Helix Energy Solutions has reported net income of $1.3 million, or $0.01 per diluted share, for the first quarter of 2019 compared to a net loss of $2.6 million for the same period in 2018.
Sequentially, results improved from net loss of $13.7 million, or $(0.09) per diluted share.
Helix reported Adjusted EBITDA of $30.2 million for Q1 2019 compared to $27.6 million year-over-year and $23.2 million for the fourth quarter of 2018.
Owen Kratz , president and CEO of Helix, stated: “ Our first quarter results for 2019 reflect improved financial performance both year over year and sequentially. Our Well Intervention segment results improved quarter over quarter despite the seasonal slowdown in the North Sea, and our Robotics segment continues to benefit from improved asset utilization and a lower cost structure. As activity levels increase in the North Sea and Gulf of Mexico, we expect to see improved results in 2019 and believe we are positioned to deliver improved results in a challenging market .”
Well Intervention revenues decreased $7.3 million, or 6%, in the first quarter of 2019 compared to the first quarter of 2018.
Robotics revenues increased $11.9 million, or 44%, in the first quarter of 2019 from the first quarter of 2018 due to higher overall vessel and ROV utilization, including a higher number of trenching days year over year.