Helix Energy Solutions Group (HLX) saw its loss narrow to $54.41 million, or $0.46 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $403.87 million, or $3.83 a share.
Revenue during the quarter dropped 18.80 percent to $128.03 million from $157.68 million in the previous year period.
Operating loss for the quarter was $44.65 million, compared with an operating loss of $355.73 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.89 million compared with $34.19 million in the prior year period. At the same time, adjusted EBITDA margin contracted 68 basis points in the quarter to 21 percent from 21.68 percent in the last year period.
Owen Kratz, president and chief executive officer of Helix, stated, "The fourth quarter reflected a continuation of overall industry weakness that persisted throughout the year. However, higher oil prices bode well for an improving overall industry environment going forward. As we look forward to 2017, our focus will be on a successful startup of Brazil operations for both Siem Helix 1 and Siem Helix 2."
Working capital drops significantlyHelix Energy Solutions Group has witnessed a decline in the working capital over the last year. It stood at $336.39 million as at Dec. 31, 2016, down 28.90 percent or $136.74 million from $473.12 million on Dec. 31, 2015. Current ratio was at 2.80 as on Dec. 31, 2016, down from 3.24 on Dec. 31, 2015. Debt comes downHelix Energy Solutions Group has recorded a decline in total debt over the last one year. It stood at $625.97 million as on Dec. 31, 2016, down 16.46 percent or $123.37 million from $749.34 million on Dec. 31, 2015. Total debt was 27.86 percent of total assets as on Dec. 31, 2016, compared with 31.07 percent on Dec. 31, 2015. Debt to equity ratio was at 0.49 as on Dec. 31, 2016, down from 0.59 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
