Horizon Offshore – Oil drilling Chance? - 500 Beiträge pro Seite

[nonnenkloster]

Horizon Offshore – Oil drilling

Wer kennt Horizon Offshore WKN 913395, (Nasdaq HOFF)? Ich habe mal ein paar Infos zusammengetragen und würde gerne Eure Meinung wissen.

Aktueller Kurs 0,62 Eur / 52-Wochentief: 0,45, 52-Wochenhoch: 4,07

Kurzdarstellung:

Horizon Offshore provides marine construction services to the offshore oil and gas industry around the world. The Company`s fleet is used to perform a wide range of marine construction activities, including installation and burial of marine pipelines with conventional `S` pipelay and "reel" pipelay methods, derrick barge operations for in-stallation of new and abandonment of old oil and gas producing facilities.
Horizon`s mission is to pursue operational excellence while maintaining the highest regard for the management of health, safety and environment (HSE) and quality. In all aspects of our work, we provide high quality, industry recognized marine construction services throughout the world.

Herausforderung – Gefahr des Delsitings von der Nasdaq:

HOUSTON, Aug. 19, 2004 -- Horizon Offshore, Inc. (NasdaqNM:HOFF - News) an-nounced today that it has received notice from the Nasdaq Stock Market that the Company is not in compliance with the minimum bid price requirement for continued listing on the Nasdaq National Market (the ``National Market``). The Company`s common stock has closed for the last 30 consecutive business days below the mini-mum $1.00 per share requirement for continued inclusion under Marketplace Rule 4450(b)(4) (the ``Rule``). The letter provides the Company 180 days, or until February 14, 2005, to regain compliance with the $1.00 per share requirement. The letter fur-ther provides that if, at anytime before February 14, 2005, the bid price of the com-mon stock of the Company closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it is in compliance with the Rule.
If the Company is unable to demonstrate compliance with the Rule by February 14, 2005, Nasdaq will determine whether the Company meets the National Market initial listing criteria as set forth in Marketplace Rule 4420, except for the minimum bid re-quirement. If the Company meets this criterion, Nasdaq will grant the Company an additional 180-day compliance period. If such additional period is granted and the Company has not regained compliance by June 29, 2005, Nasdaq will notify the Company of its continued non-compliance, the pending expiration of the compliance period and its right to request a hearing.
If the Company does not regain compliance with the Rule by February 14, 2005, and is not eligible for an additional compliance period, the Company`s common stock will be delisted or moved to the Nasdaq SmallCap Market, and the Company would have the right to appeal such delisting determination to a Listings Qualifications Panel.

Chance:

Als Bohr- und Infrastrukturspezialisten kann Horizon Offhsore sicherlich bei den heu-tigen Ölpreisen verstärkt von Aufträgen profitieren. Viele Erschließungsvorhaben, die vor fünf Jahren bei Barrel-Preisen um 20 US-Dollar als unrentabel verworfen wurden, rechnen sich nun auf einmal wieder, was auch diesem „Driller“ nachhaltig volle Auf-tragsbücher bescheren sollte.

Horizon Offshore hat scheinbar jetzt die Bodenbildung erreicht (Kurs, 077 Dollar), In den letzten Wochen haben auch die Umsätze zugenommen, man sieht gerade jetzt eine schöne w-Formation.

Was meint Ihr?

[leandro01]

Nix wie rein - da ist Potential bis 8,- Euro !!!!!!
Wenn du denn hier in D aktuell Verkäufer finden solltest - denke vor 4 Euro kriegste nix

[benefactor [KommA]]

HOFF steht kurz vor der Pleite.
http://finance.yahoo.com/q/ks?s=HOFF

[amok01]

Könnte jemand vielleicht den Inhalt einigermaßen auf deutsch übersetzten.Mein Englisch ist nicht so gut aber mich würde doch schon interessieren wie die Firma da steht.

Form 10-Q for HORIZON OFFSHORE INC
9-Aug-2004

Quarterly Report



Item 2. Management`s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis together with our consolidated financial statements and notes thereto and the discussion "Management`s Discussion and Analysis of Financial Condition and Results of Operations" included in our 2003 Annual Report on Form 10-K. The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ from those expressed or implied by the forward-looking statements.

General

We provide marine construction services for the offshore oil and gas and other energy related industries in the U.S. Gulf of Mexico, Northeastern U.S., Latin America, Southeast Asia, West Africa and have recently expanded our operations to the Mediterranean to perform work under a new contract that we were awarded in March 2004. We have nine operational vessels in our marine fleet, including four pipelay and pipebury vessels, one diving support vessel, one dedicated pipebury vessel, two derrick barges and one combination pipelay and derrick vessel.

Our primary services include:

• installing pipelines;

• providing pipebury, hook-up and commissioning services;

• installing production platforms and other structures; and

• disassembling and salvaging production platforms and other structures.

The demand for offshore construction services depends largely on the condition of the oil and gas industry and, in particular, the level of capital expenditures by oil and gas companies for developmental construction. These expenditures are influenced by:

• the price of oil and gas and industry perception of future prices;

• the ability of the oil and gas industry to access capital;

• expectations about future demand and prices;

• the cost of exploring for, producing and developing oil and gas reserves;

• sale and expiration dates of offshore leases in the United States and abroad;

• discovery rates of new oil and gas reserves in offshore areas;

• local and international political and economic conditions;

• governmental regulations; and

• the availability and cost of capital.

