Helix Posts Quarterly Loss

Offshore services player, Helix Energy Solutions, has seen red second quarter in a row as its revenues declined more than 50 per cent versus the first quarter of 2015.

For the first quarter 2016, the company reported a net loss of $27.8 million, or $(0.26) per diluted share compared to net income of $19.6 million, or $0.19 per diluted share, in the prior-year quarter, and a net loss of $403.92 million, or $(3.83) per diluted share, for the fourth quarter of 2015.

To remind, Helix booked some $503 million of non-cash pre-tax charges in the fourth quarter 2015 which resulted in an after-tax impact of $398.5 million, or $(3.77) per diluted share.

The Houston-based well intervention and robotics specialist generated revenues in the first quarter 2016, of about $91 million, down from $190 million in 1Q 2015. Prior-quarter revenues were approximately $158 million.

“We expected the first quarter to be the low quarter in 2016 due to continuing weak industry conditions combined with typical seasonal factors. Going forward, we expect to see improved financial performance for the remaining quarters due to the commencement of the Q5000 contract and the normal seasonal pick up in well intervention activity in the North Sea,” said Owen Kratz, president and CEO of Helix.

Subsea World News Staff