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Hornbeck Offshore to idle some vessels over oil slowdown

COVINGTON, La. — Covington-based Hornbeck Offshore Services said a slowdown in offshore drilling will force the company to idle about 11 of its 61 offshore service vessels in 2015.

The Advocate reports the company’s active fleet will consist of about 46 offshore service vessels and about 6 multipurpose supply vessels. The company offered the guidance as part of its fourth-quarter and 2014 earnings report.

Hornbeck’s fourth-quarter profit slipped to $19.2 million, or 53 cents per share, compared to $22.2 million, or 61 cents per share, a year ago

For the year, the company’s earnings dropped to $88.5 million, or $2.41 per share from $111.4 million, or $3.05 per share.

Hornbeck said its results were lowered in part because of softness in the spot market for offshore services vessels.

In related news, Lowcountry divided on Obama offshore drilling plan.

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

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

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