Helix Energy Solutions Group Inc (NYSE:HLX) posted net income of $2.3 million for the Q3 2017 against net income of $11.5 million, for the comparable period in 2016. Net loss came at $6.4 million in the reported period. The net loss for the nine-months closed September 30, 2017 came at $20.5 million against a net loss of $27.0 million, for the nine months closed September 30, 2016.
The details
Helix posted Adjusted EBITDA came at $30.5 million for the Q3 2017 versus $46.7 million for the same quarter of 2016 and $29.7 million for Q2 2017. Adjusted EBITDA for the nine-months closed September 30, 2017 stood at $74.8 million versus $62.7 million for the nine-months closed September 30, 2016. Owen Kratz, the CEO and President of Helix, expressed that the third quarter results were adversely impacted by some operational downtime witnessed by the Well Enhancer in the North Sea as well as some idle time on the ‘Q5000’ between projects.
The negative impacts were partly offset by improvements in company’s Brazilian well intervention operations for the third quarter with the Siem Helix 1 concluding its first full quarter of businesses. Helix continue to expand its businesses in Brazil as the Siem Helix 2 is presently anticipated to start commercial operations late in the Q4 2017.
Cash and cash equivalents at the close of September 30, 2017 was around $357 million. Consolidated long-term debt jumped to $504 million during the reported quarter from $515 million at the close of June 30, 2017. Consolidated net debt came at $147 million. Net debt to book capitalization was 9%.
The company recorded capital expenditures of $43 million in the Q3 2017 compared to $99 million in the same quarter of 2016 and $47 million in the Q2 2017. In addition, Helix recorded mobilization costs of $14 million for the Siem Helix 2 in the third quarter of 2017 as compared to $10 million in the Q2 2017.
