Houston-based oil and gas services company Helix Energy Solutions managed to narrow its net loss in the first quarter of 2017 and boost revenues compared to the same period in 2016.
The oil services company on Sunday reported a net loss of $16.4 million for the first quarter of 2017 compared to a net loss of $27.8 million for the same period in 2016 and a net loss of $54.4 million for the fourth quarter of 2016.
Further, the company posted revenues of $104.5 million for the first quarter 2017 compared to $91.04 million in the year before period.
Commenting on the company’s 1Q 2017 performance, Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our first quarter results for 2017, as compared to the prior year, benefited from a rebound in activity levels in the North Sea well intervention business and high utilization for the Q5000 in the Gulf of Mexico. The robotics business still suffers from weak market conditions reflecting a lack of subsea infrastructure spending.”
During the quarter, the company saw a 59% utilization across the well intervention fleet, including 90% in the Gulf of Mexico and 38% in the North Sea. This is an increase when compared to 1Q 2016 and utilization of 23%.
After a prolonged acceptance and inspection process, the company’s well intervention vessel Siem Helix 1 recently started operations for Petrobras offshore Brazil.
When it comes to the company’s second well intervention vessel, the Siem Helix 2, the topside equipment installation started in 1Q 2017 and operations are estimated to start in late 4Q 2017.
The company’s chartered vessel fleet will increase soon with the scheduled delivery of the ROV support vessel Grand Canyon III on May 1, 2017.
Helix’s total liquidity at the end of the first quarter was approximately $594 million, consisting of $538 million in cash and cash equivalents and $56 million in available capacity under the revolver. Consolidated net debt at the end of the first quarter was $72 million, compared to $269 million at the end of 2016.
Consolidated long-term debt decreased to $609 million in the first quarter of 2017 from $626 million at the end of last year.
Total backlog as of March 31, 2017 was approximately $1.9 billion.
Offshore Energy Today Staff