Document:

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                                                                     EXHIBIT 4.5

                      HORNBECK-LEEVAC MARINE SERVICES, INC.

                                       AND

                           THE GUARANTORS PARTY HERETO

                                  $175,000,000

                     10 5/8% SERIES A SENIOR NOTES DUE 2008

                          REGISTRATION RIGHTS AGREEMENT

                            DATED AS OF JULY 24, 2001

                       RBC DOMINION SECURITIES CORPORATION
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

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         This Registration Rights Agreement (this "Agreement") is made and
entered into as of July 24, 2001 by and among HORNBECK-LEEVAC Marine Services,
Inc., a Delaware corporation (the "Company"), each subsidiary of the Company
named on the signature pages of this Agreement (each a "Guarantor" and,
collectively, the "Guarantors"), and RBC Dominion Securities Corporation and
Merrill Lynch, Pierce, Fenner & Smith Incorporated (each an "Initial Purchaser"
and, collectively, the "Initial Purchasers"), who have agreed to purchase
$175,000,000 aggregate principal amount of the Company's 10 5/8% Series A Senior
Notes due 2008 (the "Series A Notes") pursuant to the Purchase Agreement (as
defined below).

         This Agreement is made pursuant to the Purchase Agreement, dated July
19, 2001 (the "Purchase Agreement"), by and among the Company, the Guarantors
and the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Series A Notes, the Company and the Guarantors have agreed to
provide the registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the obligations of the Initial
Purchasers set forth in Section 7 of the Purchase Agreement. Capitalized terms
used herein and not otherwise defined shall have the meaning assigned to them in
the Indenture (as defined below).

         The parties hereby agree as follows:

                                   SECTION 1.
                                   DEFINITIONS

         As used in this Agreement, the following capitalized terms shall have
the following meanings:

                  Act: The Securities Act of 1933, as amended.

                  Advice: As defined in Section 6(d).

                  Affiliate: As defined in Rule 144 promulgated under the Act.

                  Agreement: As defined in the preamble hereto.

                  Broker-Dealer: Any broker or dealer registered under the
         Exchange Act.

                  Closing Date: The date hereof.

                  Commission: The Securities and Exchange Commission.

                  Company: As defined in the preamble hereto.

                  Consummate: The Exchange Offer shall be deemed "Consummated"
         for purposes of this Agreement upon the occurrence of (i) the filing
         and effectiveness under the Act of the Exchange Offer Registration
         Statement relating to the Series B Notes to be issued in the Exchange
         Offer, (ii) the maintenance of such Registration Statement

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         continuously effective and the keeping of the Exchange Offer open for a
         period not less than the minimum period required pursuant to Section
         3(b) hereof, and (iii) the delivery by the Company to the exchange
         agent for the Holders of Series B Notes in the same aggregate principal
         amount as the aggregate principal amount of Series A Notes that were
         validly tendered and not withdrawn by Holders thereof pursuant to the
         Exchange Offer.

                  Damages Payment Date: With respect to the Series A Notes, each
         Interest Payment Date.

                  Effectiveness Target Date: As defined in Section 5.

                  Exchange Act: The Securities Exchange Act of 1934, as amended.

                  Exchange Offer: The registration by the Company under the Act
         of the Series B Notes pursuant to a Registration Statement pursuant to
         which the Company offers the Holders of all outstanding Transfer
         Restricted Securities the opportunity to exchange all such outstanding
         Transfer Restricted Securities held by such Holders for Series B Notes
         in an aggregate principal amount equal to the aggregate principal
         amount of the Transfer Restricted Securities validly tendered and not
         withdrawn in such exchange offer by such Holders.

                  Exchange Offer Registration Statement: The Registration
         Statement relating to the Exchange Offer, including the related
         Prospectus.

                  Exempt Resales: The transactions in which the Initial
         Purchasers propose to sell the Series A Notes (i) to certain "qualified
         institutional buyers," as such term is defined in Rule 144A under the
         Act and (ii) outside the United States to certain non-U.S. Persons
         pursuant to the requirements of Rule 903 under the Act.

                  Guarantor: As defined in the preamble hereto.

                  Holders: As defined in Section 2(b) hereof.

                  Indemnified Holder: As defined in Section 8(a) hereof.

                  Indenture: The Indenture, dated as of even date herewith,
         between the Company and Wells Fargo Bank Minnesota, National
         Association, as trustee (the "Trustee"), pursuant to which the Notes
         are to be issued, as such Indenture is amended or supplemented from
         time to time in accordance with the terms thereof.

                  Initial Purchaser and Initial Purchasers: As defined in the
         preamble hereto.

                  Interest Payment Date: Each February 1 and August 1, beginning
         with February 1, 2002.

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

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                  NASD: The National Association of Securities Dealers, Inc.

                  Notes: The Series A Notes and the Series B Notes.

                  Prospectus: The prospectus included in a Registration
         Statement at the time such Registration Statement is declared
         effective, as amended or supplemented by any prospectus supplement and
         by all other amendments thereto, including post-effective amendments,
         and all material incorporated by reference into such Prospectus.

                  Purchase Agreement: As defined in the preamble hereto.

                  Record Holder: With respect to any Damages Payment Date
         relating to Notes, each Person who is a Holder of Notes on the record
         date with respect to the Interest Payment Date on which such Damages
         Payment Date shall occur.

                  Registration Default: As defined in Section 5 hereof.

                  Registration Statement: Any registration statement of the
         Company relating to (a) an offering of Series B Notes and the
         Subsidiary Guarantees, if any, pursuant to an Exchange Offer or (b) the
         registration for resale of Transfer Restricted Securities pursuant to
         the Shelf Registration Statement, in each case, which is filed pursuant
         to the provisions of this Agreement and including the related
         Prospectus.

                  Series A Notes: As defined in the Preamble hereof.

                  Series B Notes: The Company's 10 5/8% Series B Senior Notes
         due 2008 to be issued pursuant to the Indenture (a) in the Exchange
         Offer and (b) as contemplated by Section 6(c)(xii) hereof.

                  Shelf Filing Deadline: As defined in Section 4(a) hereof.

                  Shelf Registration Statement: As defined in Section 4(a)
         hereof.

                  Subsidiary Guarantees: The joint and several guarantees of the
         Company's payment obligations under the Notes by the Guarantors to the
         extent required by the terms of the Indenture.

                  TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section
         77aaa-77bbbb) as in effect on the date of the Indenture.

                  Transfer Restricted Securities: Each (a) Series A Note until
         (i) the date on which such Series A Note has been exchanged by a Person
         other than a Broker-Dealer for a Series B Note in the Exchange Offer,
         (ii) the date on which such Series A Note has been effectively
         registered under the Act and disposed of in accordance with the Shelf
         Registration Statement and the purchasers thereof have been issued
         Series B Notes or

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

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         (iii) the date on which such Series A Note is distributed to the public
         pursuant to Rule 144 under the Act or may be distributed to the public
         pursuant to Rule 144(k) under the Act and (b) Series B Note acquired by
         a Broker-Dealer in the Exchange Offer in exchange for a Series A Note
         that such Broker-Dealer acquired for its own account as a result of
         market-making activities or other trading activities (other than Series
         A Notes acquired directly from the Company or any of its Affiliates)
         until the date on which such Series B Note is sold pursuant to the
         "Plan of Distribution" contemplated in the Exchange Offer Registration
         Statement to a purchaser who receives from such Broker-Dealer on or
         prior to the date of such sale a copy of the Prospectus contained in
         the Exchange Offer Registration Statement.

                  Underwritten Registration or Underwritten Offering: A
         registration in which securities of the Company are sold to an
         underwriter for reoffering to the public.

                                   SECTION 2.
                      SECURITIES SUBJECT TO THIS AGREEMENT

         (a) Transfer Restricted Securities. The securities entitled to the
benefits of this Agreement are the Transfer Restricted Securities.

         (b) Holders of Transfer Restricted Securities. A Person is deemed to be
a holder of Transfer Restricted Securities (each, a "Holder") whenever such
Person owns Transfer Restricted Securities of record.

                                   SECTION 3.
                            REGISTERED EXCHANGE OFFER

         (a) Unless the Exchange Offer shall not be permissible under applicable
law or Commission policy (after the procedures set forth in Section 6(a) below
have been complied with), the Company and the Guarantors shall (i) cause to be
filed with the Commission on or before the 60th day after the Closing Date, a
Registration Statement under the Act relating to the Series B Notes, the
Subsidiary Guarantees and the Exchange Offer, (ii) use their reasonable best
efforts to cause such Registration Statement to become effective on or before
the 150th day after the Closing Date, (iii) in connection with the foregoing,
file (A) all pre-effective amendments to such Registration Statement as may be
necessary in order to cause such Registration Statement to become effective, (B)
if applicable, a post-effective amendment to such Registration Statement
pursuant to Rule 430A under the Act and (C) subject to the proviso in Section
6(c)(xi) hereof, cause all necessary filings in connection with the registration
and qualification of the Series B Notes and the Subsidiary Guarantees to be made
under the Blue Sky laws of such jurisdictions as are necessary to permit the
Exchange Offer to be Consummated, and (iv) upon the effectiveness of such
Registration Statement, commence, and within the time periods contemplated by
Section 3(b) hereof Consummate, the Exchange Offer. The Exchange Offer
Registration Statement shall be on the appropriate form under the Act permitting
registration of the Series B Notes to be offered in exchange for the Series A
Notes that are Transfer Restricted Securities and permitting resales of the
Series B Notes held by Broker-Dealers that tendered into the Exchange

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

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Offer Series A Notes that such Broker-Dealers acquired for their own account as
a result of market-making activities or other trading activities (other than
Series A Notes acquired directly from the Company or any of its Affiliates) as
contemplated by Section 3(c) below.

         (b) The Company and the Guarantors shall cause the Exchange Offer
Registration Statement to be effective continuously for a period of 180 days
from the date on which the Exchange Offer Registration Statement is declared
effective and shall keep the Exchange Offer open for a period of not less than
the minimum period required under applicable federal and state securities laws
to Consummate the Exchange Offer; provided, however, that in no event shall such
period be less than 20 Business Days. The Company and the Guarantors shall cause
the Exchange Offer to comply with all applicable federal and state securities
laws. No securities other than the Series B Notes and the Subsidiary Guarantees
shall be included in the Exchange Offer Registration Statement. The Company and
the Guarantors shall use their reasonable best efforts to cause the Exchange
Offer to be Consummated on the earliest practicable date after the Exchange
Offer Registration Statement has become effective, but in any event on or prior
to the 180th day after the Closing Date.

