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Hornbeck Offshore Announces Second Quarter 2018 Results

08 / 01 / 18

COVINGTON, La., Aug. 1, 2018 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June 30, 2018.  Following is an executive summary for this period and the Company's future outlook:

  • 2Q2018 revenues were $58.4 million, an increase of $16.8 million, or 40%, from 1Q2018 revenues of $41.6 million
  • 2Q2018 diluted EPS was $(0.67), an improvement of $0.37 from 1Q2018 diluted EPS of $(1.04)
  • 2Q2018 net loss was $(25.1) million, an improvement of $13.6 million from 1Q2018 net loss of $(38.7) million
  • 2Q2018 EBITDA was $11.2 million, an increase of $18.4 million, or 256%, from 1Q2018 EBITDA of $(7.2) million
  • 2Q2018 average new gen OSV dayrates were $19,566, a sequential increase of $1,581, or 9%
  • 2Q2018 effective new gen OSV dayrates were $5,283, a sequential increase of $1,560, or 42%
  • 2Q2018 utilization of the Company's new gen OSV fleet was 27%, up from 21% sequentially
  • 2Q2018 effective utilization of the Company's active new gen OSVs was 76%, up from 71% sequentially
  • The Company currently has 40 OSVs and one MPSV stacked and expects to have 39 OSVs and one MPSV stacked at the end of 3Q2018
  • In May 2018, the Company closed the acquisition of four high-spec OSVs and other related assets from Aries Marine for $40.9 million in cash
  • Quarter-end cash was $109 million, down from $171 million sequentially, with $62 million of newbuild growth capex remaining to be funded
  • 2Q2018 total liquidity (cash and credit availability) of $246 million represents a decrease of $62 million, or 20%, from 1Q2018

The Company recorded a net loss for the second quarter of 2018 of $(25.1) million, or $(0.67) per diluted share, compared to a net loss of $(19.5) million, or $(0.53) per diluted share, for the second quarter of 2017; and a net loss of $(38.7) million, or $(1.04) per diluted share, for the first quarter of 2018.  Included in the Company's year-ago quarter results is a $15.5 million ($10.5 million after-tax or $0.29 per diluted share) net gain on early extinguishment of debt resulting from the repurchase of a portion of the Company's 1.500% Convertible Senior Notes due 2019 and 5.875% Senior Notes due 2020, offset in part by the write-off of certain related deal costs, unamortized financing costs and original issue discount.  Excluding the impact of such net gain on early extinguishment of debt, net loss and diluted EPS for the second quarter of 2017 would have been $(30.0) million and $(0.82) per share, respectively.  Diluted common shares for the second quarter of 2018 were 37.5 million compared to 36.8 million and 37.3 million for the second quarter of 2017 and the first quarter of 2018, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the second quarter of 2018 was $11.2 million compared to $12.2 million for the second quarter of 2017 and $(7.2) million for the first quarter of 2018.  Excluding the net gain on early extinguishment of debt in the second quarter of 2017, prior-year EBITDA would have been $(3.3) million. See link below for full article.

Source: PR Newswire

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