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.80 501.47 Td (....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 501.87 Td (371,056) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 486.87 Td (Thereafter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.80 486.47 Td (...........................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 486.87 Td (444,920) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.00 471.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.15 471.87 Td (1,070,281) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 446.75 Td (2020 Senior Notes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 425.75 Td (On March2, 2012, the Company issued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.54 425.75 Td ($375.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.25 425.75 Td ( in aggregate principal amount of 2020 senior notes, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 413.75 Td (governed by an indenture, or the 2012 indenture. ) Tj ET Q q 0 0 0 rg BT 258.20 413.75 Td (The net proceeds to the Company from the of) Tj ET Q q 0 0 0 rg BT 459.80 413.75 Td (fering were approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 401.75 Td ($367.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.70 401.75 Td (, net of transaction costs. ) Tj ET Q q 0 0 0 rg BT 214.25 401.75 Td (The Company used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.30 401.75 Td ($259.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.00 401.75 Td ( of proceeds on March16, 2012 to repurchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 389.75 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.03 389.75 Td (84%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.04 389.75 Td ( of its outstanding 2014 senior notes pursuant to its tender of) Tj ET Q q 0 0 0 rg BT 389.37 389.75 Td (fer for such notes. ) Tj ET Q q 0 0 0 rg BT 474.78 389.75 Td (The Company used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 377.75 Td ($49.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.14 377.75 Td ( of proceeds on ) Tj ET Q q 0 0 0 rg BT 163.30 377.75 Td (April30, 2012 to redeem the remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.96 377.75 Td (16%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.98 377.75 Td ( of the outstanding 2014 senior notes. ) Tj ET Q q 0 0 0 rg BT 531.70 377.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 365.75 Td (repurchase and redemption of the 2014 senior notes resulted in a loss on early extinguishment of debt of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 353.75 Td ($6.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.58 353.75 Td ( in 2012. ) Tj ET Q q 0 0 0 rg BT 130.32 353.75 Td (The remaining proceeds were used for the construction of vessels under our fifth OSV newbuild ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 341.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 81.39 341.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.40 341.75 Td (2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.65 341.75 Td ( senior notes mature on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.93 341.75 Td (April1, 2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.08 341.75 Td ( and the ef) Tj ET Q q 0 0 0 rg BT 334.16 341.75 Td (fective interest rate is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.42 341.75 Td (6.08%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.77 341.75 Td (. No principal payments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 329.75 Td (are due until maturity) Tj ET Q q 0 0 0 rg BT 128.64 329.75 Td (. Pursuant to a registered exchange of) Tj ET Q q 0 0 0 rg BT 300.79 329.75 Td (fer) Tj ET Q q 0 0 0 rg BT 311.90 329.75 Td (, the 2020 senior notes issued in March 2012 that were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 317.75 Td (initially sold pursuant to a private placement were exchanged by the holders for 2020 senior notes with substantially the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 305.75 Td (same terms, except that the issuance of the 2020 senior notes in the exchange of) Tj ET Q q 0 0 0 rg BT 396.04 305.75 Td (fer was registered under the Securities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 293.75 Td (Act. ) Tj ET Q q 0 0 0 rg BT 58.60 293.75 Td (The original 2020 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 281.75 Td (the same 2012 indenture.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 260.75 Td (2021 Senior Notes) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 58.50 238.55 Td (O) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.06 238.55 Td (n March14, 2013, the Company issued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.38 238.55 Td ($450.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.97 238.55 Td ( million in aggregate principal amount of 2021 senior notes, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.55 Td (governed by an indenture, or the 2013 indenture. ) Tj ET Q q 0 0 0 rg BT 258.20 226.55 Td (The net proceeds to the Company from the of) Tj ET Q q 0 0 0 rg BT 459.80 226.55 Td (fering were approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.55 Td ($442.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.59 214.55 Td ( million, net of transaction costs. ) Tj ET Q q 0 0 0 rg BT 214.25 214.55 Td (The Company used $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.86 214.55 Td (252.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.88 214.55 Td ( million of such proceeds to repurchase approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.55 Td (94%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.01 202.55 Td ( of the outstanding 2017 senior notes pursuant to its tender of) Tj ET Q q 0 0 0 rg BT 328.24 202.55 Td (fer for such notes. ) Tj ET Q q 0 0 0 rg BT 413.66 202.55 Td (The Company used approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 190.55 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 41.56 190.55 Td (16.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.02 190.55 Td ( million of proceeds on May13, 2013 to redeem the remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.40 190.55 Td (6%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.86 190.55 Td ( of the outstanding 2017 senior notes. ) Tj ET Q q 0 0 0 rg BT 525.58 190.55 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 178.55 Td (repurchase and redemption of the 2017 senior notes resulted in a loss on early extinguishment of debt of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 166.55 Td ($25.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.02 166.55 Td ( million in 2013. ) Tj ET Q q 0 0 0 rg BT 135.88 166.55 Td (The remaining proceeds have been available for general corporate purposes, including funding for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 154.55 Td (the acquisition, construction or retrofit of vessels. ) Tj ET Q q 0 0 0 rg BT 257.59 154.55 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.60 154.55 Td (2021) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.84 154.55 Td ( senior notes mature on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.68 154.55 Td (March1, 2021) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.61 154.55 Td ( and the ef) Tj ET Q q 0 0 0 rg BT 518.69 154.55 Td (fective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 142.55 Td (interest rate is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.58 142.55 Td (5.21%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.94 142.55 Td (. No principal payments are due until maturity) Tj ET Q q 0 0 0 rg BT 332.62 142.55 Td (. Pursuant to a registered exchange of) Tj ET Q q 0 0 0 rg BT 504.77 142.55 Td (fer) Tj ET Q q 0 0 0 rg BT 515.89 142.55 Td (, the 2021 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 130.55 Td (senior notes issued in March 2013 that were initially sold pursuant to a private placement were exchanged by the holders ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 118.55 Td (for 2021 senior notes with substantially the same terms, except that the issuance of the 2021 senior notes in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 106.55 Td (exchange of) Tj ET Q q 0 0 0 rg BT 90.31 106.55 Td (fer was registered under the Securities ) Tj ET Q q 0 0 0 rg BT 263.73 106.55 Td (Act. ) Tj ET Q q 0 0 0 rg BT 286.33 106.55 Td (The original 2021 senior notes and the similar notes exchanged ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 94.55 Td (were issued under and are entitled to the benefits of the same 2013 indenture. ) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 712.75 Td (The 2020 senior notes and 2021 senior notes are senior unsecured obligations and rank equally in right of payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (with other existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (may be incurred by the Company in the future. Hornbeck Of) Tj ET Q q 0 0 0 rg BT 303.17 688.75 Td (fshore Services, Inc., as the parent company issuer of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 676.75 Td (2020 senior notes and the 2021 senior notes, has no independent assets or operations other than its ownership interest in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 664.75 Td (its subsidiaries and af) Tj ET Q q 0 0 0 rg BT 131.98 664.75 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 168.48 664.75 Td (There are no significant restrictions on the Company) Tj ET Q q 0 0 0 rg BT 402.30 664.75 Td (s ability) Tj ET Q q 0 0 0 rg BT 434.91 664.75 Td (, or the ability of any guarantor) Tj ET Q q 0 0 0 rg BT 569.43 664.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 652.75 Td (to obtain funds from its subsidiaries by such means as a dividend or loan. ) Tj ET Q q 0 0 0 rg BT 366.00 652.75 Td (The Company may) Tj ET Q q 0 0 0 rg BT 449.73 652.75 Td (, at its option, redeem all or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 640.75 Td (part of the 2020 senior notes or 2021 senior notes from time to time at specified redemption prices and subject to certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (conditions required by the indentures. ) Tj ET Q q 0 0 0 rg BT 208.15 628.75 Td (The Company is permitted under the terms of the indentures to incur additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (indebtedness in the future, provided that certain financial conditions set forth in the indentures are satisfied by the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (Company) Tj ET Q q 0 0 0 rg BT 78.06 604.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 583.75 Td (2019 Convertible Senior Notes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 562.75 Td (On ) Tj ET Q q 0 0 0 rg BT 75.57 562.75 Td (August13, 2012, the Company issued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.90 562.75 Td ($300.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.60 562.75 Td ( of 2019 convertible senior notes, which mature on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (September1, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.06 550.75 Td (. Because the 2019 convertible senior notes are considered to be cash convertible debt, the Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (has separately accounted for the liability and equity components of the 2019 convertible senior notes by allocating the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td ($300.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.59 526.75 Td ( million in proceeds from the issuance between the liability component and the embedded conversion option, or the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (equity component. ) Tj ET Q q 0 0 0 rg BT 123.09 514.75 Td (The allocation was conducted by estimating an interest rate at the time of issuance of the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 502.75 Td (convertible senior notes for similar debt instruments that do not include an embedded conversion feature. ) Tj ET Q q 0 0 0 rg BT 505.71 502.75 Td (A) Tj ET Q q 0 0 0 rg BT 511.83 502.75 Td ( non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 490.75 Td (convertible interest rate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.84 490.75 Td (5.75%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.19 490.75 Td ( was used to compute the initial fair value of the liability component of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.81 490.75 Td ($227.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.39 490.75 Td ( million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 478.75 Td (For purposes of the fair value measurement, the Company determined that the valuation of the 2019 convertible senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 466.75 Td (notes falls under Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 258.72 466.75 Td (. ) Tj ET Q q 0 0 0 rg BT 266.87 466.75 Td (The excess of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.58 466.75 Td ($300.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.17 466.75 Td ( million of proceeds from the issuance of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 454.75 Td (2019 convertible senior notes over the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.33 454.75 Td ($227.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.92 454.75 Td ( million initial amount allocated to the liability component, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.61 454.75 Td ($72.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.63 454.75 Td ( million, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 442.75 Td (was allocated to the embedded conversion option, or equity component. ) Tj ET Q q 0 0 0 rg BT 359.91 442.75 Td (This excess was treated as an imputed original ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 430.75 Td (issue discount and is being amortized through interest expense, using the ef) Tj ET Q q 0 0 0 rg BT 372.69 430.75 Td (fective interest method, over the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.77 430.75 Td (seven) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.45 430.75 Td (-year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 418.75 Td (term of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.58 418.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.82 418.75 Td ( convertible senior notes, which runs through September 1, 2019. ) Tj ET Q q 0 0 0 rg BT 403.26 418.75 Td (The ef) Tj ET Q q 0 0 0 rg BT 431.42 418.75 Td (fective interest rate for these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 406.75 Td (notes is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.24 406.75 Td (6.23%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.60 406.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 385.75 Td (The initial conversion rate of the 2019 convertible senior notes is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.94 385.75 Td (18.5718) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.09 385.75 Td ( shares per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.89 385.75 Td ($1,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.48 385.75 Td ( principal amount of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (notes, which equates to a conversion price of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.92 373.75 Td ($53.85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.51 373.75 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 387.69 373.75 Td (The conversion rate was based on the last ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.75 Td (reported sale price of the Company) Tj ET Q q 0 0 0 rg BT 194.24 361.75 Td (s common shares on the New ) Tj ET Q q 0 0 0 rg BT 329.12 361.75 Td (Y) Tj ET Q q 0 0 0 rg BT 334.87 361.75 Td (ork Stock Exchange of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.70 361.75 Td ($39.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.29 361.75 Td ( on ) Tj ET Q q 0 0 0 rg BT 484.41 361.75 Td (August7, 2012. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.75 Td (The conversion rate will be subject to adjustment in some events but will not be adjusted for accrued interest. In addition,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 337.75 Td (following certain corporate transactions that constitute fundamental changes \(as defined in the indenture for the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 325.75 Td (convertible senior notes\), the conversion rate will be increased for holders who elect to convert notes in connection with) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 313.75 Td (such corporate transactions in certain circumstances. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 292.75 Td (The 2019 convertible senior notes are convertible based on the applicable conversion rate only under the following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (circumstances:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 259.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 259.75 Td (prior to June1, 2019, during any fiscal quarter \(and only during that fiscal quarter\) commencing after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 247.75 Td (December31, 2012, if the last reported sale price of the Company) Tj ET Q q 0 0 0 rg BT 366.42 247.75 Td (s common stock is greater than or equal to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 235.75 Td (135%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.58 235.75 Td ( of the conversion price for at least ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.21 235.75 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.33 235.75 Td ( trading days in the period of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.30 235.75 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.43 235.75 Td ( consecutive trading days ending on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 223.75 Td (the last trading day of the preceding fiscal quarter; or) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 202.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 202.75 Td (prior to June1, 2019, during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.54 202.75 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.10 202.75 Td ( business-day period after any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.85 202.75 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.97 202.75 Td ( consecutive trading-day period \(the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 190.75 Td (measurement period\) in which the trading price per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.11 190.75 Td ($1,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.69 190.75 Td ( principal amount of notes for each trading day in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 178.75 Td (measurement period was less than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.86 178.75 Td (95%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.87 178.75 Td ( of the product of the last reported sale price of the Company) Tj ET Q q 0 0 0 rg BT 520.96 178.75 Td (s common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 166.75 Td (stock and the conversion rate on such trading day; or) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 145.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 145.75 Td (upon the occurrence of specified corporate transactions, as defined in the indenture governing the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 133.75 Td (convertible senior notes; or) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 112.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 112.75 Td (beginning on June1, 2019 until the close of business on the second scheduled trading day preceding the maturity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 100.75 Td (date.) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (cash, shares of common stock or a combination of cash and shares of common stock, at the Company) Tj ET Q q 0 0 0 rg BT 491.59 700.75 Td (s election.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 679.75 Td (If the holders of the 2019 convertible senior notes exercise the conversion provisions of the 2019 convertible senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (notes and the Company elects to settle such conversions partially in cash \(which it presently intends to do at least up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (the principal amount of the notes\), the Company will need to remit such cash amount to the converting holders. For that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (reason, in any period during which the 2019 convertible senior notes are convertible as provided above, the Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (would classify the entire principal amount of the outstanding 2019 convertible senior notes as a current liability in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (respective quarter) Tj ET Q q 0 0 0 rg BT 115.49 619.75 Td (. ) Tj ET Q q 0 0 0 rg BT 123.64 619.75 Td (This evaluation of the classification of amounts outstanding associated with the 2019 convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (senior notes will occur every calendar quarter) Tj ET Q q 0 0 0 rg BT 236.65 607.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 586.75 Td (The 2019 convertible senior notes are not redeemable at the option of the Company prior to their maturity) Tj ET Q q 0 0 0 rg BT 525.08 586.75 Td (. No ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 574.75 Td (sinking fund is provided for the 2019 convertible senior notes and the 2019 convertible senior notes are not subject to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (legal defeasance. If the Company experiences specified types of corporate transactions, including certain change of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 550.75 Td (control events or a de-listing of the Company) Tj ET Q q 0 0 0 rg BT 236.48 550.75 Td (s common stock, holders of the 2019 convertible senior notes may require ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (the Company to purchase all or a portion of their 2019 convertible senior notes. ) Tj ET Q q 0 0 0 rg BT 391.21 538.75 Td (Any repurchase of the convertible senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (notes pursuant to these provisions will be for cash at a price equal to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.28 526.75 Td (100%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.86 526.75 Td ( of the principal amount of the notes to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (purchased plus any accrued and unpaid interest to, but excluding, the purchase date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 493.75 Td (In connection with the sale of the 2019 convertible senior notes, the Company entered into convertible senior note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 481.75 Td (hedge transactions with respect to its common stock with af) Tj ET Q q 0 0 0 rg BT 299.27 481.75 Td (filiates of the initial purchasers of the notes, Barclays, Inc., JP) Tj ET Q q 0 0 0 rg BT 570.89 481.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 469.75 Td (Morgan Chase and W) Tj ET Q q 0 0 0 rg BT 133.09 469.75 Td (ells Fargo Bank, or the counterparties. Each of the 2019 convertible senior note hedge transactions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 457.75 Td (is a privately-negotiated transaction that is economically equivalent to the purchase of call options on the Company) Tj ET Q q 0 0 0 rg BT 545.56 457.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 445.75 Td (common stock with strike prices equal to the conversion price of the 2019 convertible senior notes, and is intended to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 433.75 Td (mitigate dilution to the Company) Tj ET Q q 0 0 0 rg BT 180.90 433.75 Td (s stockholders and/or of) Tj ET Q q 0 0 0 rg BT 286.88 433.75 Td (fset cash payment due upon the potential future conversion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 421.75 Td (the 2019 convertible senior notes. Under the 2019 convertible senior note hedge transactions, subject to customary anti-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 409.75 Td (dilution provisions, the counterparties are required to deliver to the Company the approximate number of shares of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td (Company) Tj ET Q q 0 0 0 rg BT 80.84 397.75 Td (s common stock and/or an amount of cash that the Company is obligated to deliver to the holders of the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.75 Td (convertible senior notes assuming the conversion of such notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 364.75 Td (The Company also entered into separate privately-negotiated warrant transactions, whereby the Company sold to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 352.75 Td (each of the counterparties call options to acquire approximately the same number of shares of its common stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (underlying the convertible senior note hedge transactions, subject to customary anti-dilution adjustments, at a strike price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 47.12 328.75 Td ($68.53) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.70 328.75 Td ( per share of common stock, which represented a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.48 328.75 Td (75.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.83 328.75 Td ( premium over the closing price of the Company) Tj ET Q q 0 0 0 rg BT 542.19 328.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (shares of common stock on ) Tj ET Q q 0 0 0 rg BT 160.50 316.75 Td (August7, 2012. Upon the exercise of the warrants, if the market price of the common stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (exceeds the strike price of the warrants on any day within the valuation period, the Company will be required to deliver the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (corresponding value to the counterparties, at its option in cash or shares of its common stock. ) Tj ET Q q 0 0 0 rg BT 454.92 292.75 Td (The 2019 convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (senior note hedge and warrant transactions are separate and legally distinct instruments that bind the Company and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (counterparties and have no binding ef) Tj ET Q q 0 0 0 rg BT 203.16 268.75 Td (fect on the holders of the 2019 convertible senior notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 247.75 Td (For income tax reporting purposes, the Company has elected to integrate the 2019 convertible senior notes and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 235.75 Td (note hedge transactions. Integration of the 2019 convertible senior note hedge with the 2019 convertible senior notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (creates an in-substance original issue debt discount for income tax reporting purposes and, therefore, the cost of the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 211.75 Td (convertible senior note hedge is accounted for as interest expense over the term of the 2019 convertible senior notes for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (income tax reporting purposes. ) Tj ET Q q 0 0 0 rg BT 178.67 199.75 Td (The associated income tax deductions will be recognized in the period that the deduction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 187.75 Td (is taken for income tax reporting purposes. ) Tj ET Q q 0 0 0 rg BT 230.36 187.75 Td (The Company has also treated the proceeds from the sale of warrants as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 175.75 Td (non-taxable increase in additional paid-in capital in stockholders) Tj ET Q q 0 0 0 rg BT 320.80 175.75 Td ( equity) Tj ET Q q 0 0 0 rg BT 349.52 175.75 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 175.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 151.75 Td (The Company used a portion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.54 151.75 Td ($290.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.13 151.75 Td ( million in net proceeds of the 2019 convertible senior notes of) Tj ET Q q 0 0 0 rg BT 527.56 151.75 Td (fering, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 139.75 Td (along with a portion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.30 139.75 Td ($48.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.32 139.75 Td ( million in proceeds from the sale of warrants, to fund the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.34 139.75 Td ($73.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.36 139.75 Td ( million cost of convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 127.75 Td (senior note hedge transactions. ) Tj ET Q q 0 0 0 rg BT 180.91 127.75 Td (The Company used a portion of the remaining net proceeds of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.89 127.75 Td ($266.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.47 127.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 115.75 Td (million from the sale of the 2019 convertible senior notes and the sale of the warrants to retire its 2026 convertible senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (notes, which were converted or redeemed by the Company in November 2013. ) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 712.75 Td (The Company incurred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.49 712.75 Td ($9.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.96 712.75 Td ( million of fees and other costs related to the issuance of the 2019 convertible senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (notes. ) Tj ET Q q 0 0 0 rg BT 68.62 700.75 Td (These fees and other origination costs have been allocated to the liability and equity components of the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (convertible senior notes in proportion to their allocated values. ) Tj ET Q q 0 0 0 rg BT 315.61 688.75 Td (Approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.75 688.75 Td ($2.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.21 688.75 Td ( million of these fees and other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 676.75 Td (origination costs were recorded as a reduction in additional paid-in capital. ) Tj ET Q q 0 0 0 rg BT 369.34 676.75 Td (The remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.04 676.75 Td ($7.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.51 676.75 Td ( million of fees and other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 664.75 Td (costs are being amortized as interest expense over the seven-year term of the 2019 convertible senior notes, which runs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 652.75 Td (through September 1, 2019.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 631.75 Td (Hornbeck Of) Tj ET Q q 0 0 0 rg BT 115.95 631.75 Td (fshore Services, Inc., as the parent company issuer of the 2019 convertible senior notes, has no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (independent assets or operations other than its ownership interest in its subsidiaries and af) Tj ET Q q 0 0 0 rg BT 437.72 619.75 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 474.22 619.75 Td (There are no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (significant restrictions on the Company) Tj ET Q q 0 0 0 rg BT 209.79 607.75 Td (s ability or the ability of any guarantor to obtain funds from its subsidiaries by such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 595.75 Td (means as a dividend or loan. ) Tj ET Q q 0 0 0 rg BT 169.23 595.75 Td (The 2019 convertible senior notes are general unsecured, senior obligations of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 583.75 Td (Company) Tj ET Q q 0 0 0 rg BT 78.06 583.75 Td (, ranking equally in right of payment with all of its existing and future senior indebtedness, including its 2020 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 571.75 Td (2021 senior notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 550.75 Td (The 2019 convertible senior notes, the 2020 senior notes and the 2021 senior notes are guaranteed by certain of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.75 Td (Company) Tj ET Q q 0 0 0 rg BT 80.84 538.75 Td (s subsidiaries. ) Tj ET Q q 0 0 0 rg BT 149.57 538.75 Td (The guarantees are full and unconditional, joint and several, and prior to the fourth quarter of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 526.75 Td (2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 514.75 Td (regulations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 493.75 Td (Revolving Credit Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 472.75 Td (On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.12 472.75 Td (February6, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.28 472.75 Td (, the Company amended and restated its revolving credit facility) Tj ET Q q 0 0 0 rg BT 432.79 472.75 Td (. ) Tj ET Q q 0 0 0 rg BT 438.16 472.75 Td (The key changes to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (Company) Tj ET Q q 0 0 0 rg BT 80.84 460.75 Td (s revolving credit facility were ef) Tj ET Q q 0 0 0 rg BT 221.82 460.75 Td (fective commencing with the fiscal quarter ended December 31, 2014 and are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.75 Td (noted below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 432.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 432.25 Td (extend the maturity from November 2016 to February 2020, unless the Company) Tj ET Q q 0 0 0 rg BT 447.45 432.25 Td (s 2020 senior notes remain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 420.25 Td (outstanding on October 1, 2019, in which case the facility would mature on such date;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 403.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 403.75 Td (provide that, if the Company's 2019 convertible senior notes remain outstanding on March 1, 2019, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 391.75 Td (Company is required to maintain a specified minimum liquidity until after redemption or refinancing of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 379.75 Td (convertible senior notes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 363.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 363.25 Td (substitute new vessels as collateral and reduce the number of vessels pledged from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.54 363.25 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.66 363.25 Td ( OSVs valued in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 351.25 Td (excess of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.02 351.25 Td ($600 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.38 351.25 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.28 351.25 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.40 351.25 Td ( OSVs valued in excess of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.91 351.25 Td ($450 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.27 351.25 Td (, in accordance with a reduction in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 339.25 Td (minimum collateral-to-loan value ratio from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.73 339.25 Td (200%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.31 339.25 Td ( of the borrowing base to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.16 339.25 Td (150%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.73 339.25 Td ( of the borrowing base;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 322.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 322.75 Td (replace the prior debt-to-EBITDA) Tj ET Q q 0 0 0 rg BT 233.07 322.75 Td ( leverage ratios with a new total debt-to-capitalization ratio, as defined, as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 310.75 Td (financial covenant and for pricing determination;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 294.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 294.25 Td (set the maximum total debt-to-capitalization ratio, as defined, at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.48 294.25 Td (55%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.49 294.25 Td ( for the first nine fiscal quarters beginning ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 282.25 Td (with the quarter ended December 31, 2014 and stepping down to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.75 282.25 Td (50%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.77 282.25 Td ( for each fiscal quarter thereafter; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 265.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 265.75 Td (increase the aggregate amount of restricted payments, as defined, that may be made by the Company from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 253.75 Td ($37.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.14 253.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.04 253.75 Td ($125.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.74 253.75 Td ( plus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.64 253.75 Td (50%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.66 253.75 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 339.07 253.75 Td (s cumulative consolidated net income from January ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 241.75 Td (1, 2006 to the end of the most recently ended fiscal quarter for which internal financial statements are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 229.75 Td (available at the time of such restricted payment, as defined, subject to cash or cash equivalents or availability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 217.75 Td (maintenance requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 196.75 Td (Other than these key changes, all other definitions and substantive terms in the Company) Tj ET Q q 0 0 0 rg BT 457.82 196.75 Td (s credit agreement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 184.75 Td (governing its revolving credit facility were unchanged with the February 2015 amendment and remain in ef) Tj ET Q q 0 0 0 rg BT 504.96 184.75 Td (fect through the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 172.75 Td (remaining life of the facility) Tj ET Q q 0 0 0 rg BT 153.09 172.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 151.75 Td (As of December31, 2015, there were no amounts drawn under the Company) Tj ET Q q 0 0 0 rg BT 403.90 151.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.68 151.75 Td ($300.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.38 151.75 Td ( revolving credit facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 139.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.46 139.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.04 139.75 Td ( posted in letters of credit. ) Tj ET Q q 0 0 0 rg BT 225.55 139.75 Td (As of December31, 2015, the Company was in compliance with all financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 127.75 Td (covenants contained in its amended revolving credit facility) Tj ET Q q 0 0 0 rg BT 295.40 127.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 106.75 Td (The credit agreement governing the amended revolving credit facility and the indentures governing the Company) Tj ET Q q 0 0 0 rg BT 560.11 106.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 94.75 Td (2020 senior notes and 2021 senior notes impose certain operating and financial restrictions on the Company) Tj ET Q q 0 0 0 rg BT 515.00 94.75 Td (. Such ) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (restrictions af) Tj ET Q q 0 0 0 rg BT 95.28 712.75 Td (fect, and in many cases limit or prohibit, among other things, the Company) Tj ET Q q 0 0 0 rg BT 426.38 712.75 Td (s ability to incur additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (indebtedness, make capital expenditures, redeem equity) Tj ET Q q 0 0 0 rg BT 285.41 700.75 Td (, create liens, sell assets and make dividend or other restricted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (payments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 667.75 Td (The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (by primarily using quoted market prices. ) Tj ET Q q 0 0 0 rg BT 218.11 655.75 Td (The fair value of the Company) Tj ET Q q 0 0 0 rg BT 354.12 655.75 Td (s revolving credit facility) Tj ET Q q 0 0 0 rg BT 458.96 655.75 Td (, when there are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (outstanding balances, approximates its carrying value. Given the observable nature of the inputs to these estimates, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (fair values presented below for long-term debt have been assigned a Level ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.54 631.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.10 631.75 Td (, of the three-level valuation hierarchy) Tj ET Q q 0 0 0 rg BT 541.12 631.75 Td (. ) Tj ET Q q 0 0 0 rg BT 548.90 631.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (the dates indicated below) Tj ET Q q 0 0 0 rg BT 148.30 619.75 Td (, the Company had the following face values, carrying values and fair values \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 563.25 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 563.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 563.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 563.25 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 563.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 563.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 563.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 563.25 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 533.25 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 533.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 533.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 533.25 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 533.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 533.25 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 533.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 533.25 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 585.25 m 286.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 585.25 m 290.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 585.25 m 345.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 585.25 m 349.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 585.25 m 401.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 585.25 m 460.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 585.25 m 464.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 585.25 m 519.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 585.25 m 523.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 585.25 m 575.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 563.25 m 286.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 563.25 m 345.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 563.25 m 401.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 563.25 m 460.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 563.25 m 519.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 563.25 m 575.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 563.25 m 286.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 563.25 m 345.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 563.25 m 460.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 563.25 m 519.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 518.25 m 286.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 504.25 m 286.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 502.25 m 286.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 518.25 m 345.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 504.25 m 345.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 502.25 m 345.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 518.25 m 401.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 504.25 m 401.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 502.25 m 401.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 518.25 m 460.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 504.25 m 460.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 502.25 m 460.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 518.25 m 519.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 504.25 m 519.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 502.25 m 519.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 518.25 m 575.5 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 504.25 m 575.