Helix Trims Q3 Profit
Offshore services player Helix Energy Solutions has recorded lower profit in the third quarter of 2017.
On revenue increase of some $2 million year-over-year, the Houston-based well intervention and robotics specialist generated net income of $2.3 million, or 2 cents per diluted share, against some $11.4 million loss, or $10 cents per diluted share in the year-ago quarter.
Sequentially, Helix revenues increased close to 9 percent.
Q3 2017 revenues were approximately $163 million, up from $161 million in Q3 2016, and from $150 million in Q2 2017.
Robotics business revenues increased 42 percent, while Helix’s well intervention division earned $1.6 million less year-over-year on operational downtime in the North Sea.
For the nine months ended September 30, 2017, Helix generated revenues of $418 million, up from close to $360 million in the prior year comparable period. Year-to-date, the company has trimmed its loss to 14 cents per share, against 25 cents in 2016.
Owen Kratz, president and chief executive officer of Helix, said: “Our third quarter results were negatively impacted by some operational downtime experienced by the Well Enhancer in the North Sea and some idle time on the Q5000 between projects. These negative impacts were partially offset by improvements in our Brazilian well intervention operations for the quarter with the Siem Helix 1 completing its first full quarter of operations. We continue to expand our operations in Brazil as the Siem Helix 2 is currently expected to commence commercial operations late in the fourth quarter.”
Subsea World News Staff