         (c) The Company and the Guarantors shall indicate in a "Plan of
Distribution" section contained in the Exchange Offer Registration Statement
that any Broker-Dealer who holds Series A Notes that are Transfer Restricted
Securities and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Series A Notes
acquired directly from the Company or any of its Affiliates) may exchange such
Series A Notes pursuant to the Exchange Offer; however, such Broker-Dealer may
be deemed to be an "underwriter" within the meaning of the Act and must,
therefore, deliver a prospectus meeting the requirements of the Act in
connection with its initial sale of the Series B Notes received by such
Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may
be satisfied by the delivery by such Broker-Dealer of the Prospectus contained
in the Exchange Offer Registration Statement. Such "Plan of Distribution"
section shall also contain all other information with respect to such resales by
such Broker-Dealers that the Commission may require in order to permit such
resales pursuant thereto, but such "Plan of Distribution" shall not name any
such Broker-Dealer or disclose the amount of Transfer Restricted Securities held
by any such Broker-Dealer except to the extent required by the Commission as a
result of a change in policy after the date of this Agreement.

                  The Company and the Guarantors shall use their reasonable best
efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by and subject to the provisions
of Sections 6(a) and 6(c) below to the extent necessary to ensure that the
related Prospectus is available for resales of Series B Notes that are Transfer
Restricted Securities acquired by Broker-Dealers, and to ensure that it conforms
with the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of
180 days from the date that the Exchange Offer Registration Statement is
declared effective or such shorter period as will terminate when no Transfer
Restricted Securities covered by such Registration Statement are outstanding.

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   7

                  The Company and the Guarantors shall provide sufficient copies
of the latest version of such Prospectus to Broker-Dealers promptly upon request
at any time during such period in order to facilitate such resales.

                                   SECTION 4.
                               SHELF REGISTRATION

         (a) Shelf Registration. If (i) the Company and the Guarantors are not
required to file an Exchange Offer Registration Statement or permitted to
Consummate the Exchange Offer because the Exchange Offer is not permitted by
applicable law or Commission policy (after the procedures set forth in Section
6(a) below have been complied with) or (ii) any Holder of Transfer Restricted
Securities notifies the Company in writing prior to the 20th day following the
Consummation of the Exchange Offer that (A) such Holder is prohibited by
applicable law or Commission policy from participating in the Exchange Offer, or
(B) such Holder may not resell the Series B Notes acquired by it in the Exchange
Offer to the public without delivering a prospectus and the Prospectus contained
in the Exchange Offer Registration Statement is not available for such resales
by such Holder, then the Company and the Guarantors shall:

                  (x) cause to be filed a shelf registration statement pursuant
         to Rule 415 under the Act, which may be an amendment to the Exchange
         Offer Registration Statement (in either event, the "Shelf Registration
         Statement") relating to all Transfer Restricted Securities in the case
         of Section 4(a)(i) or the Transfer Restricted Securities specified in
         any notice in the case of Section 4(a)(ii) on or prior to the earlier
         to occur of (1) the 60th day after the date on which the Company
         determines that it is not required to file the Exchange Offer
         Registration Statement as a result of Section 4(a)(i) hereof and (2)
         the 60th day after the date on which the Company receives notice from a
         Holder of Transfer Restricted Securities as contemplated by Section
         4(a)(ii) above (such earlier date being the "Shelf Filing Deadline"),
         which Shelf Registration Statement shall provide for resales of all
         Transfer Restricted Securities the Holders of which shall have provided
         the information required pursuant to Section 4(b) hereof; and

                  (y) use their reasonable best efforts to cause such Shelf
         Registration Statement to be declared effective by the Commission on or
         before the 150th day after the Shelf Filing Deadline.

The Company and the Guarantors shall use their reasonable best efforts to keep
such Shelf Registration Statement continuously effective, supplemented and
amended as required by the provisions of Sections 6(b) and (c) hereof to the
extent necessary to ensure that it is available for resales of Transfer
Restricted Securities by the Holders thereof entitled to the benefit of this
Section 4(a), and to ensure that it conforms with the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as
announced from time to time, until the earlier of (a) two years following the
Closing Date and (b) such earlier date when no Transfer Restricted Securities
covered by such Shelf Registration Statement remain outstanding.

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

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         Holders of Transfer Restricted Securities that do not give the written
notice within the 20 Business Day period set forth in Section 4(a) hereof, if
required to be given, will no longer have any registration rights pursuant to
this Section 4 and will not be entitled to any Liquidated Damages pursuant to
Section 5 hereof in respect of the Company's obligations with respect to the
Shelf Registration Statement.

         (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 10 Business Days after receipt of a request
therefor, such information as the Company may reasonably request for use in
connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. No Holder of Transfer Restricted Securities shall
be entitled to Liquidated Damages pursuant to Section 5 hereof if such Holder
shall have failed to provide all such reasonably requested information within
such period. Each Holder as to which any Shelf Registration Statement is being
effected agrees to furnish promptly to the Company all information required to
be disclosed in order to make the information previously furnished to the
Company by such Holder not materially misleading.

                                   SECTION 5.
                               LIQUIDATED DAMAGES

         If (i) any of the Registration Statements required by this Agreement to
be filed is not filed with the Commission on or prior to the date specified for
such filing in this Agreement, (ii) any of such Registration Statements has not
been declared effective by the Commission on or prior to the date specified for
such effectiveness in this Agreement (the "Effectiveness Target Date"), whether
or not the Company and the Guarantors have breached any obligations to use their
reasonable best efforts to cause any such Registration Statement to be declared
effective, (iii) the Exchange Offer has not been Consummated within 180 days of
the Closing Date or (iv) except as permitted by Section 6(c)(i) hereof, any
Registration Statement required by this Agreement is filed and declared
effective but shall thereafter cease to be effective or fail to be usable for
its intended purpose without being succeeded within 10 Business Days by a
post-effective amendment to such Registration Statement that cures such failure
and that is itself declared effective within 10 Business Days of the date of
filing of such post-effective amendment (each such event referred to in clauses
(i) through (iv), a "Registration Default"), the Company and the Guarantors
hereby jointly and severally agree to pay liquidated damages to each Holder of
Transfer Restricted Securities in an amount equal to $.10 per week per $1,000
principal amount of Transfer Restricted Securities held by such Holder for each
week or portion thereof that the Registration Default continues with respect to
the first 90-day period immediately following the occurrence of such
Registration Default. The amount of the liquidated damages shall increase by an
additional $.10 per week per $1,000 principal amount of Transfer Restricted
Securities with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum amount of liquidated damages of $.40
per week per $1,000 principal amount of Transfer Restricted Securities, provided
that the Company and the Guarantors shall in no event be required to pay
liquidated damages for more than one Registration Default at any given time.

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   9

All accrued liquidated damages shall be paid to Record Holders on each Damages
Payment Date following the accrual thereof, in the same manner as provided in
the Indenture and the Notes for the payment of interest on the Notes. Following
the cure of all Registration Defaults relating to any particular Transfer
Restricted Securities, the accrual of liquidated damages with respect to such
Transfer Restricted Securities shall cease.

         All obligations of the Company and the Guarantors set forth in the
preceding paragraph that are outstanding with respect to any Transfer Restricted
Security at the time such security ceases to be a Transfer Restricted Security
shall survive until such time as all such obligations with respect to such
security shall have been satisfied in full.

                                   SECTION 6.
                             REGISTRATION PROCEDURES

         (a) Exchange Offer Registration Statement. In connection with the
Exchange Offer, the Company and the Guarantors shall comply with all of the
applicable provisions of Section 6(c) below, shall use their reasonable best
efforts to effect such exchange and to permit the sale of Transfer Restricted
Securities being sold in accordance with the intended method or methods of
distribution thereof, and shall comply with all of the following provisions:

                  (i) If in the reasonable opinion of counsel to the Company
         there is a question as to whether the Exchange Offer is permitted by
         applicable law, the Company and the Guarantors hereby agree to seek a
         no-action letter or other favorable decision from the Commission
         allowing the Company and the Guarantors to Consummate the Exchange
         Offer for such Transfer Restricted Securities and to permit the resale
         of Series B Notes by Broker-Dealers that tendered in the Exchange Offer
         Series A Notes that such Broker-Dealers acquired for their own account
         as a result of market-making activities or other trading activities
         (other than Series A Notes acquired directly from the Company or any of
         its Affiliates). The Company and the Guarantors hereby agree to use
         their reasonable best efforts to pursue the issuance of such a decision
         to the Commission staff level but shall not be required to take
         commercially unreasonable action to effect a change of Commission
         policy.

                  (ii) As a condition to its participation in the Exchange
         Offer, each Holder of Transfer Restricted Securities (including,
         without limitation, any Holder who is a Broker-Dealer) shall furnish,
         upon the request of the Company, prior to the Consummation of the
         Exchange Offer, a written representation to the Company (which may be
         contained in the letter of transmittal contemplated by the Exchange
         Offer Registration Statement) to the effect that, at the time of
         Consummation of the Exchange Offer, (A) any Series B Notes received by
         such Holder will be acquired in the ordinary course of its business,
         (B) such Holder will have no arrangement or understanding with any
         person to participate in distribution of the Series A Notes or the
         Series B Notes within the meaning of the Act, (C) if the Holder is not
         a Broker-Dealer or is a Broker-Dealer but will not receive Series B
         Notes for its own account in exchange for Series A Notes, neither the
         Holder nor any such other Person is engaged in or intends to
         participate in a distribution of the

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                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   10

         Series B Notes, and (D) that such Holder is not an Affiliate of the
         Company. If the Holder is a Broker-Dealer that will receive Series B
         Notes for its own account in exchange for Series A Notes, it will
         represent that the Series A Notes to be exchanged for the Series B
         Notes were acquired by it as a result of market-making activities or
         other trading activities, and will acknowledge that it will deliver a
         prospectus meeting the requirements of the Act in connection with any
         resale of such Series B Notes. It is understood that, by acknowledging
         that it will deliver, and by delivering, a prospectus meeting the
         requirements of the Act in connection with any resale of such Series B
         Notes, the Holder is not admitting that it is an "underwriter" within
         the meaning of the Act.

                  (iii) Prior to effectiveness of the Exchange Offer
         Registration Statement, the Company and the Guarantors shall provide a
         supplemental letter to the Commission (A) stating that the Company and
         the Guarantors are registering the Exchange Offer in reliance on the
         position of the Commission enunciated in Exxon Capital Holdings
         Corporation (available May 13, 1988), Morgan Stanley and Co., Inc.
         (available June 5, 1991) and, if applicable, any no-action letter
         obtained pursuant to clause (i) above and (B) including a
         representation that neither the Company nor any Guarantor has entered
         into any arrangement or understanding with any Person to distribute the
         Series B Notes to be received in the Exchange Offer and that, to the
         best of the Company's information and belief, each Holder participating
         in the Exchange Offer is acquiring the Series B Notes in its ordinary
         course of business and has no arrangement or understanding with any
         Person to participate in the distribution of the Series B Notes
         received in the Exchange Offer.

