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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Shippers, West Coast Dockworkers Union Resume Contract Talks

Negotiators for shipping lines and terminal operators at 29 U.S. West Coast ports resumed contract talks with the union for dockworkers on Thursday, as cargo backups continued at the ports,

River Bell Awards Acclaim Maritime 'Family'

The Seamen’s Church Institute (SCI) recognized two inland maritime industry leaders at an annual awards luncheon Thursday, December 11, 2014, in Paducah, Ky.   The

NASSCO Cuts Steel on APT "ECO Tanker"

General Dynamics NASSCO started construction of another ship in its commercial shipbuilding backlog, starting construction of a second “ECO” tanker to be built

Finance

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1845 sec (5 req/sec)