Helix Energy Solutions Reports $28.3M Q4 Loss

By Bobby Samwell • Tuesday, February 27 10:24 • Permanent Link

Helix Energy Solutions Group, Inc. (NYSE: HLX) has reported its financial results for the fourth quarter and full year 2023. The company experienced a net loss of $28.3 million, or $(0.19) per diluted share, for the fourth quarter of 2023, compared to a net income of $15.6 million, or $0.10 per diluted share, for the third quarter of 2023, and a net income of $2.7 million, or $0.02 per diluted share, for the fourth quarter of 2022.

Adjusted EBITDA for the fourth quarter of 2023 was $70.6 million, a decrease from $96.4 million for the third quarter of 2023 but an increase from $49.2 million for the fourth quarter of 2022. For the full year 2023, Helix reported a net loss of $10.8 million, compared to a net loss of $87.8 million for the full year 2022. Adjusted EBITDA for the full year 2023 was $273.4 million, a significant increase from $121.0 million for the full year 2022.

In terms of revenues, Helix reported $335.2 million for the fourth quarter of 2023, compared to $395.7 million for the third quarter of 2023 and $287.8 million for the fourth quarter of 2022. For the full year 2023, the company reported revenues of $1.29 billion, a substantial increase from $873.1 million for the full year 2022.

The company's cash and cash equivalents stood at $332.2 million as of December 31, 2023, an increase from $168.4 million as of September 30, 2023. Net debt was reported at $29.5 million as of December 31, 2023, down from $58.9 million as of September 30, 2023.

Owen Kratz, President and Chief Executive Officer of Helix, noted that the company finished the year with its highest fourth quarter EBITDA since 2013, marking the second consecutive year of meaningful revenue and EBITDA growth. Kratz mentioned the initiation of important transformations to the company's capital structure, including issuing $300 million in senior notes and taking out most of its 2026 convertible notes, which is expected to be completed in the first quarter of 2024.

In terms of segment performance, the following highlights were noted:

Well Intervention: Revenues decreased by 6% in the fourth quarter of 2023 compared to the prior quarter but increased by 26% compared to the fourth quarter of 2022.
Robotics: Revenues decreased by 17% in the fourth quarter of 2023 compared to the prior quarter but increased by 30% compared to the fourth quarter of 2022.
Shallow Water Abandonment: Revenues decreased by 29% in the fourth quarter of 2023 compared to the prior quarter, but increased by 8% compared to the fourth quarter of 2022.
Production Facilities: Revenues decreased by 21% in the fourth quarter of 2023 compared to the prior quarter and by 31% compared to the fourth quarter of 2022.

Today the company's shares have moved -8.7% to a price of $9.36. For more information, read the company's full 8-K submission here.

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