Hornbeck 3Q Results
• Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the third quarter ended September 30, 2008. Third quarter 2008 revenues increased 15.2% to $109.1 million compared to $94.7 million for the third quarter of 2007. Operating income was $52.6 million, or 48.2% of revenues, for the third quarter of 2008 compared to $44.9 million, or 47.4% of revenues, for the prior-year quarter. Net income for the third quarter of 2008 was $33.5 million, or $1.24 per diluted share, compared to $28.9 million, or $1.09 per diluted share in the year-ago quarter. EBITDA for the third quarter of 2008 was $65.5 million compared to third quarter 2007 EBITDA of $54.3 million.
Hornbeck Completes Sea Mar Fleet Acquisition
Hornbeck Offshore Services, Inc., has completed its previously announced acquisition of 20 offshore supply vessels (OSVs) and their related business from certain affiliates of Nabors Industries Ltd. for cash consideration of $186m, plus the cost of the fuel inventory on such vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-ft. DP-2 new generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. The total estimated cost of this newbuild vessel, prior to allocation of construction period interest, is approximately $34m, of which $7.3m was paid to Nabors at closing. All of the vessels acquired by Hornbeck Offshore are U.S.
HOS Closes Sea Mar Fleet Acquisition
Hornbeck Offshore Services completed its acquisition of 20 offshore supply vessels and their related business from certain affiliates of Nabors Industries Ltd. for $186 million, plus the cost of the fuel inventory on the vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-foot DP-2 new generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. The total estimated cost of this newbuild vessel, prior to allocation of construction period interest, is approximately $34.0 million, of which $7.3 million was paid to Nabors at closing. All of the vessels acquired by Hornbeck Offshore are U.S. flagged and qualify for U.S.
Hornbeck to Acquire Sea Mar Fleet From Nabors
Services, Inc. Industries Ltd. such vessels. generation OSVs and ten conventional OSVs. generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. Nabors at closing. All of the vessels to be acquired by Hornbeck Offshore are U.S. and qualify for U.S. of the conventional vessels, which is foreign-flagged. offshore Mexico. expected to be immediately accretive to earnings. projected cash flows from operations. conditions, including third party consents and regulatory approvals, and is expected to occur in early August 2007.