Historically, oil and gas prices and the level of exploration and development activity have fluctuated substantially, impacting the demand for pipeline and marine construction services. Factors affecting our profitability include competition, equipment and labor productivity, contract estimating, weather conditions and other risks inherent in marine construction. The marine construction industry in the U.S. Gulf of Mexico and offshore Mexico is highly seasonal as a result of weather conditions with the greatest demand for these services occurring during the second and third calendar quarters of the year. International shallow water areas offshore Southeast Asia is less cyclical and is not impacted seasonally to the degree the U.S. Gulf of Mexico and offshore Mexico is impacted. The West Africa work season helps to offset the decreased demand during the winter months in the U.S. Gulf of Mexico.



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Overview

We had an operating loss for the first six months of 2004 of $(15.0) million and negative cash flows from operations of $(36.7) million. The operating loss was $(9.0) million for the quarter ended June 30, 2004. The increased operating loss for the first six months of 2004 is due to a number of factors. We continue to experience lower levels of vessel utilization due to competitive conditions in the marine construction industry. The gross loss for the six months ended June 30, 2004 is primarily attributable to losses generated by our domestic operations, as we did not have a sufficient level of contract activity and associated revenues to support our operating cost structure in this geographic area. The continuing low levels of vessel utilization due to competitive market conditions and unusually adverse weather in the U.S. Gulf of Mexico during the first half of 2004 were contributing factors to the loss from our domestic operation. Also, productivity on the execution of certain projects during the first quarter of 2004 was less than initially estimated when the projects were bid. During the second quarter of 2004, management committed to a plan to sell three of our marine construction vessels and a cargo barge in response to the lower levels of utilization. Discussions with potential buyers have indicated a decline in market value of two of the marine vessels held for sale; accordingly, we recorded a $2.6 million impairment loss on assets held for sale during the quarter ended June 30, 2004. Management believes the fair value of the assets held for sale approximates their current carrying value of $10.1 million.

A fire on the Gulf Horizon on May 18, 2004 while on tow from the U.S. Gulf of Mexico to Israel also contributed to the increased operating loss. The Sea Horizon, our combination pipelay and derrick vessel located in Southeast Asia, replaced the Gulf Horizon to allow the IEC contract to stay on schedule. The diversion of the Sea Horizon from its scheduled work in Southeast Asia and the loss of this work in June 2004 adversely affected our operations in this geographic area for the quarter and will result in the loss of revenues forecasted for the second half of 2004. The Sea Horizon is expected to return to Southeast Asia after completion of the IEC project.

The Gulf Horizon is currently at a shipyard in South Carolina where a damage assessment was performed and three repair bids were obtained. We purchased a marine hull insurance policy to cover physical damage to the Gulf Horizon while being towed to Israel. We expect the vessel to ultimately be declared a constructive total loss. Accordingly, we wrote off the net book value of the Gulf Horizon and related assets of $22.3 million and reimbursable sue and labor costs of $1.1 million incurred through June 30, 2004 to an insurance receivable. We currently estimate that the insured value of this property will exceed the net book value, and may result in a gain once final insurance amounts are determined.

We used $9.1 million cash to secure a letter of credit for the IEC contract with proceeds from the issuance of the 18% Subordinated Notes on May 27, 2004. The Sea Horizon and the Canyon Horizon mobilized to Israel and arrived at the end of July 2004 to begin work on the installation of a 40" diameter natural gas transmission pipeline. During the second quarter, we recognized $16.4 million in contract revenues and gross profit of $4.1 million related to the mobilization phase of this project. This project is estimated to be substantially complete by the end of 2004.

Our Latin America operations improved during the second quarter as we have begun work on a contract for the construction and installation of several pipelines in the Bay of Campeche for Pemex. We completed the engineering and the procurement of 24" diameter pipe required for the project during the first half of 2004. The Lone Star Horizon mobilized and began work in late July 2004 to lay and trench pipelines ranging in size from 10" diameter to 24" diameter and will perform one shore approach. The Atlantic Horizon is expected to mobilize in mid August 2004 to complete minor trenching and perform tie-ins on the Pemex project, which will be substantially completed during the fourth quarter of 2004.

For the six months ended June 30, 2004, revenues related to our IEC contract accounted for 19% and the Pemex contract accounted for 18% of our consolidated revenues. Construction activities related to the two-year pipeline and structural installation program in Nigeria were substantially complete at March 31, 2004 and accounted for 16% of our consolidated revenues for the first half of 2004. Our customer in Nigeria has an option, expiring in September 2004 pursuant to the contract, for a third year of work which would begin in



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October 2004. Our customer requested and is currently reviewing our pricing submitted to perform this work, but has not yet exercised its option.

In addition to the recent events described above, our inability to collect significant outstanding receivables and claims from Pemex, Iroquois and Williams has continued to impact our liquidity and caused us to closely manage cash. We were able to meet cash needs through the second quarter of 2004 from the financing secured with proceeds of $59.9 million from the issuance of 16% and 18% Subordinated Notes in March and May 2004, respectively. It is critical for us to stay on budget and meet our cash flow forecasts for our projects in order to provide sufficient cash from operations to meet our liquidity needs for the remainder of 2004. For discussion of our current liquidity position, see "Liquidity and Capital Resources" herein.

