Hornbeck Offshore Services (CTV) AI Stock Analysis

Company Guidance

Management expects adjusted EBITDA of $90 million to $100 million for the fourth quarter of 2026 and $500 million to $550 million for full year 2027; fourth-quarter utilization is expected to be negatively impacted by 223 days of downtime associated with regulatory dry dockings, comprised of 114, 75 and 34 days for the Marine Transportation, Subsea Services and Well Intervention segments, respectively, compared with 50 days in total for the third quarter of 2026. 2027 is expected to include 407 days of regulatory dry dock downtime during the first quarter alone, including 148 days in Marine Transportation, 89 days in Subsea Services and 170 days in Well Intervention; guidance includes the $20 million of cost synergies already implemented, assumes no material earnings contribution from noncore assets and activities, assumes contribution from the first HOS 400 class MPSV newbuild beginning late in the third quarter 2027, and assumes U.S. Gulf of America deepwater drilling activity remains consistent with current levels. The company expects approximately $74 million of remaining cash outlays related to the 2 U.S.-flagged, Jones Act 400 class MPSVs, with the second entering commercial service in 2Q 2028, and expects the majority of the remaining spending under its approximately $56 million ROV newbuild program to occur in 2027.