Helix Sees Profit Drop
- Business & Finance
Houston-based well intervention and robotics specialist, Helix Energy Solutions, recorded earnings of $19.6 million, or $0.19 per diluted share, for the first quarter of 2015 (Q1 2015) compared to earnings of $53.7 million, or $0.51 per diluted share, for the same period in 2014.
In the fourth quarter of 2014, the company reported earnings of $8.0 million, or $0.08 per diluted share.
Helix generated revenues of $190 million in Q1 2015, ended March 31, a drop from approximately $254 million for the same period in 2014, and $207 million in Q4 2014.
Well Intervention revenues decreased 15% in the first quarter of 2015 while robotics revenues were relatively flat.
Owen Kratz, President and Chief Executive Officer of Helix, commented: “The company managed to post a respectable first quarter despite poor industry conditions, thanks to the hard work of our team worldwide. We believe the three year extension for the Q4000, along with continual improvement in the visibility of our Robotics chartered vessel fleet, is evidence of industry confidence in our subsea services.”