UPDATE 2-Hornbeck Q3 profit falls; cuts outlook

* Q3 shr $0.51 vs est $0.50 * Revenue falls 17 pct * Cuts FY09 earnings outlook * Sees rise in OSVs demand in 2011 and 2012

* Shares down 7 pct (Recasts; adds conference call details, updates share movement)

BANGALORE, Nov 5 (Reuters) - Marine-transportation provider Hornbeck Offshore Inc (HOS.N) reported a 58 percent drop in quarterly profit, hurt by the decline in demand and dayrates for its vessels, and cut its 2009 earnings outlook, sending the stock down as much as 7 percent.

On a conference call with analysts, Hornbeck's Chief Financial Officer Jim Harp said the demand outlook for offshore supply vessels (OSV) in the Gulf of Mexico (GoM) is not expected to change much in the near-term, based on rig counts, and oil and gas industry capital spending budgets for the remainder of 2009.

Oil and gas companies, faced with a sharp drop in commodity prices, are putting pressure on the companies that serve them to keep costs down.

"The only good news that I can report that maybe, just maybe, we've seen the bottom of this current cycle," Chief Executive Todd Hornbeck said on the call.

However, the company expects the market to rebound in 2010 and utilization rates to be higher than 2009.

Hornbeck also expects a build up in dayrates towards the end of 2010 and into 2011.

For the third quarter, net income fell to $13.8 million, or 51 cents a share, from $33.3 million, or $1.23 a share, last year. However, it edged past the analysts' average estimate of 50 cents a share.

Revenue dropped about 17 percent to $90.1 million, and also missed analysts estimate of $92.1 million.

Operating expenses dropped about 4 percent.

For 2009, the company now expects adjusted earnings of $2.36 to $2.70 a share, compared with its prior forecast of $2.76 to $3.22 a share.

Analysts were looking for earnings of $2.68 a share, according to Thomson Reuters I/B/E/S.

The company expects its fleetwide new generation OSV utilization to remain in the low 70 percent range for the fourth quarter.

Shares of Hornbeck were down $1.03 at $24.30 Thursday afternoon on the New York Stock Exchange. They had earlier touched a low of $23.60. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Himani Sarkar and Anil D'Silva)