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Mar 31, 2022
Helix Q1 2022 Earnings Report
Helix reported a net loss for Q1 2022, impacted by regulatory inspections and market conditions.
Key Takeaways
Helix Energy Solutions Group reported a net loss of $42.0 million for the first quarter of 2022, with adjusted EBITDA at $2.5 million. The results were affected by vessel inspections and a slow North Sea market return. However, the company anticipates an improved outlook for the second half of 2022 and into 2023 with several long-term awards.
Net loss was $42.0 million, or $(0.28) per diluted share.
Adjusted EBITDA was $2.5 million.
Revenues were $150.125 million.
The company secured several long-term contracts, including with Trident in Brazil and Shell in the U.S.
Revenue by Segment
Forward Guidance
Helix anticipates an improved outlook for the second half of 2022 and into 2023, driven by several long-term awards.
Positive Outlook
- Contracted several long-term awards.
- Siem Helix vessels charters were extended.
- Added two robotics support vessels under term charters.
- Improving market conditions.
- Long-term fundamentals remain strong.
Challenges Ahead
- 2022 is a transition year.
- Vessels undergoing regulatory inspections.
- Slow return for the North Sea market.
- Vessels performing short-term work at reduced rates.
- First quarter results were as expected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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