Horizon Offshore Reports Second Quarter Earnings

Tuesday, August 13, 2002
Horizon Offshore, Inc. reported net income for the quarter ended June 30, 2002, of $2.6 million, or $0.10 per share-diluted. This compares with net income of $5.4 million, or $0.23 per share-diluted, for the second quarter of 2001. For the second quarter of 2002, the company reported gross profit of $9.5 million, or 14.8 percent, on contract revenues of $64.3 million, compared with gross profit of $13.0 million, or 15.6 percent, on contract revenues of $83.3 million in 2001. Horizon also reported net income for the six months ended June 30, 2002, of $3.0 million which compares with net income of $8.1 million before an extraordinary charge of $0.6 million net of tax for the six months ended June 30, 2001. Gross profit was $14.6 million or 11.2 percent on contract revenues of $130.4 million for the first six months of 2002, and gross profit was $22.5 million or 16.4 percent on contract revenues of $137.4 million for the first six months of 2001. Horizon successfully completed the Amistad Development Project in Golfo de Guayaquil, Ecuador and the structural project to a loading terminal in Venezuela during the second quarter, contributing to the improved gross profit margins from the first quarter of 2002. Horizon continues to maintain a strong presence in Mexico with the award of two additional projects from Pemex: the construction of a 24-km, 8-inch pipeline and associated platform piping and the rehabilitation of several pipelines in the Cantarell field utilizing the Atlantic Horizon, Gulf Horizon and Pearl Horizon. In the domestic sector, preparation for the Iroquois Pipeline project in Long Island Sound, New York, began in May 2002, and mobilization of the Gulf Horizon for this project is expected in September 2002. "Our earnings for the second quarter were the results of improvements in our International areas, Mexico, Latin America and Southeast Asia/Australia, offsetting a very competitive Gulf of Mexico market. We have worked hard, and our growth as an international marine construction company during the current economic conditions is a tribute to our employees and the quality of our services. We are proud to report another profitable quarter, our ninth consecutive," said Bill J. Lam, president and chief executive officer.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1888 sec (5 req/sec)