Helix Energy sees profit spike in third quarter

Houston-based offshore energy services company Helix Energy Solutions saw an improvement in its profit and revenues in the third quarter 2018 both sequentially and year-over-year. 

Siem Helix 2
Siem Helix 2; Source: Flickr; Author: Kees Torn

In its 3Q 2018 report, Helix Energy on Monday reported a net income of $27.1 million for the third quarter of 2018 compared to net income of $2.3 million for the same period in 2017 and net income of $17.8 million for the second quarter of 2018.

Helix Energy’s revenues for the third quarter 2018 totaled $212.6 million compared to $163.3 million a year earlier and $204.6 million in the second quarter of this year.

Looking at segments, revenues from Helix Energy’s Well Intervention segment increased $42.9 million, or 38%, in the third quarter of 2018 compared to the third quarter of 2017. The increase is primarily due to 92 additional vessel days in the third quarter of 2018 compared to the third quarter of 2017 (the introduction of the Siem Helix 2 occurred in the fourth quarter of 2017), as well as higher overall vessel utilization of 91% in the third quarter of 2018 compared to 88% in the third quarter of 2017.

Revenues from the Robotics segment increased 15% in the third quarter of 2018 from the third quarter of 2017. Vessel utilization was 98% in the third quarter of 2018 compared to 80% in the third quarter of 2017. ROV asset utilization decreased to 42% in the third quarter of 2018 from 46% in the third quarter of 2017; however, the third quarter of 2018 included 128 additional trenching days compared to the same quarter in 2017.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “The sequential improvement in our financial performance resulted primarily from improvements in our Robotics segment, with increased trenching operations during the quarter and near full utilization of our chartered vessel fleet. Our Well Intervention segment saw continued strong operational performance and high utilization of our intervention vessels, despite lower IRS rental unit utilization and idle time between projects on our Q4000 vessel.

Kratz added: “In the fourth quarter our operations will be impacted by the normal winter slowdown in the North Sea and expected low activity levels in the Gulf of Mexico. Our market is still weak and challenging, but we remain committed to finishing the year with strong operational execution and cost discipline.”

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