Helix Plunges into Red

Offshore services player, Helix Energy Solutions, has plummeted into loss as it books some $503 million of non-cash pre-tax charges in the fourth quarter 2015.

These charges resulted in an after-tax impact of $398.5 million, or $(3.77) per diluted share.

The company reported a net loss of $403.9 million, for the fourth quarter of 2015 compared to net income of $8.0 million for the same period in 2014.

Loss per diluted share was $3.83 versus $0.08 earnings per diluted share in the prior-year quarter.

The Houston-based well intervention and robotics specialist ended in $377-million loss for the year 2015, or $(3.58) per diluted share, compared with net income of $195 million, or $1.85 per diluted share, for the year ended December 31, 2014.

In the fourth quarter 2015, revenues were approximately $158 million, down from $207 million in 4Q 2014. Full-year revenues declined from $1.11 billion in 2014 to $696 million in 2015.

Subsea World News Staff