Hvide Marine Reports 2Q Results

Hvide Marine Incorporated reported a net loss of $23.7 million for the quarter ended June 30, 1999. These results reflect a loss of $14.1 million on the sale of assets. In the year-earlier period, the company had net income of $9.5 million. The company had an operating loss of $1.9 million during the 1999 quarter versus operating income of $28.1 million in the 1998 quarter. In the immediately preceding quarter, ended March 31, 1999, the Company had a net loss of $9.1 million on revenues of $82.2 million. Revenues from the Company's Seabulk Offshore unit fell to $39.1 million from $67.5 million a year earlier, reflecting lower day rates and reduced utilization. In the Gulf of Mexico, day rates for Seabulk Offshore's 21 supply boats averaged $4,049 or 51 percent below the comparable 1998 figure of $8,214, while utilization declined to 69 percent from 80 percent. Seabulk Offshore's 33 Gulf of Mexico crewboats averaged $1,864 and a 72 percent utilization rate versus $2,477 and 91 percent, respectively, a year earlier.