Breakeven, page-14

Interesting report and Black Crane sounding positive.

June Quarterly results out from Hornbeck Offshore recently, some observations.

Positives:
- Fleet overall utilisation (which includes stacked boats) is up from 21 percent to 27 percent.
- Dayrates up a bit
- Overall financials improved (but still horrible)

Negatives:
- 27 percent ultisation is still 73 percent no utilisation!
- they are still building boats!
- June quarter was improvement but if you listen to the earnings call the Sept quarter isn’t so promising
- nearly everything in fleet is operating on spot market. This is volatile and utilisation and rates could go up as easily as they go down
- customer capex is still expected to decrease!
- they are burning more cash than they are making.

http://ir.hornbeckoffshore.com/phoenix.zhtml?c=132245&p=irol-news&nyo=0

Overall I fail to be able to share Black Cranes enthusiasm.