News & Events
Hornbeck Offshore Announces First Quarter 2014 Results
04 / 30 / 14
April 30, 2014 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March31, 2014. Following are highlights for this period and the Company’s future outlook:
- 1Q2014 Upstream revenue, EBITDA and diluted EPS were $136.6 million, $54.3 million and $0.31 per share, respectively
- 1Q2014 utilization of the 54-vessel new gen OSV fleet was 75% compared to 87% a year-ago and 79% sequentially
- 1Q2014 high-spec OSV effective utilization was 76% compared to 99% a year-ago and 81% sequentially
- 1Q2014 MPSV effective utilization was 85% compared to 95% a year-ago and 100% sequentially
- First seven HOSMAX OSVs have been placed in-service with two more newbuild deliveries expected by the end of 2Q2014
- OSV Newbuild Program #5 remains 98% on-time and on-budget
- Contract backlog for new gen OSV vessel-days is currently at 60% and 24% for the remainder of 2014 and for fiscal 2015
- Contract backlog for MPSV vessel-days is currently at 62% and 6% for the remainder of 2014 and for fiscal 2015
- One 240 class OSV began 2-year charter (with options) in late-March to support IRM and survey work in the GoM
- One additional new gen OSV added to the previously announced five-vessel specialty charter in Mexico beginning 2Q2014
- Two new gen OSVs awarded spot contracts to support U.S. military operations outside of the GoM commencing in 2Q2014
- Company now has a total of ten incremental vessels commencing new charters in markets outside of the GoM in 2Q2014
- Company remains optimistic about a gradual GoM market improvement over the remainder of 2014, particularly in 2H2014
The Company recorded consolidated net income for the first quarter of 2014 of $11.8 million, or $0.32 per diluted share, compared to net income of $6.2 million, or $0.17 per diluted share, for the year-ago quarter; and net income of $22.2 million, or $0.61 per diluted share, for the fourth quarter of 2013. Excluding the impact of a first quarter 2013 loss on early extinguishment of debt, consolidated net income for the year-ago period would have been $21.4 million, or $0.59 per diluted share. Diluted common shares for the first quarter of 2014 were 36.7 million compared to 36.3 million for the first quarter of 2013 and 36.7 million for the fourth quarter of 2013. EBITDA from consolidated operations for the first quarter of 2014 was $55.0 million compared to $45.8 million in the first quarter of 2013 and $66.8 million in the fourth quarter of 2013. Excluding the impact of a first quarter 2013 loss on early extinguishment of debt, EBITDA from consolidated operations for the year-ago period would have been $70.1 million.
Source: Thomson Reuters