Softness in the Gulf of Mexico sent Covington-based Hornbeck Offshore Services Inc. to a fourth-quarter loss of $2.7 million, or 7 cents per share.
A year earlier, the company reported net income of $18.8 million, or 52 cents per share.
Hornbeck’s revenue plummeted by 44.6 percent to $88.7 million. During the fourth quarter of 2014, Hornbeck had revenue of $160.2 million.
Hornbeck has stacked a total of 33 new generation Offshore Service Vessels, up from the 27 last quarter. Those and other cost-containment measures helped the company save $160 million on general and administrative expenses.
For the year, Hornbeck turned a profit of $66.8 million, or $1.84 per share, compared to $87.9 million, or $2.40 per share, in 2014. However, the 2015 results were buoyed by the sale of assets, which netted the company $27.6 million, or 76 cents per share, after taxes.