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Hornbeck Offshore Announces Third Quarter 2016 Results

11 / 02 / 16

COVINGTON, La., Nov. 2, 2016 /PRNewswire/ --Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September 30, 2016.  Following is an executive summary for this period and the Company's future outlook:

  • 3Q2016 diluted EPS was $(0.45), an improvement of $0.12 from 2Q2016 diluted EPS of $(0.57)
  • 3Q2016 revenues were $51.9 million, a decrease of $1.8 million, or 3%, from 2Q2016 revenues of $53.7 million
  • 3Q2016 net loss was $(16.5) million, a $4.1 million improvement from 2Q2016 net loss of $(20.6) million
  • 3Q2016 operating loss was (28)% of revenues, an improvement from 2Q2016 operating loss of (40)%
  • 3Q2016 EBITDA was $15.2 million, an increase of $8.3 million, or 120%, from 2Q2016 EBITDA of $6.9 million
  • 3Q2016 average new gen OSV dayrates were $25,639, a decrease of $1,003, or 4%, from the sequential quarter
  • 3Q2016 utilization of the Company's new gen OSV fleet was 22%, down from 24% sequentially
  • 3Q2016 effective utilization of the Company's active new gen OSVs was 76%, up from 74% sequentially
  • 3Q2016 effective new gen OSV dayrates were $5,641, a decrease of $726, or 11%, from the sequential quarter
  • By the end of December 2016, the Company expects to have stacked a total of 48 new gen OSVs
  • Two 310 class MPSVs were placed in service under the Company's fifth OSV newbuild program during 3Q 2016
  • Total cash of $225 million with only $72 million of growth capex remaining to be funded under the 24-vessel newbuild program

The Company recorded a net loss for the third quarter of 2016 of $(16.5) million, or $(0.45) per diluted share, compared to net income of $14.4 million, or $0.40 per diluted share, for the year-ago quarter; and a net loss of $(20.6) million, or $(0.57) per diluted share, for the second quarter of 2016.  Included in the Company's third quarter 2015 net income was a gain of $11.0 million ($6.7 million after-tax or $0.19 per diluted share) related to the August 2015 sale of the fourth and final 250EDF class OSV to the U.S. Navy.  Excluding the impact of such gain on sale of assets, net income and diluted EPS for the third quarter of 2015 would have been $7.7 million, and $0.21 per share, respectively.  Diluted common shares for the third quarter of 2016 were 36.3 million compared to 36.4 million and 36.2 million for the third quarter of 2015 and the second quarter of 2016, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the third quarter of 2016 was $15.2 million compared to $60.3 million in the third quarter of 2015 and $6.9 million in the second quarter of 2016.  Excluding the impact of the third quarter 2015 gain on sale of assets, EBITDA for such quarter would have been $49.3 million. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.

Source: PR Newswire

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