Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
How much money we making on the huge fleet of warm stacked idled HOSed to the MAX boats in Fourchon ?
AIS sure indicates about 70% of the fleet doing nothing
I am sure the available funds you would have to help Steve would be absolutely staggering
Did you sell you little boat or something ?
The only trench warfarin that has been going on is between Todd and himself.
Bad idea to expand his HOSed Max fleet. His big boats and his little boats are stacked. I looks like he is giving up on the little boats, all but abandoning them. He then spends $36 million on 4 more boats that displace work for 4 boats he already owns.
All of this of course with borrowed money he can’t possibily back back then and can’t pay back now.
They in bankruptcy within next 6 months, IMO.
Short this stock to the pennies. New symbol coming, IMO
HOSed.pk
I went through the fleet over the weekend check AIS location data.
Most of the big boats are all parked, many in Fourchon
A lot of the smaller boats have been shut down, likely power off but for bilge pumps
Surprised to see the Aries boats working, not stacked as I was led to believe, but of course this $36 million dollar (borrowed) (cant even pay the interest) acquisition only displaced 4 other HOSed boats that could be in service.
Getting HOSed by HOS
Short this stock into the pennies where it belongs
Should I ask what happened to the proceeds from the sale that went into the irrevocable trust ?
Irrevocable being the key word.
Once in, you can’t take it out. Not easily anyway.
Doubtful that pig cared out the legalities though.
I should have relieved myself on his bed, but I have too much pride.
They were both pigs, him and Carolyn.
There are literally hundreds of boats available without these couple of million dollar costs.
Chouest isn’t charging them
Neither is Shane
Get your facts
HOSed isn’t going to be around in the next 364 days
4 profit. I might be in love with you
I personally toured Urban’s Las Vegas home on the golf course right after he fled
I can tell you he lived like a pig (white trailer trash lives better), Carolyn wasn’t much of a House keeper and at moment, that is when I knew I was taken, A trip to the warehouse then to the “offices” of UCAD confirmed my loss.
Disgusting pig. Really disgusting pigs. Both of them. Their bed stunk. Sheets disgusting. Same fir shower, kitchen. Mold. Fungus. Gross. Wanted to vomit
It all worked out for me losses versus real estate profits post Katrina so I did fine.
I still want me and 50 others to drill Carolyn for months non stop.
Drill Carolyn dry
Are all Canadians this filthy and disgusting?
TAKE US TO THE PENNIES TODD !
Refinance the debt for billions you are not making all the way to 2050
Yes, it will take about $75 million to refurbish about a dozen boats, give or take 1 or 2, and have them recertification for their class
You fooling yourself or you have no clue how much it cost once you put these stacked boats into the shipyard.
This cost DOES NOT flow to the company that leases these boats, though some trend has been for the them to “front” these cost, which are then deducted from the day rates.
Why would any company swallow these costs when it is Hornbeck’s responsibility ?
Go buy some more boats Todd so you can stack them too.
To the pennies we go !!! TEAM TODD
HOSed
7 out of every ten of your “high specification “ boats are stacked and receiving very little (if any) maintenance
Literally millions to bring them back into service. Millions this company does not and most likely will never have
I just read they refinanced $75 million of debt. It’s going to take $75 million to bring 12 boats back into service. Get that ? The fleet is deteriorating as we speak The real fleet is what 24 boats ? .the rest is floating scrap metal
Scrap yard value. Probably require towing to the scrapyard
Too much debt to pay.
Don’t get HOSed by HOS. Short the hell out of this stock
Is that why he spent $36 million, he did not have (borrowed), to purchase 4 boats he did not need ?
Brilliant move on his part while they are losing $25 - $30 million a quarter.
The operation value of 70% of the fleet which is stacked is literally scrap iron. Literally
Please don’t stop. I like reading them. Very informative
First time I am seeing and reading them.
I need to temper my comments concerning Urban and the Casavant family.
I still wonder why Carolyn and Wesley were never charged with felonies
Like I said, GEnron going to miss the cash flow from those units sold for pennies on the dollar.
However, not much choice at this point.
Former management should be imprisoned
As Todd takes HOS further and further into debt they cannot possibly repay....
