Offshore services player Helix Energy Solutions has bounced back to profit in the fourth quarter of 2017.
On revenue increase of some $35 million year-over-year, the Houston-based well intervention and robotics specialist generated net income of $50.6 million, or 34 cents per diluted share, against $54.4 million loss, or $46 cents per diluted share in the Q4 2016.
Helix wrapped up 2017 with $30 million profit, compared to $81 million loss in 2016.
Q4 2017 revenues were approximately $163 million, up from $128 million in Q4 2016, and relatively flat with Q3 2017.
Full-year revenues totaled $581 million, against $487 million in 2016.
Robotics business revenues increased 24 percent in the fourth quarter, while Helix’s well intervention division earned some $27 million more year-over-year, despite operational downtime in the North Sea, but decreased sequentially some $4.4 million.
“We finished the year with solid results in the fourth quarter. We were able to mitigate the seasonal downturn in the North Sea well intervention market with a strong quarter in the Gulf of Mexico and continued operational improvements in Brazil, including the commencement of commercial operations of the Siem Helix 2 in December. Our Robotics results showed slight improvements over the third quarter results, primarily from trenching work. We look forward to the full year contribution in 2018 of the Siem Helix 1 and Siem Helix 2, both with long-term contracts,” said Owen Kratz, president and chief executive officer of Helix.
Subsea World News Staff