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Sep 30, 2021
Helix Q3 2021 Earnings Report
Helix reported a net loss for Q3 2021, but operating results held steady due to seasonal strength in the North Sea and renewables site clearance activity.
Key Takeaways
Helix Energy Solutions Group reported a net loss of $19.0 million, or $(0.13) per diluted share, for the third quarter 2021. The company's operating results benefitted from seasonally stronger summer activity in the North Sea and continued renewables site clearance activity. Helix reduced its debt with the repayment of its Term Loan and executed a new long-term revolving credit facility.
Net loss was $19.0 million, or $(0.13) per diluted share.
Adjusted EBITDA was $26.5 million.
The company reduced debt by repaying its Term Loan and securing a new revolving credit facility.
Helix achieved zero net debt and ended the quarter in a negative net debt position.
Revenue by Segment
Forward Guidance
Helix expects to maintain minimal net financial leverage in the near term as they prepare for increasing activity offshore and anticipate seeing benefits mid-2022 and beyond as the macro environment and energy sector continue to improve and stabilize.
Positive Outlook
- Seasonally stronger summer activity in the North Sea.
- Continued renewables site clearance activity.
- Reduced debt with the repayment of our Term Loan.
- Executed with our bank group a new long-term revolving credit facility that we expect will provide us working capital liquidity and manageable financial covenants.
- Achieved zero net debt and ended the quarter in a negative net debt position.
Challenges Ahead
- Vessels primarily in the spot market with limited visibility.
- The recent strengthening in oil prices is a promising sign, but its impact on our operations has lagged, particularly in the North Sea.
- Net loss of $19.0 million.
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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