- Associated Press - Friday, October 30, 2015

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 (https://bit.ly/1ipnL1o) 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.


Information from: The Advocate, https://theadvocate.com

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