Helix Full-Year Earnings Rise
Houston-based well intervention and robotics specialist, Helix Energy, reported net income of $8.0 million, or $0.08 per diluted share, for the fourth quarter of 2014 compared to net income of $36.5 million, or $0.35 per diluted share, for the same period in 2013.
However, net income for the year ended December 31, 2014 was $195.0 million, or $1.85 per diluted share, compared with net income of $109.9 million, or $1.04 per diluted share, for the year ended December 31, 2013.
Revenues in the fourth quarter were down to $207 million, from $227 million same time last year and $341 million in the third quarter this year. However, the company generated revenues of $1,107 million for the full year 2014, compared to $876 million in the 2013.
Well Intervention revenues decreased 41% in the fourth quarter of 2014 from revenues in the third quarter of 2014, due to a substantial decrease in vessel utilization across the fleet.
Robotics revenues decreased 39% in the fourth quarter of 2014 from revenues in the third quarter of 2014, primarily due to a decline in utilized vessel days.
Owen Kratz, President and Chief Executive Officer of Helix, stated: “In addition to the forecasted normal seasonal factors, fourth quarter earnings were adversely impacted by downtime associated with the Q4000 after the vessel was accidentally hit by a nearby supply boat, followed up by mechanical problems related to the redeployment of its intervention riser system. Additionally, work scheduled for the H534 was cancelled on short notice during the quarter. However, it should be noted that despite the disappointing fourth quarter, we achieved record financial performance in 2014 for both our Well Intervention and Robotics businesses.”