Helix Energy Solutions Group Inc (HLX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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Helix Energy Solutions Group Inc
Ticker: HLX CIK: 866829

EXHIBIT 99.1



		PRESSRELEASE www.HelixESG.com

Helix Energy Solutions Group, Inc. · 3505 W. Sam Houston Parkway N., Suite 400 · Houston, TX 77043 · 281-618-0400 · fax: 281-618-0505



For Immediate Release			18-020

Date: October 22, 2018	Contact:	Erik Staffeldt
		Senior Vice President & CFO

Helix Reports Third Quarter 2018 Results

HOUSTON, TX – Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported net income of $27.1 million, or $0.18 per diluted share, for the third quarter of 2018 compared to net income of $2.3 million, or $0.02 per diluted share, for the same period in 2017 and net income of $17.8 million, or $0.12 per diluted share, for the second quarter of 2018. Net income for the nine months ended September 30, 2018 was $42.3 million, or $0.29 per diluted share, compared to a net loss of $20.5 million, or $(0.14) per diluted share, for the nine months ended September 30, 2017.

Helix reported Adjusted EBITDA¹ of $58.6 million for the third quarter of 2018 compared to $30.5 million for the third quarter of 2017 and $52.3 million for the second quarter of 2018. Adjusted EBITDA for the nine months ended September 30, 2018 was $138.5 million compared to $74.8 million for the nine months ended September 30, 2017. The table below summarizes our results of operations:

Summary of Results

($ in thousands, except per share amounts, unaudited)



	Three Months Ended									Nine Months Ended
	9/30/2018			9/30/2017			6/30/2018			9/30/2018			9/30/2017

Revenues	$	212,575		$	163,260		$	204,625		$	581,462		$	418,117

Gross Profit	$	51,993		$	21,141		$	42,897		$	107,873		$	38,683
	24		%	13		%	21		%	19		%	9		%


Net Income (Loss)	$	27,121		$	2,290		$	17,784		$	42,345		$	(20,528	)

Diluted Earnings (Loss) Per Share	$	0.18		$	0.02		$	0.12		$	0.29		$	(0.14	)

Adjusted EBITDA ¹	$	58,636		$	30,452		$	52,269		$	138,471		$	74,801

Cash and cash equivalents	$	325,092		$	356,889		$	288,490		$	325,092		$	356,889

Cash flows from operating activities	$	63,161		$	15,722		$	46,620		$	150,827		$	31,323

Owen Kratz, President and Chief Executive Officer of Helix, stated, “The sequential improvement in our financial performance resulted primarily from improvements in our Robotics segment, with increased trenching operations during the quarter and near full utilization of our chartered vessel fleet. Our Well Intervention segment saw continued strong operational performance and high utilization of our intervention vessels, despite lower IRS rental unit utilization and idle time between projects on our Q4000 vessel. In the fourth quarter our operations will be impacted by the normal winter slowdown in the North Sea and expected low activity levels in the Gulf of Mexico. Our market is still weak and challenging, but we remain committed to finishing the year with strong operational execution and cost discipline.”

¹ Adjusted EBITDA is a non-GAAP measure. See reconciliation below.

The following information was filed by Helix Energy Solutions Group Inc (HLX) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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