We continue to negotiate and use our best efforts to resolve our EPC 64 contract claims with Pemex. The total claims that we submitted to Pemex approximated $78 million and included unapproved claims for extra work related to interferences, interruptions and other delays as well as claims for additional scope of work performed. The unapproved claims recorded as revenue to the extent of costs incurred through December 31, 2002 do not include any profit and are substantially less than the actual claims submitted to Pemex. Of the $78 million of claims submitted, the carrying value at June 30, 2004 is $25.5 million and is included in costs in excess of billings. If we are unsuccessful in resolving our EPC 64 contract claims against Pemex, we intend to submit some or all of the claims to arbitration in Mexico in accordance with the Rules of Arbitration of the International Chamber of Commerce. Our reserved net claim receivable as of June 30, 2004 of approximately $25.5 million is our best estimate of the amount we believe we will collect on our EPC 64 contract claims. A failure to recover any amount from Pemex in negotiations or possible arbitration could result in a loss of up to our carrying value of $25.5 million. It is possible that the EPC 64 claim could be settled for an amount in excess of our recorded balance, which could result in a recovery of our reserve in the period settlement is reached. The process for resolving these claims could continue into 2005 and beyond. Collection of amounts related to these claims would be remitted directly as prepayment of the 16% and 18% Subordinated Notes.

As of August 1, 2004, our backlog totaled approximately $133 million compared to our backlog at August 1, 2003 of approximately $88 million. The IEC contract and the Pemex contract have increased our backlog. Of the total backlog as of August 1, 2004, approximately $23 million is not expected to be earned until after June 2005.

Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We must apply significant, subjective and complex estimates and judgments in this process. Among the factors, but not fully inclusive of all factors, that may be considered by management in these processes are: the range of accounting policies permitted by accounting principles generally accepted in the United States; management`s understanding of our business; expected rates of business and operational change; sensitivity and volatility associated with the assumptions used in developing estimates; and whether historical trends are expected to be representative of future trends. Among the most subjective judgments employed in the preparation of these financial statements are estimates of expected costs to complete construction projects, the collectibility of contract receivables and claims, the fair value of salvage inventory, the depreciable lives of and future cash flows to be provided by our equipment, the amortization period of maintenance and repairs for dry-docking activity, estimates for the number and related costs of insurance claims for medical care and Jones Act obligations, judgments regarding the outcomes of pending and potential litigation and certain judgments regarding the nature of income and expenditures for tax purposes. We review all significant estimates on a recurring basis and record the effect of any necessary adjustments prior to publication of our financial statements. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date.



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The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles, assuming Horizon continues as a going concern. The financial statements do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts or to amounts and classification of liabilities that may be necessary should Horizon be unable to continue as a going concern.

Our significant accounting policies are described in Note 1 of our notes to consolidated financial statements. We consider certain accounting policies to be critical policies due to the significant judgments, subjective and complex estimation processes and uncertainties involved for each in the preparation of our consolidated financial statements. We believe the following represent our critical accounting policies.

We have discussed our critical accounting policies and estimates, together with any changes therein, with the audit committee of our board of directors.


Revenue Recognition
Contract revenues for construction contracts are recognized on the percentage-of-completion method, measured by the percentage of costs incurred to date to the total estimated costs at completion for each contract. This percentage is applied to the estimated revenue at completion to calculate revenues earned to date. We consider the percentage-of-completion method to be the best available measure of progress on these contracts. We follow the guidance of AICPA Statement of Position (SOP) 81-1, "Accounting for Performance of Construction-Type and Certain Production-Type Contracts" relating to the use of the percentage-of-completion method, estimating costs and claim recognition for construction contracts. Estimating costs to complete each contract pursuant to SOP 81-1 is a significant variable in determining the amount of revenues earned to date. We continually analyze the costs to complete each contract and recognize the cumulative impact of revisions in total cost estimates in the period in which the changes become known. In determining total costs to complete each contract, we apply judgment in the estimating process. Contract revenue reflects the original contract price adjusted for agreed upon change orders and unapproved claims. For contract change orders, claims or similar items, we apply judgment in estimating the amounts and assessing the potential for realization. We recognize unapproved claims only when the collection is deemed probable and if the amount can be reasonably estimated for purposes of calculating total profit or loss on long-term contracts. We record revenue and the unbilled receivable for claims to the extent of costs incurred and to the extent we believe related collection is probable and include no profit on claims recorded. Changes in job performance, job conditions and estimated profitability, including those arising from claims and final contract settlements, may result in revisions to estimated costs and revenues and are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. The asset "Costs in excess of billings" represents the costs and estimated earnings recognized as revenue in excess of amounts billed as determined on an individual contract basis. The liability "Billings in excess of costs" represents amounts billed in excess of costs and estimated earnings recognized as revenue on an individual contract basis.

For certain service contracts, revenues are recognized under SEC Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements," and No. 104, "Revenue Recognition," when all of the following criteria are met; persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the seller`s price is fixed or determinable; and collectibility is reasonably assured. Revenues from salvage projects sometimes include non-cash values assigned to structures that are received from time to time as partial consideration for services performed. In assigning values to structures received, we apply judgment in estimating the fair value of salvage inventory.

The complexity of the estimation process and all issues related to the assumptions, risks and uncertainties inherent with the application of the percentage of completion methodologies affect the amounts reported in our consolidated financial statements. If our business conditions were different, or if we used different assumptions in the application of this accounting policy, it is likely that materially different amounts could be reported in our financial statements. If we used the completed contract method to account for our revenues, our results of operations would reflect greater variability in quarterly revenues and profits as no revenues or



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costs would be recognized on projects until the projects were substantially complete, which for larger contracts may involve deferrals for several quarters.


