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Hornbeck Offshore Announces Third Quarter 2018 Results

10 / 31 / 18

COVINGTON, La., Oct. 31, 2018 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September 30, 2018.  Following is an executive summary for this period and the Company's future outlook:

  • 3Q2018 revenues were $58.5 million, an increase of $0.1 million, in-line with 2Q2018 revenues of $58.4 million
  • 3Q2018 diluted EPS was $(0.83), or $0.16 lower than 2Q2018 diluted EPS of $(0.67)
  • 3Q2018 net loss was $(31.2) million, or $6.1 million lower than 2Q2018 net loss of $(25.1) million
  • 3Q2018 EBITDA was $5.2 million, a decrease of $6.0 million, or 54%, from 2Q2018 EBITDA of $11.2 million
  • 3Q2018 G&A expense includes $2.2 million of additional stock-based compensation expense related to a "mark-to-market" adjustment
  • Excluding this item, adjusted 3Q2018 diluted EPS and net loss were $(0.78) and $(29.4) million, respectively
  • Excluding this item, adjusted 3Q2018 EBITDA was $7.4 million, a decrease of $3.8 million, or 34%, from 2Q2018 EBITDA of $11.2 million
  • 3Q2018 average new gen OSV dayrates were $19,446, a sequential decrease of $120, or 1%
  • 3Q2018 effective new gen OSV dayrates were $5,075, a sequential decrease of $208, or 4%
  • 3Q2018 utilization of the Company's new gen OSV fleet was 26.1%, down from 27.0% sequentially
  • 3Q2018 effective utilization of the Company's active new gen OSVs was 65.4%, down from 76.0% sequentially
  • The Company currently has 38 OSVs and one MPSV stacked and expects to have 38 OSVs and one MPSV stacked at the end of 4Q2018
  • Quarter-end cash was $108 million, down from $109 million sequentially, with $61 million of newbuild growth capex remaining to be funded
  • 3Q2018 total liquidity (cash and credit availability) of $245 million, a sequential decrease of $1 million

The Company recorded a net loss for the third quarter of 2018 of $(31.2) million, or $(0.83) per diluted share, compared to a net loss of $(19.0) million, or $(0.51) per diluted share, for the third quarter of 2017; and a net loss of $(25.1) million, or $(0.67) per diluted share, for the second quarter of 2018.  Included in the Company's third quarter 2018 results is a $2.2 million increase in G&A due to a "mark-to-market" adjustment required by GAAP on cash-settled awards to reflect the increase in the Company's stock price during the three months ended September 30, 2018.  Excluding the net impact of this item, net loss and diluted EPS for the third quarter of 2018 would have been $(29.4) million, and $(0.78) per share, respectively.  Diluted common shares for the third quarter of 2018 were 37.6 million compared to 37.0 million and 37.5 million for the third quarter of 2017 and the second quarter of 2018, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the third quarter of 2018 was $5.2 million compared to $10.6 million for the third quarter of 2017 and $11.2 million for the second quarter of 2018.  Excluding the impact of the additional G&A expense discussed above, third quarter 2018 EBITDA would have been $7.4 million. See link below for full article.

Source: PR Newswire

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