Hornbeck Offshore (HOS) has recently reported its second quarter results. The market fears that Hornbeck is heading into restructuring, so the company’s shares are trading below $1.00. The report provided a great opportunity to evaluate what’s going on with the company.
Hornbeck reported revenue of $57 million and net loss of $32 million, or $0.84 per share. Both revenue and the financial results slightly improved compared to the first quarter of this year. Average dayrates for new generation fleet were $18,198, in line with the first quarter. Utilization also remained flat. In this