Houston-based oil and gas services company Helix Energy Solutions returned to profit in the first quarter of 2019 compared to the same period last year. Looking ahead, Helix expects to see improved results amid increased activity in the North Sea and Gulf of Mexico.
Helix on Tuesday reported a net income of $1.3 million for the first quarter of 2019 compared to a net loss of $2.6 million for the same period in 2018 and a net loss of $13.7 million for the fourth quarter of 2018.
The company recorded revenues of $166.8 million for the first quarter 2019 compared to $164.3 million in the same period last year.
In the Well Intervention segment, revenues decreased $7.3 million, or 6%, in the first quarter of 2019 compared to the first quarter of 2018. The decrease was primarily due to higher rates in the Gulf of Mexico on higher integrated services revenue and higher IRS rental unit utilization in the first quarter of 2018 compared to the first quarter of 2019, which were offset in part by higher revenues in the North Sea in the first quarter of 2019.
Robotics revenues increased $11.9 million, or 44%, in the first quarter of 2019 from the first quarter of 2018 due to higher overall vessel and ROV utilization, including a higher number of trenching days year over year. Vessel utilization was 88% in the first quarter of 2019 compared to 56% in the first quarter of 2018. ROV asset utilization increased to 39% in the first quarter of 2019 from 30% in the first quarter of 2018, and the first quarter of 2019 included 133 trenching days compared to 44 days in the first quarter in 2018.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our first quarter results for 2019 reflect improved financial performance both year over year and sequentially. Our Well Intervention segment results improved quarter over quarter despite the seasonal slowdown in the North Sea, and our Robotics segment continues to benefit from improved asset utilization and a lower cost structure.
“As activity levels increase in the North Sea and Gulf of Mexico, we expect to see improved results in 2019 and believe we are positioned to deliver improved results in a challenging market,” Kratz concluded.
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