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Mar 31, 2023
Helix Q1 2023 Earnings Report
Helix reported a net loss and revenue of $250.1 million for Q1 2023.
Key Takeaways
Helix Energy Solutions Group reported a net loss of $5.2 million for the first quarter of 2023, with revenues reaching $250.1 million. The company's performance was influenced by factors such as the Q7000's transit to the Asia Pacific region, regulatory inspections, and scheduled maintenance.
Net loss of $5.2 million, or $(0.03) per diluted share reported.
Adjusted EBITDA was $35.1 million.
Well Intervention vessel utilization decreased to 80%.
Company executed share repurchases of $5.0 million.
Revenue by Segment
Forward Guidance
Helix anticipates a strong outlook for the remainder of the year, with key projects and utilization expected to drive performance.
Positive Outlook
- Q7000 should commence its New Zealand decommissioning project during the second quarter.
- Anticipate solid utilization in the North Sea and Gulf of Mexico Well Intervention businesses for the remainder of the year following the Q4000 completing its dry docking during the second quarter.
- Shallow Water Abandonment and Robotics businesses are expected to continue to have higher seasonal activity levels.
- Contracted one of new intervention riser systems on a long-term project offshore Australia.
- Expect to commence first trenching campaign in Taiwan during the second quarter.
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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