Hornbeck Offshore Announces Third Quarter 2026 Results
Key Operational and Financial HighlightsAnnounced five-year integrated services agreements with Shell in the U.S. Gulf of America, commencing in 2027Awarded a two-year decommissioning contract for integrated well intervention services in the North Sea, commencing in 2Q2027Committed to acquire eight new work-class ROV systems, with deliveries beginning in the second quarter of 2027Implemented $20 million of annualized cost savings to dateRevenue of $293 million and Adjusted EBITDA of $106 million, resulting in an Adjusted EBITDA margin of 36%Adjusted Free Cash Flow of $59 million and Adjusted Free Cash Flow conversion of 56%Provided Adjusted EBITDA guidance of $90 to 100 million for fourth qu