USA: Hornbeck Offshore Reports Q2 Net Loss of USD 7 Million

Hornbeck Offshore Services, Inc. announced today results for the second quarter ended June 30, 2011.

Following are highlights for this period and the Company’s future outlook:

  • Previously announced 2.25-year contract for one 370 class MPSV in the GoM to begin during 3Q2011
  • Recently awarded a three-year contract for one 430 class MPSV in the GoM to begin during 3Q2011
  • Recently awarded charters for two 265 class new gen OSVs in Brazil, increasing Brazil fleet to 14 vessels
  • Recently acquired 100% ownership of a Brazilian entity licensed in Brazil as a navigation company (EBN)
  • Over 80% of the Company’s active new gen OSVs are operating internationally or in specialty services
  • Recent re-activation of five cold-stacked OSVs has decreased stacked fleet to only five new gen vessels
  • Contract backlog for new gen OSV vessel-days currently at 66%, 45% and 34% for 2H2011, 2012 and 2013
  • Contract backlog for MPSV vessel-days currently at 50%, 50% and 50% for 2H2011, 2012 and 2013
  • TTB fleet utilization was 91% for 2Q11 at an effective dayrate 21% higher than the comparable year-ago rate
  • Quarter-end cash balance of $137m as of June 30, 2011 up from $127m as of Dec 31, 2010

Second quarter 2011 revenues decreased 27.8% to $80.8 million compared to $111.9 million for the second quarter of 2010 and increased 11.8% compared to $72.3 million for the first quarter of 2011. Operating income was $3.8 million, or 4.7% of revenues, for the second quarter of 2011 compared to $34.5 million, or 30.8% of revenues, for the prior-year quarter; and $0.7 million, or 1.0% of revenues, for the first quarter of 2011.

The Company recorded a net loss for the second quarter of 2011 of ($7.0 million), or ($0.26) per diluted share, compared to net income of $13.0 million, or $0.48 per diluted share, for the year-ago quarter; and a net loss of ($9.0 million), or ($0.34) per diluted share, for the first quarter of 2011. This is the second consecutive quarterly net loss in fiscal 2011 caused by the lack of drilling permits in the Company’s principal Upstream market due to the on-going de facto regulatory moratorium. EBITDA for the second quarter of 2011 was $24.0 million compared to second quarter 2010 EBITDA of $54.1 million and first quarter 2011 EBITDA of $21.3 million.

Source: Hornbeck Offshore, August 04, 2011;

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