OMNI Expects 3Q Revenue to Exceed Previous Quarters'
OMNI Energy Services Corp. announced that despite the impact of recent hurricanes on some of its operations, primarily in its Louisiana Gulf Coast facilities, OMNI expects to report third quarter 2008 revenue of approximately $52 million exceeding second quarter 2008 revenue of $48.9 million as well as revenue of $48.1 million in the third quarter 2007 period.
Commenting on the effect to the Company's third quarter activity, Brian J. Recatto, OMNI's President and Chief Executive Officer, stated, "Prior to the storms, OMNI was on pace for a record quarter with revenue in July and
August of $19.2 million and $18.1 million, respectively. We had great momentum going in to the heart of the Gulf Coast hurricane season and we expect no significant residual effects to our businesses going into the
fourth quarter. We are confident our activity levels for the remainder of the year will return to our pre-storm levels."
As previously reported, the Company's operations were minimally impacted by Hurricane Gustav. Hurricane Ike, however, caused greater disruption to offshore operations due to the suspension of drilling and production activity in the Gulf of Mexico. The Company's Louisiana facilities in Venice, Fourchon, Intracoastal City, and Cameron were impacted by the storm surge and idled for various periods of time in September, but all facilities are now operational. The Company's environmental cleaning operations were curtailed due to the hurricanes' impact upon offshore production, but are now operational with 100 percent utilization. Land-based drilling and production has returned to pre-storm levels of activity as expected.
- OMNI Puts Cleaning Technology to Work on GOM Platform (Jan 21)
- OMNI Installs First I.M.P.A.C.T. Systems Offshore (Nov 17)
- OMNI Scores Seismic Drilling Contract in Marcellus Shale (Oct 21)