Helped by higher revenues from its Well Intervention and Robotics business, Helix Energy Solutions returns to earnings in the second quarter of the year. Helix on Monday reported net income of US $ 17.8 million in the second quarter of 2018, compared to a net loss of US $ 6.4 million in the same period of 2017 and a net loss of US $ 2.6 million. in the first quarter of 2018.
Net income for the semester ended June 30, 2018 was US $ 15.2 million, compared to a net loss of US $ 22.8 million for the semester ended June 30, 2017. For the second quarter of 2018, Helix's revenues increased to US $ 204.6 million from US $ 150.3 million in the same period last year.
Well Intervention revenues increased by 43% in Q2 2018 compared to Q2 2017. While vessel utilization was similar year on year, total vessel days increased by 105 days in Q2 2018 with the introduction of Siem Helix vessels in 2017. Additionally, the second quarter of 2018 included 120 days of use of the IRS rental unit, while the second quarter of 2017 had zero days of use.
Robotics revenue increased by 18% in Q2 2018 compared to Q2 2017. Vessel utilization increased to 70% in Q2 2018 compared to 57% in Q2 2017. ROV asset utilization dropped to 38% in the second quarter of 2018 of 42% in the second quarter of 2017; however, the second quarter of 2018 included 95 days of additional trenching compared to the same quarter of 2017.
Owen Kratz, President and CEO of Helix, said: “Our second quarter 2018 results reflect solid performance from our Well Intervention business and better performance from our Robotics business.
“Our Well Intervention business benefited from seasonal recovery in the North Sea and continued operational improvements in Brazil. Our robotics business improved quarter after quarter, with increased trenching operations and backlog for the remainder of 2018. We are encouraged by the improvement in our results compared to the last quarter and we remain committed to managing the uncertainties that this market could present in the second quarter. half of the year. year."
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