Helix Energy Solutions earnings drop in Q2

Houston-based offshore services and robotics specialist Helix Energy Solutions has reported profit of $5.5 million, or 4 cents per diluted share, for the second quarter of 2020 compared to $16.8 million profit for the same period in 2019.

Sequentially, Helix swung back to black from $11.9 million loss or 9 cents per diluted share.

Second quarter revenues were slightly down at $199 million, against prior year comparable period at $201.7 million.

Well Intervention revenues fell from $159 million in the second quarter of 2019 at $146 million in Q2 2020.

Sequentially, well intervention revenues increased from $140.6 million.

Robotics revenues increased 11 per cent year-over-year at $51 million, and were up some 45 per cent sequentially.

For the six months ended June 30, 2020, Helix reported net loss of $6.5 million, or 6 cents per diluted share, compared to net income of $18.2 million, or 12 cents per diluted share, for the six months ended June 30, 2019.

Revenues in the first half were up from last year ($368 million) at $380 million.

“The COVID-19 pandemic has added new challenges to the markets we serve, with logistics and staffing now paramount considerations in an environment where our customers are reducing spending.

“We’ve responded with enhanced focus on expanding health and safety protocols, operational execution and cost controls.

“Our quarterly results improved despite these challenges, with resumption of our long-term contract on the Q5000, the seasonal pick-up in the North Sea and the continued expansion of our Robotics business into renewable energy operations.

“For the balance of 2020, we will continue to face headwinds due to the pandemic and are addressing them head-on.

“We expect our efforts will help us generate free cash flow and protect our balance sheet during this challenging time.”