Seabulk International, Inc. said it had a net loss, excluding charges related to its recent refinancing, of $2.8 million for the third quarter ended Sept. 30, 2002.
Including charges of $27.8 million related to pay off debt as part of the company's refinancing, the net loss for the current period was $30.6 million compared to net income of $2.9 million in the year-earlier period.
The Fort Lauderdale, Fla. company said revenues were $80.4 million in the current quarter compared to $89.7 million a year ago, due primarily to reduced demand and lower day rates for its offshore vessels in the Gulf of Mexico market. Operating income was $10.0 million compared to $18.6 million earned in the third quarter of 2001.
"Despite continued cost-cutting and a stellar performance from our domestic tanker unit, we were unable to overcome the negative effect of the depressed Gulf of Mexico offshore vessel market," said Chairman, President and Chief Executive Gerhard E. Kurz. "Our international offshore operations, on the other hand -including West Africa, the Middle East and Southeast Asia - performed well, and it is only a matter of time before the domestic market rebounds as renewed demand for energy catches up to declining supplies."
For the nine months ended Sept. 30, 2002, Seabulk had a net loss, excluding charges related to its refinancing, of $9.4 million. Including the charge of $27.8 million related to the early retirement of debt, the loss was $37.2 million against a net loss of $1.6 million in the year-earlier period. Nine-month revenues of $245.2 million were down seven percent from the year-ago. Operating income was $30.5 million compared to $45.9 million.