         (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, if required, the Company and the Guarantors shall comply
with all the provisions of Section 6(c) below and shall use their reasonable
best efforts to effect such registration to permit the sale of the Transfer
Restricted Securities being sold in accordance with the intended method or
methods of distribution thereof (as indicated in the information furnished to
the Company pursuant to Section 4(b) hereof) and, pursuant thereto, the Company
and the Guarantors will prepare and file with the Commission in accordance with
Section 4(a) hereof a Shelf Registration Statement relating to the registration
on any appropriate form under the Act, which form shall be available for the
sale of the Transfer Restricted Securities in accordance with the intended
method or methods of distribution thereof within the time periods and otherwise
in accordance with the provisions hereof.

         (c) General Provisions. In connection with any Registration Statement
and any Prospectus required by this Agreement to permit the sale or resale of
Transfer Restricted Securities (including, without limitation, any Registration
Statement and the related Prospectus required to permit resales of Notes by
Broker-Dealers as contemplated herein), the Company and the Guarantors shall
during the periods specified in Sections 3 and 4 hereof, as applicable:

                  (i) use their reasonable best efforts to keep such
         Registration Statement continuously effective and provide all requisite
         financial statements (including, if required by the Act or any
         regulation thereunder, financial statements of the Guarantors) for the
         period specified in Section 3 or 4 of this Agreement, as applicable;
         upon the

                                       9

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   11

         occurrence of any event that would cause any such Registration
         Statement or the Prospectus contained therein (A) to contain an untrue
         statement of material fact or omit to state any material fact necessary
         to make the statements therein, in the light of the circumstances under
         which they were made, not misleading or (B) not to be effective and
         usable for the resale of Transfer Restricted Securities during the
         period required by this Agreement, the Company and the Guarantors shall
         file promptly an appropriate amendment to such Registration Statement,
         in the case of clause (A), correcting any such misstatement or
         omission, and, in the case of either clause (A) or (B), use their
         reasonable best efforts to cause such amendment to be declared
         effective and such Registration Statement and the related Prospectus to
         become usable for their intended purpose(s) as soon as practicable
         thereafter; provided, however, if (A) the full Board of Directors of
         the Company determines in good faith that it is in the best interests
         of the Company not to disclose the existence of or facts surrounding
         any proposed or pending material corporate transaction involving the
         Company or any of its subsidiaries and (B) the Company notifies the
         Holders, pursuant to Section 6(c)(iii)(D) hereof, within two Business
         Days after such Board of Directors makes such determination, the
         Company may allow the Shelf Registration Statement to fail to be
         effective and usable as a result of such nondisclosure for up to 90
         days during the period of effectiveness required by Section 4 hereof,
         but in no event for a period in excess of 30 consecutive days;

                  (ii) prepare and file with the Commission such amendments and
         post-effective amendments to the Registration Statement as may be
         necessary to keep the Registration Statement effective for the
         applicable period set forth in Section 3 or 4 hereof; cause the
         Prospectus to be supplemented by any required Prospectus supplement,
         and as so supplemented to be filed pursuant to Rule 424 under the Act,
         and to comply fully with the applicable provisions of Rules 424 and
         430A under the Act in a timely manner; and comply with the provisions
         of the Act with respect to the disposition of all securities covered by
         such Registration Statement during the applicable period in accordance
         with the intended method or methods of distribution by the sellers
         thereof set forth in such Registration Statement or supplement to the
         Prospectus;

                  (iii) except in the case of the Exchange Offer Registration
         Statement, advise the underwriter(s), if any, and selling Holders
         promptly and, if requested by any such Person, to confirm such advice
         in writing, (A) when the Prospectus or any Prospectus supplement or
         post-effective amendment has been filed, and, with respect to any
         Registration Statement or any post-effective amendment thereto, when
         the same has become effective, (B) of any request by the Commission for
         amendments to the Registration Statement or amendments or supplements
         to the Prospectus or for additional information relating thereto, (C)
         of the issuance by the Commission of any stop order suspending the
         effectiveness of the Registration Statement under the Act or of the
         suspension by any state securities commission of the qualification of
         the Transfer Restricted Securities for offering or sale in any
         jurisdiction, or the initiation of any proceeding for any of the
         preceding purposes, and (D) of the existence of any fact or the
         happening of any event that makes any statement of a material fact made
         in the Registration Statement, the Prospectus, any amendment or
         supplement thereto, or any

                                       10

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   12

         document incorporated by reference therein untrue, or that requires the
         making of any additions to or changes in the Registration Statement or
         the Prospectus in order to make the statements therein not misleading.
         If at any time the Commission shall issue any stop order suspending the
         effectiveness of the Registration Statement, or any state securities
         commission or other regulatory authority shall issue an order
         suspending the qualification or exemption from qualification of the
         Transfer Restricted Securities under state securities or Blue Sky laws,
         the Company and the Guarantors shall use their reasonable best efforts
         to obtain the withdrawal or lifting of such order at the earliest
         possible time;

                  (iv) in the case of a Shelf Registration Statement, furnish to
         each of the selling Holders and each of the underwriter(s), if any,
         before filing with the Commission, copies of any Registration Statement
         or any Prospectus included therein or any amendments or supplements to
         any such Registration Statement or Prospectus (but excluding any
         documents incorporated by reference as a result of the Company's
         periodic reporting requirements under the Exchange Act), and neither
         the Company nor any Guarantors shall file any such Registration
         Statement or Prospectus or any amendment or supplement to any such
         Registration Statement or Prospectus (excluding all such documents
         incorporated by reference as a result of the Company's periodic
         reporting requirements under the Exchange Act) to which a selling
         Holder of Transfer Restricted Securities covered by such Registration
         Statement or the underwriter(s), if any, shall reasonably object within
         five Business Days after the receipt thereof, it being understood that
         a selling Holder or underwriter, if any, shall be deemed to have
         reasonably objected to such filing if such Registration Statement,
         amendment, Prospectus or supplement, as applicable, as proposed to be
         filed, contains an untrue statement of material fact or omits to state
         any material fact necessary to make the statements therein, in the
         light of the circumstances under which they were made, not misleading;

                  (v) in the case of a Shelf Registration Statement, promptly
         following the filing of any document that is to be incorporated by
         reference into a Registration Statement or Prospectus, provide copies
         of such document to the selling Holders and to the underwriter(s), if
         any, make the Company's representatives available for discussion of
         such document and other customary due diligence matters, and include
         such information in such document prior to the filing thereof as such
         selling Holders or underwriter(s), if any, reasonably may request;

                  (vi) in the case of a Shelf Registration Statement, make
         available at reasonable times for inspection by the selling Holders,
         any underwriter participating in any disposition pursuant to such
         Registration Statement, and any attorney or accountant retained by such
         selling Holders or any of the underwriter(s), all relevant financial
         and other records and pertinent corporate documents and properties of
         the Company and the Guarantors and cause the Company's and the
         Guarantors' officers, directors and employees to supply all information
         reasonably requested by any such Holder, underwriter, attorney or
         accountant in connection with such Registration Statement subsequent to
         the filing thereof and prior to its effectiveness; provided, however,
         that such persons shall first agree in writing with the Company and/or
         the Guarantors that any

                                       11

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   13

         information that is reasonably and in good faith designated by the
         Company and/or the Guarantors as confidential at the time of delivery
         of such information shall be kept confidential by such persons, unless
         (i) disclosure of such information is required by court or
         administrative order or is necessary to respond to inquiries of
         regulatory authorities, (ii) disclosure of such information is required
         by law, (iii) such information becomes generally available to the
         public other than as a result of a disclosure or failure to safeguard
         such information by such person or (iv) such information becomes
         available to such person from a source other than the Company and/or
         the Guarantors and such source is not bound by a confidentiality
         agreement; and; provided, further, that the foregoing inspection and
         information gathering shall be coordinated on behalf of the selling
         Holders, underwriters, or any representative thereof, by one counsel,
         who shall be Vinson & Elkins L.L.P. or such other counsel as may be
         chosen by the Holders of a majority in principal amount of Transfer
         Restricted Securities;

                  (vii) in the case of a Shelf Registration Statement, if
         requested by any selling Holders or the underwriter(s), if any,
         promptly incorporate in any Registration Statement or Prospectus,
         pursuant to a supplement or post-effective amendment if necessary, such
         information as such selling Holders and underwriter(s), if any, may
         reasonably request to have included therein, including, without
         limitation, information relating to the "Plan of Distribution" of the
         Transfer Restricted Securities, information with respect to the
         principal amount of Transfer Restricted Securities being sold to such
         underwriter(s), the purchase price being paid therefor and any other
         terms of the offering of the Transfer Restricted Securities to be sold
         in such offering; and make all required filings of such Prospectus
         supplement or post-effective amendment as soon as practicable after the
         Company is notified of the matters to be incorporated in such
         Prospectus supplement or post-effective amendment;

                  (viii) in the case of a Shelf Registration Statement, furnish
         to each selling Holder and each of the underwriter(s), if any, without
         charge, at least one copy of the Registration Statement, as first filed
         with the Commission, and of each amendment thereto, including all
         documents incorporated by reference therein and all exhibits (including
         exhibits incorporated therein by reference);

                  (ix) deliver to each selling Holder and each of the
         underwriter(s), if any, without charge, as many copies of the
         Prospectus (including each preliminary prospectus) and any amendment or
         supplement thereto as such Persons reasonably may request; the Company
         and the Guarantors hereby consent, subject to Section 6(d) hereof, to
         the use of the Prospectus and any amendment or supplement thereto by
         each of the selling Holders and each of the underwriter(s), if any, in
         connection with the offering and the sale of the Transfer Restricted
         Securities covered by the Prospectus or any amendment or supplement
         thereto; provided that such use of the Prospectus and any amendment or
         supplement thereto and such offering and sale conforms to the Plan of
         Distribution set forth in the Prospectus and complies with the terms of
         this Agreement and all applicable laws and regulations thereunder;

                                       12

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   14

                  (x) in the event of an Underwritten Registration, enter into
         such customary agreements (including an underwriting agreement), make
         such customary representations and warranties, deliver such customary
         documents and certificates, and take all such other customary actions
         in connection therewith in order to expedite or facilitate the
         disposition of the Transfer Restricted Securities pursuant to any Shelf
         Registration Statement contemplated by this Agreement, all to such
         extent as may be reasonably requested by any Holder of Transfer
         Restricted Securities or underwriter in connection with any sale or
         resale pursuant to any Shelf Registration Statement contemplated by
         this Agreement; and, without limiting the generality of the foregoing,
         the Company and the Guarantors shall:

                           (A) furnish to each underwriter upon the
                  effectiveness of the Shelf Registration Statement:

