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| Comment!
Jul. 21, 2014, 5:36 PM| Comment!
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).
Jun. 18, 2013, 1:47 PM
Apr. 17, 2013, 12:57 PMEnergy stocks (XLE -2.8%) trade well below the broader market as crude oil futures plunge after a surprising drop in U.S. distillate supplies and a smaller drop in crude supplies than API data showed. With the U.S. dollar substantially higher, analyst Tariq Zahir sees crude continuing its downward trend. Refiners: VLO -3.9%, TSO -5.6%, PBF -6.3%, CVI -6.8%. Big losers: LPI -5.4%, HLX -5.9%, PDS -6.5%, PWE -5.8%, KOG -4.4%. | Comment!
Jan. 15, 2013, 9:59 AMMorgan Stanley upgrades FMC Technologies (FTI +1.5%), Oceaneering (OII +3.4%) and Helix Energy (HLX +1.7%) to Overweight from Equal Weight at Morgan Stanley (I, II, III), citing a pickup in the backlog for floating rigs, a leading indicator for subsea equipment demand which has risen to a record three years per rig, while at least 30% of the known floating fleet is contracted through 2020. | Comment!
Dec. 13, 2012, 2:22 PMHelix Energy (HLX -4.2%) agrees to sell its oil and gas subsidiary to privately-held Talos Energy for $610M plus contingent consideration of overriding royalty interests on HLX's Wang exploration well and other exploration prospects. The purchase price will be adjusted at closing, depending upon the Wang results. | Comment!
Apr. 23, 2012, 12:55 PMHelix Energy Solutions (HLX +8.1%) is among today's top percentage gainers in basic materials stocks after the company reported better-than-expected Q1 results. HLX's profit more than doubled on increased revenues in its contracting services unit and strong prices it received on Gulf Coast crude oil sales. | Comment!
Jul. 26, 2011, 10:55 AMMore on Weatherford (WFT +8%): Q2 easily tops estimates, but with two disappointing quarters behind it, expectations were low enough that it would have been difficult not to beat. The stock has underperformed for most of the year, and todays move may just bring the oil services company closer in-line with its peers. | Comment!
Jul. 25, 2011, 5:44 PM
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