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 502.25 m 575.5 502.25 l s BT /F3 9.50 Tf ET q 0 0 0 rg BT 38.00 589.78 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 273.20 589.78 Td (December 31, 2015) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 447.20 589.78 Td (December 31, 2014) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 38.00 567.78 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 247.65 575.83 Td (Face) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 246.05 566.33 Td (Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 297.95 575.83 Td (Carrying) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 305.05 566.33 Td (Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 352.55 567.78 Td (Fair Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.65 575.83 Td (Face) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 420.05 566.33 Td (Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 471.95 575.83 Td (Carrying) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 479.05 566.33 Td (Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 526.55 567.78 Td (Fair Value) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 38.00 552.78 Td (5.875% senior notes due 2020) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 167.25 552.83 Td (.......................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 234.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 248.45 552.78 Td (375,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 293.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 307.45 552.78 Td (371,056) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 352.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 363.45 552.78 Td (257,813) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 408.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 422.45 552.78 Td (375,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 467.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 481.45 552.78 Td (370,137) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 526.00 552.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 552.78 Td (334,688) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 38.00 537.78 Td (5.000% senior notes due 2021) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 167.25 537.83 Td (.......................) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 248.45 537.78 Td (450,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 307.45 537.78 Td (444,920) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 363.45 537.78 Td (308,250) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 422.45 537.78 Td (450,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 481.45 537.78 Td (443,951) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 537.78 Td (369,135) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 38.00 522.78 Td (1.500% convertible senior notes due 2019) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 217.40 522.83 Td (....) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 248.45 522.78 Td (300,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 307.45 522.78 Td (254,305) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 363.45 522.78 Td (170,340) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 422.45 522.78 Td (300,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 481.45 522.78 Td (243,399) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 522.78 Td (251,130) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 234.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 240.50 507.78 Td (1,125,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 293.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 299.50 507.78 Td (1,070,281) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 352.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 363.45 507.78 Td (736,403) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 408.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 414.50 507.78 Td (1,125,000) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 467.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 473.50 507.78 Td (1,057,487) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 526.00 507.78 Td ($) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 537.45 507.78 Td (954,953) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 482.75 Td (Capitalized Interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 461.75 Td (Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 449.75 Td (amount of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.25 449.75 Td ($24.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.39 449.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.95 449.75 Td ($33.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.09 449.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.11 449.75 Td ($31.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.25 449.75 Td (, for the years ended December31, 2015, 2014, and 2013, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 437.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 88.06 437.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 419.75 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.56 419.75 Td (. Stockholders) Tj ET Q q 0 0 0 rg BT 112.69 419.75 Td ( Equity) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 401.75 Td (Preferred Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 383.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 124.85 383.75 Td (s certificate of incorporation authorizes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.82 383.75 Td (5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.84 383.75 Td ( shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 462.60 383.75 Td (The Board of Directors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 371.75 Td (has the authority to issue preferred stock in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.99 371.75 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.67 371.75 Td ( or more series and to fix the rights, preferences, privileges and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.75 Td (restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.75 Td (liquidation preferences and the number of shares constituting any series or the designation of such series, without further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.75 Td (vote or action by the Company) Tj ET Q q 0 0 0 rg BT 173.67 335.75 Td (s stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 317.75 Td (Stockholder Rights Plan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 299.75 Td (On July 1, 2013, the Company) Tj ET Q q 0 0 0 rg BT 197.12 299.75 Td (s Board of Directors implemented a stockholder rights plan establishing one right for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 287.75 Td (each outstanding share of common stock. ) Tj ET Q q 0 0 0 rg BT 223.70 287.75 Td (The rights become exercisable, and transferable apart from the Company) Tj ET Q q 0 0 0 rg BT 550.35 287.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 275.75 Td (common stock, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.02 275.75 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.14 275.75 Td ( business days following a public announcement that a person or group has acquired beneficial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 263.75 Td (ownership of, or has commenced a tender or exchange of) Tj ET Q q 0 0 0 rg BT 291.52 263.75 Td (fer for) Tj ET Q q 0 0 0 rg BT 317.09 263.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.65 263.75 Td (10%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.66 263.75 Td ( or more of the Company) Tj ET Q q 0 0 0 rg BT 455.31 263.75 Td (s common stock. ) Tj ET Q q 0 0 0 rg BT 535.70 263.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 251.75 Td (stockholder rights plan is substantially similar to the Company's prior stockholder rights plan that expired on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.14 251.75 Td (June 17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.72 251.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 239.75 Td (2013. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 221.75 Td (Repurchases of Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 203.75 Td (On October 28, 2014, the Company's Board of Directors authorized the Company to repurchase up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 510.66 203.75 Td ($150.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.36 203.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 191.75 Td (in shares of its common stock using dif) Tj ET Q q 0 0 0 rg BT 207.56 191.75 Td (ferent methods including, but not limited to, open-market purchases, privately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 179.75 Td (negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. ) Tj ET Q q 0 0 0 rg BT 427.18 179.75 Td (The timing and amount of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 167.75 Td (repurchases will depend on several factors, such as market conditions, applicable legal requirements, available liquidity) Tj ET Q q 0 0 0 rg BT 562.76 167.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 155.75 Td (the discretion of management and other appropriate factors. ) Tj ET Q q 0 0 0 rg BT 307.09 155.75 Td (The repurchase program does not obligate the Company to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 143.75 Td (acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. ) Tj ET Q q 0 0 0 rg BT 526.27 143.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 131.75 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.83 131.75 Td (, the Company had repurchased and retired ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.06 131.75 Td (891,396) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.21 131.75 Td ( shares at an average price of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.29 131.75 Td ($28.05) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.87 131.75 Td ( per share. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 119.75 Td (The repurchased shares cost a total of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.43 119.75 Td ($25.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.57 119.75 Td ( and represent roughly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.41 119.75 Td (2.5%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.21 119.75 Td ( of the Company's total shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 107.75 Td (outstanding prior to the commencement of the program. ) Tj ET Q q 0 0 0 rg BT 288.17 107.75 Td (The Company has not repurchased any additional shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 95.75 Td (subsequent to December 31, 2014. ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (8. Stock-Based Compensation) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (Incentive Compensation Plan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 658.75 Td (In June 2015, the Company received stockholder approval to increase the maximum number of shares available for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 646.75 Td (issuance under its long-term compensation plan by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.46 646.75 Td (750,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.60 646.75 Td (. ) Tj ET Q q 0 0 0 rg BT 308.76 646.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 373.61 646.75 Td (s stock-based incentive compensation plan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 634.75 Td (now covers a maximum of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.93 634.75 Td (4.95 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.51 634.75 Td ( shares of common stock that allows the Company to grant restricted stock awards, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 622.75 Td (restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 610.75 Td (common stock to employees and directors. ) Tj ET Q q 0 0 0 rg BT 231.09 610.75 Td (As of December31, 2015, there were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.07 610.75 Td (898,035) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.21 610.75 Td ( shares available for future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 598.75 Td (issuance to employees under the incentive compensation plan. ) Tj ET Q q 0 0 0 rg BT 319.88 598.75 Td (The issuance of shares of common stock under the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 586.75 Td (incentive compensation plan has been registered on Form S-8 with the Securities and Exchange Commission.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.92 586.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 565.75 Td (The financial impact of stock-based compensation expense related to the Company) Tj ET Q q 0 0 0 rg BT 431.14 565.75 Td (s incentive compensation plan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 553.75 Td (on its operating results are reflected in the table below \(in thousands, except for per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 508.25 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 508.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 508.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 508.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 508.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 508.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 478.25 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 478.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 478.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 478.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 478.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 478.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 448.25 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 448.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 448.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 448.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 448.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 448.25 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 521.25 m 422.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 521.25 m 426.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 521.25 m 499.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 521.25 m 503.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 521.25 m 576.5 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 508.25 m 422.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 508.25 m 499.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 508.25 m 576.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 508.25 m 422.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 494.25 m 422.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 492.25 m 422.5 492.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 508.25 m 499.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 494.25 m 499.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 492.25 m 499.5 492.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 508.25 m 576.5 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 494.25 m 576.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 492.25 m 576.5 492.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 479.25 m 422.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 477.25 m 422.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 479.25 m 499.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 477.25 m 499.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 479.25 m 576.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 477.25 m 576.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 449.25 m 422.5 449.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 447.25 m 422.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 449.25 m 499.5 449.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 447.25 m 499.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 449.25 m 576.5 449.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 447.25 m 576.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 434.25 m 422.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 432.25 m 422.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 434.25 m 499.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 432.25 m 499.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 434.25 m 576.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 432.25 m 576.5 432.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 525.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.05 525.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 512.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.10 512.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.60 512.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.60 512.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 497.87 Td (Income before taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.05 497.47 Td (.............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 497.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 497.87 Td (10,293) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 497.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.05 497.87 Td (10,324) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.00 497.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 497.87 Td (11,888) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 482.87 Td (Net income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.15 482.47 Td (...........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 482.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.60 482.87 Td (6,454) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 482.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 470.60 482.87 Td (6,471) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.00 482.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 482.87 Td (7,581) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 467.87 Td (Earnings per common share:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 452.87 Td (Basic) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.80 452.47 Td (..............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 452.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 452.87 Td (0.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 452.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.15 452.87 Td (0.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.00 452.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 452.87 Td (0.21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 437.87 Td (Diluted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.35 437.47 Td (............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 437.87 Td (0.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.15 437.87 Td (0.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 437.87 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 412.75 Td (The accounting rules also require the benefits of tax deductions in excess of recognized compensation expense to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 400.75 Td (be reported as financing cash flows, rather than as operating cash flows. ) Tj ET Q q 0 0 0 rg BT 362.11 400.75 Td (The Company recorded the impact on cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 388.75 Td (flows from financing activities for such excess tax deductions of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.93 388.75 Td ($\(0.2\) million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.18 388.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.51 388.75 Td ($0.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.09 388.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.11 388.75 Td ($2.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 575.69 388.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 376.75 Td (for the years ended December31, 2015, 2014 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 342.68 376.75 Td (. Net cash proceeds from the exercise of stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 364.75 Td (options were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.48 364.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.06 364.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.62 364.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.20 364.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.44 364.75 Td ($6.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.02 364.75 Td ( for the years ended December31, 2015, 2014 and 2013, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 352.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 88.06 352.75 Td (. ) Tj ET Q q 0 0 0 rg BT 96.21 352.75 Td (The income tax expense \(benefit\) from stock option exercises and restricted stock vesting was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.84 352.75 Td ($\(1.3\) million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 573.08 352.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td ($0.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.58 340.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.82 340.75 Td ($4.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.40 340.75 Td ( for the respective periods. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (Stock Options) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 298.75 Td (The Company is authorized to grant stock options under its incentive compensation plan in which the purchase price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.75 Td (of the stock subject to each option is established as the closing price on the New ) Tj ET Q q 0 0 0 rg BT 394.92 286.75 Td (Y) Tj ET Q q 0 0 0 rg BT 400.67 286.75 Td (ork Stock Exchange of the Company) Tj ET Q q 0 0 0 rg BT 565.02 286.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.75 Td (common stock on the date of grant and accordingly is not less than the fair market value of the stock on the date of grant. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.75 Td (All options granted expire ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.63 262.75 Td (ten) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.53 262.75 Td ( years after the date of grant, have an exercise price equal to or greater than the actual or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.75 Td (estimated market price of the Company) Tj ET Q q 0 0 0 rg BT 212.56 250.75 Td (s stock on the date of grant and vest over a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.12 250.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.92 250.75 Td (-year period. ) Tj ET Q q 0 0 0 rg BT 491.43 250.75 Td (The Company has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (not granted stock options to any directors, executive of) Tj ET Q q 0 0 0 rg BT 277.62 238.75 Td (ficers or employees since 201) Tj ET Q q 0 0 0 rg BT 409.16 238.75 Td (1.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (The following table represents the Company) Tj ET Q q 0 0 0 rg BT 257.71 712.75 Td (s stock option activity for the year ended December31, 2015 \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (thousands, except per share data and years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 645.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 645.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 645.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 645.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 645.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 645.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 645.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 645.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 619.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 619.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 619.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 619.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 619.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 619.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 619.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 619.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 593.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 593.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 593.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 593.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 593.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 593.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 593.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 593.25 66.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 645.25 m 366.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 645.25 m 436.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 645.25 m 506.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 645.25 m 576.5 645.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 593.25 m 366.5 593.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 581.25 m 366.5 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 579.25 m 366.5 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 566.25 m 366.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 564.25 m 366.5 564.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 657.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.65 649.48 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.05 665.48 Td (W) Tj ET Q q 0 0 0 rg BT 392.46 665.48 Td (eighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.35 657.48 Td (A) Tj ET Q q 0 0 0 rg BT 392.83 657.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 649.48 Td (ExercisePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.70 681.48 Td (W) Tj ET Q q 0 0 0 rg BT 461.11 681.48 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 673.48 Td (A) Tj ET Q q 0 0 0 rg BT 462.83 673.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.55 665.48 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.75 657.48 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.25 649.48 Td (T) Tj ET Q q 0 0 0 rg BT 453.54 649.48 Td (erm\(years\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.20 665.48 Td (Aggregate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.40 657.48 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.50 649.48 Td (V) Tj ET Q q 0 0 0 rg BT 537.39 649.48 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 635.47 Td (Options outstanding at January1, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.40 635.47 Td (.............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.95 635.47 Td (345) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 635.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 635.47 Td (27.98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.05 635.47 Td (3.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 635.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.50 635.47 Td (59) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 622.47 Td (Grants) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.95 622.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.65 622.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.65 622.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.65 622.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 622.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 609.47 Td (Exercised) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.80 609.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.75 609.47 Td (\(1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.65 609.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 609.47 Td (22.28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.05 609.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 567.05 609.47 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 596.47 Td (Forfeited or expired) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.50 596.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.15 596.47 Td (\(40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.65 596.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 596.47 Td (27.27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.05 596.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.05 596.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 583.47 Td (OptionsoutstandingatDecember31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.30 583.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.95 583.47 Td (304) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 583.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 583.47 Td (28.11) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.05 583.47 Td (3.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 583.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 583.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 569.87 Td (Exercisable options outstanding at December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.10 569.47 Td (.....) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.95 569.87 Td (304) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.00 569.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 569.87 Td (28.11) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.05 569.87 Td (3.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.00 569.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 569.87 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 544.75 Td (The following table represents the Company) Tj ET Q q 0 0 0 rg BT 257.71 544.75 Td (s stock option activity for the year ended December31, 2014 \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (thousands, except per share data and years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 468.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 468.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 468.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 468.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 468.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 468.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 468.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 468.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 455.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 442.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 442.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 442.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 442.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 442.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 442.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 442.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 442.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 429.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 416.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 416.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 416.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 416.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 416.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 416.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 416.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 416.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 403.25 264.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 468.25 m 365.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 468.25 m 435.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 468.25 m 505.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 468.25 m 575.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 468.25 m 365.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 468.25 m 435.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 468.25 m 505.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 468.25 m 575.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 416.25 m 365.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 404.25 m 365.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 402.25 m 365.5 402.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 391.25 m 365.5 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 389.25 m 365.5 389.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.00 480.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.65 472.48 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.05 488.48 Td (W) Tj ET Q q 0 0 0 rg BT 391.46 488.48 Td (eighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 480.48 Td (A) Tj ET Q q 0 0 0 rg BT 391.83 480.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 472.48 Td (ExercisePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 504.48 Td (W) Tj ET Q q 0 0 0 rg BT 460.11 504.48 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.35 496.48 Td (A) Tj ET Q q 0 0 0 rg BT 461.83 496.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.55 488.48 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.75 480.48 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.25 472.48 Td (T) Tj ET Q q 0 0 0 rg BT 452.54 472.48 Td (erm\(years\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.20 488.48 Td (Aggregate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.40 480.48 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.50 472.48 Td (V) Tj ET Q q 0 0 0 rg BT 536.39 472.48 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 458.47 Td (Options outstanding at January1, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.40 458.47 Td (.............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 458.47 Td (405) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 458.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 458.47 Td (27.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 458.47 Td (4.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 458.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 458.47 Td (8,951) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 445.47 Td (Grants) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.95 445.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.65 445.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.65 445.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 445.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.65 445.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 432.47 Td (Exercised) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.80 432.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.15 432.47 Td (\(60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.65 432.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 432.47 Td (22.49) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 432.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.95 432.52 Td (684) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 419.47 Td (Forfeited or expired) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.50 419.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.65 419.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.65 419.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 419.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.65 419.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 406.47 Td (OptionsoutstandingatDecember31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.30 406.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 406.47 Td (345) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 406.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 406.47 Td (27.98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 406.47 Td (3.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 406.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 560.50 406.47 Td (59) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 393.47 Td (Exercisable options outstanding at December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.10 393.47 Td (.....) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 393.47 Td (345) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 393.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 393.47 Td (27.98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 393.47 Td (3.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 393.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 560.50 393.47 Td (59) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 369.75 Td (The following table represents the Company) Tj ET Q q 0 0 0 rg BT 257.71 369.75 Td (s stock option activity for the year ended December31, 2013 \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 357.75 Td (thousands, except per share data and years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 293.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 293.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 293.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 293.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 293.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 293.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 293.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 293.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 280.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 267.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 267.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 267.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 267.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 267.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 267.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 267.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 267.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 254.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 241.25 264.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 241.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 241.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 241.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 241.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 241.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 241.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 241.25 66.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 228.25 264.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 293.25 m 365.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 293.25 m 435.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 293.25 m 505.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 293.25 m 575.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 293.25 m 365.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 293.25 m 435.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 293.25 m 505.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 293.25 m 575.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 241.25 m 365.5 241.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 229.25 m 365.5 229.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 227.25 m 365.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 216.25 m 365.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 214.25 m 365.5 214.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.00 305.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.65 297.48 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.05 313.48 Td (W) Tj ET Q q 0 0 0 rg BT 391.46 313.48 Td (eighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 305.48 Td (A) Tj ET Q q 0 0 0 rg BT 391.83 305.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 297.48 Td (ExercisePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 329.48 Td (W) Tj ET Q q 0 0 0 rg BT 460.11 329.48 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.35 321.48 Td (A) Tj ET Q q 0 0 0 rg BT 461.83 321.48 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.55 313.48 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.75 305.48 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.25 297.48 Td (T) Tj ET Q q 0 0 0 rg BT 452.54 297.48 Td (erm\(years\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.20 313.48 Td (Aggregate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.40 305.48 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.50 297.48 Td (V) Tj ET Q q 0 0 0 rg BT 536.39 297.48 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 283.47 Td (Options outstanding at January1, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.40 283.47 Td (.............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 283.47 Td (737) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 283.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 283.47 Td (23.30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 283.47 Td (3.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 283.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 283.47 Td (8,144) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 270.47 Td (Grants) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.95 270.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.65 270.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.65 270.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 270.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.65 270.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 257.47 Td (Exercised) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.80 257.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.60 257.47 Td (\(331) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.65 257.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 257.47 Td (18.57) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 257.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.05 257.47 Td (10,119) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 244.47 Td (Forfeited or expired) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.50 244.47 Td (.............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.75 244.47 Td (\(1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.65 244.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 244.47 Td (27.90) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 244.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 558.05 244.47 Td (n/a) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 231.47 Td (OptionsoutstandingatDecember31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.30 231.47 Td (........................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 231.47 Td (405) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 231.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 231.47 Td (27.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 231.47 Td (4.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 231.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 231.47 Td (8,951) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 218.47 Td (Exercisable options outstanding at December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.10 218.47 Td (.....) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.95 218.47 Td (342) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.00 218.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 218.47 Td (27.59) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.05 218.47 Td (3.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 218.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.60 218.47 Td (7,405) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 194.75 Td (Restricted Stock) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 173.75 Td (Equity-Settled Restricted Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 152.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 124.85 152.75 Td (s incentive compensation plan allows the Company to issue restricted stock units, with either ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 140.75 Td (performance-based or time-based vesting provisions. ) Tj ET Q q 0 0 0 rg BT 277.04 140.75 Td (The Company has issued two types of performance-based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 128.75 Td (restricted stock unit awards whose vesting is determined by achieving either external or internal performance criteria. For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 116.75 Td (the first type of performance-based restricted stock unit award, or market based award, the number of shares that will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 104.75 Td (ultimately be received by the award recipients at the end of the performance period is dependent upon the Company) Tj ET Q q 0 0 0 rg BT 552.25 104.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 92.75 Td (stock price performance relative to a peer group, as defined by the restricted stock unit agreements governing such ) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (awards. Compensation expense for such types of awards has historically been measured using a Monte Carlo simulation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (to project the change in the Company's stock price against a peer group to determine fair value, which is amortized over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (the vesting period of three years. ) Tj ET Q q 0 0 0 rg BT 187.02 688.75 Td (The actual number of shares that could be received by the award recipients can range ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 676.75 Td (from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.78 676.75 Td (0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.23 676.