Oil and gas services company Helix Energy Solutions Group has seen an increase in its third quarter 2016 profit compared to the one made last year despite lower revenues.
Helix Energy Solutions Group on Wednesday posted a higher net income for the third quarter of 2016 that amounted to $11.5 million compared to net income of $9.9 million for the same period in 2015, and a net loss of $10.7 million for the second quarter of 2016.
The company’s revenues for the third quarter of 2016 dropped to $161.2 million when compared to $182.5 million in the same period last year but increased when compared to revenues of $107.3 million in the prior quarter.
Helix’s revenues from the Well Intervention business segment increased 81% in the third quarter of 2016 from revenues in the second quarter of 2016. Overall Well Intervention vessel utilization in the third quarter of 2016 increased to 76% from 54% in the second quarter of 2016.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “We realized a significant improvement in financial results across our business units primarily resulting from a combination of higher vessel utilization and seasonal factors. However, industry conditions remain challenging.”
Helix incurred capital expenditures, including capitalized interest, totaling $99 million in the third quarter of 2016 compared to $32 million in the second quarter of 2016 and $55 million in the third quarter of 2015.
Offshore Energy Today Staff