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

Finance

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

 
 
Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0713 sec (14 req/sec)