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Seasonality Hits Helix Quarterly Numbers

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Helix Energy Solutions Group has reported a net loss of $13.7m for the second quarter 2021 compared to net income of $5.5m for the comparable period of the previous year.

Helix, headquartered in Houston, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.

Helix reported adjusted pretax earnings of $24.8m for the second quarter 2021 compared to $47.9m for the second quarter 2020 and $36.2m for the first quarter 2021.

Owen Kratz, president and CEO of Helix said: “Our performance in the second quarter 2021 reflected the seasonal increased activity in the North Sea in both our Well Intervention and Robotics segments as well as continued steady performance by the Q7000 in Nigeria. Also evident in our performance is the challenged utilization and rates in the Gulf of Mexico as the Q5000 rolled off its long-term contract and the impact of lower rates on our short-term contract extension on the Siem Helix 1 in Brazil.

“Despite these challenges, we nonetheless generated strong cash flows due to improvements in working capital and disciplined capital spending. As expected, 2021 remains a challenging year. The relative strength and stability of oil prices continues to be a positive development that could yield benefits in 2022 and beyond. We remain committed to operational excellence and executing in this challenging market.”

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