Page 19 - NorthAmOil Week 09 2023

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of $5.5mn in the third quarter. The decrease marks the sixth performance bonus earned today that it has entered into a definitive
in net income was largely a result of a swing by a combination of these rigs working on vessel purchase agreement with Nautical
in discrete, non-cash tax adjustments of the Woodside Energy campaign in Senegal. Solutions, LLC, an affiliate of Edison Chouest
approximately $49mn quarter to quarter. Tax The Company’s owned and managed fleet Offshore, to acquire a total of six high-spec
expense during the fourth quarter was $26mn, continued to perform well during the quarter, new generation offshore supply vessels for
primarily a result of the mix of the Company’s achieving a revenue efficiency of 96.4%. an undisclosed amount of cash. Each of the
quarterly earnings and the lack of tax benefit During the quarter, the Company made good vessels are U.S.-flagged, Jones Act-qualified,
on losses in certain jurisdictions as well as the progress on the reactivation of the Ocean 280 class DP-2 OSVs with capacities of circa
increase in certain tax reserves for potential GreatWhite. The rig is currently undergoing 4,750 DWT. Based on certain conditions, the
tax exposures. The tax benefit during the acceptance testing and is expected to company anticipates taking serial deliveries of
third quarter was $23mn, primarily due to commence its contract in March. all six vessels over the next 12 to 15 months.
the recognition of certain deferred tax assets, DIAMOND OFFSHORE, February 27, 2023 Todd Hornbeck, the company’s president
the release of a valuation allowance, and the and CEO, commented, “We are very excited
reversal of tax reserves after the expiration of Hornbeck Offshore to about this additional acquisition, which
the applicable statute of limitations in certain continues our growth strategy for the benefit
jurisdictions. acquire six additional of our employees, oilfield and non-oilfield
Free cash flow during the fourth quarter customers and other constituents. We
was $15mn compared to negative free cash high-spec offshore supply continue to explore our strategic plans for
flow during the third quarter of $30mn, additional growth and business diversification
primarily due to changes in working capital. vessels from affiliate of initiatives as we look to the future.”
During the fourth quarter, the Ocean HORNBECK OFFSHORE SERVICES, February 27,
BlackHawk and Ocean BlackRhino combined Edison Chouest Offshore 2023
efforts to earn a well-based performance
bonus for the second consecutive quarter. This Hornbeck Offshore Services, Inc announced

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