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Sep 30, 2022
Helix Q3 2022 Earnings Report
Helix's third quarter results were released, revealing a net loss but a significant improvement over the prior quarter due to a stronger oil and gas market and increased offshore activity.
Key Takeaways
Helix Energy Solutions Group reported a net loss of $18.8 million for the third quarter of 2022, but adjusted EBITDA increased to $52.6 million, reflecting improvements from the previous quarter and the inclusion of Helix Alliance.
Third quarter results improved significantly due to a stronger oil and gas market and seasonally high offshore activity.
Helix Alliance's operating results were included in the quarter.
The bottom line was negatively impacted by the strengthening of the U.S. dollar.
Positive momentum is expected to continue into the fourth quarter with strong performance in the Gulf of Mexico and North Sea.
Revenue by Segment
Forward Guidance
Helix expects to continue the positive momentum in its operating results into the fourth quarter with continued strong performance in the Gulf of Mexico and North Sea.
Positive Outlook
- Continued strong performance in the Gulf of Mexico.
- Continued strong performance in the North Sea.
- Recent contract extension for the Siem Helix 2.
- Planned commencement of the Siem Helix 1 on a two-year P&A campaign.
- Further improvements are expected in Brazil towards the end of the fourth quarter and beyond.
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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