Helix Energy Solutions Q3 Profit Down

(RTTNews) - Helix Energy Solutions Group Inc. (HLX) reported that its net income for the third quarter of 2017 declined to $2.3 million or $0.02 per share, from $11.5 million, or $0.10 per share for the same period in 2016. Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Owen Kratz, President and Chief Executive Officer of Helix, said, "Our third quarter results were negatively impacted by some operational downtime experienced by the Well Enhancer in the North Sea and some idle time on the Q5000 between projects. These negative impacts were partially offset by improvements in our Brazilian well intervention operations for the quarter with the Siem Helix 1 completing its first full quarter of operations."

The company said it continues to expand operations in Brazil as the Siem Helix 2 is currently expected to commence commercial operations late in the fourth quarter.

Net revenues for the quarter rose to $163.26 million from $161.25 million last year. Analysts expected revenue of $168.2 million for the quarter.