Hornbeck publishes third quarter resultsCompany News // October 31, 2013
Hornbeck Offshore Services has announced results for the third quarter ended September 30, 2013.
Among the highlights for the period are the following:
- third quarter upstream revenue of US$132.9 million was up 16 per cent from the year-ago quarter
- third quarter upstream operating income of US$37.2 million increased 53 per cent from the year-ago quarter
- the third quarter sale of the company's downstream fleet resulted in pre-tax gain on sale of assets of US$60.0 million (US$1.04 per diluted share)
- excluding such gains on sales, third quarter EBITDA was US$66.5 million, an increase of 38 per cent from the year-ago quarter
- excluding gains on sales, third quarter EPS was US$0.57 per share, an increase of 185 per cent from the year-ago quarter.
Third quarter utilization of the 50-vessel new gen OSV fleet was 81 per cent compared to 80 per cent a year-ago and 88 per cent sequentially. Third quarter high-spec OSV effective utilization was 90 per cent compared to 97 per cent a year-ago and 98 per cent sequentially. MPSV effective utilization was 99 per cent compared to 91 per cent a year-ago and 99 per cent sequentially.
Hornbeck Offshore said the OSV Newbuild programme #5 and 200 Class OSV Retrofit programme remain on-time and on-budget.
The first two HOSMAX OSVs have entered service with three more newbuild deliveries expected by the end of 2013.
The first four HOSMAX OSVs were awarded initial time charters with an average day rate of in excess of US$43,000.
Contract backlog for new gen OSV vessel-days is currently at 77 per cent and 34 per cent for the fourth quarter of 2013 and fiscal 2014.
Contract backlog for MPSV vessel-days is currently at 83 per cent and 47 per cent for the fourth quarter of 2013 and fiscal 2014.