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

People & Company News

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Liebherr Sees Growing Demand for Harbor Cranes in Latin America

Several new deliveries to Latin America; strong 2014 year for Liebherr mobile harbor cranes Liebherr said its mobile harbor crane population in Latin America

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

Offshore

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

iSURVEY Awarded Two-year Contract with Island Offshore

iSURVEY has been awarded a two-year contract with offshore vessel owner, Island Offshore Management, which will see iSURVEY AS provide positioning services to Island

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Finance

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Vessels

URAG Orders Two ASD Tugs from Damen

URAG, a German port and offshore towage provider based in Bremerhaven, has placed an order for two Damen ASD 2411 tugs. The contract was signed at the SMM exhibition in Hamburg.

Hyundai Mipo Dockyard Delivers Fourth PSV

Hyundai Mipo Dockyard (HMD) delivered the fourth high value platform supply vessel (PSV) for BP Shipping at its main shipyard in Ulsan, South Korea. HMD won

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair 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: 0.1895 sec (5 req/sec)