Printer Friendly

HORNBECK ANNOUNCES HIGH UTILIZATION AND DAY RATES CONTINUE; NO EXPLANATION FOR UNUSUAL STOCK ACTIVITY

 GALVESTON, Texas, Sept. 14 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NASDAQ-NMS: HOSS) announced today that it knows of no reason to explain the unusual trading activity in its common stock over the last several trading sessions. The company notes that it has been erroneously reported in the press that one of its directors, Warren B. Idsal, recently sold a significant block of the company's stock. The reported trades are understood to be routine market trades by customers made in the trading account of The Principal/Eppler, Guerrin & Turner, Inc., the brokerage firm for which Idsal serves as president and director of corporate finance, and were not for Idsal's account.
 Fundamentals with respect to the company remain as previously disclosed with the utilization rate for the company's vessels and average supply vessel day rates as of Sept. 14, 1993 at 86 percent and $3,411, respectively. As of this date, the only company vessels in the gulf of Mexico not presently being utilized are in shipyards for scheduled or routine repairs.
 Larry D. Hornbeck, chairman of the board, president and chief executive officer noted: "Management is enthusiastic about the present operating conditions for the company and the offshore marine services industry in the Gulf of Mexico, where utilization and day rates remain at high levels. Our entire management team is committed to maximize the company's operating performance and to the previously announced intention to, where appropriate, make strategic acquisitions, both U.S. and foreign, to expand the company's marine services fleet."
 The company is engaged in the worldwide offshore marine services business, primarily serving the oil and gas industry through its operation and management of a diversified fleet of 51 vessels. The fleet consists of supply, tug-supply, utility, crew and specialty vessels. The company maintains offices in Galveston and Morgan City, Louisiana. The company also has a major ownership interest in an additional 22 North Sea Safety Standby vessels owned by Ravensworth Investments Limited, which is headquartered in Douglas, Isle of Man. The company's common stock is traded on the NASDAQ National Market System under the symbol "HOSS".
 -0- 9/14/93
 /CONTACT: Robert W. Hampton, vice president, treasurer and chief financial officer of Hornbeck Offshore Services, Inc., 409-744-9500 or 713-488-0067/
 (HOSS)


CO: Hornbeck Offshore Services, Inc. ST: Texas IN: OIL SU:

SM -- NY075 -- 1896 09/14/93 16:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 14, 1993
Words:389
Previous Article:DUFF & PHELPS: PACIFIC GAS & ELECTRIC CO. CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY $700 MLN FIRST, REFUNDING MORTGAGE BONDS RATED 'A'
Next Article:QVC SHINES WITH 'GEM DAY' -- TAKING IN MORE THAN $13 MILLION; SUNDAY, SEPT. 12, 1993, SECOND-HIGHEST DAY IN QVC HISTORY
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters