Helix Energy Solutions (HLX +16.2%) reported Q1 revenue growth of 57% Y/Y to $164.26M. Segment revenues: well interventions +42.4% Y/Y to $129.57M, robotics +19.1% Y/Y to $27.17M and production facilities -0.3% Y/Y to $16.32M.
Q1 Margins: Gross recovered by 869 bps to 7.9%; operating recovered by 1,626 bps to -0.68% and Adj. EBITDA improved by 279 bps to 16.8%.
Cash flow from operating activities +30% Y/Y to $41.06M.
“In the GOM, we successfully introduced the 15K IRS system to the market, and the Q5000, Q4000, and Grand Canyon II were on contract for substantially all of the quarter. Our results in Brazil improved, reflecting the first full quarter of operations for the Siem Helix 2 and continued strong performance for the Siem Helix 1. In the North Sea, we maintained tight cost control measures until seasonal activity picked up in March. We will continue to focus on operational execution and maximizing our financial performance”, said Owen Kratz, President and CEO.
2018 Outlook: Revenues $695-740M; EBITDA $135-165M and Capital additions ~135M.
Previously: Helix Energy Solutions beats by $0.04, beats on revenue (April 23)
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