                                    (1) a certificate, dated the date of
                           effectiveness of the Shelf Registration Statement,
                           signed on behalf of the Company by two senior
                           officers, one of whom must be its chief financial
                           officer, confirming, as of such date, the matters
                           addressed in the officers' certificate delivered
                           pursuant to Section 7 of the Purchase Agreement with
                           respect to the transactions contemplated by the Shelf
                           Registration Statement;

                                    (2) an opinion or opinions, dated the date
                           of effectiveness of the Shelf Registration Statement,
                           of counsel for the Company and the Guarantors
                           covering the matters referred to in Section 7(a) of
                           the Purchase Agreement with respect to the
                           transactions contemplated by the Shelf Registration
                           Statement; and

                                    (3) a customary comfort letter, dated as of
                           the date of effectiveness of the Shelf Registration
                           Statement, from the Company's independent accountants
                           if such comfort letter shall be issuable to the
                           underwriters in accordance with the relevant
                           accounting industry pronouncements, in the customary
                           form and covering matters of the type customarily
                           covered in comfort letters to underwriters in
                           connection with primary underwritten offerings, and
                           substantially in the form of the comfort letters
                           delivered pursuant to Section 7(c) of the Purchase
                           Agreement; and

                           (B) deliver such other documents and certificates as
                  may be reasonably requested by such parties and which are
                  customarily delivered in Underwritten Offerings;

                  (xi) prior to any public offering of Transfer Restricted
         Securities, cooperate with the selling Holders, the underwriter(s), if
         any, and their respective counsel in connection with the registration
         and qualification of the Transfer Restricted Securities under the
         securities or Blue Sky laws of such jurisdictions as the selling
         Holders or

                                       13

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   15

         underwriter(s) may reasonably request and do any and all other acts or
         things reasonably necessary or advisable to enable the disposition in
         such jurisdictions of the Transfer Restricted Securities covered by the
         Shelf Registration Statement; provided, however, that neither the
         Company nor the Guarantors shall be required to register or qualify as
         a foreign corporation where it is not now so qualified or to take any
         action that would subject it to the service of process in suits or to
         taxation, other than as to matters and transactions relating to the
         Registration Statement, in any jurisdiction where it is not now so
         subject;

                  (xii) issue, upon the request of any Holder of Series A Notes
         covered by the Shelf Registration Statement, Series B Notes, having an
         aggregate principal amount equal to the aggregate principal amount of
         Series A Notes being sold by such Holder, such Series B Notes to be
         registered in the name of the purchaser(s) of such Notes; in return,
         the Series A Notes held by such Holder shall be surrendered to the
         Company for cancellation;

                  (xiii) in connection with any sale of Transfer Restricted
         Securities that will result in such securities no longer being Transfer
         Restricted Securities, cooperate with the selling Holders and the
         underwriter(s), if any, to facilitate the timely preparation and
         delivery of either global or physical certificates representing
         Transfer Restricted Securities to be sold and not bearing any
         restrictive legends; and, in the case of physical certificates, enable
         such Transfer Restricted Securities to be in such authorized
         denominations and registered in such names as the Holders or the
         underwriter(s), if any, may reasonably request at least two Business
         Days prior to any sale of Transfer Restricted Securities made by such
         underwriter(s);

                  (xiv) if any fact or event contemplated by clause (c)(iii)(D)
         above shall exist or have occurred, prepare a supplement or
         post-effective amendment to the Registration Statement or related
         Prospectus or any document incorporated therein by reference or file
         any other required document so that, as thereafter delivered to the
         purchasers of Transfer Restricted Securities, the Prospectus will not
         contain any untrue statement of a material fact or omit to state any
         material fact necessary to make the statements therein not misleading;

                  (xv) provide a CUSIP number for all Series B Notes not later
         than the effective date of the Registration Statement and provide the
         Trustee under the Indenture with one or more global certificates for
         the Series B Notes that are in a form eligible for deposit with The
         Depository Trust Company;

                  (xvi) in the case of a Shelf Registration Statement, cooperate
         and assist in any filings required to be made with the NASD and in the
         performance of any due diligence investigation by any underwriter
         (including any "qualified independent underwriter") that is required to
         be retained in accordance with the rules and regulations of the NASD;

                                       14

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   16

                  (xvii) otherwise use their reasonable best efforts to comply
         with all applicable rules and regulations of the Commission, and make
         generally available to its security holders with regard to any
         applicable Registration Statement, as soon as practicable, a
         consolidated earnings statement meeting the requirements of Rule 158
         under the Act (which need not be audited) for a twelve-month period
         commencing after the effective date of the Registration Statement;

                  (xviii) cause the Indenture to be qualified under the TIA not
         later than the effective date of the first Registration Statement
         required by this Agreement, and, in connection therewith, cooperate
         with the Trustee and the Holders of Notes to effect such changes to the
         Indenture as may be required for such Indenture to be so qualified in
         accordance with the terms of the TIA; and execute and use their
         reasonable best efforts to cause the Trustee to execute, all documents
         that may be required to effect such changes and all other forms and
         documents required to be filed with the Commission to enable such
         Indenture to be so qualified in a timely manner; and

                  (xix) provide promptly to each Holder upon request each
         document, if any, filed with the Commission pursuant to the
         requirements of Section 13 or Section 15 of the Exchange Act.

         (d) Each Holder agrees by acquisition of a Transfer Restricted Security
that, upon receipt of any notice from the Company of the existence of any fact
of the kind described in Section 6(c)(iii)(D) hereof, such Holder will keep such
notice confidential and forthwith discontinue disposition of Transfer Restricted
Securities pursuant to the applicable Registration Statement until such Holder's
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(xiv) hereof, or until it is advised in writing (the "Advice") by
the Company that the use of the Prospectus may be resumed, and has received
copies of any additional or supplemental filings that are incorporated by
reference in the Prospectus. If so directed by the Company, each Holder will
deliver to the Company (at the Company's expense) all copies, other than
permanent file copies then in such Holder's possession, of the Prospectus
covering such Transfer Restricted Securities that was current at the time of
receipt of such notice. In the event the Company shall give any such notice, the
time period regarding the effectiveness of such Registration Statement set forth
in Section 3 or 4 hereof, as applicable, shall be extended by the number of days
during the period from and including the date of the giving of such notice
pursuant to Section 6(c)(iii)(D) hereof to and including the date when each
selling Holder covered by such Registration Statement shall have received the
copies of the supplemented or amended Prospectus contemplated by Section
6(c)(xiv) hereof or shall have received the Advice.

                                   SECTION 7.
                              REGISTRATION EXPENSES

         (a) All expenses incident to the Company's or the Guarantors'
performance of or compliance with this Agreement will be borne by the Company
and the Guarantors, regardless of whether a Registration Statement becomes
effective, including without limitation: (i) all

                                       15

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   17

registration and filing fees and expenses (including filings made by the Initial
Purchasers or Holders with the NASD (and, if applicable, the fees and expenses
of any "qualified independent underwriter" and its counsel that may be required
by the rules and regulations of the NASD)); (ii) all fees and expenses of
compliance with federal securities and state Blue Sky or securities laws; (iii)
all expenses of printing (including printing of Prospectuses), messenger and
delivery services and telephone; (iv) all fees and disbursements of counsel for
the Company and the Guarantors and, subject to Section 7(b) below, counsel for
the Holders of Transfer Restricted Securities; (v) all application and filing
fees in connection with listing Notes on a national securities exchange or
automated quotation system, if any; and (vi) all fees and disbursements of
independent public accountants of the Company and the Guarantors (including the
expenses of any special audit and comfort letters required by or incident to
such performance).

                  The Company and the Guarantors will, in any event, bear their
internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties), the expenses
of any annual audit and the fees and expenses of any Person, including special
experts, retained by the Company or any Guarantor. The Company shall not be
responsible for any other expenses or costs, including but not limited to
commissions, fees and discounts of underwriters, brokers, dealers and agents.

         (b) In connection with any Registration Statement required by this
Agreement (excluding the Exchange Offer Registration Statement), the Company and
the Guarantors will reimburse the Holders of Transfer Restricted Securities
being tendered in the Exchange Offer and/or resold pursuant to the "Plan of
Distribution" contained in the Exchange Offer Registration Statement or
registered pursuant to the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel, who shall be
Vinson & Elkins L.L.P. or such other counsel as may be chosen by the Holders of
a majority in principal amount of the Transfer Restricted Securities for whose
benefit such Registration Statement is being prepared.

                                   SECTION 8.
                                 INDEMNIFICATION

         (a) The Company and the Guarantors jointly and severally, agree to
indemnify and hold harmless (i) each Holder, (ii) each Initial Purchaser, (iii)
each person, if any, who controls any Holder or an Initial Purchaser within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and (iii)
the respective officers, directors, partners, employees, representatives and
agents of any Holder or Initial Purchaser or any controlling person (any person
referred to in clauses (i), (ii) or (iii) may hereinafter be referred to as an
"Indemnified Holder"), to the fullest extent lawful, from and against any and
all losses, liabilities, claims, damages and expenses whatsoever (including but
not limited to reasonable attorneys' fees and any and all reasonable expenses
whatsoever incurred in investigating, preparing or defending against any
investigation or litigation, commenced or threatened, or any claim whatsoever,
and any and all amounts paid in settlement of any claim or litigation), joint or
several, to which they or any of them may become subject under the Act, the
Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages
or expenses (or actions in respect thereof) arise out of or

                                       16

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   18

are based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or Prospectus, or in any supplement
thereto or amendment thereof, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the Company
and the Guarantors will not be liable in any such case to the extent, but only
to the extent, that any such loss, liability, claim, damage or expense arises
out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity
with written information furnished to the Company by or on behalf of the any of
the Holders expressly for use therein. This indemnity agreement will be in
addition to any liability that the Company and the Guarantors may otherwise
have, including under this Agreement.

         (b) Each Holder of Transfer Restricted Securities agrees, severally and
not jointly, to indemnify and hold harmless the Company, each of the Guarantors
and each person, if any, who controls the Company or any Guarantor within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and each
of their respective officers, directors, employers, partners, representatives
and agents to the same extent as the foregoing indemnity from the Company and
the Guarantors to each of the Indemnified Holders, but only with respect to
information relating to such Holder furnished in writing by such Holder for use
in any Registration Statement, or in any amendment thereof or supplement
thereto; provided, however, that in no case shall any selling Holder be liable
or responsible for any amount in excess of proceeds received by such Holder upon
the sale of the Notes giving rise to such indemnification obligation. This
indemnity will be in addition to any liability that the Holders may otherwise
have, including under this Agreement.

