Helix Energy Solutions Group, Inc. reported net income of $44.6 million, or $0.42 per diluted share, for the second quarter of 2012 compared with net income of $41.3 million, or $0.39 per diluted share, for the same period in 2011, and net income of $65.7 million, or $0.62 per diluted share, in the first quarter of 2012.
The net income for the six months ended June 30, 2012 was $110.4 million, or $1.04 per diluted share, compared with net income of $67.2 million, or $0.63 per diluted share, for the six months ended June 30, 2011.
Second quarter 2012 results were impacted by a $14.6 million pre-tax charge ($0.09 per share after-tax) related to the decision to “cold stack” the Subsea Construction vessel, Intrepid, to reduce the book value to the vessel’s estimated fair value.
In addition, Helix Energy reached an agreement to acquire the Discoverer 534 drillship (D534). After closing and delivery to Singapore, the drillship will be converted into a well intervention vessel. The D534 is expected to enter service in the Gulf of Mexico in the first half of 2013.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “Notwithstanding that both the Q4000 and the Seawell were out of service for a good portion of the second quarter due to longer than anticipated regulatory dry docks, Helix managed a fairly good second quarter, resulting in much stronger financial performance for the first half of 2012 compared to last year. Activity levels for both our Well Intervention and Robotics businesses remain strong as we continue to grow backlog. The addition of the D534 to our fleet will allow us to address the robust demand for well intervention services in the near term. In addition, we are pleased to report success on our Danny II exploratory well.”
Helix Energy Solutions Group Monday, May 12, 2008
Helix Energy Solutions Group announced that it has broken ground to initiate construction on a new spoolbase facility and service complex to support its Gulf of Mexico operations. The facility will be constructed on the La Quinta Channel in Ingleside, Texas, 15 miles east of Corpus Christi.
“Our deepwater reeled pipelay fleet consisting of the Intrepid, Express and Olympic Triton has outgrown our current spoolbase in Port Arthur. We had an imminent need to establish a larger and more accessible spoolbase and fabrication facility that also could serve our other deepwater vessels such as the Caesar and the MSV Q4000,” stated Helix Chief Operating Officer Bart Heijermans. “The new yard will provide us with an increased stalk length of one mile that significantly will reduce vessel time at the dock during spoolup. We also plan to use this facility for double jointing steel catenary risers and the fabrication of subsea structures.”
When completed in mid-2009, the 120-acre base will consist of a 200 ft by 300 ft slip with a 32 ft depth for accommodating large offshore vessels, a one-mile-long pipe stalking line, as well as a warehouse and other associated fabrication buildings.
“The primary support activity of the spoolbase will be the preparation of pipe for offshore pipelines by welding the 40′ pipe joints end-to-end in long stalks roughly a mile long each,” states Paul Byington, Helix Ingleside General Manager of Pipeline Construction. “Then, each of the mile-long stalks will be welded end-to-end while deepwater pipelay vessels reel the pipe stalks onto the onboard reels. The vessels will then transit out to sea and install the pipelines on the sea bed.”
According to Byington, the company conducted a three-year search and evaluation of available coastal properties in areas ranging from Mobile Bay, Alabama to Brownsville, Texas. “Since an area deep enough for big ships to come in was required, finding the right spot took considerable time. We looked all over the Gulf of Mexico Gulf Coast before deciding that the Ingleside area was our best choice.”
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