Helix Energy swings to loss in 4Q

U.S. oil and gas services company Helix Energy Solutions sank to the red in the last quarter of 2018 from a profit in the same period of 2017. 

Helix Energy Solutions on Monday reported a net loss of $13.7 million for the fourth quarter of 2018 compared to net income of $50.6 million for the same period in 2017 and net income of $27.1 million for the third quarter of 2018.

Net income for the year ended December 31, 2018, was $28.6 million compared to net income of $30.1 million for the year ended December 31, 2017. Net income in the fourth quarter of 2017 included a non-cash benefit of approximately $51.6 million related to the U.S. tax law changes enacted in December 2017.

Helix recorded revenues of $158.4 million for the fourth quarter 2018 compared to $163.3 million in the same period of 2017.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Despite the continued challenging energy market and the seasonal slowdown in the North Sea, our results for the quarter and year reflect our continued efforts at improving operations and reducing costs. In 2018, the increase in revenue and income from operations was driven by a full year of activity in Brazil and cost reductions and execution of operations in Robotics and throughout the company.”

Kratz added: “In 2019, we will continue our efforts to improve our operations, reduce our costs and seek opportunities to stimulate customer activity in this challenging market.”