         (c) Promptly after receipt by an indemnified party under subsection (a)
or (b) above of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, notify each party against whom indemnification is
to be sought in writing of the commencement thereof (but the failure so to
notify an indemnifying party shall not relieve it from any liability that it may
have under this Section 8 or otherwise except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is
brought against any indemnified party, and it notifies an indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
therein, and to the extent it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume and control the defense thereof with counsel
reasonably satisfactory to such indemnified party. Notwithstanding the
foregoing, the indemnified party or parties shall have the right to employ its
or their own counsel in any such case, but the fees and expenses of such counsel
shall be at the expense of such indemnified party or parties unless (i) the
employment of such counsel shall have been authorized in writing by the
indemnifying parties in connection with the defense of such action, (ii) the
indemnifying parties shall not have employed counsel to take charge of the
defense of such action within a reasonable time after notice of commencement of
the action, or (iii) such indemnified party or parties shall have reasonably
concluded that there may be defenses available to it that are different from or
additional to those available to one or all of the

                                       17

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   19

indemnifying parties (in which case the indemnifying party shall not have the
right to direct the defense of such action on behalf of the indemnified party or
parties), in any of which events such fees and expenses of counsel shall be
borne by the indemnifying parties; provided, however, that the indemnifying
party under subsection (a) or (b) above shall only be liable for the legal
expenses of one counsel (in addition to any local counsel) for all indemnified
parties. Anything in this subsection to the contrary notwithstanding, an
indemnifying party shall not be liable for any settlement of any claim or action
effected without its prior written consent; provided that such consent was not
unreasonably withheld.

                                   SECTION 9.
                                  CONTRIBUTION

         In order to provide for contribution in circumstances in which the
indemnification provided for in Section 8 is for any reason held to be
unavailable or is insufficient to hold harmless a party indemnified thereunder,
the Company and the Guarantors, on the one hand, and the Holders, on the other
hand, shall contribute to the aggregate losses, claims, damages, liabilities and
expenses of the nature contemplated by such indemnification provision (including
any investigation, legal and other expenses incurred in connection with, and any
amount paid in settlement of, any action, suit or proceeding or any claims
asserted, but after deducting in the case of losses, claims, damages,
liabilities and expenses suffered by the Company and the Guarantors any
contribution received by the Company and the Guarantors from Persons, other than
a Holder, who may also be liable for contribution, including persons who control
the Company and the Guarantors within the meaning of Section 15 of the Act or
Section 20(a) of the Exchange Act) to which the Company, the Guarantors or any
Holder may be subject, (i) in such proportion as is appropriate to reflect the
relative fault of the Company and the Guarantors, on one hand, and each Holder,
on the other hand, in connection with the statements or omissions that resulted
in such losses, claims, damages, liabilities or expenses, or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative fault referred to
in clause (i) above but also other relevant equitable considerations. The
relative fault of the Company and the Guarantors, on one hand, and of each
Holder, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company, the Guarantors or such Holder and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Company, the Guarantors and each Holder of
Transfer Restricted Securities agree that it would not be just and equitable if
contributions pursuant to this Section 9 were determined by pro rata allocation
or by any other method of allocation that does not take into account the
equitable considerations referred to above. Notwithstanding the provisions of
this Section 9, (i) in no case shall any Holder be required to contribute any
amount in excess of the amount by which the proceeds received by such Holder
upon the sale of the Transfer Restricted Securities giving rise to such
obligation exceeds the amount of any damages that such Holder has otherwise been
required to pay by reason of any untrue or alleged untrue statement or omission
or alleged omission and (ii) no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. For

                                       18

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   20

purposes of this Section 9, (A) each Person, if any, who controls any of the
Holders within the meaning of Section 15 of the Act or Section 20(a) of the
Exchange Act and (B) the respective officers, directors, partners, employees,
representatives and agents of such Holder or any controlling Person shall have
the same rights to contribution as the Holders, and each Person, if any, who
controls the Company or any Guarantor within the meaning of Section 15 of the
Act or Section 20(a) of the Exchange Act shall have the same rights to
contribution as the Company and the Guarantors, subject in each case to clauses
(i) and (ii) of this Section 9. Any party entitled to contribution will,
promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may
be made against another party or parties under this Section 9, notify such party
or parties from whom contribution may be sought, but the failure to so notify
such party or parties shall not relieve the party or parties from whom
contribution may be sought from any obligation it or they may have under this
Section 9 or otherwise, except to the extent it or they have been prejudiced in
any material respect by such failure. No party shall be liable for contribution
with respect to any action or claim settled without its prior written consent,
provided that such written consent was not unreasonably withheld.

                                   SECTION 10.
                                    RULE 144A

         The Company and the Guarantors hereby agree with each Holder, for so
long as any Transfer Restricted Securities remain outstanding, to make
available, upon request, to any Holder of Transfer Restricted Securities in
connection with any sale thereof and any prospective purchaser of such Transfer
Restricted Securities from such Holder, the information required by Rule
144A(d)(4) under the Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A.

                                   SECTION 11.
                   PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

         No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder's Transfer Restricted
Securities on the basis provided in any underwriting arrangements approved by
the Persons entitled hereunder to approve such arrangements and (b) completes
and executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

                                   SECTION 12.
                            SELECTION OF UNDERWRITERS

         The Holders of Transfer Restricted Securities covered by the Shelf
Registration Statement who desire to do so may sell such Transfer Restricted
Securities in an Underwritten Offering. In any such Underwritten Offering, the
investment banker or investment bankers and manager or managers that will
administer the offering will be selected by the Company; provided, however, that
such investment bankers and managers must be reasonably satisfactory

                                       19

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   21

to the Holders of a majority in aggregate principal amount of the Transfer
Restricted Securities included in such offering.

                                   SECTION 13.
                                  MISCELLANEOUS

         (a) No Inconsistent Agreements. The Company and the Guarantors shall
not, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof. The
rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Company's or any
Guarantor's securities under any agreement in effect on the date hereof.

         (b) [ Intentionally omitted. ]

         (c) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given unless the Company has obtained the
written consent of Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities; provided, however, that the Company may amend
this Agreement to include or exclude a Guarantor as a party hereto in the event
that, pursuant to the terms of the Indenture, such Guarantor is required to
provide a Subsidiary Guarantee for the Notes or is released from such
obligation. Notwithstanding the foregoing, a waiver or consent to departure from
the provisions hereof that relates exclusively to the rights of Holders whose
securities are being tendered pursuant to the Exchange Offer and that does not
affect directly or indirectly the rights of other Holders whose securities are
not being tendered pursuant to such Exchange Offer may be given by the Holders
of a majority of the outstanding principal amount of Transfer Restricted
Securities being tendered.

         (d) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telecopier, or air courier
guaranteeing overnight delivery:

                  (i) if to a Holder, at the address set forth on the records of
         the Registrar under the Indenture, with a copy to the Registrar under
         the Indenture; and

                  (ii) if to the Company or any Guarantor:

                                    HORNBECK-LEEVAC Marine Services, Inc.
                                    414 N. Causeway Boulevard
                                    Mandeville, Louisiana  70448
                                    Telecopier No.:  (504) 727-2006
                                    Attention:  Chief Financial Officer

                                       20

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   22

                           with a copy to:

                                    R. Clyde Parker, Jr.
                                    Winstead Sechrest & Minick
                                    10077 Grogan's Mill Road, Suite 475
                                    The Woodlands, Texas  77380
                                    Telecopier No.:  (281) 363-0660

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.

         Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

         (f) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment, the
successors and assigns of subsequent Holders of Transfer Restricted Securities;
provided, however, that this Agreement shall not inure to the benefit of or be
binding upon a successor or assign of a Holder unless and to the extent such
successor or assign acquired Transfer Restricted Securities from such Holder.

         (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

         (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                           [Signature pages to follow]

                                       21

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   23

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                       HORNBECK-LEEVAC MARINE SERVICES, INC.

                       By:  /s/ JAMES O. HARP, JR.
                           ---------------------------------------------------
                             James O. Harp, Jr.
                             Vice President and Chief Financial Officer

                       LEEVAC MARINE, INC.

                       By:  /s/ JAMES O. HARP, JR.
                           ---------------------------------------------------
                             James O. Harp, Jr.
                             Vice President and Chief Financial Officer

                       HORNBECK OFFSHORE SERVICES, INC.

                       By:  /s/ JAMES O. HARP, JR.
                           ---------------------------------------------------
                             James O. Harp, Jr.
                             Vice President and Chief Financial Officer

                       ENERGY SERVICES PUERTO RICO, INC.

                       By:  /s/ JAMES O. HARP, JR.
                           ---------------------------------------------------
                             James O. Harp, Jr.
                             Vice President and Chief Financial Officer

                       HORNBECK-LEEVAC MARINE OPERATORS, INC.

                       By:  /s/ JAMES O. HARP, JR.
                           ---------------------------------------------------
                             James O. Harp, Jr.
                             Vice President and Chief Financial Officer

                                       22

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT

<PAGE>   24

Accepted and agreed to as of the date first above written:

RBC DOMINION SECURITIES CORPORATION
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:      RBC DOMINION SECURITIES CORPORATION

By:  /s/ SHAUVIK KUNDAGRAMI
    -------------------------------------------------
         Shauvik Kundagrami
         Managing Director

                                       23

                      HORNBECK-LEEVAC MARINE SERVICES, INC.
                     10 5/8% SERIES A SENIOR NOTES DUE 2008
                         REGISTRATION RIGHTS AGREEMENT<PAGE>   1
                                                                    EXHIBIT 10.1

                                     SENIOR
                              EMPLOYMENT AGREEMENT

         THIS SENIOR EMPLOYMENT AGREEMENT ("Agreement") is made and entered into
this 1st day of January, 2001, but is effective for all purposes as of the
Commencement Date (as hereinafter defined), by and between HORNBECK-LEEVAC
MARINE OPERATORS, INC., a Delaware corporation, (the "Employer"), and CHRISTIAN
G. VACCARI, residing at 71146 Riverside Drive, Covington, Louisiana 70433 (the
"Employee").

                                   WITNESSETH:

         1. Employment. Employer hereby employs Employee, and Employee hereby
accepts such employment, upon the terms and subject to the conditions set forth
in this Agreement. Employee shall be employed by Employer but may serve (and if
requested by Employer shall serve) as an officer and/or director of its parent,
HORNBECK-LEEVAC Marine Services, Inc., a Delaware corporation ("Parent"), or any
subsidiary or affiliate of Employer or Parent.

         2. Term. The term of employment under this Agreement shall commence on
January 1, 2001 (the "Commencement Date") and shall continue through December
31, 2003; provided, however, that beginning on January 1, 2004, and on every
third January 1 thereafter (each a "Renewal Date"), the term of this Agreement
shall automatically be extended three additional years unless either party gives
the other written notice of termination at least ninety (90) days prior to any
such Renewal Date. Written notice by Employer shall be solely pursuant to duly
adopted resolution of Employer's or Parent's board of directors or, at such time
as Parent is subject to the reporting requirements of the Securities Exchange
Act of 1934, as amended, the compensation committee of Parent's board of
directors. If Employee is terminated by Employer pursuant to such notice of
nonrenewal, Employer shall pay to Employee as severance pay an amount equal to
one half of Employee's basic annualized salary for the year preceding such
termination and shall continue Employee's medical insurance and other benefits
for six months following such termination. Employee shall have no further rights
or obligations hereunder.