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.13 676.75 Td (200%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.70 676.75 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 188.12 676.75 Td (s base share awards depending on the Company) Tj ET Q q 0 0 0 rg BT 408.08 676.75 Td (s performance ranking relative to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 664.75 Td (peer group. ) Tj ET Q q 0 0 0 rg BT 89.75 664.75 Td (This type of performance-based restricted stock unit was granted prior to 2012. ) Tj ET Q q 0 0 0 rg BT 444.18 664.75 Td (The second type of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 652.75 Td (performance-based restricted stock unit award, calculates the shares to be received based on the Company) Tj ET Q q 0 0 0 rg BT 514.96 652.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 640.75 Td (achievement of certain internal performance criteria over a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.24 640.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.03 640.75 Td (-year period as defined by the restricted stock unit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 628.75 Td (agreement governing such awards. Performance for these types of awards has historically been measured by a number ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 616.75 Td (of factors that may dif) Tj ET Q q 0 0 0 rg BT 131.42 616.75 Td (fer from year to year) Tj ET Q q 0 0 0 rg BT 220.89 616.75 Td (, including such examples as the Company achieving a targeted return on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 604.75 Td (invested capital, Upstream operating profit margin compared to peers, and safety record. ) Tj ET Q q 0 0 0 rg BT 433.80 604.75 Td (The actual number of shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 592.75 Td (that could be received by the award recipients for the years in question can range from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.77 592.75 Td (0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.22 592.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.12 592.75 Td (150%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.70 592.75 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 551.11 592.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 580.75 Td (base share awards depending on the number and/or extent of performance goals attained by the Company) Tj ET Q q 0 0 0 rg BT 508.34 580.75 Td (. ) Tj ET Q q 0 0 0 rg BT 516.49 580.75 Td (This type of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 568.75 Td (performance-based restricted stock unit was granted in 2012 and in subsequent years. Compensation expense related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.75 Td (performance-based restricted stock unit awards, which use internal performance criteria, is recognized over the period the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.75 Td (restrictions lapse, from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.36 544.75 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.05 544.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.95 544.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.74 544.75 Td ( years, based on the market price of the Company's stock on the date of grant applied ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 532.75 Td (to the shares that are expected to vest. ) Tj ET Q q 0 0 0 rg BT 214.26 532.75 Td (The compensation expense related to time-based restricted stock unit awards, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 520.75 Td (which is amortized over a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.60 520.75 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.29 520.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.18 520.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.97 520.75 Td (-year vesting period, is determined based on the market price of the Company) Tj ET Q q 0 0 0 rg BT 552.20 520.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 508.75 Td (stock on the date of grant applied to the total shares that are expected to fully vest. ) Tj ET Q q 0 0 0 rg BT 406.79 508.75 Td (As of December31, 2015, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 496.75 Td (Company had unamortized stock-based compensation expense of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.28 496.75 Td ($10.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.43 496.75 Td (, which will be recognized on a straight-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.75 Td (line basis over the remaining vesting period, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.56 484.75 Td (1.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.46 484.75 Td ( years. In addition, the Company has recorded approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.16 484.75 Td ($9.3 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 472.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 472.75 Td ( of compensation expense during the year ended December31, 2015 associated with restricted stock-based unit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 460.75 Td (awards.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 439.75 Td (The following table summarizes the equity-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 427.75 Td (December31, 2015 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 389.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 389.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 389.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 389.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 359.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 359.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 359.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 359.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 329.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 329.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 329.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 329.25 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 389.25 m 480.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 389.25 m 576.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 314.25 m 480.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 300.25 m 480.5 300.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 298.25 m 480.5 298.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 401.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.65 393.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.00 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.48 400.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 539.06 400.25 Td (A) Tj ET Q q 0 0 0 rg BT 543.85 400.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.10 393.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 515.17 393.25 Td (aluePerShare) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 378.87 Td (Restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 363.87 Td (Restricted stock unit awards as of January1, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.20 363.47 Td (.....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 363.87 Td (590) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 363.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 363.87 Td (37.13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 348.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 170.96 353.64 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.15 348.47 Td (.........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 348.87 Td (479) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 348.87 Td (21.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 333.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.85 333.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.60 333.87 Td (\(104) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 333.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 333.87 Td (21.84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 318.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.45 318.47 Td (..........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.60 318.87 Td (\(239) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 318.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 318.87 Td (33.60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 303.87 Td (Outstanding, as of December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 303.47 Td (.......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 303.87 Td (726) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 303.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 303.87 Td (30.12) Tj ET Q BT /F3 7.50 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 285.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 285.25 m 115.583984375 285.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 45.00 280.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 276.75 Td (Includes the full amount of both base and bonus share awards granted during the period, which represents up to) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 444.35 276.75 Td (150%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 463.53 276.75 Td ( of the aggregate total of the base ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 45.00 267.75 Td (share awards.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 712.75 Td (The following table summarizes the equity-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 702.75 Td (December31, 2014 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 664.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 664.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 664.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 664.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 634.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 634.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 634.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 634.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 604.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 604.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 604.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 604.25 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 664.25 m 480.5 664.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 664.25 m 576.5 664.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 589.25 m 480.5 589.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 575.25 m 480.5 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 573.25 m 480.5 573.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 676.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.65 668.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.00 675.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.48 675.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 539.06 675.25 Td (A) Tj ET Q q 0 0 0 rg BT 543.85 675.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.10 668.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 515.17 668.25 Td (aluePerShare) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 653.87 Td (Restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 638.87 Td (Restricted stock unit awards as of January1, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.20 638.47 Td (.....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 638.87 Td (570) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 638.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 638.87 Td (31.61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 623.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 170.96 628.64 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.15 623.47 Td (.........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 623.87 Td (274) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 623.87 Td (42.61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 608.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.85 608.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.65 608.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 608.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 593.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.45 593.47 Td (..........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.60 593.87 Td (\(254) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 593.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 593.87 Td (30.68) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 578.87 Td (Outstanding, as of December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 578.47 Td (.......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 578.87 Td (590) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 578.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 578.87 Td (37.13) Tj ET Q BT /F3 7.50 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 560.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 560.25 m 115.583984375 560.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 555.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 551.75 Td (Includes the full amount of both base and bonus share awards granted during the period, which represents up to ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 435.78 551.75 Td (150%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 454.96 551.75 Td ( of the aggregate total of the base ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 542.75 Td (share awards.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 517.75 Td (The following table summarizes the equity-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 507.75 Td (December31, 2013 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 469.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 469.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 469.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 469.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 439.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 439.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 439.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 439.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 409.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 409.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 409.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 409.25 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 469.25 m 480.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 469.25 m 576.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 394.25 m 480.5 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 380.25 m 480.5 380.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 378.25 m 480.5 378.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 481.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.65 473.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.00 480.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.48 480.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 539.06 480.25 Td (A) Tj ET Q q 0 0 0 rg BT 543.85 480.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 496.10 473.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 515.17 473.25 Td (aluePerShare) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 458.87 Td (Restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 443.87 Td (Restricted stock unit awards as of January1, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.20 443.47 Td (.....................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 443.87 Td (660) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 443.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 443.87 Td (25.83) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 428.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.80 428.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 428.87 Td (206) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 428.87 Td (40.11) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 413.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.85 413.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.75 413.87 Td (\(6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 413.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 413.87 Td (29.86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 398.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.45 398.47 Td (..........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.60 398.87 Td (\(290) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 398.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 398.87 Td (24.51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 383.87 Td (Outstanding, as of December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 383.47 Td (.......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 383.87 Td (570) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 383.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 383.87 Td (31.61) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 370.75 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 340.75 Td (Cash-Settled Restricted Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 319.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 124.85 319.75 Td (s incentive compensation plan allows the Company to issue restricted stock units with cash-settled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (vesting provisions. ) Tj ET Q q 0 0 0 rg BT 123.64 307.75 Td (The compensation expense related to cash-settled restricted stock unit awards is amortized over a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (vesting period of up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.18 295.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.97 295.75 Td ( years, as applicable, and is determined based on the market price of the Company) Tj ET Q q 0 0 0 rg BT 529.99 295.75 Td (s stock on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (the date of grant applied to the total shares that are expected to fully vest. ) Tj ET Q q 0 0 0 rg BT 367.14 283.75 Td (The cash-settled restricted stock units are re-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (measured quarterly based on the period-end market price of the Company's common stock and are classified as a liability) Tj ET Q q 0 0 0 rg BT 572.99 271.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (due to the settlement of these awards in cash. ) Tj ET Q q 0 0 0 rg BT 245.38 259.75 Td (This type of time-based restricted stock unit was granted in 2015, 2014 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 247.75 Td (and 2013. ) Tj ET Q q 0 0 0 rg BT 85.49 247.75 Td (As of December31, 2015, the Company had unamortized cash-settled restricted stock compensation expense ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 235.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 47.12 235.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.70 235.75 Td (, which will be recognized on a straight-line basis over the remaining vesting period, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.79 235.75 Td (1.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.69 235.75 Td ( years. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 223.75 Td (addition, as a result of its stock price decline in 2015, the Company recorded a reduction to compensation expense of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 211.75 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.03 211.75 Td ($0.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.61 211.75 Td ( during the year ended December31, 2015 associated with cash-settled restricted stock unit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 199.75 Td (awards.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (The following table summarizes the cash-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (December31, 2015 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 662.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 662.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 662.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 662.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 632.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 632.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 632.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 632.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 602.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 602.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 602.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 602.25 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 662.25 m 480.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 662.25 m 576.5 662.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 587.25 m 480.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 573.25 m 480.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 571.25 m 480.5 571.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 674.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.65 666.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.00 673.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.48 673.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 539.06 673.25 Td (A) Tj ET Q q 0 0 0 rg BT 543.85 673.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 493.35 666.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 512.42 666.25 Td (aluePerShare) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 561.05 669.59 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 651.87 Td (Cash-Settled restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 636.87 Td (Cash-settled restricted stock unit awards as of January1, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.75 636.47 Td (.................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 636.87 Td (153) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 636.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 636.87 Td (38.43) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 621.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.80 621.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 621.87 Td (47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 621.87 Td (21.84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 606.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.85 606.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.75 606.87 Td (\(1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 606.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 606.87 Td (30.87) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 591.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.45 591.47 Td (..........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.60 591.87 Td (\(117) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 591.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 591.87 Td (37.25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 576.87 Td (Outstanding, as of December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 576.47 Td (.......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 576.87 Td (82) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 576.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 576.87 Td (30.61) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 558.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 558.25 m 115.583984375 558.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 553.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 549.75 Td (The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 528.75 Td (The following table summarizes the cash-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 516.75 Td (December31, 2014 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 478.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 478.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 478.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 478.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 448.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 448.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 448.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 448.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 418.25 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 418.25 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 418.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 418.25 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 478.25 m 480.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 478.25 m 576.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 403.25 m 480.5 403.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 389.25 m 480.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 387.25 m 480.5 387.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 490.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.65 482.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.00 489.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.48 489.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 539.06 489.25 Td (A) Tj ET Q q 0 0 0 rg BT 543.85 489.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 493.35 482.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 512.42 482.25 Td (aluePerShare) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 561.05 485.59 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 467.87 Td (Cash-Settled restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 452.87 Td (Cash-settled restricted stock unit awards as of January1, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.75 452.47 Td (.................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 452.87 Td (139) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 452.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 452.87 Td (37.25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 437.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.80 437.47 Td (............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 437.87 Td (35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 437.87 Td (43.00) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 422.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.85 422.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.75 422.87 Td (\(3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 422.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 422.87 Td (39.14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 407.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.45 407.47 Td (..........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.15 407.87 Td (\(18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 407.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 407.87 Td (37.88) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 392.87 Td (Outstanding, as of December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 392.47 Td (.......................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.95 392.87 Td (153) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 392.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 392.87 Td (38.43) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 374.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 374.25 m 115.583984375 374.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 369.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 365.75 Td (The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 344.75 Td (The following table summarizes the cash-settled restricted stock unit awards activity during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 332.75 Td (December31, 2013 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 294.25 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 294.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 294.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 294.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 264.25 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 264.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 264.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 264.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 234.25 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 234.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 234.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 234.25 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 294.25 m 472.5 294.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 294.25 m 576.5 294.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 219.25 m 472.5 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 205.25 m 472.5 205.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 203.25 m 472.5 203.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.00 306.48 Td (Numberof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.65 298.48 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 502.00 305.25 Td (W) Tj ET Q q 0 0 0 rg BT 508.48 305.25 Td (eighted) Tj ET Q q 0 0 0 rg BT 535.06 305.25 Td (A) Tj ET Q q 0 0 0 rg BT 539.85 305.25 Td (vg.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.35 298.25 Td (FairV) Tj ET Q q 0 0 0 rg BT 508.42 298.25 Td (aluePerShare) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 557.05 301.59 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 283.87 Td (Cash-Settled restricted stock unit awards:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 268.87 Td (Cash-settled restricted stock unit awards as of January1, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.40 268.47 Td (...........) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.95 268.87 Td (135) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.00 268.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 268.87 Td (36.92) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 253.87 Td (Granted during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.50 253.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.50 253.87 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 253.87 Td (39.31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 238.87 Td (Cancellations during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.70 238.47 Td (..............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.75 238.87 Td (\(6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.65 238.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 238.87 Td (37.77) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 223.87 Td (Vested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.15 223.47 Td (....................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 223.87 Td (\(12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.65 223.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 223.87 Td (36.98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 208.87 Td (Outstanding, as of December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.05 208.47 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.95 208.87 Td (139) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.00 208.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 208.87 Td (37.25) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 190.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 190.25 m 115.583984375 190.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 185.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 181.75 Td (The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 24) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (Employee Stock Purchase Plan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 695.75 Td (On May3, 2005, the Company established the Hornbeck Of) Tj ET Q q 0 0 0 rg BT 324.97 695.75 Td (fshore Services, Inc. 2005 Employee Stock Purchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 683.75 Td (Plan, or ESPP) Tj ET Q q 0 0 0 rg BT 98.63 683.75 Td (, which was adopted by the Company) Tj ET Q q 0 0 0 rg BT 266.88 683.75 Td (s Board of Directors and approved by the Company) Tj ET Q q 0 0 0 rg BT 496.82 683.75 Td (s stockholders. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 671.75 Td (In June 2015, the Company received stockholder approval to increase the maximum number of shares available under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 659.75 Td (the ESPP) Tj ET Q q 0 0 0 rg BT 79.18 659.75 Td ( by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.30 659.75 Td (1,500,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.78 659.75 Td ( shares. Under the ESPP) Tj ET Q q 0 0 0 rg BT 253.00 659.75 Td (, the Company is now authorized to issue up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.67 659.75 Td (2,200,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.16 659.75 Td ( shares of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 647.75 Td (common stock to eligible employees of the Company and its designated subsidiaries. Employees have the opportunity to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 635.75 Td (purchase shares of the Company) Tj ET Q q 0 0 0 rg BT 185.35 635.75 Td (s common stock at periodic intervals through accumulated payroll deductions that will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 623.75 Td (be applied at semi-annual intervals to purchase shares of common stock at a discount from the market price as defined by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.75 Td (the ESPP) Tj ET Q q 0 0 0 rg BT 78.07 611.75 Td (. ) Tj ET Q q 0 0 0 rg BT 86.22 611.75 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 132.73 611.75 Td ( is designed to satisfy the requirements of Section423 of the Internal Revenue Code of 1986, as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 599.75 Td (amended, and thereby allows participating employees to defer recognition of taxes when purchasing the shares of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 587.75 Td (common stock at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.70 587.75 Td (15%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.71 587.75 Td ( discount under the ESPP) Tj ET Q q 0 0 0 rg BT 255.94 587.75 Td (. ) Tj ET Q q 0 0 0 rg BT 264.10 587.75 Td (The Company has an ef) Tj ET Q q 0 0 0 rg BT 370.64 587.75 Td (fective Registration Statement on Form S-8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 575.75 Td (with the Commission registering the issuance of shares of common stock under the ESPP) Tj ET Q q 0 0 0 rg BT 432.12 575.75 Td (. ) Tj ET Q q 0 0 0 rg BT 439.90 575.75 Td (As of December31, 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 563.75 Td (there were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.02 563.75 Td (1,299,531) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.51 563.75 Td ( shares available for future issuance to employees under the ESPP) Tj ET Q q 0 0 0 rg BT 426.06 563.75 Td (. ) Tj ET Q q 0 0 0 rg BT 434.21 563.75 Td (The Company recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 551.75 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.03 551.75 Td ($1.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.61 551.75 Td ( of compensation expense during the year ended December31, 2015 associated with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 539.75 Td (ESPP) Tj ET Q q 0 0 0 rg BT 61.39 539.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 518.75 Td (The fair value of the employees) Tj ET Q q 0 0 0 rg BT 201.37 518.75 Td ( stock purchase rights granted under the ESPP) Tj ET Q q 0 0 0 rg BT 409.64 518.75 Td ( was estimated using the Black-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 506.75 Td (Scholes model with the following assumptions for years ended December31, 2015 and 2014:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.58 506.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 474.25 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 474.25 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 474.25 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 474.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 474.25 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 474.25 13.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 459.25 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 444.25 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 444.25 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 444.25 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 444.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 444.25 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 444.25 13.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 429.25 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 414.25 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 414.25 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 414.25 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 414.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 414.25 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 414.25 13.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 474.25 m 477.5 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 474.25 m 563.5 474.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.10 478.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 478.48 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 463.87 Td (Dividend yield) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.90 463.47 Td (............................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.05 463.87 Td (0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.10 463.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.05 463.87 Td (0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.10 463.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 448.87 Td (Expected volatility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.60 448.47 Td (......................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 448.87 Td (61.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.10 448.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 540.15 448.87 Td (38.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.10 448.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 433.87 Td (Risk-free interest rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.25 433.47 Td (................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.70 433.87 Td (0.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.10 433.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 545.70 433.87 Td (0.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.10 433.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 418.87 Td (Expected term \(months\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.35 418.47 Td (............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.40 418.87 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.40 418.87 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 403.87 Td (Weighted-average grant-date fair value per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.70 403.47 Td (.....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.00 403.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 403.87 Td (4.86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.00 403.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 540.15 403.87 Td (9.43) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (9. Income T) Tj ET Q q 0 0 0 rg BT 90.27 712.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (components \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 643.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 643.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 643.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 643.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 643.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 643.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 613.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 613.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 613.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 613.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 613.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 613.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 583.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 583.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 583.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 583.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 583.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 583.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 553.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 553.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 553.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 553.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 553.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 553.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 523.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 523.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 523.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 523.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 523.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 523.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 493.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 493.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 493.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 493.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 493.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 493.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 463.25 301.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 463.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 463.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 463.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 463.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 463.25 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 656.25 m 414.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 656.25 m 418.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 656.25 m 495.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 656.25 m 499.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 656.25 m 576.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 643.25 m 414.5 643.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 643.25 m 495.5 643.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 643.25 m 576.5 643.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 598.25 m 414.5 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 598.25 m 495.5 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 598.25 m 576.5 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 478.25 m 414.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 478.25 m 495.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 478.25 m 576.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 448.25 m 414.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 434.25 m 414.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 432.25 m 414.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 448.25 m 495.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 434.25 m 495.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 432.25 m 495.5 432.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 448.25 m 576.5 448.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 434.25 m 576.5 434.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 432.25 m 576.5 432.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 660.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.55 660.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 647.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.60 647.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.60 647.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.60 647.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 632.87 Td (Deferred tax liabilities:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 617.87 Td (Fixed assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.25 617.47 Td (..............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.00 617.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.50 617.87 Td (472,817) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 617.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.50 617.87 Td (489,060) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.00 617.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 617.87 Td (418,614) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 602.87 Td (Deferred charges and other liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.85 602.47 Td (........