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Financial News
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OMNI Settles With Debenture Holders
May 18, 2005
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CARENCRO, La. - May 18, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today it has entered into settlement agreements with all of the holders ("Debenture Holders") of its 6.5% Subordinated Convertible Debentures. The settlement terms include the payment of approximately $4.0 million in cash to the Debenture Holders, the issuance of...
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OMNI Issues Series C 9% Convertible Preferred Stock
May 18, 2005
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CARENCRO, La. - May 18, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that in connection with the previously announced $65 million of new senior credit facilities, it has entered into a Securities Purchase Agreement, dated as of May 17, 2005, with certain of the Company's current stockholders and executive officers (collectiv...
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OMNI Modifies Terms Of Subordinated Debt
May 18, 2005
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CARENCRO, La. - May 18, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it had entered into certain (i) Surrender of Note Agreements and (ii) Release and Satisfaction Interest in Note Agreements (collectively the "Settlement Agreements") with certain of its subordinated debt holders that revises the payment terms of $2 mil...
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OMNI Reports First Quarter Results
May 16, 2005
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CARENCRO, La. - May 16, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that its net income for the first quarter ended March 31, 2005 more than doubled the amounts previously reported for the same three-month period ended March 31, 2004. On revenues of $15.3 million, a 41% increase in revenues, OMNI reported net income of $0....
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OMNI Provides Update On Auditor Opinion
May 11, 2005
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CARENCRO, La. - May 11, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that its financial statements issued on April 18, 2005, contained a going-concern qualification from its independent registered public accounting firm, relating to the Company's fiscal 2004 financial statements. This announcement is in compliance with the N...
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OMNI Announces Expansion Of Its De-Contamination Facility
May 5, 2005
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CARENCRO, La. - May 5, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today the planned expansion of its capacity at its NORM de-contamination facility in Intracoastal City, Louisiana. The expansion is necessary to satisfy the increasing demand for Trussco's de-contamination services. The expansion plans will double the company's cu...
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OMNI Extends Bridge Loan Maturity
May 2, 2005
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CARENCRO, La. - May 2, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it has extended the maturity date of its bridge loan with Beal Bank, N.A. from April 15, 2005 to May 31, 2005. There are no other changes to the bridge loan agreement. The Company did not incur any penalties in connection with the renegotiation of the ...
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OMNI Continues Re-Structuring Program
Apr 29, 2005
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CARENCRO, La. - April 29, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today the completion of the initial phase of its aggressive cost containment program designed to capitalize on certain re-structuring initiatives implemented during 2004 and return the company to profitability. The program focuses on maximizing profitability in...
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OMNI Board Member Resigns
Apr 22, 2005
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CARENCRO, La. - April 22, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that on April 18, 2005, it had received the resignation of Marshall G. Webb, effective April 16, 2005, as a member of the Board of Directors ("Board"), as a member of the audit committee of the Board, as a member of the corporate governance committee of t...
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OMNI Secures $50 Million Senior Credit Commitments
Apr 19, 2005
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CARENCRO, La. - April 19, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it has received commitments for a $50 million senior credit term loan from an institutional investor. Closing is expected during the second quarter of 2005 and is subject to the negotiation, execution and delivery of loan and contractual documentatio...
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OMNI Reports 2004 Results
Apr 19, 2005
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CARENCRO, La. - April 19, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today today a net loss in its 2004 results despite a 44% increase in revenues over the same year ended December 31, 2003. The Company said that after taking $7.8 million of accounting charges, including $4.2 million of impairment charges recorded as a part of t...
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OMNI To Extend Filing Its Annual Report
Mar 31, 2005
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CARENCRO, La. - March 31, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it will not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2004 by March 31, 2005. The Company will file a notification of late filing of its Form 10-K with the Securities and Exchange Commission, which will give the Compa...
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OMNI Extends Bridge Loan Maturity
Mar 21, 2005
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CARENCRO, La. - March 21, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it has extended the maturity date of its bridge loan with Beal Bank, S.S.B. from March 15, 2005 to April 15, 2005. There are no other changes to the bridge loan agreement. The Company said the additional time was needed to complete the documentation ...
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OMNI Completes Disposition Of Non-Essential Aviation Equipment
Mar 14, 2005
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CARENCRO, La. - March 14, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today it has completed the disposition of certain non-essential aviation equipment previously included in its aviation fleet. The disposition of these non-essential assets will result in a $2.9 million reduction of the Company's long-term debt. The Company also...
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OMNI Announces Bridge Loan Extension
Jan 27, 2005
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CARENCRO, La. - January 27, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today it has entered into a Forbearance Agreement ("Agreement") to extend the maturity of its $6.5 million bridge loan from January 15, 2005 to March 15, 2005. Under the terms of the Agreement, the Company reduced the remaining outstanding principal balance b...
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OMNI Files Suit Against Debenture Holders
Jan 25, 2005
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CARENCRO, La. - January 25, 2005 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today it has filed suit in the United States District Court for the Western District of Louisiana against the holders of its 6.5% Subordinated Convertible Debentures (the "Debentures). The suit alleges claims against Provident Premier Master Fund, Ltd., Ports...
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OMNI Announces Status of Debenture Negotiations
Dec 30, 2004
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CARENCRO, La. - December 30, 2004 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that the Amendment and Conditional Waiver Agreement with the debenture holders is no longer in effect. That Agreement had provided the Company with (i) the right to redeem the debentures, (ii) a waiver of the covenant prohibiting senior debt, and (iii)...
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OMNI Announces Withdrawal Of Senior Credit Commitment
Dec 21, 2004
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CARENCRO, La. - December 21, 2004 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that it has been notified that Ableco Finance, LLC, an affiliate of Cerberus Capital Management L.P., has withdrawn its commitment to complete the previously announced $100 million Senior Credit Facility.
Headquartered in Carencro, LA, OMNI ...
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OMNI Announces Helicopter Accident
Dec 20, 2004
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CARENCRO, La. - December 20, 2004 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today that one of its Bell 407s crashed around noon on Friday while attempting to land on an offshore platform located at Ship Shoal 130E in the Gulf of Mexico. The helicopter carried a pilot and three passengers. While all persons were able to exit the heli...
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OMNI Stockholders Approve Increase In Shares Under Stock Incentive Plan
Dec 2, 2004
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CARENCRO, La. - December 2, 2004 - OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI), announced today its stockholders have approved an increase in the number of shares issuable under the Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan. The approval increases the number of authorized shares issuable under the Plan from 1.5 million s...
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