Hornbeck Offshore Net Income Doubled in Q4 2013

MarineLink.com
Wednesday, February 19, 2014
HOS Riverbend: Photo courtesy of ESG

Covington, LA. headquartered Hornbeck Offshore Services, Inc. has announced its financial results for the fourth quarter ended December 31, 2013 with a year-on-year almost quarterly doubling of net income. Highlights of the report are as follows:

The Company recorded net income for the fourth quarter of 2013 of $22.2 million, or $0.61 per diluted share, compared to net income of $11.3 million, or $0.31 per diluted share, for the year-ago quarter; and net income of $59.2 million, or $1.61 per diluted share, for the third quarter of 2013. Excluding the impact of the gain on sale of Downstream assets, net income and diluted EPS for the third quarter of 2013 would have been $21.1 million and $0.57 per share, respectively.

Diluted common shares for the fourth quarter of 2013 were 36.7 million compared to 36.1 million for the fourth quarter of 2012 and 36.7 million for the third quarter of 2013. EBITDA from consolidated operations for the fourth quarter of 2013 was $66.8 million compared to $55.1 million in the fourth quarter of 2012 and $126.5 million in the third quarter of 2013.  Excluding the impact of the gain on sale of Downstream assets, such EBITDA for the third quarter of 2013 would have been $66.5 million.

Revenues
Revenues were $144.9 million for the fourth quarter of 2013, an increase of $26.3 million, or 22.2%, from $118.6 million for the fourth quarter of 2012; and an increase of $12.0 million, or 9.0%, from $132.9 million for the third quarter of 2013. The year-over-year increase in Upstream revenues primarily resulted from improved market conditions for the Company's MPSVs and four newly constructed vessels placed in service under the Company's fifth OSV newbuild program

Vessel Counts  
As of December 31, 2013, excluding four inactive non-core vessels (two of which have been sold thus far in 2014 at a nominal gain) and two OSV newbuild deliveries that occurred in February 2014, the Company's operating fleet consisted of 53 new generation OSVs and four MPSVs. 

Conference Call

The Company will hold a conference call to discuss its fourth quarter 2013 financial results and recent developments at 10:00 a.m. Eastern (9:00 a.m. Central), February 20, 2014. To participate in the call, dial (480) 629-9868 and ask for the Hornbeck Offshore call at least 10 minutes prior to the start time.

To access it live over the Internet, log onto the web at http://www.hornbeckoffshore.com , on the "IR Home" page of the "Investors" section of the Company's website at least fifteen minutes early to register, download and install any necessary audio software.

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Santa Lucia Back Underway in Delaware Bay

The motor vessel Santa Lucia, which was aground in Delaware Bay, got back underway under its own power at approximately 3 p.m. Tuesday. The Santa Lucia is

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

Offshore

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The

Finance

Port of Antwerp Throughput up 4.3%

The port of Antwerp handled 199,012,082 tonnes of freight in 2014, a rise of 4.3% compared with the previous year. The new record that was already announced

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

Tanker with Kurdish Crude Leaving U.S. After 6-month Dispute

After being stuck in legal limbo for six months, a tanker loaded with 1 million barrels of Kurdish crude headed east on Tuesday to leave U.S. waters after Baghdad

Vessels

Santa Lucia Back Underway in Delaware Bay

The motor vessel Santa Lucia, which was aground in Delaware Bay, got back underway under its own power at approximately 3 p.m. Tuesday. The Santa Lucia is

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil 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: 0.1897 sec (5 req/sec)