Accounts Receivable
We have significant investments in billed and unbilled receivables as of June 30, 2004. Billed receivables represents amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestones. Unbilled receivables on fixed-price contracts, which are included in costs in excess of billings, arise as revenues are recognized under the percentage-of-completion method. Unbilled amounts on cost-reimbursement contracts represent recoverable costs and accrued profits not yet billed. Allowances for estimated nonrecoverable costs primarily provide for losses that may be sustained on unapproved change orders and claims. We evaluate our contract receivables and costs in excess of billings and thoroughly review historical collection experience, the financial condition of our customers, billing disputes and other factors. During the fourth quarter of 2003, we recorded a $33.1 million reserve for unapproved claims against Pemex. During the first six months of 2004, there were no collections on our Pemex unapproved claims, and there was no change in our reserve for the Pemex unapproved claims.

We negotiate change orders and unapproved claims with our customers. In particular, unsuccessful negotiations of unapproved claims could result in decreases in estimated contract profit or additional contract losses, while successful claims negotiations could result in increases in estimated contract profit or recovery of previously recorded contract losses. Any future significant losses on receivables would adversely affect our financial position, results of operations and our overall liquidity.

Our reserved net claim receivable remaining from Pemex at June 30, 2004 of approximately $25.5 million, which includes approximately $19.1 million of unapproved claims and $6.4 million of additional scope of work, is our best estimate of the amount we believe we will collect on our EPC 64 contract claims. Final resolution of this matter could reasonably be expected to vary from $25.5 million. A failure to recover any amounts from Pemex in negotiations or possible arbitration could result in a further loss of up to our carrying value of $25.5 million. It is possible that the EPC 64 claim could be settled for an amount in excess of our recorded balance, which could result in a recovery of our reserve in the period settlement is reached. The process for resolving these claims could continue into 2005 and beyond. Collection of amounts related to these claims would be remitted directly as prepayment of the 16% and 18% Subordinated Notes.

At June 30, 2004, our reserved contract receivables of $27.2 million from Iroquois is our best estimate of the amount we believe we will collect. On January 20, 2004, we filed a lawsuit for breach of contract and wrongful withholding of amounts due to us for services performed under our contract with Iroquois. Iroquois has filed counter-claims against us for alleged damage to its pipeline, extra costs to complete work due to alleged breach of contract, indemnity for certain damage to third parties and alleged failure to perform efficiently. We believe these counter-claims have no merit and intend to vigorously defend against them. We cannot predict whether a negotiated resolution of this dispute will occur or, if such a resolution does occur, the precise terms of such a resolution. We could incur a loss for uncollectible amounts of up to the carrying value of $27.2 million. Collection of the Iroquois contract receivables at their recorded carrying value would provide net proceeds of approximately $13 million after payments to subcontractors on this project, of which $6.25 million would be remitted directly as prepayment of the 18% Subordinated Notes.

At June 30, 2004, our reserved contract receivables of $5.5 million from Williams is our best estimate of the amount we believe we will collect. On September 12, 2003, we filed a lawsuit for breach of contract and wrongful withholding of amounts due to us for services performed under our contract with Williams. Williams has filed a counter-claim against us for alleged breach of contract. We believe that this counter-claim has no merit and intend to vigorously defend against it. We cannot predict whether a negotiated resolution of this dispute will occur or, if such a resolution does occur, the precise terms of such a resolution. We could incur a loss for uncollectible amounts of up to the carrying value of $5.5 million. Collection of amounts related to these receivables would be remitted directly as prepayment of the 16% Subordinated Notes.



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Other Assets
Other assets consist principally of capitalized dry-dock costs, deferred loan fees, deposits and goodwill.

Dry-dock costs are direct costs associated with scheduled major maintenance on our marine vessels and are capitalized and amortized over a five-year cycle. We incurred and capitalized dry-dock costs of $11.8 million for the six months ended June 30, 2004 and $1.4 million for the six months ended June 30, 2003. The significant dry-dock costs capitalized for the first six months of 2004 relate primarily to the vessels utilized to perform the work awarded under the IEC and Pemex contracts. Major maintenance on the Canyon Horizon prior to its mobilization to Israel, as well as regulatory dry-dockings for the American Horizon and the Pecos Horizon required by the U.S. Coast Guard and the American Bureau of Shipping, were completed during the first half of 2004. As of June 30, 2004, capitalized dry-dock costs totaled $19.7 million.

Loan fees paid in connection with new loan facilities are deferred and amortized over the term of the respective loans. The amortization of the deferred loan fees is recorded as interest expense in the accompanying consolidated statements of operations. In connection with the issuance of the 16% and 18% Subordinated Notes, we incurred and capitalized loan fees of $10.5 million during the six months ended June 30, 2004.


Property and Equipment
We use the units-of-production method to calculate depreciation on our major barges and vessels to approximate the wear and tear of normal use. The annual depreciation based on utilization of each vessel will not be less than 25% of annual straight-line depreciation, and the cumulative depreciation based on utilization of each vessel will not be less than 50% of cumulative straight-line depreciation. Accelerated depreciation methods are used for tax purposes. The useful lives of our major barges and vessels range from 15 years to 18 years. Upon sale or retirement, the cost of the equipment and accumulated depreciation are removed from the accounts and any gain or loss is recognized. If we alternatively applied only a straight-line depreciation method, less depreciation expense would be recorded in periods of high vessel utilization and more depreciation expense would be recorded in periods of low vessel utilization. We believe the method we use better matches costs with the physical use of the equipment.