         3. Compensation and Benefits.

                  (a) Employer shall pay to Employee as compensation for all
         services rendered by Employee a basic annualized salary of $200,000
         during the initial three (3) year term of this Agreement (the "Basic
         Salary"), or such other sums as the parties may agree on from time to
         time, payable semi-monthly or in other more frequent installments, as
         determined by the Board (as hereinafter defined). The compensation
         committee of the board of directors of Parent, by providing direction
         through the board of directors of Employer (collectively, the board of
         directors of Parent, the compensation committee of Parent and the board
         of directors of Employer are referred to as the "Board") shall have the
         right to increase Employee's compensation from time to time and
         Employee shall be entitled to an annual review thereof or more
         frequently as determined by the Board. In addition, the Board, in its
         discretion, may,

<PAGE>   2

         with respect to any year during the term hereof, award a bonus or
         bonuses to Employee; provided, however, Employer shall annually provide
         Employee with a bonus that is at least equal as a percentage of basic
         annualized salary to the maximum percentage bonus provided during the
         same year to any other senior officer of Employer or Parent; provided,
         further, Employer shall annually provide Employee with a bonus as more
         particularly described in Appendix "A" attached hereto, which Appendix
         "A" may be modified, supplemented, or replaced from time to time by
         written agreement between Employer and Employee.

         The compensation provided for in this Section 3(a) shall be in addition
to any pension or profit sharing payments set aside or allocated for the benefit
of Employee in either a tax qualified plan or otherwise.

                  (b) If the Board determines in its sole discretion that
         general economic conditions, the economic conditions of the oil and gas
         industry or the financial condition of Parent require such measures,
         the Board may reduce Employee's compensation hereunder, but in any such
         case by no more nor less than the percentage by which it has reduced
         and only if it reduces concurrently the compensation of all executive
         management and mid-management shore-based employees of Parent and its
         subsidiaries.

                  (c) Employer shall reimburse Employee for all reasonable
         expenses incurred by Employee in the performance of his duties under
         this Agreement; provided, however, that Employee must furnish to
         Employer an itemized account, satisfactory to Employer, in
         substantiation of such expenditures.

                  (d) Employee shall be entitled to such fringe benefits
         including, but not limited to, medical and family insurance benefits as
         may be provided from time to time by Employer to other senior officers
         of Employer; provided, however, that any health insurance shall not
         provide for a preexisting condition limitation, and, provided further,
         that during the term of this Agreement, such fringe benefits shall
         always be equal to, at a minimum, the maximum fringe benefits provided
         in a particular year to any other officer of Employer or Parent other
         than with respect to the grant of an award under any Incentive
         Compensation Plan of Employer.

                  (e) To the extent permitted by applicable law and terms of the
         benefit plans, Employer shall include in Employee's credited service,
         in any case where credited service is relevant in determining
         eligibility for or benefits under any employee benefits plan, the
         Employee's service for any parent, subsidiary or affiliate of Employer
         or for any predecessor thereof. and time served at prior employers.

                  (f) Employer shall provide Employee with an automobile during
         the term of the Agreement. The automobile shall be substantially
         equivalent to the highest value automobile provided to any other
         officer of Employer or Parent. Employer will also pay for auto
         insurance, maintenance and fuel. Employee may use the automobile for
         personal use and will pay all taxes related to such personal use.

                                       2
<PAGE>   3

                  (g) Employee shall be eligible to participate in such
         incentive compensation and stock option plans that have been approved
         or may in the future be approved by the shareholders of Parent of
         Employer and administered by the Parent.

         4. Duties. Employee is engaged and shall serve as the Chairman of the
Board and Chief Executive Officer of (i) Parent, (ii) Hornbeck Offshore
Services, Inc., (iii) Employer, (iv) LEEVAC Marine, Inc. and (v) any other
subsidiaries of Parent that may be formed or acquired. In addition, Employee
shall have such other duties and hold such other offices as may from time to
time be reasonably assigned to him by the Board.

         5. Extent of Services; Vacations and Days Off.

                  (a) During the term of his employment under this Agreement,
         Employee shall devote such of his time, energy and attention to the
         benefit and business of Employer as may be necessary in performing his
         duties pursuant to this Agreement.

                  (b) Employee shall be entitled to vacations and holidays with
         pay and to such personal and sick leave with pay in accordance with the
         policy of Employer as may be established from time to time by Employer
         and applied to other senior officers of Employer; provided, however,
         that Employee shall annually be entitled to the maximum number of
         vacation days and holidays afforded to any other officer of Employer or
         Parent.

         6. Facilities. Employer shall provide Employee with a fully furnished
office, and the facilities of Employer shall be generally available to Employee
in the performance of his duties pursuant to this Agreement; it being understood
and contemplated by the parties that all equipment, supplies and office
personnel required for Employee's performance of duties under this Agreement
shall be supplied by Employer.

         7. Illness or Incapacity, Termination on Death.

                  (a) If Employee dies during the term of his employment,
         Employer shall pay to the estate of Employee such compensation,
         including any bonus compensation earned but not yet paid, as would
         otherwise have been payable to Employee for a period of one year
         following his death and shall continue to provide medical insurance and
         other benefits to which Employee's dependents would otherwise have been
         entitled for the same period. Except for the benefits set forth in the
         preceding sentence and any life insurance benefits included in the
         benefit package provided at such time by Employer to Employee, Employer
         shall have no additional financial obligation under this Agreement to
         Employee or his estate. After receiving the payments and health
         insurance benefits provided in this subparagraph (a), Employee and his
         estate shall have no further rights under this Agreement.

                  (b) (i) During any period of disability, illness or incapacity
         during the term of this Agreement that renders Employee at least
         temporarily unable to perform the services required under this
         Agreement for a period that shall not equal or exceed ninety (90)
         continuous days (provided that a return to full work status of less
         than

                                       3
<PAGE>   4

         five full days shall be deemed not to interrupt the calculation of such
         90 days), Employee shall receive the compensation payable under Section
         3(a) of this Agreement plus any bonus compensation earned through the
         last day of such ninety (90) day period but not yet paid, less any
         benefits received by him under any disability insurance carried by or
         provided by Employer. All rights of Employee under this Agreement
         (other than rights already accrued) shall terminate as provided below
         upon Employee's permanent disability (as defined below), although
         Employee shall continue to receive any disability benefits to which he
         may be entitled under any disability income insurance that may be
         carried by or provided by Employer from time to time; Employer hereby
         agrees to provide such insurance on a same occupation basis.

                  (ii) The term "permanent disability" as used in this Agreement
         shall mean "permanent disability" under any long term disability plan
         maintained by Employer that covers Employee. In the absence of such a
         plan, "permanent disability" shall mean the inability of Employee, as
         determined by the Board, by reason of physical or mental disability to
         perform the duties required of him under this Agreement for a period of
         at least ninety (90) days in any one-year period. Upon such
         determination, the Board may terminate Employee's employment under this
         Agreement upon ten (10) days' prior written notice. If any
         determination of the Board with respect to permanent disability is
         disputed by Employee, the parties hereto agree to abide by the decision
         of a panel of three physicians. Employee and the Board shall each
         appoint one member, and the third member of the panel shall be
         appointed by the other two members. Employee agrees to make himself
         available for and submit to examinations by such physicians as may be
         directed by the Board. Failure to submit to any such examination shall
         constitute a breach of a material part of this Agreement.

         8. Other Terminations.

                  (a)

                           (i) Employee may terminate his employment hereunder
                  for any reason whatsoever upon giving at least ninety (90)
                  days' prior written notice. In addition, Employee shall have
                  the right to terminate his employment hereunder on the
                  conditions and at the times provided for in Section 8(d) of
                  the Agreement.

                           (ii) If Employee gives notice pursuant to Section
                  8(a)(i) above, Employer shall have the right to relieve
                  Employee, in whole or in part, of his duties under this
                  Agreement (without reduction in compensation through the
                  termination date).

                  (b)

                           (i) Except as otherwise provided in this Agreement,
                  Employer may terminate the employment of Employee hereunder
                  only for "good cause" (as defined below) and upon written
                  notice.

                                       4
<PAGE>   5

                           (ii) As used herein, "good cause" shall include:

                                    (1) Employee's conviction of either a felony
                           involving moral turpitude or any crime in connection
                           with his employment by Employer that causes Employer
                           a substantial detriment, but specifically shall not
                           include traffic offenses;

                                    (2) actions or inactions by Employee that
                           clearly are contrary to the best interests of
                           Employer;

                                    (3) Employee's willful failure to take
                           actions permitted by law and necessary to implement
                           policies of the Board that the Board has communicated
                           to him in writing, provided that such policies that
                           are reflected in minutes of a Board meeting attended
                           in its entirety by Employee shall be deemed
                           communicated to Employee;

                                    (4) Employee's continued failure to attend
                           to his duties as an executive officer of Employer or
                           its affiliates, following written notice from the
                           Board to Employee of such failure; or

                                    (5) any condition that either resulted from
                           Employee's substantial dependence on alcohol, or any
                           narcotic drug or other controlled or illegal
                           substance. If any determination of substantial
                           dependence is disputed by Employee, the parties
                           hereto agree to abide by the decision of a panel of
                           three physicians appointed in the manner specified in
                           Section 7(b)(ii) of this Agreement.

                                    (6) With respect to (2) through (5) above,
                           such circumstances shall not constitute "good cause"
                           unless Employee has failed to cure such circumstances
                           within 10 business days following written notice
                           thereof from the Board identifying in reasonable
                           detail the manner in which the Employer believes that
                           Employee has not performed such duties and indicating
                           the steps Employer requires to cure such
                           circumstances.

                           (iii) Termination of the employment of Employee for
                  reasons other than those expressly specified in this Agreement
                  as good cause shall be deemed to be a termination of
                  employment "without good cause."

                  (c)

                           (i) If Employer shall terminate the employment of
                  Employee without good cause effective on a date earlier than
                  the termination date provided for in Section 2 (with the
                  effective date of termination as so identified by Employer
                  being referred to herein as the "Accelerated Termination
                  Date"), Employee, until the termination date provided for in
                  Section 2 or until the date that is two (2) years after the
                  Accelerated Termination Date, whichever is later, shall
                  continue to receive the salary and other compensation and
                  benefits specified in Section 3, in each case in the

                                       5
<PAGE>   6
                  amount and kind and at the time provided for in Section 3;
                  provided that, notwithstanding such termination of employment,
                  Employee's covenants set forth in Section 10 shall remain in
                  full force and effect.

