Helix Back in Black

  • Business & Finance

Offshore services player Helix Energy Solutions has returned to profit in the second quarter of 2018 compared with the same period last year as activities increased in all divisions.

Helix reported profit of $18 million, or 12 cents per diluted share, for the second quarter of 2018, compared to net loss of $6 million, or 4 cents per diluted share, for the same period in 2017 and net loss of $3 million, or 2 cents per diluted share, for the first quarter of 2018.

The company’s revenues for the second quarter 2018 have increased to $205 million, compared to $150 million same time last year, and also increased from $164 million sequentially.

Fort the first six months of 2018 Helix recognized profit of $15 million on revenues of $369 million, versus net loss of $23 million on revenues of $255 million in the prior year comparable period.

Revenues increased in the company’s well intervention segment at $163 million, or some 43%, when compared to the second quarter of 2017, and some 25% sequentially.

Robotics division revenues ($39 million) also increased 18% against Q2 2017, and 44% compared to Q1 2018.

“Our well intervention business benefited from the seasonal pick-up in the North Sea and the continued operational improvements in Brazil. Our robotics business improved quarter over quarter, with increased trenching operations and backlog for the remainder of 2018. We are encouraged by the improvement in our results compared to last quarter and remain committed to managing the uncertainties this market could present in the second half of the year,” said Owen Kratz, president and CEO of Helix.

Subsea World News Staff

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