All borrowed money. Just another $50 million here, $50 million there....
An ugly reorganization is only way out or sell the fleet. Outside capital either way
To put into perspective, it will take $50 million to get 8-10 boats out of stacked condition
As Todd takes HOS further and further into debt they cannot possibly repay....
All borrowed money. Just another $50 million here, $50 million there....
An ugly reorganization is only way out or sell the fleet. Outside capital either way
To put into perspective, it will take $50 million to get 8-10 boats out of stacked condition
Hyman, you asked me for a link concerning the lack of maintenance on the stacked fleet, which represents about 70% of the ENTIRE FLEET. Please read their latest report. They go into great detail on the
non-maintenance and the millions in cost required per vessel to get each of them recertified for use.
It’s staggering. Probably a quarter billion dollar future cost to reactivate the fleet.
Tidewater sent theirs to third world countries and the scrap yard. It was cheaper.
True visionaries and ultimate scam artist
All part of their PLAM
Too bad Irban isn’t around to pull scam on the Dinar and the ZIM. Those scammers making Urban look like a Saint. And that is no easy task.
I could care less. From his writing, he is much smarter than Melvin ONeil. Whatever information he provides about the auction is easily verifiable through a device called the telephone. Once an auction date is set, I’ll fly up there to bid on a piece of true Urban Legend. I don’t care if I buy his porn stash or rubberized drills he used on Carolyn, I want it.
Now go back to your ZIM board. I heard at inteldinarchronicals it’s going to hit at any moment....
I would love to know which exact unit(s) and when. I see a trip coming.
Do my own episode of Capone’s vault
Please keep us informed. I will trust in you to provide info.
Uncle Melvie, do you know for a fact Urban has a unit and when it comes up for auction ?
I’d fly up there for that auction
Gus. Vicodin or Percodan w/12 oz beer chaser. 8 times a day
That is where the doctor should start you.
If that doesn’t make you feel better, try heroin or LSD
But, you need something pharmaceutical to help you
The pumpers missed this little point of future bankruptcy
READ CAREFULLY
AND SLOWLY
Oil prices worldwide dropped significantly commencing in 2014. While prices have partially recovered, we cannot predict whether current prices are sustainable. Further we do not know whether current prices will result in increased offshore and/or deepwater capital spending by our customers.
A continuation of the prolonged reduction in the overall level of exploration and development activities, whether resulting from changes in oil and gas prices or otherwise, could materially and adversely affect us by negatively impacting:
• our revenues, cash flows and profitability;
• the fair market value of our vessels;
• our ability to maintain or increase our borrowing capacity;
•
our ability to obtain capital to re-finance our existing debt or expand our business through acquisitions, or otherwise;
• the collectability of our receivables; and
•
our ability to retain or rehire skilled personnel whom we would need in the event of an upturn in the demand for our services.
If any of the foregoing were to occur, it could have a material adverse effect on our business and financial results.
Increases in the supply of vessels could decrease dayrates.
In addition to our fifth OSV newbuild program, which is nearing completion, certain of our competitors previously announced plans to construct new vessels to be deployed in domestic and foreign locations, thus adding to the available vessel capacity. A remobilization to the GoM oilfield of U.S.-flagged vessels currently operating in other regions or in non-oilfield applications would result in an increase in vessel capacity in the GoM, one of our core markets. Similarly, vessel capacity in foreign markets, including our core markets of Mexico and Brazil, may also be impacted by U.S.-flagged or other vessels migrating to such foreign locations. Further, a repeal, suspension or significant modification of the Jones Act, or the administrative erosion of its benefits, permitting vessels that are either foreign-flagged, foreign-built, foreign-owned, foreign-controlled or foreign-operated to engage in the U.S. coastwise trade, would also result in an increase in capacity. Any increase in the supply of OSVs or MPSVs, whether through new construction, refurbishment or conversion of vessels from other uses, remobilization or changes in law or its application, could not only increase competition for charters and lower utilization and dayrates, which would adversely affect our revenues and profitability, but could also worsen the impact of the current or any future downturn in the oil and gas industry on our results of operations and financial condition. Because some services provided by MPSVs are not protected by the Jones Act, foreign competitors have and in the future may bring additional MPSVs to the GoM or build additional MPSVs that we will compete with domestically or internationally for such services.