                           (ii) If Employer shall terminate the employment of
                  Employee without good cause effective on a date earlier than
                  the termination date provided for in Section 2, any and all
                  options, rights or awards granted in conjunction with Parent's
                  or Employer's incentive compensation and stock option plans
                  shall immediately vest.

                           (iii) The parties agree that, because there can be no
                  exact measure of the damage that would occur to Employee as a
                  result of a termination by Employer of Employee's employment
                  without good cause, the payments and benefits paid and
                  provided pursuant to this Section 8(c) shall be deemed to
                  constitute liquidated damages and not a penalty for Employer's
                  termination of Employee's employment without good cause, and
                  Employer agrees that Employee should not be required to
                  mitigate his damages.

                  (d)

                           (i) If a Change in Control of Employer, as defined in
                  Section 8(d)(ii) shall occur, and Employee shall:

                                    (1) have his employment constructively
                           terminated by Employer because Employer:

                                             (A) has after the Change in Control
                                    reduced Employee's annual base salary or
                                    potential bonus level or any incentive
                                    compensation or stock option plan benefit
                                    (as in effect immediately before such Change
                                    in Control);

                                             (B) has relocated Employee's office
                                    to a location that is more than 35 miles
                                    from the location in which Employee
                                    principally works for Employer or Parent
                                    immediately before such Change in Control;

                                             (C) has relocated the principal
                                    executive office of Parent, Employer or the
                                    office of Employer's operating group for
                                    which Employee performed the majority of his
                                    services for Employer during the year before
                                    the Change in Control to a location that is
                                    more than 35 miles from the location of such
                                    office immediately before such Change in
                                    Control;

                                             (D) has required Employee, in order
                                    to perform duties of substantially equal
                                    status, dignity and character to those
                                    duties Employee performed immediately before
                                    the Change in Control, to travel on
                                    Employer's business to a substantially
                                    greater extent than is

                                       6
<PAGE>   7
                                    consistent with Employee's travel
                                    obligations immediately before such Change
                                    in Control;

                                             (E) has failed to continue to
                                    provide Employee with benefits substantially
                                    equivalent to those enjoyed by Employee
                                    under any of Employer's life insurance,
                                    medical, health and accident or disability
                                    plans and incentive compensation or stock
                                    option plans in which Employee was
                                    participating immediately before the Change
                                    in Control;

                                             (F) has taken any action that would
                                    directly or indirectly materially reduce any
                                    of such benefits or deprive Employee of any
                                    material fringe benefit enjoyed by Employee
                                    immediately before the Change in Control;

                                             (G) has failed to provide Employee
                                    with at least the number of paid vacation
                                    days to which Employee is entitled on the
                                    basis of years of service under Employer's
                                    normal vacation policy in effect immediately
                                    before the Change in Control giving credit
                                    for time served at prior employers;

                                    (2) voluntarily terminate his employment
                           within one year following such Change in Control and
                           such termination shall be as a result of Employee's
                           good faith determination that as a result of the
                           Change in Control and a change in circumstances
                           thereafter significantly affecting his position other
                           than those listed in Section 8(d)(i)(1) above, he can
                           no longer adequately exercise the authorities,
                           powers, functions or duties attached to his position
                           as an executive officer of Employer, Parent or any of
                           their affiliates; or

                                    (3) voluntarily terminate his employment
                           within one year following such Change in Control, and
                           such termination shall be as a result of Employee's
                           good faith determination that he can no longer
                           perform his duties as an executive officer of
                           Employer by reason of a substantial diminution in his
                           responsibilities, status, title or position;

                                    (4) have his employment terminated by
                           Employer for reasons other than those specified in
                           Section 8(b)(ii) within one (1) year following such
                           Change in Control;

then in any of the above four cases, Employee shall have, instead of the rights
described in Section 3(a), the right to immediately terminate this Agreement and
receive from Employer, within fifteen business days following the date Employee
notifies Employer of his constructive or voluntary termination pursuant to this
Section 8(d)(i)(1), (2) or (3) or within three business days of having his
employment terminated under 8(d)(i)(4) above, (A) a lump sum cash payment equal
to three times the amount of Employee's Basic Salary with respect to the year in
which such termination has

                                       7
<PAGE>   8

occurred plus three times the amount of any bonus awarded to Employee with
respect to the year immediately preceding the year in which such termination
occurred, provided, however, that if Employee for any reason did not receive a
bonus in the immediately preceding year, Employee shall be deemed for purposes
of this Section 8(d)(i) to have received a bonus in the amount of one-fourth of
his annual Basic Salary for such year, and (B) medical plan coverage and other
insurance benefits provided for himself and his spouse and dependents (to the
extent his spouse and dependents are covered under the medical plan and other
insurance benefits as of the date of Employee's termination of employment) for a
period of three (3) years following the date of Employee's termination of
employment, and (C) any and all options, rights or awards granted in conjunction
with the Parent's or Employer's incentive compensation or stock option plans
shall immediately vest. Employee shall not be required to mitigate the amount of
any payment provided for in this Section 8(d)(i) by seeking other employment or
otherwise. To the extent the provision of any such medical benefits are taxable
to Employee or his spouse or dependents, Employer shall "gross up" Employee for
such taxes based on Employee's actual tax rate (certified to Employer by
Employee), up to 35% (without a "gross up" on the initial gross up). The
obligation to provide this medical plan coverage shall terminate in the event
Employee becomes employed by another employer that provides a medical plan that
fully covers Employee and his dependents without a preexisting condition
limitation.

                           (ii) For purposes of this Agreement, a "Change in
                  Control" shall mean:

                                    (1) the obtaining by any party or group
                           acting in concert (other than current stockholders
                           and warrantholders or their affiliates) of fifty
                           percent (50%) or more of the voting shares of Parent
                           pursuant to a "tender offer" for such shares as
                           provided under Rule d-2 promulgated under the
                           Securities Exchange Act of 1934, as amended, or any
                           subsequent comparable federal rule or regulation
                           governing tender offers; or

                                    (2) individuals who were members of the
                           Parent's board of directors immediately prior to any
                           particular meeting of any Parent's shareholders that
                           involves a contest for the election of directors fail
                           to constitute a majority of the members of such
                           Parent's board of directors following such election;
                           or

                                    (3) Parent executing an agreement concerning
                           the sale of substantially all of its assets to a
                           purchaser that is not the Employer, Parent or a
                           direct or indirect subsidiary of Parent or the
                           affiliate of Parent; or

                                    (4) Parent's or Employer's adoption of a
                           plan of dissolution or liquidation; or

                                    (5) Parent's executing an agreement
                           concerning a merger or consolidation in which Parent
                           is not the surviving corporation or if, immediately
                           following such merger or consolidation, less than
                           fifty percent (50%) of the surviving corporation's
                           outstanding voting stock is held by persons who were
                           shareholders and/or warrantholders of Parent
                           immediately prior to the merger or consolidation or
                           their affiliates.

                                       8
<PAGE>   9

                           (iii) The provisions of Section 8(c) and this Section
                  8(d) are mutually exclusive; provided, however, that if within
                  one year following commencement of a Section 8(c) payout there
                  shall be a Change in Control as defined in Section 8(d)(ii),
                  then Employee shall be entitled to the amount payable to
                  Employee under Section 8(d)(i) reduced by the amount that
                  Employee has received under Section 8(c) up to the date of the
                  Change in Control. The triggering of the lump sum payment
                  requirement of this Section 8(d) shall cause the provisions of
                  Section 8(c) to become inoperative. The triggering of the
                  continuation of payment provisions of Section 8(c) shall cause
                  the provisions of Section 8(d) to become inoperative except to
                  the extent provided in this Section 8(d)(iii).

                  (e) If the employment of Employee is terminated for good cause
         under Section 8(b)(ii) of this Agreement, or if Employee voluntarily
         terminates his employment by written notice to Employer under Section
         8(a) of this Agreement without reliance on Section 8(d), Employer shall
         pay to Employee any compensation earned but not paid to Employee prior
         to the effective date of such termination. Under such circumstances,
         such payment shall be in full and complete discharge of any and all
         liabilities or obligations of Employer to Employee hereunder, and
         Employee shall be entitled to no further benefits under this Agreement.

         9. Disclosure. Employee agrees that during the term of his employment
by Employer, he will disclose to Employer (and no one else) all ideas, methods,
plans, developments or improvements known by him which relate directly or
indirectly to the business of Employer, whether acquired by Employee before or
during his employment by Employer. Nothing in this Section 9 shall be construed
as requiring any such communication where the idea, plan, method or development
is lawfully protected from disclosure as a trade secret of a third party or by
any other lawful prohibition against such communication.

         10. Confidentiality. Employee agrees to keep in strict secrecy and
confidence any and all information Employee assimilates or to which he has
access during his employment by Employer and which has not been publicly
disclosed and is not a matter of common knowledge in the fields of work of
Employer. Employee agrees that both during and after the term of his employment
by Employer, he will not, without the prior written consent of Employer,
disclose any such confidential information to any third person, partnership,
joint venture, company, corporation or other organization.

         11. Noncompetition and Nonsolicitation. Employee hereby acknowledges
that, during and, in some instances, solely as a result of his employment by
Employer, he has received and shall continue to receive access to confidential
information and business and professional contacts of Employer. In consideration
of the special and unique opportunities afforded to Employee by Employer as a
result of Employee's employment, as outlined in the previous sentence, Employee
hereby agrees as follows:

                  (a) During the term of Employee's employment, whether pursuant
         to this Agreement, any automatic or other renewal hereof or otherwise,
         and, except as may be

                                       9
<PAGE>   10

         otherwise herein provided, Employee shall not, directly or indirectly,
         enter into, engage in, be employed by or consult any business which
         competes with the business of Employer by selling, offering to sell,
         soliciting offers to buy, or producing, or by consulting with others
         concerning the selling or producing of, any product or service
         substantially similar to those now sold, produced or provided by
         Employer. Employee shall not engage in such prohibited activities,
         either as an individual, partner, officer, director, stockholder,
         employee, advisor, independent contractor, joint venturer, consultant,
         agent, or representative or salesman for any person, firm, partnership,
         corporation or other entity so competing with Employer. The
         restrictions of this Section 11 shall not be violated by (i) the
         ownership of no more than 5% of the outstanding securities of any
         company whose stock is publicly traded, or (ii) other outside business
         investments that do not in any manner conflict with the services to be
         rendered by Employee for Employer and its affiliates and that do not
         diminish or detract from Employee's ability to render his attention to
         the business of Employer and its affiliates.

