Offshore services player Helix Energy Solutions has seen red in the first quarter of 2017, but managed to improve when compared to a year-ago period as well intervention activity and utilization picked up.
On revenue increase of close to 15 percent year-over-year, the Houston-based well intervention and robotics specialist narrowed its net loss to $16.4 million, or 11 cents per diluted share, against some $27.8 million loss, or $26 cents per diluted share in the year-ago quarter.
Sequentially, Helix revenues declined some 18 percent. In the fourth quarter of 2016 the company recorded loss of 46 cents per diluted share as it booked impairments of some $45 million.
Q1 2017 revenues were approximately $104 million, up from $91 million in Q1 2016, but down from $128 million in Q4 2016.
“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. As we were pleased to announce last week, the Siem Helix 1 commenced operations in Brazil in mid-April after a prolonged acceptance and inspection process,” said Owen Kratz, president and CEO of Helix.
Robotics business revenues decreased 31 percent while Helix’s well intervention division generated 62 percent more revenues year-over-year.
Helix said its total liquidity at March 31, 2017 was about $594 million, and added that its consolidated long-term debt decreased to $609 million in the first quarter of 2017 from $626 million in the fourth quarter of 2016.
Subsea World News Staff