Helix Swings to Quarterly Profit; Hikes Full-Year Result

Helix Energy Solutions has reported net income of $7.9 million, or 5 cents per diluted share, for the fourth quarter of 2019 compared to $13.7 million loss or 9 cents for the same period in 2018.

Sequentially, profit fell from $31.6 million of 21 cents per diluted share.

Fourth quarter revenues were up close to 8 percent against prior year comparable period at $170.7 million.

Net income for the full-year 2019 was $57.7 million, or 38 cents per diluted share, compared to $28.6 million, or 19 cents per diluted share, for the twelve months in 2018.

Full-year revenues were $752 million, up from $740 million in 2018.

“Our results for 2019 mark our third consecutive year of sequential growth in revenue and EBITDA. Looking at 2020, we expect slow but continued improvement in the market, and we plan to maintain discipline as we continue to drive improvements in our operations and financial results,” said Owen Kratz, president and CEO of Helix.

Well Intervention revenues increased from $115 million in the fourth quarter of 2018 at $142 million in Q4 2019. Sequentially, revenues fell from $170 million, or 17 percent, on lower rates in GoM and seasonal slowdown in the North Sea.

Robotics revenues dropped 8 percent year-over-year at $35 million, and also fell sequentially by some 32 percent.

Subsea World News Staff