FEATURE: Staking a Claim in GOM and Beyond
Todd Hornbeck, who has quickly yet judiciously built a sizeable marine company at Hornbeck Offshore Services, Inc. in just five years, shares with MarineNews the secrets of his success. Upon meeting with Todd Hornbeck, President and CEO of Hornbeck Offshore Services, Inc. at the literal epicenter of big oil dollars - the recent Offshore Technology Conference (OTC) in Houston - one is continuously struck with the contrasts of the man and mission. "Cutting edge, but very conservative and practical in our approach to business" is his description of the company. The son of a successful entrepreneur who survived the devastating oil downturn of the early to mid 1980s…
Hornbeck-Leevac Expands Tug and Barge Fleet in Northeast U.S.
Hornbeck-Leevac Marine Services has acquired the Spentonbush/Red Star Group marine transportation fleet for $28 million, and has entered into a strategic alliance with Amerada Hess Corp. in the Northeast U.S. market. The vessels acquired include nine ocean-going tugs and ocean-going tank barges. In addition to the acquisition of the Hess fleet, Hornbeck-Leevac has signed a long-term contract with Amerada Hess with the understanding that it will be excluseive marine logistics provider and transporter of petroleum products in the Northeast U.S. These vessels will be utilized primarily in the transportation of gasoline, and residual fuel oil between refineries, distribution terminals and ships lightering across the Eastern Seaboard.
Hornbeck Offshore Reports 2Q Results
Hornbeck Offshore Services, Inc. announced that revenues for the quarter ended June 30, 2002 increased 39.2 percent to $21.3 million compared to $15.3 million for the same quarter in 2001. Operating income was $8.2 million or 38.6 percent of revenues for the second quarter of 2002, compared to $6.4 million or 42.1 percent of revenues for the same quarter in 2001. Second quarter 2002 net income was $2.8 million compared to net income of $3.1 million for the second quarter 2001. The significant increase in the Company’s revenue in the second quarter 2002 over the prior year was due to the increase in size of the Company’s fleet since April 2001.
