Hornbeck Offshore struck a cautious note on its long-term debt refinancing as it reported weaker than expected first quarter results.

The US offshore outfit says it has sufficient liquidity to get through to the end of next year given its reserves and waivers.

Should the market not recover it will be difficult for the owner to meet debt requirements that fall due between 2019, 2020 and 2021, investors are told.

“Refinancing in the current climate is not likely to be achievable on terms that are in-line with the company's historic cost of debt capital,” Hornbeck said.