Offshore services player, Helix Energy Solutions, has seen the weak market pull its second quarter 2016 result deeper into the red, but said it expects business to pick up in the second half of the year.

The company reported a net loss of $10.7 million, for the second quarter of 2016, compared to net loss of $2.6 million for the same period in 2015. The loss narrowed quarter-over-quarter from a negative $27.8 million, or $(0.26) per diluted share.

Loss per diluted share was $0.10 versus $0.03 earnings per diluted share in the prior-year quarter.

The Houston-based well intervention and robotics specialist ended the first half in $38.5-million loss, or $(0.36) per diluted share, versus net income of $17 million, or $0.16 per diluted share, for the six months in 2015.

In the second quarter 2016, revenues were approximately $107 million, down from $166 million in 2Q 2015. Revenues for the first six months declined from $355.6 million at June 30, 2015 to $198.3 million for the six months ended June 30, 2016.

Owen Kratz, president and CEO of Helix, said: “We expect to see improvement in our financial performance for the second half of 2016 compared to the first half of the year driven by the seasonal increase in North Sea activity during the summer and the commencement of the first Petrobras contract in late 2016.”

Subsea World News Staff