Helix Energy Solutions Q1 net income up; debt cut by $49 million

By Lisa Kerner

Charlotte, N.C., April 23 - Helix Energy Solutions Group, Inc.'s net income increased to $65.7 million, or $0.62 per diluted share, for the first quarter of 2012 from $25.9 million, or $0.24 per diluted share, for the same period in 2011. Net income was $16.8 million, or $0.16 per diluted share, in the fourth quarter of 2011.

The first-quarter 2012 results were impacted by $17.1 million of pre-tax charges and expense ($0.10 per share after tax) related to the early extinguishment of a portion of Helix Energy's convertible senior notes and senior notes, a company news release said.

In March, Helix Energy funded its new $100 million term loan. Proceeds, along with $100 million of revolver borrowings, were used to redeem $200 million of the company's 9½% senior notes on March 30.

Also in March, Helix Energy said it completed a new $200 million 3.25% convertible senior notes offering and used $142 million of the proceeds to repurchase a portion of its existing $300 million 3.25% convertible senior notes.

At March 31, Helix Energy reported consolidated net debt of $560 million, down from $609 million at year's end.

The Houston-based offshore energy company's total liquidity is about $1.1 billion including cash on hand of $620 million and revolver availability of $454 million.

Helix Energy reported net debt to book capitalization of 27% as of March 31.

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