Houston-based oil and gas services provider Helix Energy Solutions narrowed its net loss as its revenues grew during the first quarter of the year.
The company on Monday reported a net loss of $2.6 million for the first quarter of 2018 compared to a net loss of $16.4 million for the same period in 2017 and net income of $50.6 million for the fourth quarter of 2017.
Net income in the fourth quarter of 2017 included a non-cash benefit of approximately $51.6 million related to the U.S. tax law changes enacted in December 2017.
Helix Energy’s revenues for the first quarter 2018 amounted to $164.3 million, an increase compared to $104.5 million in the same period of 2017.
Looking at the company’s performance by segments, revenues at the Well Intervention segment increased to $129.6 million in this year’s quarter from $74.6 million in the prior-year period.
Although vessel utilization in the Well Intervention segment decreased slightly to 73% in the first quarter of 2018 from 74% in the fourth quarter of 2017, revenues increased in the first quarter of 2018 as total utilized vessel days increased by 38 days compared to the fourth quarter of 2017, primarily due to the beginning of operations on the Siem Helix 2 in mid-December 2017.
The company’s revenues also increased in the Robotics segment, amounting to $27.2 million for 1Q 2018 compared to $21.97 million in the year-before quarter.
Offshore Energy Today Staff