Strongline News

On January 18 Gulf Copper & Manufacturing Corp. completed the refurbishment and re-naming of its newest dry dock, the Mr. Morris. "This dry dock gives us access to a market that has not been served recently in Port Arthur," said Steve Hale, CEO, Gulf Copper & Manufacturing. Now in service, the Mr. Morris adds a valuable asset to Gulf Copper's dry dock capabilities, enabling the ship repair yard to accommodate a range of larger vessels in its Port Arthur South Yard. After a recent naming ceremony…

As seen in the August edition of MarineNews, Susan Buchanan updates readers on the GOM oil production situation. BP's gushing well was capped more than a year ago but life is hardly back to normal in the U.S. Gulf--where rigs and vessels remain underutilized. At least ten rigs have moved overseas since last summer. Gulf oil production is below pre-spill levels and won't recover anytime soon, analysts say. Issuance of drilling permits picked up this spring as operators agreed to use oil-containment systems but permitting lags earlier rates.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the first quarter ended March 31, 2010. First quarter 2010 revenues decreased 21.4% to $86.2 million compared to $109.6 million for the first quarter of 2009 and decreased 2.4% compared to $88.3 million for the fourth quarter of 2009. Operating income was $15.7 million, or 18.2% of revenues, for the first quarter of 2010 compared to $45.4 million, or 41.4% of revenues, for the prior-year quarter; and $24.2 million, or 27.4% of revenues, for the fourth quarter of 2009. Net income for the first quarter of 2010 was $2.6 million, or $0.09 per diluted share, compared to $27.1 million, or $1.01 per diluted share for the year-ago quarter; and $9.3 million, or $0.34 per diluted share for the fourth quarter of 2009.

Hornbeck Offshore Services, Inc. (NYSE:HOS) announced results for the fourth quarter ended December 31, 2009. Fourth quarter 2009 revenues decreased 27.0% to $88.3 million compared to $121.0 million for the fourth quarter of 2008 and decreased 2.0% compared to $90.1 million for the third quarter of 2009. Operating income was $24.2 million, or 27.4% of revenues, for the fourth quarter of 2009 compared to $56.5 million, or 46.7% of revenues, for the prior-year quarter; and $27.1 million, or 30.1% of revenues, for the third quarter of 2009. Net income for the fourth quarter of 2009 was $9.3 million, or $0.34 per diluted share, compared to $34.6 million, or $1.29 per diluted share for the year-ago quarter; and $13.8 million, or $0.51 per diluted share for the third quarter of 2009.

Hornbeck Offshore Services, Inc. (NYSE:HOS) has introduced the HOS Centerline, a Jones Act qualified, 370-ft multi-purpose support vessel (MPSV) to its fleet. This HOS 370 design, with an 8,000+ deadweight-ton capacity represents the largest and most diverse DP-2 classed offshore supply vessel available today. The HOS Centerline is the only vessel in the world to have received certifications by the United States Coast Guard allowing operations as a supply vessel, industrial/construction vessel and as a petroleum and chemical tanker. The HOS Centerline was added to Hornbeck's fleet in February 2009 and achieved its multi-certifications under Subchapters “L’, “I”, “D” and “O” in October, 2009.

Marlink, global provider of satellite communications to the maritime industry, announced the signing of a new contract with U.S. company, Hornbeck Offshore Services, LLC (NYSE: HOS) for the supply of communications for two of its Multi Purpose Support Vessels. These are the third and fourth vessels in the Hornbeck fleet to be served by Marlink. The HOS Iron Horse and HOS Strongline support the oil and gas industry in exploration and production activities, providing complex deepwater services for subsea construction…

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the third quarter ended September 30, 2009. Third quarter 2009 revenues decreased 17.4% to $90.1 million compared to $109.1 million for the third quarter of 2008. Operating income was $27.1 million, or 30.1% of revenues, for the third quarter of 2009 compared to $52.6 million, or 48.2% of revenues, for the prior-year quarter. Net income for the third quarter of 2009 was $13.8 million, or $0.51 per diluted share, compared to $33.3 million, or $1.23 per diluted share for the year-ago quarter. EBITDA for the third quarter of 2009 was $43.6 million compared to third quarter 2008 EBITDA of $65.5 million.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the first quarter ended March 31, 2009. First quarter 2009 revenues increased 12.4% to $109.6 million compared to $97.5 million for the first quarter of 2008. Operating income was $45.4 million, or 41.4% of revenues, for the first quarter of 2009 compared to $37 million, or 37.9% of revenues, for the prior-year quarter. Net income for the first quarter of 2009 was $27.1 million, or $1.01 per diluted share, compared to $22.6 million, or $0.84 per diluted share for the year-ago quarter. EBITDA for the first quarter of 2009 was $60.3 million compared to first quarter 2008 EBITDA of $49.2 million.