Offshore services player Helix Energy Solutions has narrowed its loss in the second quarter of 2017 backed by increased activity of its well intervention business.
On revenue increase of approximately 40 percent year-over-year, the Houston-based well intervention and robotics specialist narrowed its net loss to $6.4 million, or 4 cents per diluted share, against $10.7 million loss, or $10 cents per diluted share in the year-ago quarter.
Sequentially, Helix revenues also increased some 43 percent. In the first quarter of 2017 the company recorded loss of 11 cents per diluted share.
Q2 2017 revenues were about $150 million, up from $107 million in Q2 2016, and from $104 million in Q1 2017.
For the the six months ended June 30, 2017, the company recorded net loss of 16 cents per diluted share, versus net loss of 36 cents per diluted share for the first half of 2016.
“Our second quarter results benefited from a strong quarter for our well intervention business in the North Sea and the Gulf of Mexico. Specifically, we are encouraged by the rebound this year in the North Sea well intervention market.” said Owen Kratz, president and CEO of Helix.
Robotics business revenues decreased 13 percent while Helix’s well intervention division generated 88 percent more revenues year-over-year. Sequentially, robotics business generated 50 percent more revenues, and well intervention division some 52 percent.