Offshore services player, Helix Energy Solutions, has seen its net income slide to $9.9 million, or $0.09 per diluted share, for the third quarter of 2015 compared to net income of $75.6 million, or $0.71 per diluted share, for the same period in 2014.
Nevertheless, the Houston-based company bounced back in black after a net loss of $(2.6) million, or $(0.03) per diluted share, in the second quarter of 2015, and managed to beat analysts’ predictions of $0.08 EPS for Q3.
Net income for the nine months ended September 30, 2015 was $26.9 million, or $0.25 per diluted share, compared with net income of $187.1 million, or $1.77 per diluted share, for the nine months ended September 30, 2014.
The well intervention and robotics specialist generated revenue of $182.5 million in the period, slightly off $186.3 million, predicted by analysts, and down from last year’s Q3 revenue of $340.8 million.
Adjusted EBITDA was $51.5 million for the third quarter of 2015 compared to $35.7 million in the corresponding period in 2014.
Owen Kratz, President and Chief Executive Officer of Helix, said: “Improved activity levels in our robotics segment plus strong utilization for the Well Enhancer and Skandi Constructor well intervention vessels led the way for the improved quarter over quarter results. However, industry conditions continue to remain challenging, and we expect Q4 results to be impacted by normal seasonal factors in the North Sea as well as a continuation of the weak industry environment.”
Q3 over Q2
Helix reported that its Well Intervention revenues increased 11% in the third quarter of 2015 as compared to revenues in the second quarter of 2015, reflecting a greater number of utilized days in the quarter for two of our North Sea vessels.
Robotics revenues increased 11% in the third quarter of 2015 from revenues in the second quarter of 2015. Vessel utilization increased to 87% and ROV asset utilization was marginally lower, quarter over quarter. The increase in vessel utilized days was the primary driver in higher revenue and gross profit for the quarter.