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Is Hornbeck Offshore (HOS) all but done?
Posted on 6/6/17 at 6:42 pm
Posted on 6/6/17 at 6:42 pm
Been riding it down for a while. Can I just kiss this one bye bye at this point?
Anyone here with any more hopeful insight?
Anyone here with any more hopeful insight?
5
Posted on 6/6/17 at 6:44 pm to Y.A. Tittle
They have been cooking the books for a bit
Posted on 6/6/17 at 10:37 pm to Y.A. Tittle
I think Hornbeck is a great company in a struggling industry, and particularly how they do business.
Offshore is now the last thing to come back online. It is so much cheaper to start back on land. With new technologies such as fracking, and oil no where near the highs of a few years ago, it is hard to see how they begin to make money again.
Offshore is now the last thing to come back online. It is so much cheaper to start back on land. With new technologies such as fracking, and oil no where near the highs of a few years ago, it is hard to see how they begin to make money again.
Posted on 6/7/17 at 4:13 am to TigerTatorTots
quote:
They have been cooking the books for a bit
Is that speculation or do you have something specific?
This post was edited on 6/7/17 at 4:14 am
Posted on 6/7/17 at 5:07 am to Ole War Skule
Word on the street.
Also as someone who works in DW GOM, they are toast, as is alot of the DW service guys. Id imagine we are going to see some big shake ups with the drilling contractors in the next couple of years.
Also as someone who works in DW GOM, they are toast, as is alot of the DW service guys. Id imagine we are going to see some big shake ups with the drilling contractors in the next couple of years.
Posted on 6/7/17 at 5:19 am to GREENHEAD22
HOS has enough cash to last through 2019, possibly longer if creditors cooperate, which they may have to do since liquidation won't bring them anything. They are certainly having a terrible time with the downtown, but have plenty of time to restructure before D-day.
Bankruptcy of TDW could result in consolidation and bring an increase to day rates
I wouldn't start writing their obit just yet.
Bankruptcy of TDW could result in consolidation and bring an increase to day rates
I wouldn't start writing their obit just yet.
Posted on 6/7/17 at 5:25 am to Ole War Skule
Hope you are right.
Posted on 6/7/17 at 5:51 am to Y.A. Tittle
Is Hornbeck Offshore (HOS) all but done?
Fill in the blank _____________ offshore is all but done.
The GOM deepwater game is going to continue downhill for quite a while and any companies that depend on that market will be toast.
More than enough oil can be extracted at a far lower price point, the shale plays have changed the rules and the proliferation of the techniques and technology will change the entire game.
Fill in the blank _____________ offshore is all but done.
The GOM deepwater game is going to continue downhill for quite a while and any companies that depend on that market will be toast.
More than enough oil can be extracted at a far lower price point, the shale plays have changed the rules and the proliferation of the techniques and technology will change the entire game.
Posted on 6/7/17 at 7:57 am to cave canem
I saw where Rooster Petroleum/Chet Morrison filed for bankruptcy in the last few days. Can some of these guys stay alive or is the GOM market going to shrink down to only a small few service players?
Posted on 6/7/17 at 8:23 am to TigerDog83
Shallow water and small boat companies are done. See Rooster.
Hornbeck, Chouest, Harvey Gulf all have brand new PSV vessels that are not stacked. Someone has to service the existing deepwater facilities. That being said, I expect consolidation in the industry.
Hornbeck, Chouest, Harvey Gulf all have brand new PSV vessels that are not stacked. Someone has to service the existing deepwater facilities. That being said, I expect consolidation in the industry.
Posted on 6/7/17 at 8:56 am to Fat Harry
quote:
Hornbeck, Chouest, Harvey Gulf all have brand new PSV vessels that are not stacked. Someone has to service the existing deepwater facilities..
While true there is not enough meat on those bones for many to survive., too much downward pressure on margins.
quote:
That being said, I expect consolidation in the industry
There will be massive consolidation with the majority of the vessels being sold off and re-positioned overseas to replace aging fleets worldwide, the sales prices will not be kind. JMHO
Posted on 6/7/17 at 9:22 am to Fat Harry
Didn't Hornbeck get boned by dumping a ton into new vessel production right before the downturn in the offshore market?
Posted on 6/7/17 at 9:42 am to TigerDog83
quote:
Chet Morrison filed for bankruptcy
Are you sure about this? I googled and couldn't find anything.
Posted on 6/7/17 at 9:47 am to Ole War Skule
quote:
Is that speculation or do you have something specific?
Word on the street is they are under investigation... by whom I don't know. In fact it's on their yahoo stock page.
But if you call into their earnings calls you know they are doing some fancy financial footwork and giving bullshite reasoning.
The entire Offshore market is in the tank. Companies can barely sell boats for scrap metal prices. They aren't working or earning any money either. So all in all the value of an OSV has plummeted to almost nothing. By some interesting mental gymnastics, Todd Hornbeck and company use that as a way to say there is no way to fairly value their assets (boats). And as such they haven't really depreciated the value.
Why, you ask? Because their debt covenants are tied to assets, as far as I know.
This post was edited on 6/7/17 at 9:49 am
Posted on 6/7/17 at 10:01 am to TJG210
quote:
Chet Morrison filed for bankruptcy
quote:
Are you sure about this?
+1
I occasionally do business with them and this is the first I hear of this as well.
Posted on 6/7/17 at 10:01 am to TJG210
quote:
Are you sure about this? I googled and couldn't find anything.
Rooster Bankruptcy
Best link I could find that's not a pay article. I believe that Chet Morrison and Couchon had been rolled up as affiliates of Rooster - see the 6 affiliates the article mentions.
edit: Here is another article showing the entities
Rooster Entities CH 11
This post was edited on 6/7/17 at 10:03 am
Posted on 6/7/17 at 10:30 am to WavinWilly
quote:
Word on the street is they are under investigation... by whom I don't know. In fact it's on their yahoo stock page.
That 'news' on the yahoo page is a press release by an ambulance chasing law firm. Means absolutely nothing.
As far as 'word on the street', my experience has been 90% of 'word on the street' is bullshite, so I wouldn't put any stock (ha ha) in that either.
My point is no one has any specific info about any wrongdoing of any kind at Hornbeck.
I do listen to the calls and Todd has been EXTREMELY direct and realistic in his projections, MUCH more so than some other companies in similar conditions.
HOS will have a very, very difficult time surviving, but it won't be due to any book-cooking or other wrongdoing.
Posted on 6/7/17 at 11:04 am to Damone
Yup and the ones of those they have on contract right now arent even getting enough on dayrates to cover minimal operating expenses.
Posted on 6/7/17 at 5:02 pm to Fat Harry
quote:
Shallow water and small boat companies are done. See Rooster.
This is too broad a statement and is inaccurate to an extent. Inland operators are going to be fine.
Posted on 6/7/17 at 9:00 pm to Athanatos
HOS had a boatload of cash to hang out for a while till 2019. The question becomes, will the oilfield come back before 2019? If no, then HOS may be history.
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