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.05 602.87 Td (11,317) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.05 602.87 Td (18,013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 602.87 Td (18,501) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 587.87 Td (Total deferred tax liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.05 587.47 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.50 587.87 Td (484,134) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.50 587.87 Td (507,073) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 587.87 Td (437,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 572.87 Td (Deferred tax assets:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 557.87 Td (Net operating loss carryforwards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.40 557.47 Td (...............................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.70 557.87 Td (\(52,374) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 557.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.15 557.87 Td (\(116,676) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 557.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.70 557.87 Td (\(97,817) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 557.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 542.87 Td (Allowance for doubtful accounts) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.60 542.47 Td (................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.25 542.87 Td (\(1,036) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 542.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.25 542.87 Td (\(1,330) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 542.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.25 542.87 Td (\(1,228) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 542.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 527.87 Td (Stock-based compensation expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.05 527.47 Td (.........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.25 527.87 Td (\(4,830) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 527.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.25 527.87 Td (\(4,246) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 527.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.25 527.87 Td (\(4,128) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 527.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 512.87 Td (Alternative minimum tax credit carryforward) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.65 512.47 Td (..............................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.70 512.87 Td (\(20,863) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 512.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.70 512.87 Td (\(20,863) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 512.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.70 512.87 Td (\(21,437) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 512.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 497.87 Td (Foreign tax credit carryforward) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.05 497.47 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.70 497.87 Td (\(17,972) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 497.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.70 497.87 Td (\(12,332) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 497.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.70 497.87 Td (\(10,404) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 497.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 482.87 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.70 482.47 Td (.........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.25 482.87 Td (\(5,440) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 482.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.25 482.87 Td (\(5,676) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 482.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.25 482.87 Td (\(7,067) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 482.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 467.87 Td (Total deferred tax assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.70 467.47 Td (.....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.15 467.87 Td (\(102,515) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.65 467.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.15 467.87 Td (\(161,123) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.65 467.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.15 467.87 Td (\(142,081) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 467.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 452.87 Td (Valuation allowance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.85 452.47 Td (...................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.65 452.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.60 452.87 Td (1,011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 452.87 Td (912) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 437.87 Td (Total deferred tax liabilities, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 214.50 437.47 Td (...........................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.50 437.87 Td (381,619) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.50 437.87 Td (346,961) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.00 437.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 437.87 Td (295,946) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 412.75 Td (The components of the income tax expense follow \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 376.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 376.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 376.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 376.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 376.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 376.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 346.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 346.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 346.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 346.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 346.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 346.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 316.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 316.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 316.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 316.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 316.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 316.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 286.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 286.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 286.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 286.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 286.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 286.25 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 389.25 m 420.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 389.25 m 424.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 389.25 m 498.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 389.25 m 502.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 389.25 m 576.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 376.25 m 420.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 376.25 m 498.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 376.25 m 576.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 331.25 m 420.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 331.25 m 498.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 331.25 m 576.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 286.25 m 420.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 286.25 m 498.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 286.25 m 576.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 272.25 m 420.5 272.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 270.25 m 420.5 270.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 272.25 m 498.5 272.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 270.25 m 498.5 270.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 272.25 m 576.5 272.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 270.25 m 576.5 270.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 393.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.55 393.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 380.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 380.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.10 380.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 380.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 365.87 Td (Current tax expense:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 350.87 Td (U.S.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.05 350.47 Td (...............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.00 350.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.65 350.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 350.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.65 350.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 350.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.65 350.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 335.87 Td (Foreign) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.95 335.47 Td (..........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.60 335.87 Td (5,671) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 335.87 Td (1,927) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 335.87 Td (4,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 320.87 Td (Total current tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.70 320.47 Td (..............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.60 320.87 Td (5,671) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 320.87 Td (1,927) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 320.87 Td (4,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 305.87 Td (Deferred tax expense:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 290.87 Td (U.S.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.05 290.47 Td (...............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.05 290.87 Td (34,086) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 290.87 Td (50,440) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 290.87 Td (32,320) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 275.87 Td (Total tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.40 275.47 Td (..........................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.00 275.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.05 275.87 Td (39,757) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 275.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 275.87 Td (52,367) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 275.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 275.87 Td (36,320) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 250.75 Td (Income from continuing operations before income taxes, based on jurisdiction earned, was as follows \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 575.83 250.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 205.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 205.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 205.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 205.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 205.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 205.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 175.25 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 175.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 175.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 175.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 175.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 175.25 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 218.25 m 420.5 218.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 218.25 m 424.5 218.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 218.25 m 498.5 218.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 218.25 m 502.5 218.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 218.25 m 576.5 218.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 205.25 m 420.5 205.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 205.25 m 498.5 205.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 205.25 m 576.5 205.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 175.25 m 420.5 175.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 175.25 m 498.5 175.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 175.25 m 576.5 175.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 175.25 m 420.5 175.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 161.25 m 420.5 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 159.25 m 420.5 159.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 161.25 m 498.5 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 159.25 m 498.5 159.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 161.25 m 576.5 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 159.25 m 576.5 159.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 222.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.55 222.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 209.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 209.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.10 209.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 209.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 194.87 Td (U.S.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.05 194.47 Td (...............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.00 194.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.05 194.87 Td (65,894) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 194.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.50 194.87 Td (105,066) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 194.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 194.87 Td (84,591) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 179.87 Td (Foreign) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.95 179.47 Td (..........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.05 179.87 Td (40,684) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 179.87 Td (35,208) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 179.87 Td (15,807) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 164.87 Td (Total income from continuing operations before income taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.30 164.47 Td (......) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.00 164.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 164.87 Td (106,578) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 164.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.50 164.87 Td (140,274) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 164.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 164.87 Td (100,398) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 139.75 Td (At December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.81 139.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.06 139.75 Td (, the Company had federal tax net operating loss carryforwards of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.02 139.75 Td ($154.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 127.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 127.75 Td (, which will expire in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.48 127.75 Td (2031) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.73 127.75 Td ( through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.20 127.75 Td (2032) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.45 127.75 Td ( and foreign tax credit carryforwards of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.88 127.75 Td ($17.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.03 127.75 Td (, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 115.75 Td (will expire in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.24 115.75 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.49 115.75 Td ( through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.96 115.75 Td (2025) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.21 115.75 Td (. ) Tj ET Q q 0 0 0 rg BT 185.36 115.75 Td (The Company has state tax net operating loss carryforwards of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.63 115.75 Td ($36.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 103.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.34 103.75 Td (, which will expire in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.48 103.75 Td (2031) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.73 103.75 Td ( through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.20 103.75 Td (2032) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.45 103.75 Td ( and can only be utilized if the Company generates taxable income in that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 91.75 Td (particular jurisdiction. ) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 26) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (As a result of the sale of the Downstream segment during the third quarter of 2013, the Company changed its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 700.75 Td (deferred tax rate to reflect that it will not have future operations in certain states where the Downstream segment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 688.75 Td (operated, resulting in a favorable tax adjustment of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.36 688.75 Td ($2.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.82 688.75 Td ( million. ) Tj ET Q q 0 0 0 rg BT 321.72 688.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 372.12 688.75 Td (, due to such sale, the Company believed that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 676.75 Td (certain state operating loss carryforwards might not be realizable and thus recorded a valuation allowance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.93 676.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 568.51 676.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 664.75 Td (for the year ended December 31, 2013. During 2014, the Company recorded an additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.37 664.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.95 664.75 Td ( related to these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 652.75 Td (state operating losses. During 2015, the total valuation allowance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.19 652.75 Td ($1.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.65 652.75 Td ( million was reversed as these state operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 640.75 Td (losses were written of) Tj ET Q q 0 0 0 rg BT 131.97 640.75 Td (f upon ceasing to do business in these particular jurisdictions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 619.75 Td (The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 201) Tj ET Q q 0 0 0 rg BT 550.07 619.75 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 607.75 Td (The Company has ongoing examinations by various foreign tax authorities but does not believe that the results of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 595.75 Td (examinations will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 232.03 595.75 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 326.34 595.75 Td (s financial position or results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 574.75 Td (The following table reconciles the dif) Tj ET Q q 0 0 0 rg BT 221.02 574.75 Td (ference between the Company) Tj ET Q q 0 0 0 rg BT 359.26 574.75 Td (s income tax provision calculated at the federal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 562.75 Td (statutory rate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.26 562.75 Td (35%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.27 562.75 Td ( and the actual income tax provision \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.73 562.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 517.25 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 517.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 517.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 517.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 517.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 517.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 487.25 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 487.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 487.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 487.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 487.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 487.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 457.25 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 457.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 457.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 457.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 457.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 457.25 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 427.25 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 427.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 427.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 427.25 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 427.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 427.25 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 530.25 m 421.5 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 530.25 m 425.5 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 530.25 m 498.5 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 530.25 m 502.5 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 530.25 m 576.5 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 517.25 m 421.5 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 517.25 m 498.5 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 517.25 m 576.5 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 427.25 m 421.5 427.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 427.25 m 498.5 427.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 427.25 m 576.5 427.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 413.25 m 421.5 413.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 411.25 m 421.5 411.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 413.25 m 498.5 413.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 411.25 m 498.5 411.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 413.25 m 576.5 413.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 411.25 m 576.5 411.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 534.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.05 534.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 521.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 521.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.60 521.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 521.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 506.87 Td (Statutory rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.25 506.47 Td (.......................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.00 506.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.05 506.87 Td (37,302) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.00 506.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 506.87 Td (49,096) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 506.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 506.87 Td (35,140) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 491.87 Td (State taxes, net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.60 491.47 Td (....................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.60 491.87 Td (1,066) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 491.87 Td (1,403) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 491.87 Td (1,183) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 476.87 Td (Non-deductible expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 476.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.60 476.87 Td (1,440) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 476.87 Td (1,927) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 476.87 Td (1,688) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 461.87 Td (Valuation allowance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.05 461.47 Td (.............................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.25 461.87 Td (\(1,011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.65 461.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.50 461.87 Td (99) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 461.87 Td (912) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 446.87 Td (Change in deferred tax rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.40 446.47 Td (.................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.65 446.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.65 446.87 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.25 446.87 Td (\(2,802) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 446.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 431.87 Td (Foreign taxes and other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.70 431.47 Td (.......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.95 431.87 Td (960) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.60 431.87 Td (\(158) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.65 431.87 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 431.87 Td (199) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.00 416.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.05 416.87 Td (39,757) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.00 416.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 416.87 Td (52,367) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 416.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 416.87 Td (36,320) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 391.75 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.12 391.75 Td (. Commitments and Contingencies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 373.75 Td (V) Tj ET Q q 0 0 0 rg BT 42.30 373.75 Td (essel Construction) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 355.75 Td (In November 201) Tj ET Q q 0 0 0 rg BT 134.47 355.75 Td (1, the Company announced, and has since expanded, its fifth OSV newbuild program. ) Tj ET Q q 0 0 0 rg BT 520.08 355.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.75 Td (program now consists of vessel construction contracts with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.89 343.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.68 343.75 Td ( domestic shipyards to build ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.85 343.75 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.08 343.75 Td ( 300 class OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.56 343.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 560.12 343.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 331.75 Td (310 class OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.70 331.75 Td (ten) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.60 331.75 Td ( 320 class OSVs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.08 331.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.87 331.75 Td ( 310 class MPSVs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.25 331.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.82 331.75 Td ( 400 class MPSVs. ) Tj ET Q q 0 0 0 rg BT 436.74 331.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.31 331.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.14 331.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 319.75 Td (Company had placed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.29 319.75 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.41 319.75 Td ( vessels in service under such program. Subsequent to year-end, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.67 319.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.23 319.75 Td ( additional vessels were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 307.75 Td (placed in service under such program. ) Tj ET Q q 0 0 0 rg BT 210.91 307.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.92 307.75 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.15 307.75 Td ( remaining vessels under this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.43 307.75 Td (24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.56 307.75 Td (-vessel domestic newbuild program are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 295.75 Td (currently expected to be placed in service as follows: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.23 295.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.79 295.75 Td ( in the remainder of 2016 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.21 295.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.78 295.75 Td ( in 2017. Based on current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 283.75 Td (contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 271.75 Td (to be approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.05 271.75 Td ($1,335.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.09 271.75 Td (. From the inception of this program through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.19 271.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.02 271.75 Td (, the Company has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 259.75 Td (incurred construction costs of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.87 259.75 Td ($1,201.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.91 259.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.14 259.75 Td (90.0%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.49 259.75 Td (, of total expected project costs.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 238.75 Td (Operating Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 217.75 Td (The Company is obligated under certain operating leases for of) Tj ET Q q 0 0 0 rg BT 338.87 217.75 Td (fice space and shore-base facilities. ) Tj ET Q q 0 0 0 rg BT 502.67 217.75 Td (The Covington ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 205.75 Td (facility lease provides for an initial term expiring in September 2025 with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.16 205.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.95 205.75 Td ( additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.32 205.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.88 205.75 Td (-year renewal period options. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 193.75 Td (A) Tj ET Q q 0 0 0 rg BT 42.12 193.75 Td ( shore-base facility lease in Port Fourchon commenced on December20, 2005 and provides for an initial term of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.26 193.75 Td (seven) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 567.95 193.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 181.75 Td (years with four additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.39 181.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.96 181.75 Td (-year periods upon the terms and conditions contained in the lease agreement. On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 169.75 Td (January30, 2008, the Company purchased a leasehold interest in a parcel of improved real estate as an adjacent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.75 Td (addition to HOS Port, its existing shore-base facility located in Port Fourchon, Louisiana. ) Tj ET Q q 0 0 0 rg BT 431.21 157.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.43 157.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.26 157.75 Td (, this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 145.75 Td (latter facility lease had approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.75 145.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.54 145.75 Td ( years remaining on its first renewal option term, with three additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.91 145.75 Td (five) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.47 145.75 Td (-year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 133.75 Td (renewal periods. Rent expense related to operating leases was approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.87 133.75 Td ($4.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.45 133.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.00 133.75 Td ($3.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.58 133.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.83 133.75 Td ($3.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 562.41 133.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 121.75 Td (for the years ending December31, 2015, 2014 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 344.90 121.75 Td (.) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 712.75 Td (Future minimum payments under noncancelable leases for years subsequent to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.75 712.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.99 712.75 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 680.25 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 680.25 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 652.25 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 652.25 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 624.25 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 624.25 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 596.25 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 596.25 92.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 596.25 m 576.5 596.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 583.25 m 576.5 583.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 581.25 m 576.5 581.25 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 39 681.88525390625 m 161.28515625 681.88525390625 l s q 0 0 0 rg BT 39.00 683.47 Td (Year Ended December31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 683.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 670.47 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.00 670.47 Td (.....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 670.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 670.47 Td (3,032) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 656.47 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.00 656.47 Td (.....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 656.47 Td (2,351) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 642.47 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.00 642.47 Td (.....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 642.47 Td (2,359) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 628.47 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.00 628.47 Td (.....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 628.47 Td (2,406) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 614.47 Td (2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.00 614.47 Td (.....................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 614.47 Td (2,456) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 600.47 Td (Thereafter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.25 600.47 Td (.............................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 600.47 Td (27,186) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 586.47 Td (Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.25 586.47 Td (......................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 586.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 586.47 Td (39,790) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 561.75 Td (Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 540.75 Td (In the normal course of its business, the Company becomes involved in various claims and legal proceedings in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 528.75 Td (which monetary damages are sought. It is management) Tj ET Q q 0 0 0 rg BT 287.06 528.75 Td (s opinion that the Company) Tj ET Q q 0 0 0 rg BT 410.84 528.75 Td (s liability) Tj ET Q q 0 0 0 rg BT 447.89 528.75 Td (, if any) Tj ET Q q 0 0 0 rg BT 476.61 528.75 Td (, under such claims or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 516.75 Td (proceedings would not materially af) Tj ET Q q 0 0 0 rg BT 192.57 516.75 Td (fect its financial position or results of operations. ) Tj ET Q q 0 0 0 rg BT 410.83 516.75 Td (The Company insures against losses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 504.75 Td (relating to its vessels, pollution and third party liabilities, including claims by employees under Section33 of the Merchant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 492.75 Td (Marine ) Tj ET Q q 0 0 0 rg BT 68.79 492.75 Td (Act of 1920, or the Jones ) Tj ET Q q 0 0 0 rg BT 182.20 492.75 Td (Act. ) Tj ET Q q 0 0 0 rg BT 204.80 492.75 Td (Third party liabilities and pollution claims that relate to vessel operations are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 480.75 Td (covered by the Company) Tj ET Q q 0 0 0 rg BT 149.21 480.75 Td (s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 468.75 Td (liability policies in excess of the P&I Club) Tj ET Q q 0 0 0 rg BT 218.68 468.75 Td (s coverage. ) Tj ET Q q 0 0 0 rg BT 275.75 468.75 Td (The Company provides reserves for any individual claim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 456.75 Td (deductibles for which the Company remains responsible by using an estimation process that considers Company-specific ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 444.75 Td (and industry data, as well as management) Tj ET Q q 0 0 0 rg BT 225.37 444.75 Td (s experience, assumptions and consultation with outside counsel. ) Tj ET Q q 0 0 0 rg BT 519.99 444.75 Td (As ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 432.75 Td (additional information becomes available, the Company will assess the potential liability related to its pending claims and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 420.75 Td (revise its estimates. ) Tj ET Q q 0 0 0 rg BT 128.81 420.75 Td (Although historically revisions to such estimates have not been material, changes in estimates of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 408.75 Td (potential liability could materially impact the Company) Tj ET Q q 0 0 0 rg BT 275.38 408.75 Td (s results of operations, financial position or cash flows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 387.75 Td (V) Tj ET Q q 0 0 0 rg BT 66.12 387.75 Td (essel charters with Petrobras include limitations regarding fuel consumption. Petrobras has asserted claims ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 375.75 Td (against the Company relating to excess fuel consumption. ) Tj ET Q q 0 0 0 rg BT 297.63 375.75 Td (The Company) Tj ET Q q 0 0 0 rg BT 362.48 375.75 Td (s exposure for these assessments, net of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 363.75 Td (amounts accrued, is in the range of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.01 363.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.59 363.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.49 363.75 Td ($3.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.07 363.75 Td (. ) Tj ET Q q 0 0 0 rg BT 383.22 363.75 Td (The Company disagrees with a majority of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 351.75 Td (these assessments. While the Company cannot currently estimate the amounts or timing of the resolution of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 339.75 Td (matters, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 327.75 Td (ultimate resolution could have a material impact on its interim or annual results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 303.75 Td (During 2013, the Company commenced the process of assigning the in-country vessel management services for its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 291.75 Td (four vessels operating in Brazil from a third party provider to a wholly-owned subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 492.69 291.75 Td (. ) Tj ET Q q 0 0 0 rg BT 500.48 291.75 Td (As a result, this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 279.75 Td (assignment may be interpreted by local authorities as a new importation of these vessels resulting in an importation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 267.75 Td (assessment ranging from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.05 267.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.63 267.75 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.53 267.75 Td ($3.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.11 267.75 Td (. ) Tj ET Q q 0 0 0 rg BT 274.26 267.75 Td (The Company disagrees with this interpretation and, as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 255.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.83 255.75 Td (, these potential duties have not been assessed or recorded in its financial statements. While the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 243.75 Td (Company cannot estimate the amounts or timing of the resolution of this matter) Tj ET Q q 0 0 0 rg BT 385.07 243.75 Td (, the Company believes that the outcome ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 231.75 Td (will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 218.55 Td (on its interim or annual results of operations.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 232.77 218.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 197.55 Td (During 2012, an Upstream customer) Tj ET Q q 0 0 0 rg BT 220.63 197.55 Td (, ) Tj ET Q q 0 0 0 rg BT 225.64 197.55 Td (A) Tj ET Q q 0 0 0 rg BT 231.57 197.55 Td (TP) Tj ET Q q 0 0 0 rg BT 244.17 197.55 Td ( Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 1) Tj ET Q q 0 0 0 rg BT 562.50 197.55 Td (1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 185.55 Td (of the United States Bankruptcy Code. Pre-petition receivables from ) Tj ET Q q 0 0 0 rg BT 341.16 185.55 Td (A) Tj ET Q q 0 0 0 rg BT 347.08 185.55 Td (TP) Tj ET Q q 0 0 0 rg BT 359.68 185.55 Td ( were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.91 185.55 Td ($4.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.49 185.55 Td ( and the Company has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 173.55 Td (recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.25 173.55 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.83 173.55 Td ( in reserves. While the Company believes that the net receivables are collectible, it will continue to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 161.55 Td (monitor the proceedings, which may result in actual collections that may dif) Tj ET Q q 0 0 0 rg BT 367.09 161.55 Td (fer from the current estimate.) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (1) Tj ET Q q 0 0 0 rg BT 41.01 712.75 Td (1. Deferred Charges) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (Deferred charges include the following \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.02 691.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 652.25 376.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 652.25 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 652.25 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 652.25 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 602.25 376.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 602.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 602.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 602.25 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 665.25 m 492.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 665.25 m 496.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 665.25 m 576.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 665.25 m 492.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 652.25 m 492.5 652.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 665.25 m 496.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 665.25 m 576.5 665.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 652.25 m 576.5 652.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 652.25 m 492.5 652.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 652.25 m 576.5 652.