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Hornbeck Offshore Announces Third Quarter 2013 Results

10 / 30 / 13

October 30, 2013 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September30, 2013. Following are highlights for this period and the Company’s future outlook:

  • 3Q2013 Upstream revenue of $132.9 million was up 16% from the year-ago quarter
  • 3Q2013 Upstream operating income of $37.2 million increased 53% from the year-ago quarter
  • 3Q2013 sale of active Downstream fleet resulted in pre-tax gain on sale of assets of $60.0 million ($1.04 per diluted share)
  • Excluding such gain on sale, 3Q2013 EBITDA was $66.5 million, an increase of 38% from the year-ago quarter
  • Excluding such gain on sale, 3Q2013 diluted EPS was $0.57 per share, an increase of 185% from the year-ago quarter
  • As a result of the sale, Downstream results are now presented as Discontinued Operations for all periods
  • 3Q2013 utilization of the 50-vessel new gen OSV fleet was 81% compared to 80% a year-ago and 88% sequentially
  • 3Q2013 high-spec OSV effective utilization was 90% compared to 97% a year-ago and 98% sequentially
  • 3Q2013 MPSV effective utilization was 99% compared to 91% a year-ago and 99% sequentially
  • OSV Newbuild Program #5 and 200 Class OSV Retrofit Program remain on-time and on-budget
  • First two HOSMAX OSVs have been placed in-service with three more newbuild deliveries expected by the end of 4Q2013
  • First four HOSMAX OSVs were awarded initial time charters with an average dayrate in excess of $43,000
  • Contract backlog for new gen OSV vessel-days is currently at 77% and 34% for 4Q2013 and fiscal 2014
  • Contract backlog for MPSV vessel-days is currently at 83% and 47% for 4Q2013 and fiscal 2014
  • The Company has elected to redeem all $250 million of its outstanding 1.625% convertible notes on November 15, 2013

The Company recorded net income for the third quarter of 2013 of $59.2 million, or $1.61 per diluted share, compared to net income of $7.4 million, or $0.20 per diluted share, for the year-ago quarter; and net income of $23.8 million, or $0.65 per diluted share, for the second quarter of 2013.  Included in the Company’s net income is a gain of $60.0 million ($38.1 million after-tax or $1.04 per diluted share) related to the sale of substantially all of its Downstream assets on August 29, 2013.  (Please see “Discontinued Operations” section below for more details.)  Excluding the impact of the gain on sale of Downstream assets, net income and diluted EPS for the third quarter of 2013 would have been $21.1 million and $0.57 per share, respectively.  Diluted common shares for the third quarter of 2013 were 36.7 million compared to 36.1 million for the third quarter of 2012 and 36.5 million for the second quarter of 2013. EBITDA from continuing and discontinued operations for the third quarter of 2013 was $126.5 million compared to $48.1 million in the third quarter of 2012 and $74.8 million in the second quarter of 2013.  Excluding the impact of the gain on sale of Downstream assets, such EBITDA for the third quarter of 2013 would have been $66.5 million.

Source: Hornbeck Offshore Press Release

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