                  (b) During his employment with Employer and, except as may be
         otherwise herein provided, Employee agrees he will refrain from and
         will not, directly or indirectly, as an individual, partner, officer,
         director, stockholder, employee, advisor, independent contractor, joint
         venturer, consultant, agent, representative, salesman or otherwise (1)
         solicit any of the employees of Employer to terminate their employment
         or (2) accept employment with or seek remuneration by any of the
         clients or customers of Employer with whom Employer did business during
         the term of Employee's employment.

                  (c) The parties hereto agree that the foregoing restrictive
         covenants set forth in Sections 11(a) and (b) are essential elements of
         this Agreement, and that, but for the agreement of Employee to comply
         with such covenants, Employer would not have agreed to enter into this
         Agreement. Such covenants by Employee shall be construed as agreements
         independent of any other provision in this Agreement. The existence of
         any claim or cause of action of Employee against Employer, whether
         predicated on this Agreement, or otherwise, shall not constitute a
         defense to the enforcement by Employer of such covenants.

                  (d) The parties hereto agree that if any portion of the
         covenants set forth in this Section 11 are held to be invalid,
         unreasonable, arbitrary or against public policy, then such portion of
         such covenants shall be considered divisible both as to time and
         geographical area. Employer and Employee agree that, if any court of
         competent jurisdiction determines the specified time period or the
         specified geographical area applicable to this Section 11 to be
         invalid, unreasonable, arbitrary or against public policy, a lesser
         time period or geographical area which is determined to be reasonable,
         non-arbitrary and not against public policy may be enforced against
         Employee. Employer and Employee agree that the foregoing covenants are
         appropriate and reasonable when considered in light of the nature and
         extent of the business conducted by Employer.

         12. Specific Performance. Employee agrees that damages at law will be
an insufficient remedy to Employer if Employee violates the terms of Sections 9,
10 or 11 of this Agreement and that Employer would suffer irreparable damage as
a result of such violation. Accordingly, it is agreed that Employer shall be
entitled, upon application to a court of competent jurisdiction, to

                                       10
<PAGE>   11

obtain injunctive relief to enforce the provisions of such Sections, which
injunctive relief shall be in addition to any other rights or remedies available
to Employer. In the event either party commences legal action relating to the
enforcement of the terms of Sections 9, 10 or 11 of this Agreement, the
prevailing party in such action shall be entitled to recover from the other
party all of the costs and expenses in connection therewith, including
reasonable fees and disbursements of counsel (both at trial and in appellate
proceedings).

         13. Compliance with Other Agreements. Employee represents and warrants
that the execution of this Agreement by him and his performance of his
obligations hereunder will not conflict with, result in the breach of any
provision of or the termination of or constitute a default under any agreement
to which Employee is a party or by which Employee is or may be bound.

         14. Waiver of Breach. The waiver by Employer of a breach of any of the
provisions of this Agreement by Employee shall not be construed as a waiver of
any subsequent breach by Employee.

         15. Binding Effect; Assignment. The rights and obligations of Employer
under this Agreement shall inure to the benefit of and shall be binding upon the
successors and assigns of Employer. This Agreement is a personal employment
contract and the rights, obligations and interests of Employee hereunder may not
be sold, assigned, transferred, pledged or hypothecated.

         16. Indemnification. Employee shall be entitled throughout the term of
this Agreement and thereafter to indemnification by Parent and Employer in
respect of any actions or omissions as an employee, officer or director of
Parent, Employer (or any successor thereof) to the fullest extent permitted by
law. Parent and Employer also agree to obtain directors and officers (D&O)
insurance in a reasonable amount determined by the Board and to maintain such
insurance during the term of this Agreement (as such Agreement may be extended
from time to time) and for a period of twelve (12) months following the
termination of this Agreement, as so extended.

         17. Entire Agreement. This Agreement contains the entire agreement and
supersedes all prior agreements and understandings, oral or written, with
respect to the subject matter hereof. This Agreement may be changed only by an
agreement in writing signed by the party against whom any waiver, change,
amendment, modification or discharge is sought.

         18. Construction and Interpretation.

                  (a) The Board shall have the sole and absolute discretion to
         construe and interpret the terms of this Agreement, unless another
         individual or entity is charged with such responsibility.

                  (b) This Agreement shall be construed pursuant to and governed
         by the laws of the State of Louisiana (but any provision of Louisiana
         law shall not apply if the application of such provision would result
         in the application of the law of a state or jurisdiction other than
         Louisiana).

                                       11
<PAGE>   12

                  (c) The headings of the various sections in this Agreement are
         inserted for convenience of the parties and shall not affect the
         meaning, construction or interpretation of this Agreement.

                  (d) Any provision of this Agreement that is determined by a
         court of competent jurisdiction to be prohibited, unenforceable or not
         authorized in any jurisdiction shall, as to such jurisdiction, be
         ineffective to the extent of such prohibition, unenforceability or
         non-authorization without invalidating the remaining provisions hereof
         or affecting the validity, enforceability or legality of such provision
         in any other jurisdiction. In any such case, such determination shall
         not affect any other provision of this Agreement, and the remaining
         provisions of this Agreement shall remain in full force and effect. If
         any provision or term of this Agreement is susceptible to two or more
         constructions or interpretations, one or more of which would render the
         provision or term void or unenforceable, the parties agree that a
         construction or interpretation that renders the term or provision valid
         shall be favored.

         19. Notice. All notices that are required or may be given under this
Agreement shall be in writing and shall be deemed to have been duly given when
received if personally delivered; when transmitted if transmitted by telecopy or
similar electronic transmission method; one working day after it is sent, if
sent by recognized expedited delivery service; and five days after it is sent,
if mailed, first class mail, certified mail, return receipt requested, with
postage prepaid. In each case notice shall be sent to:

         To Employer:

         HORNBECK-LEEVAC Marine Operators, Inc.
         414 N. Causeway Blvd.
         Mandeville, LA 70448

         To Employee at his address herein first above written.

         20. Venue; Process. The parties to this Agreement agree that
jurisdiction and venue in any action brought pursuant to this Agreement to
enforce its terms or otherwise with respect to the relationships between the
parties shall properly lie in the 22nd Judicial District Court for the Parish of
St. Tammany or in the United States District Court for the Eastern District of
Louisiana, New Orleans Division, New Orleans Office. Such jurisdiction and venue
are merely permissive; jurisdiction and venue shall also continue to lie in any
court where jurisdiction and venue would otherwise be proper.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.

                                        EMPLOYER:

                                        HORNBECK-LEEVAC MARINE OPERATORS, INC.

                                        By: /s/ TODD M. HORNBECK
                                           -------------------------------------
                                        Name:  Todd M. Hornbeck
                                             -----------------------------------
                                        Title: President
                                              ----------------------------------

                                        EMPLOYEE:

                                        /s/ CHRISTIAN G. VACCARI
                                        ----------------------------------------
                                        CHRISTIAN G. VACCARI

ACKNOWLEDGED AND AGREED TO FOR
PURPOSES OF GUARANTEEING THE
FINANCIAL OBLIGATIONS OF EMPLOYER
TO EMPLOYEE:

HORNBECK-LEEVAC MARINE SERVICES, INC.

By: /s/ TODD M. HORNBECK
   -------------------------------------
Name:  Todd M. Hornbeck
     -----------------------------------
Title: President
      ----------------------------------

<PAGE>   14

                                   APPENDIX A

         Employer shall annually provide Employee with a bonus that is at least
equal as a percentage of Basic Salary as is determined by comparing the actual
Parent (i) earnings before interest, taxes, depreciation, and amortization
calculated on a consolidated basis with Parent's subsidiaries (the "EBITDA") and
(ii) fully diluted earnings per share (the "EPS"), such actual Parent EBITDA and
EPS performance, to be derived from audited financial statements of Parent and
its consolidated subsidiaries prepared in accordance with generally accepted
accounting principles ("GAAP"), taking into account accruals for such bonuses
for Employee and other employees of Employer, to their respective Parent EBITDA
and EPS targets set in advance by the Board (each referred to herein as a
"Target" and collectively, as the "Targets") for each fiscal year under the term
of this Agreement as contemplated below.

         Employer and Employee agree that targets are to be aggressively set by
the Board such that the bonus incentives for Employee are aligned with Parent
shareholder goals for each fiscal year. Fifty percent (50%) of the bonus shall
be based upon a percentage comparison of actual Parent EBITDA performance to the
EBITDA Target for such fiscal year, and the remaining fifty percent (50%) shall
be based upon a percentage comparison of actual Parent EPS performance to the
EPS Target for such fiscal year.

         Bonus awards for each Target based upon such percentage comparisons are
as follows:

                           (i) achievement of eighty percent (80%) of Target
                  earns a bonus of twelve and one-half percent (12.5%) of Basic
                  Salary;

                           (ii) achievement of one hundred percent (100%) of
                  Target earns a bonus of fifty percent (50%) of Basic Salary;
                  and

                           (iii) achievement of one hundred fifty percent (150%)
                  of Target earns a bonus of one hundred percent (100%) of Basic
                  Salary.

Bonuses for Target achievement percentages (i) greater than eighty percent (80%)
and less than one hundred percent (100%) and (ii) greater than one hundred
percent (100%) but less than one hundred fifty percent (150%) shall be
determined by the Board using a curve which is a straight line connecting eighty
percent (80%) and one hundred percent (100%) and another line connecting one
hundred percent (100%) and one hundred fifty percent (150%). Notwithstanding the
above, the Board, in its sole discretion, may award a bonus to Employee for a
Target achievement percentage that is less than eighty percent (80%), and the
Board, in its sole discretion, may award an additional

<PAGE>   15

bonus to Employee for a Target achievement percentage in excess of one hundred
fifty percent (150%).

         Notwithstanding the foregoing, the Year 2001 Target for Parent EBITDA
performance shall be $21,700,000 and for Parent EPS performance shall be $0.22
per share. Based upon the RBC Dominion Securities prepared offering memorandum
projections, the Year 2002 Target for Parent EBITDA performance shall be
$35,200,000 and for Parent EPS performance shall be $0.36 per share.

                                        EMPLOYER:

                                        HORNBECK-LEEVAC MARINE OPERATORS, INC.

                                        By: /s/ TODD M. HORNBECK
                                           -------------------------------------
                                        Name:  Todd M. Hornbeck
                                             -----------------------------------
                                        Title: President
                                              ----------------------------------

                                        EMPLOYEE:

                                        /s/ CHRISTIAN G. VACCARI
                                        ----------------------------------------
                                        CHRISTIAN G. VACCARI

ACKNOWLEDGED AND AGREED TO FOR
PURPOSES OF GUARANTEEING THE
FINANCIAL OBLIGATIONS OF EMPLOYER
TO EMPLOYEE:

HORNBECK-LEEVAC MARINE SERVICES, INC.

By: /s/ TODD M. HORNBECK
   -------------------------------------
Name:  Todd M. Hornbeck
     -----------------------------------
Title: President
      ----------------------------------

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