The level of offshore oil and gas exploration, development and production activity has historically been volatile and is likely to continue to be so in the future. The level of activity is subject to large fluctuations in response to relatively minor changes in a variety of factors that are beyond our control.
Changes in, among others, the following factors can negatively impact our performance:
•
worldwide demand for oil and natural gas;
•
prevailing oil and natural gas prices and expectations about future prices and price volatility;
•
changes in capital spending budgets by our customers;
•
the ability of oil and gas companies to generate or otherwise obtain funds for exploration and production;
•
local and international political and economic conditions and policies;
•
unavailability of drilling rigs in our core markets of the GoM, Mexico and Brazil;
•
the cost of offshore exploration for, and production and transportation of, oil and natural gas;
•
successful exploration for, and production and transportation of, oil and natural gas from onshore sources;
•
consolidation of oil and gas and oil service companies operating offshore;
16
Table of Contents
•
availability and rate of discovery of new oil and natural gas reserves in offshore areas;
•
technological advances affecting energy production and consumption;
•
the ability or willingness of the Organization of Petroleum Exporting Countries, or OPEC, to set and maintain production levels for oil;
•
oil and natural gas production levels by non-OPEC countries;
•
weather conditions; and
•
environmental and other regulations affecting our customers and their other service providers.
Commencing in late 2014, we observed a significant decline in oil prices, which caused oil companies to announce and implement significant reductions in their capital spending programs, that is the source of much of our business activity. A prolonged period of reduced oil prices is having and could continue to have a significant adverse and long-term impact on the Company’s financial condition and results of operations.
The early termination of contracts on our vessels could have an adverse effect on our operations.
Some of the long-term contracts for our vessels and all contracts with governmental entities and national oil companies contain early termination options in favor of the customer; however, some have early termination remedies or other provisions designed to discourage the customers from exercising such options. We cannot assure that our customers would not choose to exercise their termination rights in spite of such remedies or the threat of litigation with us. Until replacement of such business with other customers, any termination could temporarily disrupt our business or otherwise adversely affect our financial condition and results of operations. We might not be able to replace such business on economically equivalent terms. In addition, during the current and prior downturns, we have experienced customers requesting contractual concessions even though contrary to existing contractual terms. While not legally required to give concessions, commercial considerations may dictate that we do so, given the relatively few deepwater customers operating in the GoM.
Intense competition in our industry could reduce our profitability and market share.
Contracts for our vessels are generally awarded on an intensely competitive basis. Some of our competitors are willing to accept lower dayrates in order to maintain utilization, which can have a negative impact on our dayrates and utilization. As a result, we could lose customers and market share to these competitors. Similarly, competition in various markets may also be impacted by U.S.-flagged vessels migrating in and out of foreign locations due to the pace of drilling activity in the GoM.
PAY ATTENTION HERE. READ SLOWLY
We may not be able to complete the construction of our remaining newbuild program or may experience delays or cost overruns related to that program.
We are currently constructing the last two MPSVs under our pending newbuild program. These vessels are large and complex. We are required to make remaining milestone payments totaling approximately $61 million , the majority of which payments we expect to be incurred during 2019 and 2020 . While we have sufficient cash on hand today to meet these obligations, unforeseen events could result in our inability to fund these obligations when they come due, which could have an adverse impact on our business plans, financial condition and results from operations. Additionally, litigation with the shipyard with which we had contracted to build such vessels has delayed construction and unforeseen events could result in significant cost overruns for which, under certain circumstances, we might be responsible.
Hey Todd, how about that $36 million you spent on those boats from Aries ??
The failure to successfully complete repairs, maintenance and routine drydockings on-schedule and on-budget could adversely affect our financial condition and results of operations.
We routinely engage shipyards to drydock our vessels for regulatory compliance and to provide repair and maintenance. These activities are subject to the risks of delay and cost overruns inherent in any large construction project, including shortages of equipment, lack of shipyard availability, unforeseen engineering problems, work stoppages, weather interference, unanticipated cost increases, including costs of steel, inability to obtain necessary certifications and approvals and shortages of materials or skilled labor. Significant delays could result in adverse effects to our anticipated contract commitments or revenues. Significant cost overruns could adversely affect our financial condition and results of operations.
