Hornbeck Offshore Ride High on Q2 2014 Results

By George Backwell
Thursday, July 31, 2014
Offshore scenes: Image courtesy of Hornbeck

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts from the Company's future outlook:

  • 2Q2014 Upstream revenue and EBITDA set new quarterly highs on the strength of fleet growth and record MPSV dayrates
  • 2Q2014 Upstream revenue of $171.1 million increased $34.5 million, or 25%, over 1Q2014
  • 2Q2014 Upstream diluted EPS of $0.85 increased $0.54, or 174%, over 1Q2014
  • 2Q2014 Upstream EBITDA of $84.3 million increased $30.0 million, or 55%, over 1Q2014
  • 2Q2014 utilization of the 56-vessel new gen OSV fleet was 86% compared to 88% a year-ago and 75% sequentially
  • 2Q2014 high-spec OSV effective utilization was 90% compared to 98% a year-ago and 76% sequentially
  •  2Q2014 MPSV effective utilization was 100% compared to 99% a year-ago and 85% sequentially
  • First nine HOSMAX OSVs have been placed in-service with three more newbuild deliveries expected by the end of 3Q2014
  • OSV Newbuild Program #5 remains 98% on-time and on-budget
  • HOS Achiever now contracted to provide flotel services to a major oil company in the GoM through 3Q2015
  • Contract backlog for new gen OSV vessel-days is currently at 61% and 25% for 2H2014 and fiscal 2015, respectively
  • Contract backlog for MPSV vessel-days is currently at 69% and 20% for 2H2014 and fiscal 2015, respectively
  •  Company remains optimistic about a gradual GoM market improvement over the remainder of 2014 and into 2015

Excerpt from 'Forward Guidance for Continuing Operations'

Vessel Counts:  As of June 30, 2014, excluding two inactive non-core vessels and two HOSMAX OSV newbuild deliveries that occurred in July 2014, the Company's operating fleet consisted of 56 new generation OSVs and four MPSVs.  The forecasted Upstream vessel counts presented in this press release reflect the anticipated fiscal 2014 OSV and MPSV newbuild deliveries discussed below.

The Company's active Upstream fleet for fiscal years 2014 and 2015 is expected to be comprised of an average of 58.0 and 67.6 new generation OSVs, respectively. For fiscal 2014, the active new generation OSVs are comprised of an average of 27.3 "term" vessels that are currently chartered on long-term contracts and an average of 30.7 "spot" vessels that are currently operating or being offered for service under short-term charters. The Company expects to operate an average of 4.3 MPSVs in fiscal 2014 and 5.3 in fiscal 2015.

Contract Coverage:  The Company's forward contract coverage for its current and projected fleet of active new generation OSVs for the remainder of fiscal year 2014 and for fiscal 2015 is currently 61% and 25%, respectively.  The Company's forward contract coverage for its current and projected fleet of MPSVs for the remainder of fiscal year 2014 and for fiscal 2015 is currently 69% and 20%, respectively. These contract backlog percentages are based on available vessel-days for the guidance periods, not estimated revenue.

More detail of the report is available via: http://hornbeckoffshore.com/

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Vessels

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction 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: 0.2193 sec (5 req/sec)