Hornbeck Offshore Now Has 18 New Generation OSVs Stacked

Hornbeck Offshore, one of many largest operators of offshore provide vessels within the U.S. Gulf of Mexico, revealed Thursday that the corporate has now stacked a complete of 18 new era OSVs, a part of aggressive value chopping measures undertaken by the corporate in response to robust market situations.

The variety of stacked vessels is up 12 OSVs since final reported, the corporate revealed in its first quarter outcomes launched Thursday.

The stacking of the 18 new era OSVs has occurred on varied dates since October 1, 2014, Hornbeck mentioned, and is only one of a number of value containment measures lately initiated by firm. Other measures embody company-wide headcount reductions and across-the-board pay-cuts for shore-side personnel.

The firm was nonetheless capable of put up a web revenue of $35.8 million on $134.6 million in revenues in Q1, in keeping with the outcomes.

As of March 31, 2015, the corporate’s fleet consisted of 60 new era OSVs and 5 MPSVs, together with 16 new HOSMAX vessels which have been positioned in-service. Hornbeck has a further eight newbuild HOSMAX vessels due for supply throughout 2015 and 2016.

Hornbeck mentioned that the common dayrates for brand spanking new era OSVs in Q1 2015 have been $26,705, down $900 from the earlier quarter and in-line with the prior-year quarter.

The firm reported working bills of $61.4 million in Q1 2015, a lower of $7.2 million, or 10.5% in comparison with Q1 2014 and a lower of $18.7 million, or 23.3%, from This fall 2014. Hornbeck mentioned that this year-over-year lower within the working bills was because of the variety of vessels idled or stacked since late 2014, which has resulted in a considerable discount in mariner headcount.

Hornbeck attributes the outcomes to mushy market situations for high-spec OSVs working within the GoM spot market.

Hornbeck’s full Q1 2015 outcomes might be discovered on its website.