Helix Boosts Quarterly Profit

Helix Energy Solutions has reported net income of $31.6 million, or 21 cents per diluted share, for the third quarter of 2019 compared to $27.1 million or 18 cents for the same period in 2018.

Sequentially, profit almost doubled from $16.8 million of 11 cents per diluted share.

Third quarter revenues were in line with prior year comparable period at $212 million.

Net income for the nine months ended September 30, 2019 was close to $50 million, or 33 cents per diluted share, compared to $42 million, or 29 cents per diluted share, for the corresponding period in 2018.

“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 North Sea and lower rates in the Gulf of Mexico, we will maintain our focus on project execution and cost controls to carry that momentum into 2020 with the launch of the Q7000,” said Owen Kratz, president and CEO of Helix.

Well Intervention revenues increased from $154 million in the third quarter of 2018 at $170 million in Q3 2019.

Robotics revenues decreased at $52 million from the third-quarter 2018 revenues of $54 million. Sequentially, revenues increased by 14 per cent.

Subsea World News Staff