When events or changes in circumstances indicate that assets may be impaired, we evaluate the carrying value of the asset. Changes in our business plans, a change in the physical condition of a long-lived asset or the extent or manner in which it is being used, or a severe or sustained downturn in the oil and gas industry are considered triggering events. The carrying value of each vessel is compared to the estimated undiscounted future net cash flows for that vessel. If the carrying value of any vessel is more than the estimated undiscounted future net cash flows expected to result from the use of the vessel, a write-down of the vessel to estimated fair market value must be made. When quoted market prices are not available, fair value must be determined based upon other valuation techniques. This could include appraisals or present value calculations of estimated future cash flows. In the calculation of fair market value, including the discount rate used and the timing of the related cash flows, as well as undiscounted future net cash flows, we apply judgment in our estimates and projections, which could result in varying levels of impairment recognition.

On May 18, 2004, our pipelay barge, the Gulf Horizon, caught fire while on tow from the U.S. Gulf of Mexico to Israel to perform the IEC project. The vessel was recovered 400 miles off the coast of Georgia and was towed to a shipyard in South Carolina. A damage assessment was performed, and we are evaluating repair bids obtained from three U.S. shipyards. If those repair estimates are accurate, the repair costs will equal or exceed the $28.0 million insured value of the vessel and it may ultimately be declared a constructive total loss. However, the underwriters on the policy of marine hull insurance that we purchased to cover physical damage to the vessel have asked for additional repair estimates. Because the three repair estimates we have received to date approach the insured value of the vessel, we have written off the value of the Gulf Horizon and related assets and booked a receivable in an amount equal to the net book value of $22.3 million of the vessel and related assets and $1.1 million of sue and labor costs we incurred through June 30, 2004 that we believe are reimbursable under the insurance policy in addition to the insured value. The insurance receivable is classified as a current receivable in the accompanying consolidated balance sheet as of June 30, 2004. All proceeds

[amok01]

Hier habe ich noch was gefunden.Vielleicht hilft das einigen ja weiter sich ein Bild über die Situation zu machen.

Comparative Tables Follow:


Horizon Offshore, Inc.
Summary Financial and Operating Data
(Unaudited)
(In thousands, except share and per share data)

Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
------------------------------------------------
Income Statement Data:

Contract revenues$ 44,932 $ 57,928 $ 87,415 $124,989
Cost of contract
revenues 45,963 58,678 88,570 123,205
--------- --------- --------- --------
Gross profit (loss) (1,031) (750) (1,155) 1,784
Selling, general and
administrative
expenses 5,433 6,481 11,274 11,899
Impairment loss on
assets held for sale 2,568 -- 2,568 --
--------- --------- --------- --------
Operating loss (9,032) (7,231) (14,997) (10,115)

Other:
Interest expense,
net of amount
capitalized (6,721) (2,106) (10,458) (3,649)
Interest income 14 10 28 21
Loss on debt
extinguishment -- (868) (165) (868)
Other income
(expense), net 80 (89) 22 (131)
--------- --------- --------- --------

Net loss before
income taxes (15,659) (10,284) (25,570) (14,742)
Income tax provision
(benefit) 536 (6,227) 1,323 (7,737)
--------- --------- --------- --------

Net loss $ (16,195) $ (4,057) $ (26,893) $ (7,005)
========= ========= ========= ========

Earnings (loss) per share:
Net loss per share -
basic and diluted $ (0.60) $ (0.15) $ (1.00) $ (0.27)
========= ========= ========= ========

Weighted average shares used in
computing net loss per share:

Basic and
diluted 27,087,771 26,417,147 26,815,196 26,402,438

Other Non-GAAP
Financial Data:

Adjusted EBITDA(1)$ (2,276) $ (3,029) $ (4,422) $ (1,820)

Adjusted EBITDA
calculation is as
follows:

Net loss $ (16,195) $(4,057) $(26,893) $ (7,005)
Income tax provision
(benefit) 536 (6,227) 1,323 (7,737)
Net interest
expense 6,707 2,096 10,430 3,628

Depreciation and
amortization 4,108 5,159 8,150 9,294

Non-cash impairment
on assets held for
sale 2,568 -- 2,568 --
--------- --------- --------- --------

Adjusted EBITDA $ (2,276) $ (3,029) $ (4,422) $ (1,820)

[nonnenkloster]

Kurs ist am Freitag in den USA gestiegen.

Hier eine akuelle Meldung, die aber so lang ist und meine Englischkenntnisse übersteigt. Evtl ist ja jemand da, der die wichtigen Details herausarbeiten kann?

Horizon Offshore Completes Financing; Provides Update Regarding Recapitalization
Friday November 5, 5:26 pm ET
HOUSTON, Nov. 5, 2004 (PRIMEZONE) -- Horizon Offshore, Inc. (NasdaqNM:HOFF - News) announced that it has issued an additional $9.625 million aggregate principal amount of its 18% subordinated secured notes and entered into an agreement contemplating the recapitalization of the Company through a rights offering supported by a debt for equity conversion with the holders of its currently outstanding 16% and 18% subordinated notes. The newly issued 18% subordinated notes were purchased at a 20% discount, for $7.7 million.


