Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of offshore service provider Hornbeck Offshore Services (NYSE: HOS) fell 10% today after the company announced a share offering and a newbuild program.

So what: Hornbeck is planning to build 16 new 300 class DP-2 new generation offshore supply vessels with an option to build another 16 vessels. To pay for the newbuilds, Hornbeck will be offering 6.75 million shares of common stock to the market with an option for underwriters to purchase just over 1 million more shares.

Now what: A drop in shares is pretty typical when a dilutive offering is announced, so I would look at the newbuild program for possible value. Management says the vessels will be completed at a time when 145 incremental floaters and jack-up rigs are completed, so this could be a great opportunity for Hornbeck. I'm not jumping into shares yet, considering recent earnings losses, but in the long term this could be a good move for Hornbeck.

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