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

Finance

NOL Posts Q1 Net Loss of $105 Mln

NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million,

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

 
 
Maritime Security Naval Architecture Port Authority Salvage Ship Electronics Ship Repair 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: 0.0712 sec (14 req/sec)