The lenders under Horizon`s domestic revolving credit facility had sought more restrictive terms, including early amortization and reduced capacity, based upon disagreements with the Company regarding the interpretation of the borrowing base provisions of the loan agreements. In addition, the Export Import Bank guarantee of the Company`s foreign revolving credit facility was set to expire on November 30, 2004. In light of this lender position, Horizon, after first negotiating towards the take-out of its domestic revolving credit facility by the 18% subordinated note holders, ultimately obtained agreement of the revolving credit lenders to cap the commitment amount on the domestic facility at $6.3 million, and for the 18% subordinated note holders to purchase the additional 18% subordinated notes, making up the difference between the new commitment amount and the amount which would otherwise have been committed. The lenders under the facility secured by Horizon`s foreign receivables agreed to an immediate funding of $4.9 million, and the Export Import Bank guarantee of that facility has been extended from November 30, 2004 until maturity of the loan, January 21, 2005 in return for a reduction in the commitment amount to $25 million as of November 30, 2004 and $21 million as of December 31, 2004. The Company expects continued availability under the foreign-secured facility of up to $21 million at year-end, and will pay down a portion of that loan beginning January 1, 2005 with a percentage of its collections on two major foreign contracts.
The $12.6 million provided by the combination of new subordinated secured notes and reaching an accommodation with Horizon`s revolving credit facility lenders is expected to enable the Company to meet its immediate cash needs.
While the Company believes the additional $12.6 million in borrowings and the anticipated recapitalization will enable the Company to meet its current liquidity needs, successful implementation of its proposed recapitalization and refinancing remains vital to the Company`s long term success. ``We`re working hard and fast to accomplish our restructuring,`` said Dick Sebastiao, Chief Restructuring Officer, ``and we are confident all interested parties will be able to work together and achieve a reasonable result. The achievement announced today is the first step in this direction.``
The letter agreement entered into by the Company with substantially all of the holders of its 16% and 18% subordinated notes contemplates that the Company will be recapitalized in early 2005 through a rights offering of additional common stock to the Company`s existing stockholders and the prepayment or conversion of up to $65 million aggregate principal amount of the Company`s outstanding subordinated notes into common stock. The note holders agreeing to convert subordinated notes would be paid a 7.5% commitment fee on the $65 million subordinated note amount that may ultimately be converted with the fee payable at closing in additional common shares valued at the rights offering price. The net proceeds of the rights offering will be used to prepay the outstanding subordinated notes. The price of the rights in the rights offering and at which any of the subordinated notes will be converted will be such that, if $65 million of the subordinated notes are prepaid or converted into common stock, the parties exercising the stock purchase rights or converting the subordinated notes will then hold 95% of the Company`s common stock outstanding on a fully diluted basis (after giving effect to the commitment fee and without giving effect to the warrants described below or any out-of-the money employee options). As a result, the recapitalization will result in a substantial number of shares of common stock being issued at a significant discount to the recent trading price of the Company`s common stock. While the Company is in the process of implementing its recapitalization, investment in its common stock will be highly speculative. Shares of the Company`s common stock may have little value. As part of the recapitalization, the Company also intends to solicit its stockholders to approve a reverse stock split, an increase in the authorized number of common shares and a reduction in the par value of its common stock. The Company anticipates that the remaining subordinated notes not prepaid with proceeds of the rights offering or converted into common stock, which is approximately $45 million as of the date hereof, will either remain outstanding or be exchanged for new subordinated notes with terms and provisions acceptable to Horizon and the subordinated note holders.
The completion of the recapitalization is subject to a significant number of conditions, many of which are outside the control of the Company, including the review by the Securities and Exchange Commission of the Company`s proxy and registration statement filings, the Company`s ability to restructure or refinance the indebtedness under its two existing bank revolving credit facilities that mature within the next three months, stockholder approval of the various transactions to be undertaken as part of the recapitalization and execution of definitive agreements with the holders of the existing subordinated notes. The Company anticipates filing proxy and registration statements with the Securities and Exchange Commission as soon as practicable. Although there can be no assurance regarding the Company`s ability to complete the recapitalization, the timing of the transaction or whether there will be material revisions to the proposed recapitalization, the Company believes that a recapitalization can be accomplished. As the Company continues to negotiate with its lenders and other stakeholders in connection with the proposed recapitalization, certain elements of the recapitalization may change.
As additional consideration for their entering into the transactions described herein, the Company sold to the purchasing noteholders 1,400 shares of redeemable participating preferred stock for $1.00 per share in cash. Horizon is required by the Nasdaq Marketplace Rules to obtain the approval of its stockholders to redeem the preferred stock with five year warrants to purchase at an aggregate exercise price of $1.925 million a number of shares of common stock equal to 14% of Horizon`s outstanding common stock on a fully diluted basis (after giving effect to the issuance of the warrants and warrants issued in March to purchasers of the Company`s 16% subordinated notes but excluding any out-of-the money employee options). If stockholder approval is not obtained, the preferred stock shall be redeemed six years from the date of its issuance, or at the option of the preferred stock holders upon merger, sale of all or substantially all of the assets of Horizon, change of control or liquidation, for cash in an amount equal to the amount by which the current market price of 14% of the outstanding shares of common stock on a fully diluted basis (which amount will accrete at a rate of 25% per year commencing six months after issuance, compounded quarterly) exceeds the warrant exercise price.
The Company is working with its customers, vendors and employees to make them aware of its recapitalization and refinancing plans and to minimize any disruption that may be caused by any delay and uncertainty surrounding the recapitalization and refinancing.
This press release and the agreements referenced in this press release will be filed on a current report on Form 8-K with the Securities and Exchange Commission. Horizon encourages you to read such current report and the exhibits thereto, including the agreements referenced in this press release, in their entirety.
Horizon and its subsidiaries provide marine construction services for the offshore oil and gas industry in the U.S. Gulf of Mexico, West Africa, Southeast Asia, Latin America and the Mediterranean. The Company`s fleet is used to perform a wide range of marine construction activities, including installation of marine pipelines to transport oil and gas and other sub sea production systems, and the installation and abandonment of production platforms.
This press release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: the Company`s substantial amount of debt and high reliance on external sources of financing and improved cash flow to meet its obligations and reduce its existing debt; the Company`s ability to complete the recapitalization of its equity structure and to extend and refinance its revolving credit facilities; resolution of the Company`s outstanding claims against Pemex; outcome of litigation with Iroquois, Williams and the underwriters of the insurance coverage on the Gulf Horizon; industry conditions and volatility; prices of oil and gas; the Company`s ability to obtain and the timing of new projects; changes in competitive factors; and other material factors that are described from time to time in the Company`s filings with the Securities and Exchange Commission.
Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements often identified with words like ``should,`` ``expects,`` ``believes,`` ``anticipates,`` ``may,`` ``could,`` etc. contained herein should not be regarded as representations by Horizon or any other person that the projected outcomes can or will be achieved.

