Apr. 24 at 12:19 AM
$HLX Helix Energy reports Q1 EPS 2c, consensus (4c)
Reports Q1 revenue
$278.1M, consensus
$285.1M. Owen Kratz, CEO, stated, "As expected, our first quarter was impacted by the seasonal slowdown in the North Sea and the Gulf of America shelf. In addition, we performed the planned regulatory dockings of several chartered vessels in our Robotics fleet and completed the docking and mobilization of the Q7000 for the Shell project in Brazil. Nonetheless, we delivered strong first quarter results with higher rates in our Well Intervention segment in Brazil and on our Q vessels.
However, our first quarter has been overshadowed by the announcement of production increases by OPEC+, the announcement of U.S. tariffs and its impact on the global market, and the continuing challenges of the North Sea oil and gas market. The confluence of these events has caused a precipitous drop in commodity prices and created uncertainty for our customers and the global economy.
As a result, we are seeing some operators pausing work, notably in the North Sea where the current regulatory environment was already challenging for offshore oil and gas production. In response to the new market environment, we are adjusting our operations to align with decreased activity, but with our strong balance sheet and backlog of contracted work, we nevertheless expect to generate meaningful free cash flow in 2025."
