Helix Energy Q1 Preliminary Results Show Revenue Dip, Net Loss

Ticker: HLX · Form: 8-K · Filed: Apr 25, 2024 · CIK: 866829

Sentiment: bearish

Topics: preliminary-results, financial-update, operations

TL;DR

Helix Energy's Q1 revenue is down, and they're reporting a net loss due to high costs and low vessel use.

AI Summary

On April 24, 2024, Helix Energy Solutions Group, Inc. announced preliminary results for the first quarter of 2024. The company expects to report revenue between $220 million and $230 million and a net loss between $15 million and $20 million. This performance is attributed to lower-than-expected utilization of its offshore construction vessels and a significant increase in operating expenses, particularly related to vessel maintenance and drydocking.

Why It Matters

This filing indicates a weaker-than-anticipated start to the year for Helix Energy, potentially impacting investor confidence and future financial performance due to increased costs and lower vessel utilization.

Risk Assessment

Risk Level: medium — The preliminary results show a net loss and lower revenue than expected, indicating potential operational challenges and impacting financial outlook.

Key Numbers

Key Players & Entities

FAQ

What is the expected revenue range for Helix Energy's first quarter of 2024?

Helix Energy expects to report revenue between $220 million and $230 million for the first quarter of 2024.

What is the anticipated net loss for Helix Energy in Q1 2024?

The company anticipates a net loss between $15 million and $20 million for the first quarter of 2024.

What factors contributed to the lower-than-expected financial results?

Lower-than-expected utilization of offshore construction vessels and a significant increase in operating expenses, including vessel maintenance and drydocking, contributed to the results.

When did the event reported in this 8-K filing occur?

The earliest event reported in this filing occurred on April 24, 2024.

What is the primary reason cited for the increased operating expenses?

The filing specifically mentions a significant increase in operating expenses, particularly related to vessel maintenance and drydocking.

Filing Stats: 609 words · 2 min read · ~2 pages · Grade level 10 · Accepted 2024-04-24 18:38:09

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On April 24, 2024, Helix Energy Solutions Group, Inc. ("Helix") issued a press release reporting its financial results for the first quarter 2024. The press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 24, 2024, Helix issued a press release reporting its financial results for the first quarter 2024. In addition, on April 25, 2024, Helix is making a presentation (with slides) to analysts and investors regarding its financial and operating results. Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, are the press release and the slides for the First Quarter 2024 Conference Call Presentation issued by Helix. The presentation materials are also available on the "For the Investor" page of Helix's website, www.helixesg.com . The information furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release of Helix Energy Solutions Group, Inc. dated April 24, 2024 reporting financial results for the first quarter 2024. 99.2 First Quarter 2024 Conference Call Presentation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 24, 2024 HELIX ENERGY SOLUTIONS GROUP, INC. By: /s/ Erik Staffeldt Erik Staffeldt Executive Vice President and Chief Financial Officer

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