[nonnenkloster]

Ganz schön was los in den USA. Hoffentlich geht es wieder hoch. Kann jemand was zum Text s.o. sagen?

[shadia]

hab mir welche zugele´gt. heute wird wohl ne technische
gegenreaktion auf gestern folgen.

[nonnenkloster]

Hoffentlich hast Du Recht. Kurs Liegt jetzt (14.00 Uhr) vorbörslich bei 0.48 Dollar. Das will aber bestimmt noch nichts heißen. Hier die Q3-Zahlen. Hat jemand eine Meinung dazu?

http://www.primezone.com/newsroom/news_releases.mhtml?d=6717…

Horizon Offshore Reports Third Quarter Results
HOUSTON, Nov. 9, 2004 (PRIMEZONE) -- Horizon Offshore, Inc. (Nasdaq:HOFF) reported a net loss for the quarter ended September 30, 2004 of $(14.1) million, or $(0.52) per share-diluted. This compares with a net loss of $(0.3) million, or $(0.01) per share-diluted, for the third quarter of 2003. For the third quarter of 2004, gross profit was $15.9 million or 16.8 percent on contract re-venues of $94.6 million, compared to a gross profit of $7.5 million or 9.4 percent on contract reve-nues of $79.8 million for the third quarter of 2003.
The Company reported a net loss of $(41.0) million, or $(1.52) per share-diluted for the nine months ended September 30, 2004 compared to a net loss of $(7.3) million, or $(0.28) per share-diluted for the nine months ended September 30, 2003. Gross profit was $14.8 million or 8.1 per-cent on contract revenues of $182.0 million for the nine months ended September 30, 2004, com-pared with gross profit of $9.3 million or 4.5 percent on contract revenues of $204.8 million for the nine months ended September 30, 2003.
Horizon also reported adjusted EBITDA, as defined, of $13.1 million for the quarter ended Septem-ber 30, 2004 compared with $7.3 million for the third quarter of 2003. The increase in revenues and the improvement in gross profit are attributable to our international operations during the quarter. Revenues related to the Company`s ongoing contracts with Israel Electric Corporation (IEC) and Pemex accounted for 37% and 31% of consolidated revenues for the quarter and 28% and 25% for the nine months ended September 30, 2004, respectively.
The $(4.2) million operating loss for the third quarter of 2004 and $(19.2) million for the nine months ended September 30, 2004 includes an $11.2 million impairment loss on the Gulf Horizon from the fire it sustained on May 18, 2004. While the Company continues to pursue its insurance claim for the full $28 million policy value against the underwriters on the applicable hull and ma-chinery policy, and believes that a recovery under that policy is probable, the underwriters have instituted a suit for declaratory judgment seeking to avoid coverage. Applicable accounting rules prohibit recognition of an insurance receivable for a claim from a party that is asserting that it is not liable to indemnify the Company. The Company also carries Mortgagee`s Interest Insurance, which will provide a recovery of $9.1 million in the event the Company does not recover losses under the hull and machinery policy, and this amount has been recorded as an insurance recei-vable at September 30, 2004. Also included in the operating loss for the nine months ended Sep-tember 30, 2004 is a $3.0 million impairment loss on assets held for sale in connection with the Company`s previously announced plan to sell certain vessels and barges.
Interest expense was $18.6 million for the first nine months of 2004 as a result of the Company`s substantial debt obligations and the interest expense and amortization of debt discount and defer-red loan fees associated with the 16% subordinated secured notes issued in March 2004 and the 18% subordinated secured notes issued in May and September 2004. Of this amount, $6.1 million was paid in cash, $7.2 million was paid in-kind in the form of additional subordinated notes and amortization of discount and deferred loan fees was $5.5 million. In light of the Company`s sub-stantial debt obligations and inability to generate sufficient cash flows from operations to meet its cash needs and provide adequate working capital, on November 4, 2004, the Company entered into the recapitalization letter agreement with holders of approximately $80 million aggregate prin-cipal amount of its 16% and 18% subordinated secured notes disclosed in its press release and Form 8-K filed with the Securities and Exchange Commission on November 5, 2004.
"Our gross profit for the third quarter reflects the quality of our execution and efforts of our per-sonnel on the IEC and Pemex contracts," said Bill J. Lam, President. "We are diligent in our pursuit of contract awards for larger projects, specifically in Southeast Asia and West Africa, which we be-lieve will improve profitability. We are facing many challenges in the near term -- maintaining op-erational profitability and completing the refinancing of our debt and recapitalization of our equity structure. Our personnel and management are dedicated and working hard to meet these chal-lenges. We are confident in our ability to generate improved results and to accomplish our refi-nancing and recapitalization plans in 2005."
Horizon and its subsidiaries provide marine construction services for the offshore oil and gas and energy industries in the U.S. Gulf of Mexico, West Africa, Southeast Asia, Latin America, and the Mediterranean. The Company`s fleet is used to perform a wide range of marine construction activi-ties, including installation of marine pipelines to transport oil and gas and other sub sea production systems, and the installation and abandonment of production platforms.
This press release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: the Company`s substantial amount of debt and high reliance on external sources of financing and improved cash flow to meet its obligations and reduce its existing debt; the Company`s ability to complete the recapitalization of its equity structure and to extend and refinance its revolving credit facilities; resolution of the Company`s outstanding claims against Pemex; outcome of litigation with Iroquois, Williams and the underwriters of the insurance coverage on the Gulf Horizon; industry conditions and volatility; prices of oil and gas; the Company`s ability to obtain and the timing of new projects; changes in competitive factors; and other material factors that are described from time to time in the Company`s filings with the Securities and Exchange Commission.
Actual events, circumstances, effects and results may be materially different from the results, per-formance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements often identified with words like "should", "expects", "believes", "anticipates", "may", "could", etc., contained herein should not be regarded as representations by Horizon or any other person that the projected outcomes can or will be achieved.

