Slumping activity in the Gulf of Mexico dropped Covington-based Hornbeck Offshore Services Inc.’s second-quarter profit to $19.2 million, or 53 cents per share, from $31.2 million, or 85 cents a share earlier.
Revenue fell 20.3 percent to $136.4 million.
The results still easily beat Wall Street’s expectations. Analysts surveyed by Zacks Investment Research had forecast earnings of 25 cents per share.
Utilization rates for the company’s new-generation offshore service vessel fleet slipped to 56 percent for the quarter, compared to 86 percent a year ago.
Eighteen of Hornbeck’s 60 vessels are stacked, the same as in the first quarter. A year ago, before oil prices began a long downward slide, none of Hornbeck’s new-gen vessels were idled.
On the plus side, day rates for the new-generation vessels were up $600 to
$28,178. And Hornbeck expects its third-quarter results will benefit from the $39 million sale of four offshore service vessels to the U.S. Navy.
However, Hornbeck is projecting an average of 16 of its new-gen vessels will be stacked during all of 2015 and 18 for 2016. The 2015 projections are up by four vessels. In its fourth-quarter report, Hornbeck had projected an average of 11 of its vessels would be stacked for 2015.