- Hornbeck Offshore (HOS -7.6%) opens sharply lower after Q1 earnings were nearly cut in half vs. the prior-year quarter and missed expectations.
- Dayrates for HOS' new generation offshore supply vessels fell to $26,237 in Q1 from $27,958 in same period a year ago; utilization rates fell to 75.3% from 79.4% in the December quarter.
- HOS says its forward contract coverage for its current and projected fleet of active new generation OSVs for the rest of FY 2014 and FY 2015 currently is 60% and 24%, respectively.
- Cowen analysts say H1 weakness had been widely expected but was worse than anticipated; the firm thinks investors eventually will focus on improving Gulf of Mexico fundamentals but probably not before some short-term pain in the shares (Briefing.com).
at MarketWatch.com (Jun 26, 2014)