Comparative Tables Follow:



Horizon Offshore, Inc.
Summary Financial and Operating Data
(Unaudited)
(In thousands, except share and per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
---------------------------------------------------
Income Statement Data:

Contract
revenues $ 94,600 $ 79,770 $ 182,015 $ 204,759
Cost of contract
revenues 78,660 72,301 167,230 195,506
------------ ------------ ------------ ------------
Gross profit 15,940 7,469 14,785 9,253
Selling, general
and
administrative
expenses 8,473 5,398 19,747 17,297
Impairment on
property and
equipment 11,236 -- 11,236 --
Impairment loss
on assets held
for sale 450 -- 3,018 --
------------ ------------ ------------ ------------
Operating
income (loss) (4,219) 2,071 (19,216) (8,044)

Other:
Interest
expense, net
of amount
capitalized (8,122) (2,852) (18,580) (6,501)
Interest income 27 9 55 30
Loss on debt
extinguishment (1,554) -- (1,719) (868)
Other income
(expense), net (121) (76) (99) (207)
------------ ------------ ------------ ------------
Net loss before
income taxes (13,989) (848) (39,559) (15,590)
Income tax
provision
(benefit) 72 (559) 1,395 (8,296)
------------ ------------ ------------ ------------

Net loss $ (14,061)$ (289)$ (40,954)$ (7,294)
============ ============ ============ ============

Earnings (loss)
per share:
Net loss per
share -- basic
and diluted $ (0.52)$ (0.01)$ (1.52)$ (0.28)
============ ============ ============ ============

Weighted average
shares used in
computing net
loss per share:

Basic and
diluted 27,205,578 26,443,222 26,946,274 26,416,182

Other Non-GAAP
Financial Data:

Adjusted
EBITDA(1) $ 13,083 $ 7,296 $ 8,826 $ 6,344

Adjusted EBITDA
calculation is
as follows:

Net loss $ (14,061)$ (289)$ (40,954)$ (7,294)
Income tax
provision
(benefit) 72 (559) 1,395 (8,296)
Net interest
expense 8,095 2,843 18,525 6,471
Depreciation
and
amortization 5,737 5,301 13,887 14,595
Loss on debt
extinguishment 1,554 -- 1,719 868
Non-cash
impairment on
property and
equipment 11,236 -- 11,236 --
Non-cash
impairment on
assets held
for sale 450 -- 3,018 --
------------ ------------ ------------ ------------
Adjusted EBITDA $ 13,083 $ 7,296 $ 8,826 $ 6,344

(1) Horizon calculates adjusted EBITDA (earnings before
interest, income taxes, depreciation and amortization) as net
income or loss excluding income taxes, net interest expense,
depreciation and amortization, loss on debt extinguishment and
impairment on property and equipment and assets held for sale.
Net income or loss includes revenues for services for which
non-cash consideration is received. Adjusted EBITDA is not
calculated in accordance with Generally Accepted Accounting
Principles (GAAP), but is a non-GAAP measure that is derived
from items in Horizon`s GAAP financials and is used as a
measure of operational performance. A reconciliation of the
non-GAAP measure to Horizon`s income statement is included.
Horizon believes adjusted EBITDA is a commonly applied
measurement of financial performance by investors. Horizon
believes adjusted EBITDA is useful to investors because it
gives a measure of operational performance without taking into
account items that Horizon does not believe relate
directly to operations or that are subject to variations that
are not caused by operational performance. This non-GAAP
measure is not intended to be a substitute for GAAP measures,
and investors are advised to review this non-GAAP measure in
conjunction with GAAP information provided by Horizon. Adjusted
EBITDA should not be construed as a substitute for income from
operations, net income (loss) or cash flows from operating
activities (all determined in accordance with GAAP) for the
purpose of analyzing Horizon`s operating performance, financial
position and cash flows. Horizon`s computation of adjusted
EBITDA may not be comparable to similar titled measures of
other companies.

[shadia]

ich kann leider kein wirtschaftsenglisch, aber es looks so out, dass die zahlen bescheiden waren und sie wohl arge probleme haben finanz. art.