Helix: 2Q profit slips on weak industry conditions

Helix Energy Solutions Group, Inc., an oil and gas services company, has announced its second quarter 2015 results according to which the company’s net income for the six months ended June 30, 2015 was $17 million compared with net income of $111.5 million for the six months ended June 30, 2014.

The company reported a net loss of $2.6 million for the second quarter of 2015 compared to net income of $57.8 million for the same period in 2014 and net income of $19.6 million for the first quarter of 2015.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our second quarter results are indicative of overall weak industry conditions in the oilfield services sector. Our well intervention business was negatively impacted this quarter by a longer than planned Q4000 regulatory dry-dock and customer delays on the H534; this was partially offset by increased utilization in the North Sea, anchored by the Well Enhancer and the return to work of the Skandi Constructor.

“This quarter we took delivery of the Q5000 and made the final shipyard payment with proceeds from our Q5000 Term Loan. Additional proceeds from the loan increased our cash position. Helix continues to implement the steps necessary to secure our long term position in this market.”

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