From Helix Energy Solutions Group, Inc. (HLX) CEO Owen Kratz on Q2 2022 Results - Earnings Call Transcript In the second quarter of 2022, we continue to operate 13 vessels globally with minimal operational disruption, continuing to operate at high standards with 98.1% uptime efficiency for the quarter. During the second quarter, we produced revenues of $163 million, resulting in a gross profit margin of negative 1%, generating a loss of $30 million, producing positive EBITDA for the quarter of $17 million. In the second quarter, the Well Intervention fleet achieved utilization of 67% globally primarily due to the planned maintenance periods with 80% utilization in the Gulf of Mexico, 88% in Brazil, 44% utilization in the North Sea and West Africa with the North Sea commencing the season. Operations in West Africa completed early in the quarter, around for the plan regulatory maintenance period. The Robotics chartered vessel fleet achieved high utilization of 94% in the quarter, operating five vessels, working 370 vessels those between ROV support trenching and renewable works globally. Slide 11 provides a more detailed review of our Well Intervention business in the Gulf of Mexico. The Q5000 had strong utilization increased into 95% in the second quarter compared to 72% in Q1; performing production enhancement work on six wells for three customers utilizing the jointly owned Helix-Schlumberger 15K intervention system in ultra-deepwater. The Q4000, had low utilization of 66%, the vessel continued a multi-well campaign for one client in ultra-deepwater trying to commence in the regulatory maintenance period. The vessels then commenced a two-well abandonment scope for another client, recently both vessels had high utilization with contracts and awarded work for the second half of 2022 and good visibility of potential further activity which is at an increasing rate now contract and it rates 40% to 50% higher than last year's rates. The key vessels have integrated Helix expanded a specialty service, Alliance teams and equipment continuously installed, working on the one-on-one track offering our clients new risk balance sheets of increased operation and safety efficiency. ... Based on all of this, the market is improving across all business lines. Stronger utilization, increasing rates and in certain areas of the business, rates are improving better and quicker than we expected along with better terms and conditions. We are securing longer term contracts and looking to see more works with some of the Well Intervention assets into 2025. The years ahead of us with fall backs in then the most recent period we have in June. I would again like to thank our Helix global team and partners, offshore and onshore you provided a much improved quarter compared to Q1.
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