15. [/Major Customers
In the years ended December 31, 2018 , 2017 , and 2016 , revenues from the following customers represent 10% or more of consolidated revenues:
Year Ended December 31,
2018
2017
2016
Customer A
24
%
19
%
15
%
Customer B
18
%
11
%
21
%
Customer C
n/a
(1)
20
%
13
%
(1)
Customers represent less than 10% of consolidated revenue in each such year.
b]
Customer C is GONE
APRIL 1st, 2020 Hornbeck ceases to be, under a $350 million dollar debt due
To 501 Magazine street we go Todd. Need directions ?
Dumb Todd also states in their 10k about “vessel acquisitions” LMAO
HE HAS NO MONEY !!! AT LEAST THAT ISNT ALL BORROWED
looks like customer “C” had enough of House Hornbeck
Over 2/3rds of the fleet parked. Who is going to pony up the dry dock costs and inspection costs to get recertifications for each vessel? They been sitting idle. Zero to little maintenance.
Tidewater found cheaper to send boats to scrap yard.
Winter is coming for House Hornbeck
Gus, lay off the opioids. If you not on them, then get on them. You need help.
GET PROFESSIONAL HELP
It was a scam. Take your loses and get over it. Move on
For you I hope you are right. In the meantime I am having a ball riding my cost up to +$3.00 and dumping. Buying back in at the bottom. Almost have my Flannery losses covered, then I’ll go long.
Enjoying the Culp rides. I like this guy
Let’s all make some money, but don’t get stupid. Dump when it gets up, buy at the bottom.
We have a good way to go yet before it’s time to stay
No one does. Culp seriously has no other choice.
GEnron lives to fight another day. Sure, it’s ugly, that cash flow will be missed, but keep aviation and power alive at all costs.
$8 soon and I will again profit from the ride back up.. Easy money.
Deal for 6-10 boats. Fire sale prices Should keep HOS open for another 2-3 months extended life.
HOS needs profitable work. Not likely to ever come. The big sharks are out in force to do away with the competition from Covington
Gus is too busy watching the big ZIM, Dinar news happening this weekend (hint, it “happens “ every weekend, but never does)
Doubtful he would grab a mic and speak as the word is he sold his dentures for ZIM notes. According to him, Zimbabwe assets are propping up the world currencies. That should make you rest easy at night.
What a guy !
Melvin should have been prosecuted
John Martin (if you knew him), was for quite some time ( many years) a roadside toboggan hustler. The reports of Martin’s wealth was severely over estimated ( to state this politely) by the crazy X’ers that looked at Martin as their next Messiah
Martin was just a small time hustler much like Urban
They deserved each other.
Please don’t try and embellish Martin as anything but another individual with his self interest first and foremost
Those sleds were garbage
Kevin West’s misspelled letter ( hasn’t found the spell check button yet), failed to point out that his and Frizzell intentions were to grab as many of the low hanging fruit of assets to reap some decent legal fees.
He didn’t add in there about the money (he and they) got nearby Tyler folks to pony up for some legal costs that were never repaid (last time I checked).
Expect news. Soon. The fleet is about to get much smaller.
The news is good for everyone involved, competitors get boats really cheap, HOS gets cash and relieved of stacking costs each month.
Huge
Todd’s pipe dream fantasy of more business for HOS is just that, dreams. His ultra low day rates below cost are his doom.
Beyond stupid. Ignorant would be a good and accurate description.
Maybe a moron ? Imbecile?
It was a scam. A promotion, a play on people’s emotions at the perfect time of the new internet and the new wild west of stock boards and some well played out moderators who were really ignorant to the facts.
Perfect timing.
Harder to pull off in 2019
We were all warned. Janice being the biggest source of the truth and warned everyone of us.
shame on each one of us that didn’t listen and had to eat the financial loss.
