Helix Energy back to the black

Siem Helix 2; Source: Flickr; Author: kees torn – under the CC BY-SA 2.0 license

Houston-based oil services company Helix Energy Solutions returned to profit in the second quarter of the year helped by higher revenues from its Well Intervention and Robotics businesses. 

Helix on Monday reported net income of $17.8 million for the second quarter of 2018 compared to a net loss of $6.4 million for the same period in 2017 and a net loss of $2.6 million for the first quarter of 2018.

Net income for the six months ended June 30, 2018 was $15.2 million compared to a net loss of $22.8 million for the six months ended June 30, 2017.

For the second quarter of 2018, Helix’s revenues increased to $204.6 million from $150.3 million in the same period last year.

Well Intervention revenues increased 43% in the second quarter of 2018 compared to the second quarter of 2017. While vessel utilization was similar year over year, total available vessel days increased by 105 days in the second quarter of 2018 with the introduction of the Siem Helix vessels in 2017. Additionally, the second quarter of 2018 included 120 days of IRS rental unit utilization, whereas the second quarter of 2017 had zero days of utilization.

Robotics revenue increased 18% in the second quarter of 2018 from the second quarter of 2017. Vessel utilization increased to 70% in the second quarter of 2018 compared to 57% in the second quarter of 2017. ROV asset utilization decreased to 38% in the second quarter of 2018 from 42% in the second quarter of 2017; however, the second quarter of 2018 included 95 additional trenching days compared to the same quarter in 2017.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our second quarter 2018 results reflect solid performance from our Well Intervention business and improved performance from our Robotics business.

“Our Well Intervention business benefited from the seasonal pick-up in the North Sea and the continued operational improvements in Brazil. Our Robotics business improved quarter over quarter, with increased trenching operations and backlog for the remainder of 2018. We are encouraged by the improvement in our results compared to last quarter and remain committed to managing the uncertainties this market could present in the second half of the year.”

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply