Hornbeck Offshore reports first quarter results

HOS-logoCovington, LA-based Hornbeck Offshore Services, Inc. (NYSE:HOS) reports results for the first quarter ended March 31, 2012 that included an increase in revenues of 66.0 percent to $120.0 million compared to $72.3 million for the first quarter of 2011  Operating income was $28.6 million, or 23.8 percent of revenues, for the first quarter of 2012 compared to $0.7 million, or 1.0 percent of revenues, for the prior-year quarter; and $35.8 million, or 29.2 percent of revenues, for the fourth quarter of 2011. Net income for the first quarter of 2012 of $6.3 million, or $0.18 per diluted share, compared to a net loss of ($9.0 million), or ($0.34) per diluted share, for the year-ago quarter; and net income of $14.2 million, or $0.45 per diluted share, for the fourth quarter of 2011.

In an update on OSV Newbuild Program #5, HOS notes that this fifth OSV newbuild program consists of vessel construction contracts with two domestic shipyards (Eastern Shipbuildng Group, Pabnama City, FL, and VT Halter Marine, Pascagoula, MS) to build four 300 class OSVs, four 310 class OSVs, and eight 320 class OSVs.  The company also has fixed-price options, subject to certain adjustments based on specified formulas, to construct 48 additional vessels at these shipyards.  The 16 DP-2 high-spec OSVs currently committed under this newbuild program are expected to be delivered in accordance with the schedule shown in the table below:

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

Total

Estimated

In-Service Dates:

300 class

1

1

1

1

-

-

-

4

310 class

-

-

-

1

1


1

4

320 class

-

-

2

2

3

1

-

8

1

1

3

4

4

2

1

16


Based on the above schedule of projected vessel in-service dates, the company expects to own and operate 51, 56 and 67 new generation OSVs as of December 31, 2012, 2013 and 2014, respectively. These vessel additions result in a projected average new generation OSV fleet complement of 51.0, 52.2 and 62.8 vessels for the fiscal years 2012, 2013 and 2014, respectively. The aggregate cost of the company's fifth OSV newbuild program, excluding construction period interest, is expected to be approximately $720.0 million, of which $225.1 million, $362.2 million and $90.3 million is expected to be incurred in 2012, 2013 and 2014, respectively. From the inception of this program through March 31, 2012, the company has incurred $79.4 million, or 11.0 percent, of total expected project costs, including $37.0 million that was spent during the first quarter of 2012.

MORE

May 3, 2012

Want more? Subscribe now!

News from NASDAQ