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 587.25 m 492.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 587.25 m 576.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 573.25 m 492.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 571.25 m 492.5 571.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 573.25 m 576.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 571.25 m 576.5 571.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 669.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 669.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 656.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.10 656.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.10 656.48 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 641.87 Td (Revolving credit facility deferred financing costs, net of accumulated amortization of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 631.87 Td ($4,070 and $3,280, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.95 631.47 Td (.................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.00 631.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.60 631.87 Td (3,198) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.00 631.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 631.87 Td (1,899) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 616.87 Td (Deferred drydocking costs, net of accumulated amortization of $41,784 and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 606.87 Td ($38,429, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.70 606.47 Td (..................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.05 606.87 Td (29,228) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 606.87 Td (48,064) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 591.87 Td (Prepaid lease expense, net of amortization of $1,542 and $1,384, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.75 591.47 Td (........) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.60 591.87 Td (2,847) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 591.87 Td (3,005) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 576.87 Td (Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.15 576.47 Td (......................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.00 576.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.05 576.87 Td (35,273) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.00 576.87 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 576.87 Td (52,968) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 551.75 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.12 551.75 Td (. Major Customers) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 530.75 Td (In the years ended December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.20 530.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.45 530.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.00 530.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.25 530.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.27 530.75 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.52 530.75 Td (, revenues from the following customers represent 10% or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 518.75 Td (more of consolidated revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.53 518.75 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 471.25 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 471.25 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 471.25 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 471.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 471.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 471.25 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 471.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 471.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 471.25 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 441.25 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 441.25 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 441.25 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 441.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 441.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 441.25 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 441.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 441.25 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 441.25 21.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 484.25 m 363.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 484.25 m 383.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 484.25 m 459.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 484.25 m 479.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 484.25 m 555.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 484.25 m 576.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 471.25 m 363.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 471.25 m 383.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 484.25 m 387.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 471.25 m 459.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 471.25 m 479.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 484.25 m 483.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 471.25 m 555.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 471.25 m 576.5 471.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 488.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.55 488.48 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 475.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.60 475.48 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.10 475.48 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.60 475.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 460.87 Td (Customer A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 460.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.95 460.87 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.10 460.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.95 460.87 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.10 460.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.95 460.87 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.10 460.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 445.87 Td (Customer B) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 445.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.95 445.87 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.10 445.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.05 445.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 462.00 449.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.05 445.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 558.00 449.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 430.87 Td (Customer C) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 430.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.05 430.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 366.00 434.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.05 430.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 462.00 434.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.95 430.87 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.10 430.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 415.87 Td (Customer D) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 415.47 Td (......................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.05 415.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 366.00 419.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.05 415.87 Td (n/a) Tj ET Q BT /F3 5.20 Tf ET q 0 0 0 rg BT 462.00 419.83 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.95 415.87 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.10 415.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 397.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 39 397.25 m 116 397.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 392.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 388.75 Td (Customers represent less than 10% of consolidated revenue in each such year) Tj ET Q q 0 0 0 rg BT 322.77 388.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 358.75 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.12 358.75 Td (. Discontinued Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 340.75 Td (On ) Tj ET Q q 0 0 0 rg BT 74.07 340.75 Td (August29, 2013, the Company closed the sale of substantially all of the assets and business of its Downstream ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 328.75 Td (segment's tug and tank barge fleet to Genesis Marine, LLC, an af) Tj ET Q q 0 0 0 rg BT 324.56 328.75 Td (filiate of Genesis Energy L.P) Tj ET Q q 0 0 0 rg BT 449.45 328.75 Td (. \(NYSE:GEL\), for net cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.75 Td (proceeds of approximately of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.18 316.75 Td ($227.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.77 316.75 Td ( million, after deal costs. ) Tj ET Q q 0 0 0 rg BT 307.63 316.75 Td (The sale resulted in a gain of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.82 316.75 Td ($60.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.85 316.75 Td ( million \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.07 316.75 Td ($38.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.10 316.75 Td ( million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 304.75 Td (after-tax or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.13 304.75 Td ($1.04) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.15 304.75 Td ( per diluted share\). Excluded from the sale were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.04 304.75 Td (three) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.83 304.75 Td ( older) Tj ET Q q 0 0 0 rg BT 377.29 304.75 Td (, lower-horsepower tugs considered to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 292.75 Td (non-core assets. During the year ended December 31, 2014, the remaining tugs were sold for net cash proceeds of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.51 292.75 Td ($1.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 567.98 292.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 280.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 69.72 280.75 Td (These sales resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.40 280.75 Td ($0.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.86 280.75 Td ( million \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.09 280.75 Td ($0.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.55 280.75 Td ( million after-tax or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.58 280.75 Td ($0.02) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.60 280.75 Td ( per diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 268.75 Td (share\). ) Tj ET Q q 0 0 0 rg BT 69.72 268.75 Td (The historical results for the Downstream segment and the gain on the sale thereof have been presented as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 256.75 Td (discontinued operations for all periods in the accompanying condensed consolidated financial statements.) Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 712.00 Td (Summarized results of the Downstream segment from discontinued operations are as follows \(in thousands\):) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 516.22 712.00 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 669.50 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 669.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 669.50 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 669.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 641.50 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 641.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 641.50 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 641.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 613.50 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 613.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 613.50 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 613.50 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 681.5 m 509.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 681.5 m 523.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 681.5 m 576.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 681.5 m 509.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 669.5 m 509.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 681.5 m 576.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 669.5 m 576.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 669.5 m 509.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 669.5 m 576.5 669.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 686.17 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 470.10 685.59 Td (Year Ended December 31,) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 474.15 673.54 Td (2014) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 541.15 673.54 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 659.72 Td (Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.45 659.72 Td (.....................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.00 659.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.50 659.72 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.00 659.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 659.72 Td (43,318) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 645.72 Td (Gain on sale of assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.80 645.72 Td (................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.95 645.72 Td (867) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 645.72 Td (60,076) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 631.72 Td (Operating Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.35 631.72 Td (.......................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.95 631.72 Td (555) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 631.72 Td (74,278) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 617.72 Td (Income before income taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.60 617.72 Td (......................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.95 617.72 Td (966) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 617.72 Td (74,280) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 603.72 Td (Income tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.45 603.72 Td (...................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.95 603.72 Td (348) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 603.72 Td (26,965) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 589.72 Td (Income from discontinued operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.70 589.72 Td (.........................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.95 589.72 Td (618) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 589.72 Td (47,315) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 568.00 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.07 568.00 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.90 568.00 Td (, the aggregate components of assets and liabilities classified as discontinued operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 556.00 Td (consisted of the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 512.50 485.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 512.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 484.50 485.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 484.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 456.50 485.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 456.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 428.50 485.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 428.50 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 512.5 m 576.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 484.5 m 576.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 457.5 m 576.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 455.5 m 576.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 428.5 m 576.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 428.5 m 576.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 415.5 m 576.5 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 413.5 m 576.5 413.5 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 539.10 531.59 Td (As of) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 524.10 521.54 Td (December 31,) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 540.15 514.09 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 502.72 Td (Assets:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 488.72 Td (Other current assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.25 488.72 Td (....................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.00 488.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 488.77 Td (470) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 474.72 Td (Total current assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.45 474.72 Td (.....................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 474.77 Td (470) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 460.72 Td (Total assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.10 460.72 Td (.................................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.00 460.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 460.77 Td (470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 446.72 Td (Liabilities:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 432.72 Td (Other liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.25 432.72 Td (.............................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.00 432.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 432.72 Td (1,560) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.00 418.72 Td (Total liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.45 418.72 Td (..............................................................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.00 418.72 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 418.72 Td (1,560) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 397.00 Td (At the closing of the sale, the Company entered into transition service agreements with Genesis to facilitate the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.00 Td (transition of the sale of the business, including ship management agreements and a crew management agreement, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.00 Td (pursuant to which the Company provides services related to the operation and management of the vessels as well as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 361.00 Td (supplying some of the marine crews for those vessels during the transition period. ) Tj ET Q q 0 0 0 rg BT 402.30 361.00 Td (As of December 31, 2014, all of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.00 Td (transition service agreements had terminated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 331.00 Td (14. Employment ) Tj ET Q q 0 0 0 rg BT 115.10 331.00 Td (Agreements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 310.00 Td (The Company has employment agreements with certain members of its executive management team. ) Tj ET Q q 0 0 0 rg BT 512.80 310.00 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 298.00 Td (agreements include, among other things, contractually stated base level salaries and a structured cash incentive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 286.00 Td (compensation program dependent upon the Company achieving certain targeted financial results. ) Tj ET Q q 0 0 0 rg BT 469.97 286.00 Td (The agreements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 274.00 Td (contain an EBITDA) Tj ET Q q 0 0 0 rg BT 120.49 274.00 Td ( target, an Operating Margin target and a Safety target, as well as a discretionary component, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 262.00 Td (established by the Compensation Committee of the Company) Tj ET Q q 0 0 0 rg BT 310.41 262.00 Td (s Board of Directors, in setting the cash incentive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 250.00 Td (compensation for such executives under this program. In the event such a member of the executive management team is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 238.00 Td (terminated due to certain events as defined in such of) Tj ET Q q 0 0 0 rg BT 273.19 238.00 Td (ficer) Tj ET Q q 0 0 0 rg BT 292.45 238.00 Td () Tj ET Q q 0 0 0 rg BT 294.49 238.00 Td (s agreement, the employee will continue to receive salary) Tj ET Q q 0 0 0 rg BT 547.77 238.00 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 226.00 Td (bonus and other payments for the full remaining term of the agreement. ) Tj ET Q q 0 0 0 rg BT 354.33 226.00 Td (The current term of these employment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 214.00 Td (agreements expires on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.72 214.00 Td ( December31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.33 214.00 Td ( and automatically extends each year thereafter on January1st, for an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 202.00 Td (additional year) Tj ET Q q 0 0 0 rg BT 100.49 202.00 Td (.) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (15. Condensed Consolidating Financial Statements of Guarantors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 691.75 Td (The following tables present the condensed consolidating historical financial statements as of December 31, 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (and for the twelve months ended December 31, 2015, for the domestic subsidiaries of the Company that serve as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (guarantors of the Company's 2019 convertible senior notes, 2020 senior notes and 2021 senior notes and the financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.75 Td (results for the Company's subsidiaries that do not serve as guarantors. ) Tj ET Q q 0 0 0 rg BT 354.00 655.75 Td (The guarantor subsidiaries of the 2019 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 643.75 Td (convertible senior notes, 2020 senior notes and 2021 senior notes are 100% owned by the Company) Tj ET Q q 0 0 0 rg BT 481.10 643.75 Td (. ) Tj ET Q q 0 0 0 rg BT 489.26 643.75 Td (The guarantees ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 631.75 Td (are full and unconditional and joint and several. ) Tj ET Q q 0 0 0 rg BT 250.41 631.75 Td (The non-guarantor subsidiaries of such notes include all of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 619.75 Td (Company's foreign subsidiaries. ) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.20 713.45 Td (Condensed Consolidating Balance Sheet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.20 702.65 Td (\(In thousands, except per share data\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 655.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 655.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 655.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 655.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 655.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 655.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 655.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 655.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 655.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 655.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 629.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 629.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 629.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 629.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 629.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 629.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 629.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 629.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 629.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 629.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 595.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 595.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 595.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 595.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 595.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 595.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 595.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 595.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 595.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 595.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 569.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 569.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 569.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 569.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 569.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 569.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 569.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 569.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 569.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 569.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 543.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 543.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 543.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 543.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 543.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 543.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 543.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 543.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 543.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 543.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 517.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 517.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 517.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 517.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 517.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 517.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 517.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 517.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 517.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 517.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 491.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 491.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 491.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 491.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 491.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 491.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 491.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 491.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 491.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 491.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 465.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 465.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 465.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 465.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 465.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 465.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 465.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 465.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 465.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 465.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 439.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 439.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 439.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 439.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 439.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 439.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 439.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 439.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 439.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 439.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 413.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 413.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 413.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 413.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 413.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 413.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 413.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 413.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 413.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 413.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 387.15 234.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 387.15 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 387.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 387.15 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 387.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 387.15 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 387.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 387.15 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 387.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 387.15 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 353.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 353.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 353.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 353.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 353.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 353.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 353.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 353.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 353.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 353.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 327.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 327.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 327.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 327.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 327.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 327.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 327.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 327.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 327.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 327.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 301.15 234.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 301.15 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 301.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 301.15 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 301.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 301.15 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 301.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 301.15 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 301.15 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 301.15 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 259.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 259.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 259.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 259.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 259.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 259.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 259.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 259.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 259.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 259.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 233.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 233.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 233.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 233.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 233.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 233.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 233.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 233.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 233.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 233.15 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 207.15 234.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 207.15 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 207.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 207.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 207.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 207.15 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 207.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 207.15 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 207.15 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 207.15 58.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 679.15 m 316.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 679.15 m 320.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 679.15 m 380.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 679.15 m 384.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 679.15 m 449.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 679.15 m 453.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 679.15 m 513.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 679.15 m 517.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 679.15 m 575.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 655.15 m 316.5 655.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 679.15 m 380.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 655.15 m 380.5 655.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 679.15 m 449.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 655.15 m 449.5 655.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 655.15 m 513.5 655.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 655.15 m 575.5 655.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 582.15 m 316.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 569.15 m 316.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 582.15 m 380.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 569.15 m 380.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 582.15 m 449.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 569.15 m 449.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 582.15 m 513.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 569.15 m 513.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 582.15 m 575.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 569.15 m 575.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 569.15 m 316.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 569.15 m 380.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 569.15 m 449.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 569.15 m 513.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 569.15 m 575.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 504.15 m 380.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 504.15 m 449.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 504.15 m 513.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 504.15 m 316.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 492.15 m 316.5 492.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 490.15 m 316.5 490.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 504.15 m 380.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 492.15 m 380.5 492.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 490.15 m 380.5 490.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 504.15 m 449.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 492.15 m 449.5 492.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 490.15 m 449.5 490.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 504.15 m 513.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 492.15 m 513.5 492.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 490.15 m 513.5 490.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 504.15 m 575.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 492.15 m 575.5 492.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 490.15 m 575.5 490.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 400.15 m 316.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 400.15 m 380.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 400.15 m 449.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 400.15 m 513.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 400.15 m 575.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 327.15 m 316.5 327.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 314.15 m 316.5 314.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 327.15 m 380.5 327.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 314.15 m 380.5 314.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 327.15 m 449.5 327.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 314.15 m 449.5 314.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 327.15 m 513.5 327.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 314.15 m 513.5 314.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 327.15 m 575.5 327.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 314.15 m 575.5 314.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 220.14999999999998 m 316.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 220.14999999999998 m 380.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 220.14999999999998 m 449.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 220.14999999999998 m 513.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 220.14999999999998 m 316.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 220.14999999999998 m 380.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 207.14999999999998 m 380.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 220.14999999999998 m 449.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 207.14999999999998 m 449.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 220.14999999999998 m 513.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 207.14999999999998 m 513.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 220.14999999999998 m 575.5 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 207.14999999999998 m 575.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 207.14999999999998 m 316.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 195.14999999999998 m 316.5 195.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 193.14999999999998 m 316.5 193.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 207.14999999999998 m 380.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 195.14999999999998 m 380.5 195.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 193.14999999999998 m 380.5 193.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 207.14999999999998 m 449.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 195.14999999999998 m 449.5 195.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 193.14999999999998 m 449.5 193.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 207.14999999999998 m 513.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 195.14999999999998 m 513.5 195.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 193.14999999999998 m 513.5 193.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 207.14999999999998 m 575.5 207.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 195.14999999999998 m 575.5 195.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 193.14999999999998 m 575.5 193.14999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 683.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.50 683.38 Td (Year ended December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 659.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.05 659.38 Td (Parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.65 667.38 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.20 659.38 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.05 667.38 Td (Non-Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.70 659.38 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.30 659.38 Td (Consolidating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.65 659.38 Td (Consolidated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 135.95 646.38 Td (ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 633.38 Td (Current assets:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 620.38 Td (Cash and cash equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 154.85 620.83 Td (..................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.00 620.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.75 620.38 Td (10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.00 620.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 620.38 Td (252,651) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 620.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.25 620.43 Td (7,140) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 620.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 620.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 620.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 620.43 Td (259,801) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 607.38 Td (Accounts receivable, net of allowance for doubtful) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 599.38 Td (accounts of $2,877) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.95 599.83 Td (...............................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 599.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 599.43 Td (41,962) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.80 599.43 Td (54,424) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.60 599.43 Td (\(5,184) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 599.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 599.38 Td (91,202) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 586.38 Td (Other current assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.40 586.83 Td (.............................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.75 586.38 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 586.43 Td (12,955) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.40 586.38 Td (66) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 586.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 586.38 Td (13,033) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 573.38 Td (Total current assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.95 573.83 Td (......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.75 573.38 Td (22) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 573.38 Td (307,568) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.80 573.43 Td (61,630) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.60 573.43 Td (\(5,184) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 573.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 573.43 Td (364,036) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 560.38 Td (Property, plant and equipment, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 179.30 560.83 Td (.......................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 560.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.70 560.43 Td (2,472,367) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 560.38 Td (102,294) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 560.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 560.38 Td (2,574,661) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 547.38 Td (Deferred charges, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 137.05 547.83 Td (..........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.55 547.38 Td (3,198) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 547.43 Td (56,022) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.80 547.43 Td (27,361) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.15 547.38 Td (\(51,308) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 547.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 547.38 Td (35,273) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 534.38 Td (Intercompany receivable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.95 534.83 Td (......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 534.43 Td (1,744,880) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 534.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 534.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.00 534.43 Td (\(1,744,880) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 534.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 534.