Monday, integrated oilfield services provider Omni Energy Services Corp. (OMNI) said that despite the impact of recent hurricanes on some of its operations, primarily in its Louisiana Gulf Coast facilities, the company expects to report third quarter 2008 revenue of about $52 million. This exceeds second quarter 2008 revenue of $48.9 million as well as revenue of $48.1 million generated in the third quarter of 2007.
The Carencro, Louisiana-based 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.
Omni's Louisiana facilities in Venice, Fourchon, Intracoastal City, and Cameron were impacted by the storm surge and idled for different 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% utilization. Land-based drilling and production has returned to pre-storm levels of activity as expected.
Commenting on the effect to the company's third quarter activity, Brian 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."
OMNI is currently trading at $2.81, down $0.24 or 7.87%, on 13,100 shares.
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