Don’t believe me, then go buy all the ZIM notes you can afford and wait for your $3.14 payoff. Mortgage your house. Move to Reno, live in a hotel suite. Buy a $50,000 truck you cannot possibly make the first payment on. Run up your credit cards.
What does 3.14 represent again ? Oh, never mind, anyone buying ZIM wouldn’t know anyway.
I am going to eat my PIE now.
Red, no one can bash GEnron more than me, but in reality something has to happen. This unit along with Wabtec, is going to be missed, but at least GEnron lives to fight another day.
GEnron must protect at all cost, GEnron aviation, and GEnron power.
GEnron will be a much smaller company, but refocused, it should be hugely profitable once the debt is handled.
Culp is acting brilliantly
Jack Welch isn’t at the helm anymore so don’t expect to see the resurgence of The House That Jack Built
If you want to see true incompetence, jump over to the HOS board and see what massive debt can do to a company with leadership that is truly out of touch and has nothing but pipe dreams for future growth and break even revenue. Not talking profits, just keeping the lights on.
Culp is taking his shit to the street for the fight of his life. I am beginning to like the guy running GEnron.
Janice, Gus is obviously one of those Dinar and ZIM guys I been telling you about.
You just can’t help nor can you fix stupid.
It sure ain’t ! My hat off to Larry Culp. While they may miss this unit in the future, they won’t miss it that badly. That $ 21 billion along with Wabtec is going to make a nice, respectable dent in their debt problems.
I have to agree, VERY NICE MOVE !
I am rather impressed the quick ride almost to $12 today. A lot of people are wishing good things to GEnron and Culp. I am not stupid though, the debt still looms large, but not nearly as large as it was 3 months ago.
I hope in the future, Culp takes a real tight reign on stupid expensive acquisitions.
But I must share, I AM IMPRESSED
They are burning through cash, their last line of credit has been exhausted. You expect them to suddenly turn a profit taking the jobs they do at below cost rates ?
They are running out of cash. Period.
Every month, more goes out than comes in. Credit line over.
Reorganization or Liquidation. Only possibilities for House Hornbeck
I will continue to short this back down to about a dollar
Both. My long position I have had for several years. I won’t toich it. I consider that “lost”. I don’t need the $1.50 I might get selling that account.
Presently I am shorting this HOS POS all the way to the pinks. This will be 50 cents in just a couple of months.
No new work of any significance for HOS in the GoM. Chouest about to nail this coffin shut, if Guidry doesn’t beat him to it, or they do it together.
HOS is dead as we know it. Look for an announcement in the next few weeks for the reduction of their fleet as boats are sold and the creditors end this death spiral.
You forgetting to mention the ZIM and of course, Dinar intel chronicles, and human Angel Services
All part of the PLAM
Buy that ZIM, $3.14 dollars !!! Pi. Pie. Really pie ? Like pie in your face ?
You don’t say
Makes me want to feed DeliDog my own fresh hot dog for him to eat and enjoy
Why on earth would insiders sell these shares relatively worth nothing (and very very low tax consequences) compared to what the company is/was worth when business was good, why dump them for next to nothing ?
IT’S CALLED INSIDER DUMPING
Insiders have very little confidence, they know as I know the work for HOS isn’t going to get better, only worse. Their competitors know that now is the time to get rid of HOS and scoop up their boats for very little capital.
Because House Hornbeck realizes what a FUBAR position they are in and the next few months will see them taking a trip to 501 Magazine street for relief from creditors. Handwriting is now on the wall.
Carefully read Todd’s comments in the conference call regarding note holders and shareholders equity.. they about the park more boats. No secrets.
Todd should sell to Gary Chouest or Shane Guidry and enjoy his retirement and his family. The future is bleak for House Hornbeck and it’s shareholders.
They need more work, At a profit. Todd is giving work away at fire sale prices making the competition very unhappy. VERY UNHAPPY.
Look for the big boys to strike back, as they are.
That $36 million Todd blew through of borrowed money for FOUR boats he did not need is going to be looking pretty bad come December. However, Aries thanks him for his greed.
Short this pig HOS all the way into the pennies
Good luck finding that work, At. A profit anyway. 75% of the fleet parked. Great Company
Insiders dumping shares, always a good sign.