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 521.38 Td (Investment in subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.40 521.83 Td (....................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.70 521.38 Td (785,472) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.25 521.43 Td (8,602) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 521.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.70 521.43 Td (\(794,074) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 521.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 521.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 508.38 Td (Other assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 103.70 508.83 Td (.........................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.55 508.38 Td (1,743) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.25 508.43 Td (6,648) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.25 508.43 Td (2,055) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 508.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 508.38 Td (10,446) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 495.38 Td (Total assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 119.30 495.83 Td (..................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.00 495.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 495.43 Td (2,535,315) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.00 495.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.70 495.43 Td (2,851,207) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 495.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 495.38 Td (193,340) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 495.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.00 495.43 Td (\(2,595,446) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 495.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 495.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 495.38 Td (2,984,416) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.05 482.38 Td (LIABILITIES AND STOCKHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 469.38 Td (Current liabilities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 456.38 Td (Accounts payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 121.50 456.83 Td (.................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.00 456.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 456.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.00 456.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 456.43 Td (97,230) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 456.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 456.38 Td (129,840) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 456.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.70 456.43 Td (\(191,154) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 456.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 456.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 456.38 Td (35,916) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 443.38 Td (Accrued interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 117.05 443.83 Td (...................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.15 443.38 Td (14,795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 443.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 443.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 443.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 443.38 Td (14,795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 430.38 Td (Accrued payroll and benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 159.30 430.83 Td (................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 430.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 430.43 Td (10,944) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.95 430.43 Td (278) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 430.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 430.38 Td (11,222) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 417.38 Td (Deferred revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 121.50 417.83 Td (.................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 417.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.25 417.43 Td (5,222) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.95 417.43 Td (512) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 417.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 417.38 Td (5,734) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 404.38 Td (Other accrued liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 141.50 404.83 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 404.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 404.43 Td (11,767) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.25 404.43 Td (6,111) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 404.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 404.38 Td (17,878) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 391.38 Td (Total current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 152.60 391.83 Td (...................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.15 391.38 Td (14,795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 391.38 Td (125,163) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 391.38 Td (136,741) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.70 391.43 Td (\(191,154) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 391.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 391.38 Td (85,545) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 378.38 Td (Long-term debt, net of original issue discount of $41,600) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 370.38 Td (and deferred financing costs of $13,119) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.05 370.83 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 370.43 Td (1,070,281) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 370.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 370.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 370.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 370.38 Td (1,070,281) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 357.38 Td (Deferred tax liabilities, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.40 357.83 Td (....................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 357.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 357.38 Td (381,619) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 357.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 357.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 357.43 Td (381,619) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 344.38 Td (Intercompany payables) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 141.50 344.83 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 344.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.70 344.43 Td (1,552,758) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.80 344.43 Td (14,754) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.00 344.43 Td (\(1,567,512) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 344.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 344.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 331.38 Td (Other liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 110.40 331.83 Td (......................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 331.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.95 331.43 Td (808) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.80 331.43 Td (51,308) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.15 331.38 Td (\(51,308) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 331.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.95 331.43 Td (808) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 318.38 Td (Total liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.95 318.83 Td (...............................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 318.43 Td (1,085,076) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.70 318.43 Td (2,060,348) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 318.38 Td (202,803) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.00 318.43 Td (\(1,809,974) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 318.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 318.38 Td (1,538,253) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 305.38 Td (Stockholders equity:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 292.38 Td (Preferred stock: $0.01 par value; 5,000 shares authorized;) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 284.38 Td (no shares issued and outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 177.05 284.83 Td (........................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 284.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 284.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 284.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 284.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 284.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 271.38 Td (Common stock: $0.01 par value; 100,000 shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 263.38 Td (authorized; 35,985 shares issued and outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.85 263.83 Td (..............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.30 263.43 Td (360) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 263.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.25 263.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 263.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.95 263.43 Td (360) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 250.38 Td (Additional paid-in capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.95 250.83 Td (......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.70 250.38 Td (748,041) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 250.43 Td (37,978) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.25 250.43 Td (8,602) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.15 250.38 Td (\(46,580) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 250.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 250.43 Td (748,041) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 237.38 Td (Retained earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 123.75 237.83 Td (................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.70 237.38 Td (701,838) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 237.38 Td (752,762) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.15 237.38 Td (\(13,870) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.30 237.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.70 237.43 Td (\(738,892) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 237.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 237.43 Td (701,838) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 224.38 Td (Accumulated other comprehensive loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.05 224.83 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.55 224.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.95 224.43 Td (119) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.55 224.38 Td (\(4,195) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.30 224.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.25 224.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.60 224.43 Td (\(4,076) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 224.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 211.38 Td (Total stockholders equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 165.95 211.83 Td (.............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 211.43 Td (1,450,239) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.30 211.38 Td (790,859) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.55 211.38 Td (\(9,463) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.30 211.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.70 211.43 Td (\(785,472) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 211.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 211.38 Td (1,446,163) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 198.38 Td (Total liabilities and stockholders equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 212.65 198.83 Td (........................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 272.00 198.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 198.43 Td (2,535,315) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.00 198.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.70 198.43 Td (2,851,207) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 198.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.30 198.38 Td (193,340) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 198.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.00 198.43 Td (\(2,595,446) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.30 198.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 198.38 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 198.38 Td (2,984,416) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.85 712.75 Td (Condensed Consolidating Statement of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.55 700.75 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 657.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 657.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 657.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 657.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 657.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 657.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 657.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 657.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 657.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 657.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 629.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 629.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 629.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 629.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 629.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 629.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 629.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 629.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 629.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 629.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 601.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 601.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 601.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 601.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 601.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 601.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 601.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 601.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 601.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 601.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 573.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 573.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 573.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 573.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 573.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 573.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 573.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 573.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 573.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 573.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 545.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 545.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 545.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 545.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 545.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 545.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 545.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 545.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 545.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 545.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 517.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 517.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 517.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 517.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 517.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 517.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 517.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 517.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 517.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 517.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 489.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 489.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 489.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 489.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 489.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 489.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 489.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 489.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 489.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 489.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 461.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 461.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 461.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 461.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 461.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 461.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 461.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 461.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 461.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 461.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 433.25 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 433.25 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 433.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 433.25 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 433.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 433.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 433.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 433.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 433.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 433.25 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 678.25 m 310.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 678.25 m 310.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 657.25 m 310.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 678.25 m 314.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 678.25 m 376.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 657.25 m 376.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 678.25 m 380.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 678.25 m 444.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 657.25 m 444.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 678.25 m 448.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 678.25 m 512.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 657.25 m 512.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 678.25 m 516.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 678.25 m 575.5 678.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 657.25 m 575.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 657.25 m 310.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 657.25 m 376.5 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 573.25 m 310.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 573.25 m 376.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 573.25 m 444.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 573.25 m 512.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 559.25 m 310.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 559.25 m 376.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 559.25 m 444.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 559.25 m 512.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 573.25 m 575.5 573.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 559.25 m 575.5 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 545.25 m 310.5 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 545.25 m 376.5 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 545.25 m 444.5 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 545.25 m 512.5 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 545.25 m 575.5 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 461.25 m 310.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 461.25 m 376.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 461.25 m 444.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 461.25 m 512.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 447.25 m 310.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 447.25 m 376.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 447.25 m 444.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 447.25 m 512.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 461.25 m 575.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 447.25 m 575.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 447.25 m 310.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 419.25 m 310.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 406.25 m 310.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 404.25 m 310.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 419.25 m 376.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 406.25 m 376.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 404.25 m 376.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 419.25 m 444.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 406.25 m 444.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 404.25 m 444.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 419.25 m 512.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 406.25 m 512.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 404.25 m 512.5 404.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 419.25 m 575.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 406.25 m 575.5 406.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 404.25 m 575.5 404.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 682.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.50 681.93 Td (Year ended December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 661.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.05 661.48 Td (Parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.65 669.48 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.20 661.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.55 669.48 Td (Non-Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.20 661.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.30 661.48 Td (Consolidating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.15 661.48 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 647.48 Td (Revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.70 647.93 Td (..................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 266.00 647.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 647.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.00 647.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 647.48 Td (426,419) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.00 647.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 416.80 647.53 Td (50,952) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 647.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.60 647.53 Td (\(1,301) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 647.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 647.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 647.53 Td (476,070) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 633.48 Td (Costs and expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 619.48 Td (Operating expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 131.05 619.93 Td (..........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 619.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 619.48 Td (178,748) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 416.80 619.53 Td (41,514) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.60 619.53 Td (\(1,002) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 619.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 619.53 Td (219,260) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 605.48 Td (Depreciation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.40 605.93 Td (......................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 605.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.80 605.53 Td (81,522) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 605.53 Td (1,044) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 605.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 605.48 Td (82,566) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 591.48 Td (Amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.40 591.93 Td (......................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 591.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.80 591.53 Td (25,782) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.95 591.53 Td (681) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 591.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 591.48 Td (26,463) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 577.48 Td (General and administrative expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.05 577.93 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.95 577.53 Td (189) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.80 577.53 Td (44,398) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 577.53 Td (3,861) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.25 577.53 Td (\(151) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 577.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 577.48 Td (48,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 563.50 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.95 563.53 Td (189) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 563.48 Td (330,450) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 416.80 563.53 Td (47,100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.60 563.53 Td (\(1,153) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 563.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 563.53 Td (376,586) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 549.48 Td (Gain on sale of assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 137.75 549.93 Td (.......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 549.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.80 549.53 Td (44,060) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.25 549.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 549.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 549.48 Td (44,060) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 535.48 Td (Operating income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 122.15 535.93 Td (..............................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 291.25 535.53 Td (\(189) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 535.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 535.48 Td (140,029) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 535.53 Td (3,852) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.25 535.53 Td (\(148) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 535.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 535.53 Td (143,544) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 521.48 Td (Other income \(expense\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 507.48 Td (Interest income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.30 507.93 Td (..................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 507.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.25 507.53 Td (1,125) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.95 507.53 Td (400) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 507.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 507.48 Td (1,525) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 493.48 Td (Interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 117.75 493.93 Td (................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.15 493.53 Td (\(39,460) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 493.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.25 493.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 493.53 Td (\(36) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.30 493.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 493.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 493.48 Td (\(39,496) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 493.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 479.48 Td (Equity in earnings of consolidated subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 222.20 479.93 Td (.................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.35 479.53 Td (106,798) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.25 479.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.25 479.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 479.53 Td (\(106,798) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 479.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 479.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 465.48 Td (Other income \(expense\), net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 159.95 465.93 Td (.............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 465.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.55 465.48 Td (\(4,053) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.30 465.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 465.53 Td (5,238) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.25 465.53 Td (\(180) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 465.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 465.48 Td (1,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 451.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 451.20 Td (...............................................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.80 451.53 Td (67,338) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.55 451.48 Td (\(2,928) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.30 451.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 451.53 Td (5,602) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 451.53 Td (\(106,978) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 451.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 451.48 Td (\(36,966) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 451.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 437.48 Td (Income before income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 139.95 437.93 Td (......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.80 437.53 Td (67,149) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 437.48 Td (137,101) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 437.53 Td (9,454) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 437.53 Td (\(107,126) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 437.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 437.53 Td (106,578) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 423.48 Td (Income tax expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.30 423.93 Td (..................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.25 423.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.80 423.53 Td (35,194) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 423.53 Td (4,563) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 423.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 423.48 Td (39,757) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 410.93 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.15 410.93 Td (................................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 266.00 409.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.80 409.53 Td (67,149) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.00 409.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.30 409.48 Td (101,907) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.00 409.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 409.53 Td (4,891) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 409.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 409.53 Td (\(107,126) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.30 409.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.00 409.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 409.48 Td (66,821) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 393.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.80 381.75 Td (Condensed Consolidating Statements of Comprehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.55 369.75 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 324.25 171.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 324.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 324.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 324.25 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 324.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 324.25 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 324.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 324.25 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 324.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 324.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 296.25 171.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 296.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 296.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 296.25 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 296.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 296.25 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 296.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 296.25 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 296.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 296.25 64.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 35.50 282.25 171.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 347.25 m 272.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 347.25 m 276.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 347.25 m 353.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 347.25 m 357.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 347.25 m 429.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 347.25 m 433.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 347.25 m 507.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 347.25 m 511.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 347.25 m 575.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 324.25 m 272.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 324.25 m 353.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 324.25 m 429.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 324.25 m 507.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 324.25 m 575.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 324.25 m 272.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 324.25 m 353.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 324.25 m 429.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 282.25 m 272.5 282.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 269.25 m 272.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 267.25 m 272.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 282.25 m 353.5 282.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 269.25 m 353.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 267.25 m 353.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 282.25 m 429.5 282.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 269.25 m 429.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 267.25 m 429.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 282.25 m 507.5 282.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 269.25 m 507.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 267.25 m 507.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 282.25 m 575.5 282.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 269.25 m 575.5 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 267.25 m 575.5 267.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 350.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.55 350.93 Td (Year Ended December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 338.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.55 328.48 Td (Parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.15 336.48 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 328.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 336.48 Td (Non-Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.20 328.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.30 328.48 Td (Consolidating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.65 328.48 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 315.93 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.75 315.93 Td (.......................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 209.00 314.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.80 314.53 Td (67,149) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.00 314.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.30 314.48 Td (101,907) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.00 314.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.25 314.53 Td (4,891) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.00 314.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 314.53 Td (\(107,126) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.30 314.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.00 314.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 314.48 Td (66,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 301.93 Td (Other comprehensive income:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 287.93 Td (Foreign currency translation loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 156.30 287.93 Td (.....................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 261.25 286.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.70 286.53 Td (\(81) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.30 286.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.55 286.48 Td (\(3,093) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.30 286.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.30 286.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.60 286.53 Td (\(3,174) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 286.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 273.93 Td (Total comprehensive income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.75 273.93 Td (............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 209.00 272.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.80 272.53 Td (67,149) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.00 272.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.30 272.48 Td (101,826) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.00 272.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.25 272.53 Td (1,798) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.00 272.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 272.53 Td (\(107,126) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.30 272.48 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.00 272.48 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 272.48 Td (63,647) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.40 712.75 Td (Condensed Consolidating Statements of Cash Flows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.55 700.75 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 654.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 654.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 654.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 654.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 654.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 654.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 654.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 654.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 654.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 654.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 632.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 632.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 632.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 632.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 632.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 632.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 632.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 632.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 632.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 632.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 610.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 610.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 610.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 610.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 610.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 610.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 610.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 610.25 60.00 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0.9333333333333333 1 rg /GS0 gs 383.50 544.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 544.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 544.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 544.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 544.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 544.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 522.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 522.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 522.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 522.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 522.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 522.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 522.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 522.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 522.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 522.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 500.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 500.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 500.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 500.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 500.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 500.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 500.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 500.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 500.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 500.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 478.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 478.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 478.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 478.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 478.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 478.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 478.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 478.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 478.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 478.25 57.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 456.25 248.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 456.25 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 456.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 456.25 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 456.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 456.25 63.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 456.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 456.25 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 456.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 456.25 57.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 677.25 m 325.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 677.25 m 329.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 677.25 m 383.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 677.25 m 387.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 677.25 m 450.