News & Events
Hornbeck Offshore Announces Fourth Quarter 2013 Results
02 / 19 / 14
February 19, 2014 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the fourth quarter ended December31, 2013. Following are highlights for this period and the Company’s future outlook:
- 4Q2013 Upstream revenue of $144.9 million was up 22% from the year-ago quarter and up 9% sequentially
- 4Q2013 Upstream operating income of $43.7 million was up 48% from the year-ago quarter and up 17% sequentially
- 4Q2013 EBITDA from continuing operations was $66.9 million, an increase of 37% from the year-ago quarter
- 4Q2013 diluted EPS from continuing operations was $0.61 per share, an increase of 135% from the year-ago quarter
- 4Q2013 utilization of the 52-vessel new gen OSV fleet was 79% compared to 84% a year-ago and 81% sequentially
- 4Q2013 high-spec OSV effective utilization was 81% compared to 99% a year-ago and 90% sequentially
- 4Q2013 MSPV effective utilization was 100% compared to 84% a year-ago and 99% sequentially
- Final two of six upgraded vessels under the 200 Class OSV Retrofit Program were returned to service in November 2013
- First six HOSMAX OSVs have been placed in-service with one more newbuild delivery expected by the end of 1Q2014
- Two additional HOSMAX OSVs were awarded initial time charters with dayrates in the low-to-mid $40’s
- One 370 class MPSV awarded term contract to support Black Sea drilling operations of a major oil company in 2Q2014
- Five new gen OSVs awarded term contracts for specialty operations in Mexico commencing in 2Q2014
- One new gen OSV awarded spot contract to support specialty operations in the Mediterranean Sea commencing in 2Q2014
- One 240 class OSV contracted for a 2-year charter in the GoM commencing in 2015
- One 300 class HOSMAX OSV contracted for a 3-year charter in the GoM commencing in 2016
- Contract backlog for new gen OSV vessel-days is currently at 48% and 18% for 2014 and 2015
- Contract backlog for MPSV vessel-days is currently at 48% and 6% for 2014 and 2015
- OSV Newbuild Program #5 is 98% on-time and remains on-budget
- The Company now plans to convert one 310 class OSV to a 310 class MPSV and configure one 300 class OSV into a flotel
- OSV Newbuild Program #5 is now comprised of nineteen HOSMAX class OSVs and five HOSMAX class MPSVs
The Company recorded net income for the fourth
quarter of 2013 of $22.2 million, or $0.61 per diluted share, compared to net
income of $11.3 million, or $0.31 per diluted share, for the year-ago quarter;
and net income of $59.2 million, or $1.61 per diluted share, for the third
quarter of 2013. Included in the
Company’s third quarter 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. 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. The historical results for the Downstream
segment and the gain on the sale of the segment have been presented as
discontinued operations for all periods in the accompanying condensed
consolidated financial statements. Diluted
common shares for the fourth quarter of 2013 were 36.7 million compared to 36.1
million for the fourth quarter of 2012 and 36.7 million for the third quarter
of 2013. EBITDA from consolidated operations for the fourth quarter of 2013 was
$66.8 million compared to $55.1 million in the fourth quarter of 2012 and
$126.5 million in the third 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: Thomson Reuters