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Helix Energy returns to profit in the middle of the year

25 July 2018 to 02: 36
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Helix back to black
Helix back to black

Houston-based oil services company Helix Energy Solutions returned to profit in the second quarter of the year

Helped by higher revenues from its Well Intervention and Robotics businesses, Helix Energy Solutions returns to earnings in the second quarter of the year. Helix on Monday reported net income of $17,8 million for the second quarter of 2018, compared to a net loss of $6,4 million for the same period in 2017 and a net loss of $2,6 million. in the first quarter of 2018.

the profit

Net income for the semester ended June 30, 2018 was $15,2 million, compared to a net loss of $22,8 million for the semester ended June 30, 2017. For the second quarter of 2018, Helix revenues increased to $204,6 million from $150,3 million in the same period last year.

Well Intervention revenues increased 43% in Q2018 2017 compared to Q105 2018. While vessel utilization was similar year-over-year, total vessel days increased by 2017 days in Q2018 120 with the introduction of Siem Helix vessels in 2017. Additionally, the second quarter of XNUMX included XNUMX days of use of the IRS rental unit, while the second quarter of XNUMX had zero days of use.

Robotics revenue increased 18% in Q2018 2017 compared to Q70 2018. Vessel utilization increased to 57% in Q2017 38 compared to 2018% in Q42 2017. ROV asset utilization dropped to 2018% in Q95 2017 from XNUMX% in QXNUMX XNUMX; however, the second quarter of XNUMX included XNUMX additional trenching days compared to the same quarter of XNUMX.

Owen Kratz, President and CEO of Helix, stated, “Our second quarter 2018 results reflect solid performance from our Well Intervention business and better performance from our Robotics business.

seasonal recovery

“Our Well Intervention business has benefited from the seasonal recovery in the North Sea and continued operational improvements in Brazil. Our robotics business has improved quarter after quarter, with trenching operations increased and backlog for the remainder of 2018. We are encouraged by the improvement in our results over the last quarter and remain committed to managing the uncertainties that this market could present in the second half of the year. year."

 

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