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 677.25 m 454.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 677.25 m 514.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 677.25 m 518.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 677.25 m 575.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 677.25 m 325.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 654.25 m 325.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 677.25 m 329.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 677.25 m 383.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 654.25 m 383.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 677.25 m 387.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 677.25 m 450.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 654.25 m 450.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 677.25 m 454.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 677.25 m 514.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 654.25 m 514.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 677.25 m 518.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 677.25 m 575.5 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 654.25 m 575.5 654.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 577.25 m 383.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 577.25 m 450.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 577.25 m 514.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 577.25 m 325.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 577.25 m 575.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 522.25 m 325.5 522.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 511.25 m 325.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 522.25 m 383.5 522.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 511.25 m 383.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 522.25 m 450.5 522.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 511.25 m 450.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 522.25 m 514.5 522.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 511.25 m 514.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 522.25 m 575.5 522.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 511.25 m 575.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 511.25 m 325.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 500.25 m 325.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 511.25 m 383.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 500.25 m 383.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 511.25 m 450.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 500.25 m 450.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 511.25 m 514.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 500.25 m 514.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 511.25 m 575.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 500.25 m 575.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 500.25 m 325.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 478.25 m 325.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 468.25 m 325.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 466.25 m 325.5 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 478.25 m 383.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 468.25 m 383.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 466.25 m 383.5 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 478.25 m 450.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 468.25 m 450.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 466.25 m 450.5 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 478.25 m 514.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 468.25 m 514.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 466.25 m 514.5 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 478.25 m 575.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 468.25 m 575.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 466.25 m 575.5 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 446.25 m 325.5 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 444.25 m 325.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 446.25 m 383.5 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 444.25 m 383.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 446.25 m 450.5 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 444.25 m 450.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 446.25 m 514.5 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 444.25 m 514.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 446.25 m 575.5 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 444.25 m 575.5 444.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 435.25 m 325.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 433.25 m 325.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 435.25 m 383.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 433.25 m 383.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 435.25 m 450.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 433.25 m 450.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 435.25 m 514.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 433.25 m 514.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 435.25 m 575.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 433.25 m 575.5 433.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 681.48 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.05 681.48 Td (Year Ended December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 658.48 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.55 658.48 Td (Parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 666.48 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.20 658.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.05 666.48 Td (Non-Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.70 658.48 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 658.48 Td (Consolidating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.15 658.48 Td (Consolidated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 645.93 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 634.93 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 235.50 634.93 Td (....................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 634.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 634.93 Td (\(22,390) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.30 634.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 634.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 634.93 Td (131,185) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.00 634.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.30 634.93 Td (107,039) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.00 634.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.85 634.98 Td (9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 634.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 634.98 Td (215,843) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 623.93 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 612.93 Td (Costs incurred for OSV newbuild program #5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.75 612.93 Td (............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 612.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.70 612.98 Td (\(120,767) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 612.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.15 612.93 Td (\(69,303) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 612.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 612.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 612.93 Td (\(190,070) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 612.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 601.93 Td (Net proceeds from sale of assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.50 601.93 Td (...............................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 601.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 601.93 Td (152,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 601.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 601.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 601.98 Td (152,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 590.93 Td (Vessel capital expenditures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 155.50 590.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 590.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.15 590.93 Td (\(55,724) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 590.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.15 590.93 Td (\(29,729) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 590.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.60 590.98 Td (\(1,339) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 590.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 590.93 Td (\(86,792) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 590.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 579.93 Td (Non-vessel capital expenditures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 171.05 579.93 Td (.................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 579.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.15 579.93 Td (\(16,211) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 579.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.25 579.98 Td (\(276) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 579.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 579.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 579.93 Td (\(16,487) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 579.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 568.93 Td (Net cash used in investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 184.40 568.93 Td (...........................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 568.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.15 568.93 Td (\(40,702) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 568.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.15 568.93 Td (\(99,308) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 568.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.60 568.98 Td (\(1,339) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 568.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 568.93 Td (\(141,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 568.93 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 557.93 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 546.93 Td (Deferred financing costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.40 546.93 Td (.............................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.55 546.93 Td (\(2,089) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.30 546.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.25 546.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 546.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 546.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.60 546.98 Td (\(2,089) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 546.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 535.93 Td (Net cash proceeds from other shares issued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 215.50 535.93 Td (.............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.25 535.98 Td (3,112) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.25 535.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 535.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 535.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 535.93 Td (3,112) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 524.93 Td (Intercompany) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.60 524.93 Td (..............................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.80 524.98 Td (21,361) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.15 524.93 Td (\(21,198) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 524.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.55 524.93 Td (\(1,493) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 524.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.25 524.98 Td (1,330) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 524.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 513.93 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.30 513.93 Td (.....................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.80 513.98 Td (22,384) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.15 513.93 Td (\(21,198) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 513.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.55 513.93 Td (\(1,493) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 513.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.25 513.98 Td (1,330) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 513.93 Td (1,023) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 502.93 Td (Effects of exchange rate changes on cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 206.65 502.93 Td (.................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 502.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.70 502.98 Td (\(81) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.30 502.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.25 502.98 Td (\(758) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.30 502.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 502.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.25 502.93 Td (\(839) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 502.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 491.93 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.85 491.93 Td (..............) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.15 491.93 Td (\(6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.30 491.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 491.98 Td (69,204) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 491.98 Td (5,480) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 491.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 491.93 Td (74,678) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 480.93 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.30 480.93 Td (.....................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.40 480.93 Td (16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 480.93 Td (183,447) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 480.98 Td (1,660) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 480.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 480.98 Td (185,123) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 469.93 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.05 469.93 Td (...............................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 469.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.40 469.93 Td (10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 469.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 469.93 Td (252,651) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.00 469.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 469.98 Td (7,140) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.00 469.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 469.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 469.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.35 469.98 Td (259,801) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 458.93 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 92.08 458.93 Td (AL) Tj ET Q q 0 0 0 rg BT 102.60 458.93 Td ( DISCLOSURES OF CASH FLOW ) Tj ET Q q 0 0 0 rg BT 228.52 458.93 Td (ACTIVITIES:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 447.93 Td (Cash paid for interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 135.50 447.93 Td (.................................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 447.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.80 447.98 Td (50,492) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 447.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.25 447.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.00 447.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 447.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.00 447.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 447.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 447.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 447.93 Td (50,492) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 436.93 Td (Cash paid for income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 155.50 436.93 Td (........................................................) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 436.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.25 436.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 436.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.95 436.98 Td (582) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.00 436.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 436.98 Td (4,226) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.00 436.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 436.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 436.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 436.93 Td (4,808) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 770.66552734375 m 133.701171875 770.66552734375 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.37 772.25 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.55 757.25 Td (HORNBECK OFFSHORE SER) Tj ET Q q 0 0 0 rg BT 298.82 757.25 Td (VICES, INC. ) Tj ET Q q 0 0 0 rg BT 356.80 757.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.65 742.25 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 186.80 742.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 256.62 742.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 333.10 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 347.91 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 354.39 742.25 Td (TEMENTS\(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.90 69.25 Td (F - 34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 712.75 Td (16. Supplemental Selected Quarterly Financial Data \(Unaudited\) \(in thousands, except per share data\):) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 691.75 Td (The following table contains selected unaudited quarterly financial data from the consolidated statements of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 679.75 Td (operations for each quarter of fiscal years ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.76 679.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.01 679.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.25 679.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.50 679.75 Td (. ) Tj ET Q q 0 0 0 rg BT 297.65 679.75 Td (The operating results for any quarter are not necessarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 667.75 Td (indicative of results for any future period.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 622.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 622.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 622.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 622.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 622.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 622.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 622.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 622.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 596.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 596.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 596.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 596.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 596.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 596.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 596.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 596.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 570.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 570.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 570.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 570.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 570.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 570.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 570.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 570.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 544.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 544.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 544.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 544.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 544.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 544.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 544.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 544.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 518.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 518.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 518.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 518.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 518.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 518.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 518.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 518.25 48.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 505.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 492.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 492.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 492.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 492.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 492.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 492.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 492.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 492.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 466.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 466.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 466.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 466.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 466.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 466.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 466.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 466.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 440.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 440.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 440.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 440.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 440.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 440.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 440.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 440.25 48.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 427.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 414.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 414.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 414.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 414.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 414.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 414.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 414.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 414.25 48.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 401.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 388.25 338.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 388.25 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 388.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 388.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 388.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 388.25 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 388.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 388.25 48.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 36.50 375.25 338.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 635.25 m 422.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 635.25 m 426.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 635.25 m 473.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 635.25 m 477.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 635.25 m 524.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 635.25 m 528.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 635.25 m 576.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 622.25 m 422.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 622.25 m 473.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 622.25 m 524.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 622.25 m 576.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 414.25 m 422.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 402.25 m 422.5 402.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 400.25 m 422.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 414.25 m 473.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 402.25 m 473.5 402.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 400.25 m 473.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 414.25 m 524.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 402.25 m 524.5 402.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 400.25 m 524.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 414.25 m 576.5 414.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 402.25 m 576.5 402.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 400.25 m 576.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 375.25 m 422.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 363.25 m 422.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 361.25 m 422.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 375.25 m 473.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 363.25 m 473.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 361.25 m 473.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 375.25 m 524.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 363.25 m 524.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 361.25 m 524.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 375.25 m 576.5 375.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 363.25 m 576.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 361.25 m 576.5 361.25 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 639.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.20 639.48 Td (Quarter Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 626.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.30 626.48 Td (Mar 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 626.48 Td (Jun 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.60 626.48 Td (Sep 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.10 626.48 Td (Dec 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 613.20 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 66.85 613.20 Td (Y) Tj ET Q q 0 0 0 rg BT 72.36 613.20 Td (ear 2015) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 108.39 617.49 Td (\(1\)\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 600.20 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.40 600.20 Td (...........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 599.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.50 599.47 Td (134,624) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 599.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.50 599.47 Td (136,446) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 599.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.50 599.47 Td (116,281) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 599.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 599.47 Td (88,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 587.20 Td (Operating income) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 128.04 591.49 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.19 587.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.95 587.20 Td (............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 586.47 Td (66,898) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.05 586.47 Td (39,355) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 586.47 Td (32,809) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.60 586.47 Td (4,482) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 574.20 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.45 574.20 Td (...............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 573.47 Td (35,853) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.05 573.47 Td (19,215) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 573.47 Td (14,424) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.25 573.47 Td (\(2,671) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 573.47 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 561.20 Td (Earnings \(loss\) per common share:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 548.20 Td (Basic earnings \(loss\) per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.95 548.20 Td (....................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 547.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 547.47 Td (1.01) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 547.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 547.47 Td (0.54) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 547.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 547.47 Td (0.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 547.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.85 547.47 Td (\(0.07) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 547.47 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 535.20 Td (Diluted earnings \(loss\) per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 535.20 Td (..................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 534.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 534.47 Td (0.99) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 534.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 534.47 Td (0.53) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 534.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 534.47 Td (0.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 534.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.85 534.47 Td (\(0.07) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.65 534.47 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 522.20 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 66.85 522.20 Td (Y) Tj ET Q q 0 0 0 rg BT 72.36 522.20 Td (ear 2014) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 108.39 526.49 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 509.20 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.40 509.20 Td (...........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 508.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.50 508.47 Td (136,585) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 508.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.50 508.47 Td (171,099) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 508.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.50 508.47 Td (166,890) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 508.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.50 508.47 Td (160,219) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 496.20 Td (Operating income) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 128.04 500.49 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.95 496.20 Td (............................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 495.47 Td (25,028) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.05 495.47 Td (56,756) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 495.47 Td (50,234) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 495.47 Td (37,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 483.20 Td (Income from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.95 483.20 Td (....................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 482.47 Td (11,354) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.05 482.47 Td (31,225) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 482.47 Td (26,559) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 482.47 Td (18,769) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 470.20 Td (Income \(loss\) from discontinued operations, net of tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.45 470.20 Td (.......................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.95 469.47 Td (412) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.05 469.47 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.60 469.47 Td (\(204) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.65 469.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.95 469.52 Td (402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 457.20 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.40 457.20 Td (.........................................................................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.05 456.47 Td (11,766) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.05 456.47 Td (31,233) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 456.47 Td (26,355) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.05 456.47 Td (19,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 444.20 Td (Earnings \(loss\) per common share:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.95 444.20 Td (....................................................................) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 431.20 Td (Basic earnings per common share from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.45 431.20 Td (...................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 430.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 430.47 Td (0.32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 430.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 430.47 Td (0.86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 430.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 430.47 Td (0.73) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 430.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 430.47 Td (0.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 418.20 Td (Basic earnings \(loss\) per common share from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 418.20 Td (......) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 417.47 Td (0.01) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.65 417.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.85 417.47 Td (\(0.01) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.65 417.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 417.47 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 405.20 Td (Basic earnings per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.95 405.20 Td (..............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 404.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 404.47 Td (0.33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 404.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 404.47 Td (0.86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 404.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 404.47 Td (0.72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 404.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 404.47 Td (0.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 392.20 Td (Diluted earnings per common share from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.45 392.20 Td (.................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 391.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 391.47 Td (0.31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 391.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 391.47 Td (0.85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 391.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 391.47 Td (0.72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 391.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 391.47 Td (0.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 379.20 Td (Diluted earnings \(loss\) per common share from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.95 379.20 Td (....) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 378.47 Td (0.01) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.65 378.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.85 378.47 Td (\(0.01) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.65 378.47 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 378.47 Td (0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 366.20 Td (Diluted earnings per common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.95 366.20 Td (............................................................) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.00 365.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 365.47 Td (0.32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.00 365.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.15 365.47 Td (0.85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.00 365.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.15 365.47 Td (0.71) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 365.47 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.15 365.47 Td (0.53) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 36.00 348.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 38.583984375 348.25 m 115.583984375 348.25 l s BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 343.33 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 339.75 Td (The sum of the four quarters may not equal annual results due to rounding.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 334.33 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 330.75 Td (Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 321.75 Td (utilization. In recognition of these weak market conditions, the Company stacked ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 331.93 321.75 Td (28) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 340.27 321.75 Td ( OSVs on various dates since October 2014. ) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 316.33 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 312.75 Td (During the first quarter of 2015, the Company closed on the sale of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 284.83 312.75 Td (three) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 301.92 312.75 Td ( 250EDF class OSVs that were previously chartered to the U.S Navy for cash ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 303.75 Td (consideration of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 116.39 303.75 Td ($1) Tj ET Q q 0 0 0 rg BT 124.17 303.75 Td (14.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 162.11 303.75 Td (. ) Tj ET Q q 0 0 0 rg BT 168.23 303.75 Td (The sale resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 340.83 303.75 Td ($33.1 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 382.94 303.75 Td ( \() Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 387.52 303.75 Td ($20.7 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 429.63 303.75 Td ( after-tax or ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 470.06 303.75 Td ($0.57) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.83 303.75 Td ( per diluted share\). ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 294.75 Td (During the third quarter of 2015, the Company closed on the sale of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 287.33 294.75 Td (one) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 299.85 294.75 Td ( 250EDF class OSV that was previously chartered to the U.S Navy for cash ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 285.75 Td (consideration of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 116.39 285.75 Td ($38.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 158.50 285.75 Td (. ) Tj ET Q q 0 0 0 rg BT 164.61 285.75 Td (The sale resulted in a pre-tax gain of approximately ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 337.22 285.75 Td ($1) Tj ET Q q 0 0 0 rg BT 345.00 285.75 Td (1.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 378.77 285.75 Td ( \() Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 383.35 285.75 Td ($6.7 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 421.29 285.75 Td ( after-tax or ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 461.72 285.75 Td ($0.19) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 480.49 285.75 Td ( per diluted share\). See ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 276.75 Td (Note 5 for further discussion.) Tj ET Q BT /F3 7.50 Tf ET BT /F3 4.87 Tf ET q 0 0 0 rg BT 43.35 271.33 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 267.75 Td (Results for the quarter ended June 30, 2014 were favorably impacted by record ef) Tj ET Q q 0 0 0 rg BT 333.05 267.75 Td (fective dayrates achieved by the Company's MPSV fleet and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 258.75 Td (contributions from vessels delivered under the Company's fifth OSV newbuild program. ) Tj ET Q q 0 0 0 rg BT 353.64 258.75 Td (The results for the quarter ended December 31, 2014 were ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 249.75 Td (unfavorably impacted by soft market conditions for OSVs in the GoM.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 61.35 213.75 Td ( ) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 69.25 Td (S - 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 739.75 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.48 739.75 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 718.75 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 436.93 718.75 Td (Act of 1934, the Registrant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 706.75 Td (has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 694.75 Td (of Covington, the State of Louisiana, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.66 694.75 Td (February26, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.16 694.75 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 630.25 m 576.5 630.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 665.47 Td (HORNBECK OFFSHORE SERVICES, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.00 635.47 Td (By:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.00 634.50 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.55 634.87 Td (/s/) Tj ET Q q 0 0 0 rg BT 415.04 634.87 Td (T) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.15 634.87 Td (ODD) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.93 634.87 Td ( M. H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.81 634.87 Td (ORNBECK) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.00 613.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.40 621.48 Td (T) Tj ET Q q 0 0 0 rg BT 417.69 621.48 Td (odd M. Hornbeck) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.60 613.48 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 588.75 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 332.47 588.75 Td (Act of 1934, this Report has been signed below by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 576.75 Td (the following persons on behalf of the Registrant and in the capacities and on the dates indicated.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.61 576.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 514.25 m 205.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 471.25 m 205.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 471.25 m 205.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 426.25 m 205.5 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 426.25 m 205.5 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 381.25 m 205.5 381.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 338.25 m 205.5 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 295.25 m 205.5 295.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 252.25 m 205.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 209.25 m 205.5 209.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 166.25 m 205.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 123.25 m 205.5 123.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 102.05 548.48 Td (Signature) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 548.48 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.30 548.48 Td (Title) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 548.48 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.30 548.48 Td (Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.90 518.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.68 518.