Hornbeck unveils fourth quarter results

Company News - February 17, 2012

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Hornbeck Offshore Services in the US has announced results for the fourth quarter ended December 31, 2011.

The following are highlights for the period:

• fourth quarter 2011 diluted EPS of US$0.45 was 4.5 times higher than fourth quarter 2010, despite a 17 per cent increase in diluted shares

• fourth quarter 2011 EBITDA of US$57 million increased US$22 million, or 62 per cent, over third quarter 2011 EBITDA of US$35 million

• Effective utilization for active new gen OSV fleet was 93 per cent for fourth quarter 2011, up from 81 per cent a year-ago

• MPSV utilization was 89 per cent for the fourth quarter of 2011, up from 12 per cent  for the first half of 2011

• Contract backlog for new generation OSV vessel-days is currently at 59 per cent and 27 per cent for 2012 and 2013

• Contract backlog for MPSV vessel-days is currently at 69 per cent and 40 per cent for 2012 and 2013.

• TTB fleet utilization was 87% for 4Q11 at an effective dayrate 10% higher than the comparable year-ago rate
• OSV Newbuild Program #5 is now underway with first vessel scheduled for delivery in June 2013
• Four remaining stacked new gen OSVs scheduled for reactivation after planned drydockings and re-crewing

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