Helix Energy Solutions Group Inc. (HLX) stock gained by 4.54% at the last close whereas the HLX stock price plunged by 6.72% in the pre-market trading session. Helix Energy Solutions is located in Houston, Texas, and is a multinational offshore energy services business that specializes in well intervention and robotics operations for the offshore energy sector.
Financial Results of HLX stock
Helix Energy Solutions has released its Q2 2021 financial results. Highlights are mention below:
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- Helix Energy has calculated its total loss as $13.7 million or $0.09 per diluted share for the second quarter of 2021 while the net income for the same quarter in 2020 was $5.5 million or 0.04 per diluted share. However, for the first quarter of 2021, the net loss was $2.9 million.
- In the second quarter of 2021, Helix recorded an Adjusted EBITDA of $24.8 million, relative to $47.9 million in the second quarter of 2020 and $36.2 million in the first quarter of 2021.
- Helix totaled a net loss of $16.6 million, or $0.11 per diluted share, for the six months ended June 30, 2021, relative to a total loss of $6.5 million, or $(0.06) per diluted share, for the six months ended June 30, 2020.
- For the six months ended June 30, 2021, adjusted EBITDA was $61.0 million, compared to $67.3 million for the same period in 2020.
Owen Kratz, President, and CEO of Helix commented,
Their success in the second quarter of 2021 represented seasonal enhanced activity in both their Well Intervention and Robotics sectors in the North Sea, as well as the Q7000’s ongoing consistent performance in Nigeria. The consequences of decreased rates on their short-term contract extension on the Siem Helix 1 in Brazil, as well as the challenging usage and rates in the Gulf of Mexico as the Q5000 rolled off its long-term contract, are also seen in their results.
Not to deny that these obstacles were there, HLX was still able to produce excellent cash flows as a result of improved working capital and prudent capital investment. As predicted, 2021 will be a difficult year. Oil prices’ relative strength and stability are continuing to be a favorable trend that might pay off in 2022 and beyond. In this difficult environment, they remain dedicated to service efficiency and execution.