Helix Energy Solutions Higher Vessel Utilization Boosts Revenue
Offshore energy services company Helix Energy Solutions (HLX) said Thursday that improved vessel utilization across most segments contributed to a year-over-year increase in its Q1 revenue.The well intervention segment recorded an 82% fleet utilization in Q1, with vessels in Brazil operating at 100%, those in the Gulf of Mexico at 91%, and those in the North Sea at 47%. The segment posted $209.4 million in revenue during the quarter, compared with $198.4 million a year ago.The Q7000 vessel was fully utilized in Q1, following its mobilization and docking in Brazil, the company said. This compares with just six days of operation in the same quarter of the previous year.Helix Energy also reactivated Seawell this year, after being fully idle in 2025.In the robotics segment, vessel activities and utilization of remotely operated vehicles rose year over year, with total vessel days increasing to 381, or 79%, in Q1, from 244, or 67%, in the prior year. The segment saw revenue increased to $62.4 million in Q1 from $51.0 million a year earlier.Lower integrated vessel trenching, which decreased to 122 days from 135 days, partially offset the higher vessel days.The company also said that vessel utilization in the shallow water abandonment segment climbed to 37% in Q1 from the year-ago level of 31%. The figures exclude heavy lift operation. The segment's Q1 revenue increased year over year to $21.2 million from $16.8 million.Additionally, utilization of plug and abandonment systems and coiled tubing systems improved to 369 days, or 16%, from 264 days, or 11%.Meanwhile, the company said its production facilities generated lower revenue during the period due to weaker oil and gas production from the Droshky field. The segment's Q1 revenue stood at $18.7 million, down from the prior year's $19.8 million.Helix expects Droshky output to continue declining throughout the year, although the restart of production at Thunder Hawk field following a successful workover in April will provide an upside.For the rest of the year, the company said vessel utilization and rates will primarily underpin its outlook, with winter seasonal activity to impact operations.