Helix Energy Solutions Q4 Results Top Estimates

(RTTNews) - Helix Energy Solutions Group Inc. (HLX) reported a net loss of $25.9 million, or $0.17 per share, for the fourth quarter 2021 compared to net income of $4.2 million, or $0.03 per share, for the fourth quarter 2020. Analysts polled by Thomson Reuters expected the company to report a loss of $0.26 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew to $168.66 million from $159.90 million in the prior year. Analysts expected revenue of $136 million for the quarter.

The company expects the first half of 2022 will be a transitional period as it still faces headwinds in the near-term with a slow recovery in the North Sea, cost escalations and its continued integration of the Siem Helix 1 into the spot market. It is optimistic about the future and believes it will see a stronger second half of 2022 and continuing into 2023, as reflected by recent awards for decommissioning campaigns in the Tui field offshore New Zealand and with Trident Energy offshore Brazil, both expected to commence late 2022.