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.01 518.87 Td (/) Tj ET Q q 0 0 0 rg BT 87.73 518.87 Td (T) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.83 518.87 Td (ODD) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.61 518.87 Td ( M. H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 135.50 518.87 Td (ORNBECK) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 518.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 515.87 Td (Chairman of the Board, President, and Chief Executive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 505.87 Td (Officer \(Principal Executive Officer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 518.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 518.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.20 505.48 Td (\(Todd M. Hornbeck\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.20 475.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.98 475.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.31 475.87 Td (/J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.21 475.87 Td (AMES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.88 475.87 Td ( O. H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 139.21 475.87 Td (ARP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.66 475.87 Td (, J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 166.22 475.87 Td (R) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.00 475.87 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 475.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 470.87 Td (Executive Vice President and Chief Financial Officer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 460.87 Td (\(Principal Financial and Accounting Officer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 475.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 475.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.90 460.48 Td (\(James O. Harp, Jr.\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.50 430.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.28 430.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.61 430.87 Td (/L) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 92.07 430.87 Td (ARR) Tj ET Q q 0 0 0 rg BT 108.81 430.87 Td (Y) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.15 430.87 Td ( D. H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 136.93 430.87 Td (ORNBECK) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 430.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 430.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 430.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 430.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.15 415.48 Td (\(Larry D. Hornbeck\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.45 385.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.23 385.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.56 385.87 Td (/B) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 103.13 385.87 Td (RUCE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.79 385.87 Td ( W) Tj ET Q q 0 0 0 rg BT 137.46 385.87 Td (. H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.24 385.87 Td (UNT) Tj ET Q q 0 0 0 rg BT 166.53 385.87 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 385.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 385.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 385.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 385.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 90.50 372.48 Td (\(Bruce W. Hunt\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.40 342.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.18 342.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.51 342.87 Td (/S) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 95.08 342.87 Td (TEVEN) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.75 342.87 Td ( W) Tj ET Q q 0 0 0 rg BT 133.41 342.87 Td (. K) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.64 342.87 Td (RABLIN) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 342.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 342.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 342.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 342.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.05 329.48 Td (\(Steven W. Krablin\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.75 299.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.53 299.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.86 299.87 Td (/P) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.43 299.87 Td (A) Tj ET Q q 0 0 0 rg BT 96.17 299.87 Td (TRICIA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.39 299.87 Td ( B. M) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.73 299.87 Td (ELCHER) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 299.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 299.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 299.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 299.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.00 286.48 Td (\(Patricia B. Melcher\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 256.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.78 256.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.11 256.87 Td (/K) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.68 256.87 Td (EVIN) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.35 256.87 Td ( O. M) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.79 256.87 Td (EYERS) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 256.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 256.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 256.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 256.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.70 243.48 Td (\(Kevin O. Meyers\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.45 213.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.23 213.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.56 213.87 Td (/J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.46 213.87 Td (OHN) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.23 213.87 Td ( ) Tj ET Q q 0 0 0 rg BT 126.83 213.87 Td (T) Tj ET Q q 0 0 0 rg BT 131.83 213.87 Td (. R) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.61 213.87 Td (YND) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 213.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 213.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 213.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 213.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.90 200.48 Td (\(John T. Rynd\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.35 170.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.13 170.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.46 170.87 Td (/B) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.03 170.87 Td (ERNIE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.47 170.87 Td ( W) Tj ET Q q 0 0 0 rg BT 130.14 170.87 Td (. S) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.37 170.87 Td (TEW) Tj ET Q q 0 0 0 rg BT 159.84 170.87 Td (AR) Tj ET Q q 0 0 0 rg BT 170.81 170.87 Td (T) Tj ET Q q 0 0 0 rg BT 175.55 170.87 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 170.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 170.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 170.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 170.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.00 157.48 Td (\(Bernie W. Stewart\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.05 127.87 Td (/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 60.83 127.87 Td (S) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.16 127.87 Td (/N) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.28 127.87 Td (ICHOLAS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.40 127.87 Td ( L. S) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.97 127.87 Td (WYKA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.52 127.87 Td ( J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 174.30 127.87 Td (R) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.08 127.87 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.00 127.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.00 127.87 Td (Director) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 127.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 127.87 Td (February 26, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 76.00 114.48 Td (\(Nicholas L. Swyka, Jr.\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 31.25 Td (E - 1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 277.65 740.30 Td (Exhibit Index) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.33 740.30 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.15 712.03 Td (Exhibit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.35 704.03 Td (Number) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.00 704.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.00 704.03 Td (Description of Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 690.02 Td (3.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 690.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 690.02 Td (Second Restated Certificate of Incorporation of the Company, as amended \(incorporated by reference) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 680.02 Td (to Exhibit 3.1 to the Companys Form 10-Q for the quarter ended March 31, 2005\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 665.02 Td (3.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 665.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 665.02 Td (Amended and Restated Certificate of Designation of Series A Junior Participating Preferred Stock filed) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 655.02 Td (with the Secretary of State of the State of Delaware on July 2, 2013 \(incorporated by reference to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 645.02 Td (Exhibit 3.1 to the Companys Current Report on Form 8-K filed July 3, 2013\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 630.02 Td (3.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 630.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 630.02 Td (Fourth Restated Bylaws of the Company adopted June 30, 2004 \(incorporated by reference to Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 620.02 Td (3.3 to the Companys Form 10-Q for the quarter ended June30,2004\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 605.02 Td (3.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 605.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 605.02 Td (Amendment No. 1 to Fourth Restated Bylaws of the Company adopted June 21, 2012 \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 595.02 Td (reference to Exhibit 3.1 to the Companys Current Report on Form 8-K filed June 27, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 580.02 Td (4.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 580.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 579.42 Td (Specimen stock certificates for the Companys common stock, $0.01 par value \(for U.S. citizens and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 569.42 Td (non-U.S. citizens\) \(incorporated by reference to Exhibit 4.4 to the Companys Form 8-A/A filed July 3,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 559.42 Td (2013, Registration No. 001-32108\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 545.02 Td (4.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 545.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 545.02 Td (Indenture, dated March16, 2012 among Hornbeck Offshore Services, Inc., as issuer, the guarantors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 535.02 Td (party thereto and Wells Fargo Bank, National Association, as trustee \(including form of 5.875% Senior) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 525.02 Td (Notes due 2020\) \(incorporated by reference to Exhibit4.2 to the Companys Current Report on Form) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 515.02 Td (8-K filed March21, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 501.02 Td (4.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 501.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 501.02 Td (Indenture dated as of August 13, 2012 by and among Hornbeck Offshore Services, Inc., the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 491.02 Td (guarantors named therein, and Wells Fargo Bank, National Association, as Trustee \(including form of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 481.02 Td (1.500% Convertible Senior Notes due 2019\) \(incorporated by reference to Exhibit 4.1 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 471.02 Td (Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 457.02 Td (4.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 457.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 457.02 Td (Confirmation of Base Call Option Transaction dated as of August 7, 2012 by and between Hornbeck) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 447.02 Td (Offshore Services, Inc. and Barclays Bank PLC \(incorporated by reference to Exhibit 4.2 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 437.02 Td (Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 422.02 Td (4.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 422.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 422.02 Td (Confirmation of Base Call Option Transaction dated as of August 7, 2012 by and between Hornbeck) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 412.02 Td (Offshore Services, Inc. and JPMorgan Chase Bank, National Association, London Branch) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 402.02 Td (\(incorporated by reference to Exhibit 4.3 to the Companys Current Report on Form 8-K filed on August) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 392.02 Td (13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 379.02 Td (4.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 379.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 379.02 Td (Confirmation of Base Call Option Transaction dated as of August 7, 2012 by and between Hornbeck) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 369.02 Td (Offshore Services, Inc. and Wells Fargo Bank, National Association \(incorporated by reference to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 359.02 Td (Exhibit 4.4 to the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 344.02 Td (4.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 344.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 344.02 Td (Confirmation of Additional Base Call Option Transaction dated as of August 8, 2012 by and between) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 334.02 Td (Hornbeck Offshore Services, Inc. and Barclays Bank PLC \(incorporated by reference to Exhibit 4.5 to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 324.02 Td (the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 309.02 Td (4.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 309.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 309.02 Td (Confirmation of Additional Base Call Option Transaction dated as of August8, 2012 by and between) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 299.02 Td (Hornbeck Offshore Services, Inc. and JPMorgan Chase Bank, National Association, London Branch) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 289.02 Td (\(incorporated by reference to Exhibit4.6 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 279.02 Td (August13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.50 265.02 Td (4.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 265.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 265.02 Td (Confirmation of Additional Base Call Option Transaction dated as of August 8, 2012 by and between) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 255.02 Td (Hornbeck Offshore Services, Inc. and Wells Fargo Bank, National Association \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 245.02 Td (reference to Exhibit 4.7 to the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 230.02 Td (4.10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 230.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 230.02 Td (Confirmation of Base Warrant dated as of August 7, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 220.02 Td (Services, Inc. and Barclays Bank PLC \(incorporated by reference to Exhibit 4.8 to the Companys) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 210.02 Td (Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 195.02 Td (4.11) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 195.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 195.02 Td (Confirmation of Base Warrant dated as of August 7, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 185.02 Td (Services, Inc. and JPMorgan Chase Bank, National Association, London Branch \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 175.02 Td (reference to Exhibit 4.9 to the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 160.02 Td (4.12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 160.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 160.02 Td (Confirmation of Base Warrant dated as of August 7, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 150.02 Td (Services, Inc. and Wells Fargo Bank, National Association \(incorporated by reference to Exhibit 4.10 to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 140.02 Td (the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 125.02 Td (4.13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 125.02 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 125.02 Td (Confirmation of Additional Warrants dated as of August 8, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 115.02 Td (Services, Inc. and Barclays Bank PLC \(incorporated by reference to Exhibit 4.11 to the Companys) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.00 105.02 Td (Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 31.25 Td (E - 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 739.73 Td (Exhibit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 731.73 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 98.00 731.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 118.00 731.73 Td (Description of Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 717.72 Td (4.14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 717.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 717.72 Td (Confirmation of Additional Warrants dated as of August 8, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 707.72 Td (Services, Inc. and JPMorgan Chase Bank, National Association, London Branch \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 697.72 Td (reference to Exhibit 4.12 to the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 680.72 Td (4.15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 680.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 680.72 Td (Confirmation of Additional Warrants dated as of August 8, 2012 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 670.72 Td (Services, Inc. and Wells Fargo Bank, National Association \(incorporated by reference to Exhibit 4.13 to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 660.72 Td (the Companys Current Report on Form 8-K filed on August 13, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 644.72 Td (4.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 644.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 644.72 Td (Indenture governing the 5.000% Notes, dated March 28, 2013 among Hornbeck Offshore Services,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 634.72 Td (Inc., as issuer, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 624.72 Td (\(including form of 5.000% Senior Notes due 2021\) \(incorporated by reference to Exhibit 4.2 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 614.72 Td (Companys Current Report on Form 8-K filed on March 28, 2013\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 600.72 Td (4.17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 600.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 600.72 Td (Rights Agreement dated as of July 1, 2013 between Hornbeck Offshore Services, Inc. and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 590.72 Td (Computershare Inc., as Rights Agent, which includes as Exhibit A the Amended and Restated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 580.72 Td (Certificate of Designation of Series A Preferred Stock, as Exhibit B the form of Right Certificate and as) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 570.72 Td (Exhibit C the form of Summary of Rights to Purchase Shares \(incorporated by reference to Exhibit 4.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 560.72 Td (to the Companys Current Report on Form 8-K filed July 3, 2013\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 546.72 Td (4.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 546.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 546.72 Td (First Supplemental Indenture, dated October 6, 2015 among Hornbeck Offshore Services, Inc., the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 536.72 Td (guarantors party thereto and Wells Fargo Bank, National Association, as trustee \(to the indenture) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 526.72 Td (governing the 1.5% Convertible Senior Notes due 2019\) \(incorporated by reference to Exhibit 4.18 to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 516.72 Td (the Companys Form 10-Q for the quarter ended September 30, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 502.72 Td (4.19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 502.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 502.72 Td (First Supplemental Indenture, dated October 6, 2015 among Hornbeck Offshore Services, Inc., the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 492.72 Td (guarantors party thereto and Wells Fargo Bank, National Association, as trustee \(to the indenture) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 482.72 Td (governing the 5.875% Senior Notes due 2020\) \(incorporated by reference to Exhibit 4.19 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 472.72 Td (Companys Form 10-Q for the quarter ended September 30, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 458.72 Td (4.20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 458.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 458.72 Td (First Supplemental Indenture, dated October 6, 2015 among Hornbeck Offshore Services, Inc., the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 448.72 Td (guarantors party thereto and Wells Fargo Bank, National Association, as trustee \(to the indenture) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 438.72 Td (governing the 5.000% Senior Notes due 2021\) \(incorporated by reference to Exhibit 4.20 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 428.72 Td (Companys Form 10-Q for the quarter ended September 30, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.75 414.72 Td (10.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 414.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 414.72 Td (Facilities Use Agreement effective January 1, 2006, and incorporated Indemnification Agreement and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 404.72 Td (amendments thereto \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 394.72 Td (Form 8-K filed February 21, 2006\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 378.72 Td (10.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 378.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 378.72 Td (Director & Advisory Director Compensation Policy, effective January 1, 2012 \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 368.72 Td (reference to Exhibit 10.2 to the Companys Form 10-K for the period ended December 31, 2011\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 351.72 Td (10.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 351.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 351.72 Td (Hornbeck Offshore Services, Inc. Deferred Compensation Plan dated as of July 10, 2007 \(incorporated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 341.72 Td (by reference to Exhibit 10.2 to the Companys Form 10-Q for the period ended June 30, 2007\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 326.72 Td (10.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 326.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 326.72 Td (Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive Compensation Plan, dated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 316.72 Td (effective May 2, 2006 \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 306.72 Td (Form 8-K filed May 4, 2006\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 292.72 Td (10.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 292.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 292.72 Td (Amendment to the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 282.72 Td (Compensation Plan, dated effective May 12, 2008 \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 272.77 Td (Companys Form 10-Q for the period ended March31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 260.72 Td (10.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 260.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 260.72 Td (Second Amendment to the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 250.72 Td (Compensation Plan, dated effective June 24, 2010 \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 240.72 Td (Companys Current Report on Form 8-K filed June 30, 2010\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 225.72 Td (10.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 225.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 225.72 Td (Amended and Restated Senior Employment Agreement dated May 7, 2007 by and between Todd M.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 215.72 Td (Hornbeck and the Company \(incorporated by reference to Exhibit 10.1 to the Companys Form 10-Q) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 205.72 Td (for the period ended March 31, 2007\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 190.72 Td (10.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 190.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 190.72 Td (Amended and Restated Employment Agreement dated May 7, 2007 by and between Carl G. Annessa) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 180.72 Td (and the Company \(incorporated by reference to Exhibit10.2 to the Companys Form 10-Q for the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 170.72 Td (period ended March 31, 2007\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.95 155.72 Td (10.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 155.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 155.72 Td (Amended and Restated Employment Agreement dated May7, 2007 by and between James O. Harp,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 145.72 Td (Jr. and the Company \(incorporated by reference to Exhibit 10.3 to the Companys Form 10-Q for the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 135.72 Td (period ended March31, 2007\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.20 120.72 Td (10.10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.00 120.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 120.72 Td (Amendment to Amended and Restated Senior Employment Agreement dated effective May 12, 2008) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 110.72 Td (by and between Todd M. Hornbeck and the Company \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.00 100.72 Td (Companys Form 10-Q for the period ended March 31, 2008\).) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 31.25 Td (E - 3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 62.15 711.28 Td (Exhibit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.35 703.28 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 107.00 711.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 120.00 711.28 Td (Description of Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.55 685.82 Td (10.11) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 685.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 685.82 Td (Amendment to Amended and Restated Employment Agreement dated effective May 12, 2008 by and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 675.82 Td (between Carl G. Annessa and the Company \(incorporated by reference to Exhibit 10.2 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 665.82 Td (Companys Form 10-Q for the period ended March 31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 650.82 Td (10.12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 650.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 650.82 Td (Amendment to Amended and Restated Employment Agreement dated effective May 12, 2008 by and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 640.82 Td (between James O. Harp, Jr. and the Company \(incorporated by reference to Exhibit 10.3 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 630.82 Td (Companys Form 10-Q for the period ended March 31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 615.82 Td (10.13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 615.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 615.82 Td (Second Amendment to Amended and Restated Senior Employment Agreement dated effective) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 605.82 Td (December 31, 2009 by and between Todd M. Hornbeck and the Company \(incorporated by reference) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 595.82 Td (to Exhibit 10.12 to the Companys Form 10-K for the period ended December 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 577.82 Td (10.14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 577.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 577.82 Td (Second Amendment to Amended and Restated Employment Agreement dated effective December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 567.82 Td (2009 by and between Carl G. Annessa and the Company \(incorporated by reference to Exhibit 10.13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 557.82 Td (to the Companys Form 10-K for the period ended December 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 540.82 Td (10.15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 540.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 540.82 Td (Second Amendment to Amended and Restated Employment Agreement dated effective December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 530.82 Td (2009 by and between James O. Harp, Jr. and the Company \(incorporated by reference to Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 520.82 Td (10.14 to the Companys Form 10-K for the period ended December 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 503.82 Td (10.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 503.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 503.82 Td (Employment Agreement dated effective January 1, 2011 by and between Samuel A. Giberga and the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 493.82 Td (Company \(incorporated by reference to Exhibit 10.1 to the Companys Form 10-Q for the period ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 483.82 Td (June 30, 2011\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 468.82 Td (10.17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 468.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 468.82 Td (Change in Control Agreement dated effective August 5, 2008 by and between Samuel A. Giberga and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 458.82 Td (the Company \(incorporated by reference to Exhibit 10.1 to the Companys Form 10-Q for the quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 448.82 Td (ended June 30, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 433.82 Td (10.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 433.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 433.82 Td (Employment Agreement dated effective January 1, 2013 by and between John S. Cook and the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 423.82 Td (Company \(incorporated by reference to Exhibit 10.18 to the Company's Form 10-K for the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 413.82 Td (ended December 31, 2012\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 398.82 Td (10.19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 398.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 398.82 Td (Change in Control Agreement dated effective August 5, 2008 by and between John S. Cook and the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 388.82 Td (Company \(incorporated by reference to Exhibit 10.2 to the Companys Form 10-Q for the quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 378.82 Td (ended June 30, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 363.82 Td (10.20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 363.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 363.82 Td (Amendment to Change in Control Agreement dated effective December 31, 2009 by and between) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 353.82 Td (John S. Cook and the Company \(incorporated by reference to Exhibit 10.19 to the Companys Form) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 343.82 Td (10-K for the period ended December 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 328.82 Td (10.21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 328.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 328.82 Td (Amendment to Change in Control Agreement dated effective December 31, 2009 by and between) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 318.82 Td (Samuel A. Giberga and the Company \(incorporated by reference to Exhibit 10.18 to the Companys) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 308.82 Td (Form 10-K for the period ended December 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 293.82 Td (10.22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 293.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 293.82 Td (Form of Amended and Restated Indemnification Agreement \(incorporated by reference to Exhibit 10.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 283.82 Td (to the Companys Form 10-Q for the quarter ended June30, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 264.82 Td (10.23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 264.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 264.82 Td (Form of Executive Non-Qualified Stock Option Agreement \(incorporated by reference to Exhibit 10.16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 254.82 Td (to the Companys Form 10-K for the period ended December 31, 2004\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 240.82 Td (10.24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 240.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 240.82 Td (Form of Director Non-Qualified Stock Option Agreement \(incorporated by reference to Exhibit 10.17 to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 230.82 Td (the Companys Form 10-K for the period ended December31, 2004\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 210.82 Td (10.25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 210.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 210.82 Td (Form of Employee Non-Qualified Stock Option Agreement \(incorporated by reference to Exhibit 10.18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 200.82 Td (to the Companys Form 10-K for the period ended December31, 2004\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 185.82 Td (10.26) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 185.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 185.82 Td (Form of Restricted Stock Unit Agreement for Executive Officers \(Time Vesting\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 175.82 Td (reference to Exhibit 10.7 to the Companys Form 10-Q for the quarter ended March 31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 157.82 Td (10.27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 157.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 157.82 Td (Form of Restricted Stock Unit Agreement for Non-Employee Directors \(Time Vesting\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 147.82 Td (reference to Exhibit 10.8 to the Companys Form 10-Q for the quarter ended March 31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 130.82 Td (10.28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 130.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 130.82 Td (Form of Restricted Stock Unit Agreement for Executive Officers \(Performance Based\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 120.82 Td (reference to Exhibit 10.9 to the Companys Form 10-Q for the quarter ended March 31, 2008\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 105.82 Td (10.29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 105.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 105.82 Td (Form of Restricted Stock Unit Agreement for Executive Officers \(Performance Based\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 95.82 Td (reference to Exhibit 10.1 to the Companys Form 10-Q for the quarter ended March 31, 2009\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 78.82 Td (10.30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 78.82 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 78.82 Td (Form of Restricted Stock Unit Agreement for Executive Officers \(Time Vesting\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 68.82 Td (reference to Exhibit 10.2 to the Companys Form 10-Q for the quarter ended March 31, 2009\).) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 770.82421875 m 127.8271484375 770.82421875 l s q 0 0 1 rg BT 50.00 772.25 Td (T) Tj ET Q q 0 0 1 rg BT 55.00 772.25 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 31.25 Td (E - 4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 212.5 m 97.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 97.5 212.5 m 117.5 212.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 62.15 739.18 Td (Exhibit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.35 731.18 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 107.00 739.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 120.00 739.18 Td (Description of Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 712.72 Td (10.31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 712.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 712.72 Td (Form of Restricted Stock Unit Agreement for Executive Officers \(Performance Based\) \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 702.72 Td (reference to Exhibit 10.1 to the Companys Form 10-Q for the quarter ended March 31, 2010\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 687.72 Td (10.32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 687.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 687.72 Td (Vessel Construction Agreement dated November 14, 2011 by and between Hornbeck Offshore) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 677.72 Td (Services, Inc. and VT Halter Marine, Inc. \(incorporated by reference to Exhibit 10.41 to the Companys) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 667.72 Td (Form 10-K for the period ended December 31, 2011\). \(portions of this exhibit have been omitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 657.72 Td (pursuant to a request for confidential treatment filed with the Securities and Exchange Commission\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 643.72 Td (10.33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 643.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 643.72 Td (Consulting Agreement dated February 14, 2012 by and between Hornbeck Offshore Services, Inc. and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 633.72 Td (Larry D. Hornbeck \(incorporated by reference to Exhibit 10.43 to the Companys Form 10-K for the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 623.72 Td (period ended December 31, 2011\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 609.72 Td (10.34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 609.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 609.72 Td (Amendment No. 3 to the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 599.72 Td (Compensation Plan \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 589.72 Td (Form 8-K filed June 24, 2013\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 575.72 Td (10.35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 575.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 575.72 Td (Form of Amended Appendix A to Employment Agreements for Executive Officers \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 565.72 Td (reference to Exhibit 10.1 to the Company's Form 10-Q for the quarter ended March 31, 2014\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 549.72 Td (10.36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 549.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 549.72 Td (Second Amended and Restated Credit Agreement dated as of February 6, 2015by and among the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 539.72 Td (Company and one of its subsidiaries, Hornbeck Offshore Services, LLC, each of the lenders and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 529.72 Td (guarantors signatory thereto, and Wells Fargo Bank, National Association, as administrative agent for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 519.72 Td (the lenders \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 509.77 Td (filed on February 12, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 497.72 Td (10.37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 497.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 497.72 Td (Second Amended and Restated Guaranty and Collateral Agreement dated as of February 6, 2015 by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 487.72 Td (and among the Company, one of its subsidiaries, Hornbeck Offshore Services, LLC, each of the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 477.72 Td (guarantors signatory thereto, and Wells Fargo Bank, National Association, as administrative agent for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 467.72 Td (the lenders \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 457.77 Td (filed on February 12, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 445.72 Td (10.38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 445.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 445.72 Td (Form of Amended Appendix A to Employment Agreements for Executive Officers \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 435.72 Td (reference to Exhibit 10.1 to the Companys Form 10-Q for the quarter ended March 31, 2014\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.95 418.72 Td (10.39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 418.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 418.72 Td (Amended and Restated Indemnification Agreement effective as of May 7, 2015 by and among the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 408.72 Td (Company, Hornbeck Family Ranch, LP, Larry D. Hornbeck and Joan M. Hornbeck \(incorporated by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 398.72 Td (reference to Exhibit 10.1 to the Companys Form 10-Q for the quarter ended March 31, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 384.72 Td (10.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 384.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 384.72 Td (Fourth Amendment to the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 374.72 Td (Compensation Plan, effective June 18, 2015 \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 364.72 Td (Companys Current Report on Form 8-K filed June 24, 2015\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.20 348.72 Td (10.41) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.00 348.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 348.72 Td (First Amendment to the Hornbeck Offshore Services, Inc. 2005 Employee Stock Purchase Plan,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 338.72 Td (effective June 18, 2015 \(incorporated by reference to Exhibit 10.2 to the Companys Current Report on) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.00 328.72 Td (Form 8-K filed June 24, 2015\).) 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