Helix doubles earnings in quarter

Utilisation: Helix profits up thanks to more work for semi-submersible Q4000

Houston-based well-intervention specialist Helix Energy Solutions more than doubled its earnings in the second quarter thanks to higher revenues and full utilisation of some of its vessels.

Helix posted net income of $57.8 million, or $0.55 per share, in the three months to the end of June, compared to earnings of $27.2 million, or $0.26 per share, a year earlier.

That came on revenues of $305.6 million in the 2014 quarter compared to $232.2 million in the 2013 period.

The company made $53.7 million in the first quarter of 2014 on revenues of $253.6 million.

Well intervention revenues were 13% higher in the second quarter at $181.2 million due to having a full quarter of the Helix 534 at full utilisation, as well as all three North Sea vessels being 100% utilised, Helix said.

Vessel utilisation for the Q4000 in the Gulf of Mexico was slightly down, coming in at 90% utilisation in the second quarter of 2014 versus 100% in the first quarter of 2014, due to a planned regulatory inspection and thruster repairs.

"We believe that the market environment remains positive for well intervention services, and our well intervention assets have continued to perform at a high level," said chief executive Owen Kratz.

In the robotics segment, revenues were up to $21.9 million from $13.3 million a year earlier thanks to chartered vessel fleet utilisation growing to 89%.

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