Helix Energy Solutions Q1 Loss Narrows

(RTTNews) - Helix Energy Solutions Group Inc. (HLX) reported that its net loss for the first quarter of 2017 narrowed to $16.4 million or $0.11 per share, from $27.8 million or $0.26 per share in the same period in 2016. Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share. Analysts' estimates typically exclude special items.

Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our first quarter results for 2017, as compared to the prior year, benefited from a rebound in activity levels in the North Sea Well Intervention business and high utilization for the Q5000 in the Gulf of Mexico. The robotics business still suffers from weak market conditions reflecting a lack of subsea infrastructure spending."

Net revenues for the quarter rose to $104.53 million from $91.04 million in the prior year. Analysts expected revenue of $117.17 million for the quarter.