Hornbeck Earnings Take Big Hit In Third Quarter

COVINGTON, LA (AP) — Hornbeck Offshore Services' third-quarter profit dropped to $14.4 million, or 40 cents per share, compared to $26.6 million, or 72 cents per share, a year ago.
         However, the third-quarter results were buoyed by the sale of an offshore service vessel to the Navy that resulted in a pre-tax gain of $11 million, or 19 cents per share. Without that sale, Hornbeck would have had a profit of $7.7 million, or 21 cents per share.
         Hornbeck said it has now idled 27 of its new-generation offshore service vessels and expects to idle three more in the fourth quarter. The Advocate reports the company had idled 18 of the vessels at midyear.
         Day rates for the vessels dropped 9.1 percent to $25,699 from a year ago.
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