Helix Energy back to the black

Houston-based oil services company Helix Energy Solutions returned to profit in the second quarter of the year helped by higher revenues from its Well Intervention and Robotics businesses. 

Helix on Monday reported net income of $17.8 million for the second quarter of 2018 compared to a net loss of $6.4 million for the same period in 2017 and a net loss of $2.6 million for the first quarter of 2018.

Net income for the six months ended June 30, 2018 was $15.2 million compared to a net loss of $22.8 million for the six months ended June 30, 2017.

For the second quarter of 2018, Helix’s revenues increased to $204.6 million from $150.3 million in the same period last year.

Well Intervention revenues increased 43% in the second quarter of 2018 compared to the second quarter of 2017. While vessel utilization was similar year over year, total available vessel days increased by 105 days in the second quarter of 2018 with the introduction of the Siem Helix vessels in 2017. Additionally, the second quarter of 2018 included 120 days of IRS rental unit utilization, whereas the second quarter of 2017 had zero days of utilization.

Robotics revenue increased 18% in the second quarter of 2018 from the second quarter of 2017. Vessel utilization increased to 70% in the second quarter of 2018 compared to 57% in the second quarter of 2017. ROV asset utilization decreased to 38% in the second quarter of 2018 from 42% in the second quarter of 2017; however, the second quarter of 2018 included 95 additional trenching days compared to the same quarter in 2017.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our second quarter 2018 results reflect solid performance from our Well Intervention business and improved performance from our Robotics business.

“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.”