Helix hit by lower utilisation

Downtime: lower fleet utilisation hits Helix profits

Helix Energy Solutions

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Luke Johnson

 23 July 2012 23:30 GMT

Helix Energy Solutions Group posted a slight bump in quarterly income but saw its profits dampened by lower utilisation of its fleet.

The Houston-based offshore player brought in $44.6 million, or 42 cents per share, in the three months to June. That compared with net income of $41.3 million, or 39 cents per share, for the same period last year.

Helix did not do as well on an on-quarter basis, however, after posting profits of $65.7 million, or 62 cents per share, in the first three months of the year.

The company was hit by a $14.6 million pre-tax charge related to the decision to “cold stack” the subsea pipelay vessel Intrepid. That move reduced the vessel’s book value…

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