The following is a summary of the Helix Energy Solutions Group, Inc (HLX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Helix Energy reported Q3 2024 revenues of $342 million with a net income of $29.5 million.

• The company's gross profit for the quarter was $66 million, and adjusted EBITDA stood at $88 million.

• Year-to-date revenues reached $1 billion with a gross profit of $161 million and net income of $36 million.

• Year-to-date adjusted EBITDA was $232 million, with strong operating cash flow of $108 million resulting in a free cash flow of $98 million.

• Q3 results were impacted by significant mobilizations for the Q4000 and Q7000 with revenue deferrals due to accounting treatments, and by unplanned weather-related downtime from hurricanes leading to additional revenue loss of up to $10 million.

Business Progress:

• Helix completed the mobilization of the Q4000 to Nigeria and the Q7000 to northwest Australia.

• The contracts secured for the Q4000, Q5000, Siem Helix 1, and Siem Helix 2 result in over $800 million backlog with multiple years of committed utilization.

• Robotics division achieved high utilization across six vessels working on renewables and oil & gas projects.

• Despite challenges including hurricanes, the company sustained minimal operational disruptions and managed strong results in sectors like Well Interventions and Robotics globally.

Opportunities:

• Multiple year contracts for well intervention vessels Q4000, Q5000, Siem Helix 1, and Siem Helix 2 with major players like Petrobras and Shell enrich the company's backlog significantly and position it well for sustained revenue streams.

• High utilization in the Robotics sector, servicing both renewables and oil & gas projects, indicates potential for growth and investment in these sectors.

• Robotics operations, especially in trenching for renewable projects, are expected to remain strong with contracts extending into 2027.

Risks:

• Seasonal and weather-related disruptions impact the Shallow Water Abandonment segment, affecting operational efficiency and financial results, as seen with unexpected revenue losses from hurricanes.

• Mobilization activities for vessels Q4000 and Q7000 resulted in substantial revenue and cost deferrals, influencing financial results for the quarter.

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