Helix Energy Narrows Loss

  • Business & Finance

Offshore services player Helix Energy Solutions has narrowed its loss in the first quarter of 2018 compared with the same period last year.

Helix reported a net loss of $2.6 million, or $(0.02) per diluted share, for the first quarter of 2018 compared to a net loss of $16.4 million, or $(0.11) per diluted share, for the same period in 2017 and net income of $50.6 million, or $0.34 per diluted share, for the fourth quarter of 2017.

The company’s revenues for the first quarter 2018 have increased to $164.3 million, compared to $104.5 million in the same period of 2017.

In the well intervention segment revenues increased $22.4 million, or 21%, in the first quarter of 2018 from the fourth quarter of 2017.

The increase was due to a full quarter of Siem Helix 2 operations for Petrobras, full utilization of the Q4000, improved utilization of the 10K intervention riser system rental unit and the start of the 15K IRS rental unit, offset in part by lower utilization of the North Sea vessels and the Q5000 as compared to the fourth quarter of 2017.

Furthermore, in the robotics segment revenues decreased 46% in the first quarter of 2018 from the fourth quarter of 2017. The decrease was driven primarily by normal reductions in activity in the North Sea during the winter months.

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