News & Events
Hornbeck Offshore Announces Second Quarter 2014 Results
07 / 30 / 14
COVINGTON, La., July 30, 2014 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June 30, 2014. Following are highlights for this period and the Company's future outlook:
- 2Q2014 Upstream revenue and EBITDA set new quarterly highs on the strength of fleet growth and record MPSV dayrates
- 2Q2014 Upstream revenue of $171.1 million increased $34.5 million, or 25%, over 1Q2014
- 2Q2014 Upstream diluted EPS of $0.85 increased $0.54, or 174%, over 1Q2014
- 2Q2014 Upstream EBITDA of $84.3 million increased $30.0 million, or 55%, over 1Q2014
- 2Q2014 utilization of the 56-vessel new gen OSV fleet was 86% compared to 88% a year-ago and 75% sequentially
- 2Q2014 high-spec OSV effective utilization was 90% compared to 98% a year-ago and 76% sequentially
- 2Q2014 MPSV effective utilization was 100% compared to 99% a year-ago and 85% sequentially
- First nine HOSMAX OSVs have been placed in-service with three more newbuild deliveries expected by the end of 3Q2014
- OSV Newbuild Program #5 remains 98% on-time and on-budget
- HOS Achiever now contracted to provide flotel services to a major oil company in the GoM through 3Q2015
- Contract backlog for new gen OSV vessel-days is currently at 61% and 25% for 2H2014 and fiscal 2015, respectively
- Contract backlog for MPSV vessel-days is currently at 69% and 20% for 2H2014 and fiscal 2015, respectively
- Company remains optimistic about a gradual GoM market improvement over the remainder of 2014 and into 2015
The Company recorded consolidated net income for the second quarter of 2014 of $31.2 million, or $0.85 per diluted share, compared to net income of $23.8 million, or $0.65 per diluted share, for the year-ago quarter; and net income of $11.8 million, or $0.32 per diluted share, for the first quarter of 2014. Excluding the impact of a second quarter 2013 loss on early extinguishment of debt, consolidated net income for the year-ago period would have been $24.7 million, or $0.67 per diluted share. Diluted common shares for the second quarter of 2014 were 36.8 million compared to 36.5 million for the second quarter of 2013 and 36.7 million for the first quarter of 2014. EBITDA from consolidated operations for the second quarter of 2014 was $84.4 million compared to $74.8 million in the second quarter of 2013 and $55.0 million in the first quarter of 2014. Excluding the impact of a second quarter 2013 loss on early extinguishment of debt, EBITDA from consolidated operations for the year-ago period would have been $76.3 million. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 7 to the accompanying data tables. The historical results for the Downstream segment, which was sold in August 2013, have been presented as discontinued operations for all periods in this press release and the accompanying data tables.
See source link below for more information.Source: Hornbeck Offshore Services, Inc. / Thomson Reuters