Wed, Oct. 28, 2:57 PM
- Helix Energy Solutions (HLX +7.8%) says its Q5000 well intervention unit entered service last week and is currently on hire for a client in the Gulf of Mexico.
- HLX says deployment of the Q5000 is the culmination of a three-year effort to to launch a second semisubmersible purpose-built well intervention asset after the Q4000.
- HLX says its contract with BP, which was scheduled to begin in Q3 2015, will now begin April 2016, but the contract period remains at five years.
Tue, Oct. 20, 3:59 PM
- Helix Energy Solutions (HLX +26.9%) surges higher after beating Q3 earnings estimates, and revenues rose 9% Q/Q to $182M even as they fell ~$10M short of expectations.
- HLX says well intervention revenue rose 11% Q/Q, reflecting a greater number of utilized days in the quarter for two of its North Sea vessels, and robotic revenue also added 11% Q/Q as vessel utilization rose to 87%.
- Nevertheless, CEO Owen Kratz warns that industry conditions will remain challenging, and expects Q4 results to be affected by normal seasonal factors in the North Sea as well as a continuation of the weak industry environment.
Tue, Oct. 20, 12:45 PM
Fri, Oct. 2, 5:37 PM
Thu, Sep. 24, 6:58 PM
- Rambus (NASDAQ:RMBS) has moved up 6.5% after hours on news it's replacing Ryland Group (NYSE:RYL) in the S&P SmallCap 600 after the close on Oct. 1.
- Ryland, which is up 1.5% after hours, is getting acquired by Standard Pacific (NYSE:SPF) in a deal expected to close on that date. Standard Pacific -- which is changing its name to CalAtlantic Group -- is leaving the SmallCap 600 along with Ryland, to join the S&P MidCap 400.
- Meanwhile, the other SmallCap 600 spot will be taken by Helix Energy Solutions (HLX -3.2%), which is leaving the MidCap 400 now that its market cap (about $557M) is "more representative of the small-cap market space." Helix is up 0.3% after hours.
- Previously: Industry eyes Ryland/Standard Pacific merger (Jun. 15 2015)
- Previously: Homebuilders Standard Pacific, Ryland Group agree to merge (Jun. 14 2015)
Tue, Jul. 21, 12:45 PM
Tue, Apr. 7, 5:36 PM
Mon, Mar. 2, 12:46 PM
- Helix Energy (HLX -1.9%) slides after warning via investor presentation slides that 2015 will be a challenging year, confirming concerns stated earlier in the year.
- HLX says 2015 results will come in "well below" 2014; says its customers are aggressively cutting spending, with some seeking to renegotiate contracts and cancel contracts even with cancellation feeds, and some have deferred contracted work into later periods.
- HLX also outlines a ~$400M capex budget for 2015.
Fri, Feb. 27, 2:42 PM
- BP is pushing back the start date for its contract with Helix Energy Solutions (HLX -2.2%) for the Q5000 well intervention vessel, sending HLX shares to 52-week lows.
- The well was scheduled to begin work in the Gulf of Mexico in Q3, but the amended agreement defers the start of the work to April 1, 2016.
- The amendment also contains certain other modifications that HLX says will give it greater flexibility to market the vessel to other potential customers, including prior to starting the work for BP.
Tue, Feb. 17, 3:19 PM
- Helix Energy Solutions (HLX -12.4%) plunges to 52-week lows after reporting Q4 earnings that fell 78% Y/Y and came in well short of analyst expectations, and revenues fell 8.6% Y/Y and also missed estimates.
- HLX cited two unexpected events: a supply boat that collided with its Q4000 vessel and impaired its riser system for an extended time, and another vessel that was out of work for 59 days because of a late job cancellation.
- Q4 revenues in the Well Intervention segment fell 41% Y/Y as vessel utilization fell to 64% from 95% in Q3, and Robotics segment revenues slid 39% as vessel utilization dropped to 79% from 90% in Q3.
- CEO Owen Kratz said during today's earnings conference call that 2015 likely will be a difficult year and producers are canceling offshore contracts despite termination fees; however, HLX probably will not make deep cuts to its workforce of 1,600 after shrinking GS&A costs when it reorganized itself and sold off non-core assets in recent years.
Tue, Feb. 17, 12:44 PM
Nov. 26, 2014, 11:36 AM
- Helix Energy Solutions (HLX -4.1%) is downgraded to Equal Weight from Overweight with a $31 price target at Morgan Stanley due to lower oil prices, driving down free cash flow and thus spending levels.
- While noting that most of HLX’s intervention vessels have 1-5 years of backlog, Stanley sees risk around its Seawell and Skandi Constructor vessels, which have limited backlog in 2015.
- The firm maintains its favorable view of HLX’s well intervention business model, which it sees as largely insulated from weakness in the offshore rig market, levered to defensive life-of-field work, and poised to take market share from rigs, given increased efficiencies and lower building costs.
Oct. 21, 2014, 10:35 AM
- Helix Energy (HLX +5.9%) opens with strong gains after Q3 earnings and revenues easily beat Wall Street expectations, as both its well intervention and robotics businesses thrived.
- In its earnings conference call, HLX says it sees FY 2014 EPS of $1.85-$1.95 vs. $1.80 analyst consensus estimate and revenues of $1.1B vs. $1.09B consensus.
- Total backlog as of Sept. 30 was ~$2.4B, nearly all in the well intervention and robotics businesses; total 2014 capex is forecast at $385M, with $242M incurred YTD.
Oct. 20, 2014, 5:32 PM
Jul. 21, 2014, 5:36 PM
May 27, 2014, 12:27 PM
- North Atlantic Drilling's (NADL +8.9%) deal with Rosneft (RNFTF) is particularly good news for Seadrill (SDRL +1.5%), Cowen's J.B. Lowe says, as SDRL gains a foothold into the Russian market, adds significant backlog during the market downturn and monetizes part of its North Atlantic Drilling investment; also, a cash infusion is a positive given growing concern over SDRL’s ability to pay its dividend.
- Morgan Stanley’s Ole Slorer thinks the deal is good for the entire industry, seeing the reduction in near term rig availability as an important turning point for the entire offshore driller space; it also expects further contract signings in Brazil and west Africa to help reverse current beaten down sentiment.
- Lowe likes Transocean (RIG +1.6%) among drillers in the North Sea, where the number of rigs will drop as NADL's rigs head to Russia, while Slorer recommends laggards with limited business in Brazil, such as Helix Energy (HLX), Oceaneering (OII) and Frank’s International (FI).
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