Horizon Offshore Reports Third Quarter Earnings

Tuesday, October 30, 2001
Horizon Offshore, Inc. reported net income for the quarter ended September 30, 2001, of $2.8 million. This compares with net income of $3.7 million, for the third quarter of 2000. For the third quarter of 2001, the company reported gross profit of $7.7 million, or 12.6 percent, on contract revenues of $61.0 million, compared with gross profit of $10.3 million, or 18.2 percent, on contract revenues of $56.3 million in 2000.

Horizon also reported net income for the nine months ended September 30, 2001, of $10.3 million. This compares with net income of $5.0 million, for the nine months ended September 30, 2000. Gross profit was $30.2 million, or 15.2 percent, on contract revenues of $198.4 million for the first nine months of 2001, and gross profit was $17.9 million, or 16.5 percent, on contract revenues of $108.8 million for the first nine months of 2000.

"During September, we purchased the Sea Horizon, a combination derrick/lay barge. We are currently upgrading and modifying this vessel in Batam, Indonesia, and upon completion it will be the company's largest combination barge, enabling it to perform turnkey projects in remote locations with a single mobilization. The purchase of this vessel represents our entry into Southeast Asia, where we anticipate an increase in construction activity providing opportunities to deliver further profitability. Although the current offshore construction market remains extremely competitive, our deployments into selected international areas continue to elevate our earnings capacity, and we remain clearly focused on the strategies to achieve continued growth," said Bill J. Lam, president and chief executive officer.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

STX Sells Lorient Shipyard

The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium.    The shipyard, which has produced civil and naval vessels, will be purchased by Kership,

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0700 sec (14 req/sec)