Helix Reports Highest Quarterly Revenue Since 2014  | Rigzone

by  Bertie Melinda Taylor

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Rigzone Staff

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Tuesday, October 22, 2019

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4Q operations will face the normal winter slowdown in the North Sea and lower rates in the Gulf of Mexico.

Helix Energy Solutions Group Inc. recently announced its best quarterly revenue figures since 2014.

In Q3 revenues totaled $212M; well intervention revenues climbed 10 percent thanks to higher utilization and integrated services in the Gulf of Mexico, and utilization growth in Brazil.

The company saw net income of $31.6 million for the third quarter of 2019 (compared to $27.1 million for the same period in 2018 and $16.8 million for 2Q 2019). It also reported adjusted EBITDA of $66.3 million for the third quarter of 2019 (up from $58.6 million in 3Q 2018 and $50.3 million for 2Q 2019).

Well intervention vessel utilization rose to 97 percent in the quarter (up from 91 percent a year ago). Robotics revenues slipped 4 percent compared with last year because of a slowdown in trenching activity and spot vessel days, offset somewhat by increased trencher, ROV and ROVDrill utilization.

“In this challenging market we had a strong third quarter, marked by the disciplined execution of our strategy, resulting in our highest quarterly revenue and EBITDA levels since 2014,” Owen Kratz, president and CEO of Helix, said in the company’s latest earnings release.

“We are pleased with the continued improvement in our results, and although our fourth quarter operations will be impacted by the normal winter slowdown in the Nort....

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