Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $56,241,000 compared to $41,879,000 a year ago. Operating loss was $14,278,000 compared to $27,484,000 a year ago. Loss before income taxes was $25,790,000 compared to $40,941,000 a year ago. Net income was $93,758,000 or $2.48 per diluted share compared to loss of $19,243,000 or $0.53 per diluted share a year ago. Adjusted EBITDA was $16,039,000 compared to $13,767,000 a year ago. Net cash used in operating activities was $5,077,000 compared to cash provided by operating activities of $14,465,000 a year ago. EBITDA was $13,889,000 compared to $1,103,000 a year ago. Growth capital expenditures were $2,585,000 compared to $6,818,000 a year ago.

For the year, the company reported revenues of $191,412,000 compared to $224,299,000 a year ago. Operating loss was $88,744,000 compared to $64,219,000 a year ago. Loss before income taxes was $34,079,000 compared to $45,133,000 a year ago. Net income was $27,421,000 or $0.73 per diluted share compared to loss of $63,846,000 or $1.76 per diluted share a year ago. Cash used in operating activities was $14,658,000 compared to cash provided by operating activities of $53,500,000 a year ago. Adjusted EBITDA was $47,441,000 compared to $62,862,000 a year ago. EBITDA was $38,239,000 compared to $51,389,000 a year ago. Growth capital expenditures were $5,505,000 compared to $61,352,000 a year ago.

The Company now expects delivery of final two MPSVs in 2019 with $18 million and $44 million of growth capex in 2018 and 2019, respectively. The Company's annual effective tax benefit rate is expected to be between 20.0% and 22.0% for fiscal years 2018 and 2019. The Company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $19.4 million and $24.2 million for the full fiscal years 2018 and 2019, respectively.