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

People & Company News

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Contracts

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Finance

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

Vessels

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

RoRo Launched for Royal Bahamas Defense Force

A Damen RoRo 5612 was launched this month at Halong Shipyard in Vietnam, the shipbuilder announced. The RoRo is one of nine Damen vessels ordered by the Royal

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

Offshore Energy

Activists Block Shell's Arctic Drilling Quest

Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can

Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday.

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.3018 sec (3 req/sec)