USA: Helix Energy Solutions Group Announces Sharp Increase in 3Q10 Revenues

Helix Energy Solutions Group, Inc. reported net income of $26.2 million, or $0.25 per diluted share, for the third quarter of 2010 compared with net income of $3.9 million, or $0.04 per diluted share, for the same period in 2009, and a net loss of $85.6 million, or $(0.82) per diluted share, in the second quarter of 2010.

The net loss for the nine months ended September 30, 2010 was $77.3 million, or $(0.74) per diluted share, compared with net income of $157.6 million, or $1.48 per diluted share, for the nine months ended September 30, 2009.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our third quarter operating results reflected a sharp increase in revenues, which led to a marked improvement in bottom line results. High vessel utilization, combined with the deployment of the Helix Producer I (‘HP I’) for Macondo spill containment, more than offset losses incurred on first-time jobs performed by our two newest vessels, the Caesar and the Normand Clough. Furthermore, as we noted in our recent press release, we commenced production in our Phoenix field last week. This marks a major milestone for Helix: a journey that began with the acquisition of the Typhoon field in 2006 after destruction of the infrastructure caused by Hurricane Rita and our subsequent construction of the HP I. It is also worth noting that we generated a fair amount of free cash flow during the quarter as our total liquidity increased to nearly $700 million at September 30, 2010.”

Helix Energy Solutions Group, Inc. provides life-of-field services and development solutions to offshore energy producers worldwide. Helix actively reduces finding and development costs through a unique mix of offshore production assets, service methodologies, and highly skilled personnel.

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Source: Helix Energy Solutions, October  28, 2010;