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Helix Energy Solutions Group Inc. SWOT and PESTLE Analysis

ID : 521652753| Jun 2023| 18 pages

COMPANY PROFILE -Helix Energy Solutions Group, Inc.

Business Sector :Offshore Services (Oil & Gas)

Operating Geography :United States, North America, Global

About Helix Energy Solutions Group, Inc. :

Helix Energy Solutions Group, Inc. was incorporated in 1979 and re-incorporated in 1983, in the state of Minnesota. It is an international offshore energy services company which provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Traditionally, the company’s services have covered the lifecycle of an offshore oil or gas field. In recent years, it has seen an increasing demand for its services from the offshore renewable energy market. The Group has three reportable business segments, namely: Well Intervention, Production Facilities and Robotics. Helix Group provides a range of services to the oil, gas and renewable energy markets primarily in deep-water in the Gulf of Mexico, North Sea, Brazil, Asia Pacific and West Africa regions. As of early 2023, Helix Energy employed over 1300 employees.

The USP of Helix Energy is that it is a market leader in the oil and gas, well intervention and related robotics industry and has a large base of blue-chip customers. Helix energy’s vision is “We pursue our business with integrity and respect for others and the communities in which we operate.”

Helix Energy Solutions Group, Inc. Revenue :


$675 million - Fiscal year ending December 31, 2021 ( -8% decline y-o-y)
$734 million - Fiscal Year ending December 31 2020

Competitive Analysis of Helix Energy Solutions Group, Inc.

SWOT
PESTLE
The SWOT analysis for Helix Energy Solutions Group is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. World's leading provider of well intervention and subsea robotics technologies to offshore energy industry
2. Industry-leading, built-for-purpose fleet that can be mobilized worldwide
3. Strong focus on renewable energy and sustainability
4. Comprehensive array of solutions offered via strategic alliance with Schlumberger
1. Majority of backlog may not be realized and is concentrated among small number of clients
2. Significant amount of indebtedness for the company
OpportunitiesThreats
1. Large and growing addressable market in both well intervention and robotics
2. Improved rates of utilization in Brazil
3. Continued strong renewables trenching market in robotics segment
4. Increased opportunities for riser-based intervention in the North Sea
1. Technical disruptors in the industry create intense competition
2. Enhanced regulations for deep-water offshore drilling may reduce the need for services
3. Lack of full insurance coverage for marine vehicle operational risks

SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Helix Energy Solutions Group, Inc.

Strength

1. World's leading provider of well intervention and subsea robotics technologies to offshore energy industry: Helix Energy Solutions Group, Inc. is an international offshore energy services company which provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Traditionally, its services have covered the lifecycle of an offshore oil or gas field. In recent years, Helix Group has experienced an increasing demand for its services from the offshore renewable energy market. The company’s three reportable business segments include: Well Intervention, Robotics and Production Facilities. Helix Group provides a range of services to the oil and gas and renewable energy markets primarily in deep-water in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. The Well Intervention segment provides services, enabling customers to safely access offshore wells for the purpose of performing well production enhancement or decommissioning operations, thereby avoiding drilling new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and gas. The Robotics segment provides offshore construction, trenching, seabed clearance, inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of affordable and reliable energy and supporting the responsible transition away from a carbon-based economy. Additionally, Robotics services are used in and complement the company’s well intervention services. The Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and robotics support vessels under long-term charter as well as spot vessels as needed. The Group’s Production Facilities segment includes the Helix Producer I (the “HP I”), the Helix Fast Response System (the “HFRS”) and our ownership of oil and gas properties. All current Production Facilities activities for Helix Energy Solutions Group are located in the Gulf of Mexico. It is a leader in the offshoring industry for the same.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

1. Majority of backlog may not be realized and is concentrated among small number of clients: Helix Group may face difficulties in performing its existing contracts for various reasons. This could give customers contractual rights that include termination of a contract, cancellation, suspension, or renegotiation. Such actions could result from global or industry conditions affecting Helix Group's customers and their revenues, causing a decrease in demand for services. The cancellation fee in some contracts is less than the expected rates, and customers could experience liquidity issues, making it difficult for them to perform their contracts. Furthermore, Helix Group may incur capital costs, may charter vessels for the purpose of performing these contracts, and/or may forgo or not seek other contracting opportunities in light of these contracts. Although historically, service contracts were of relatively short duration, over the past few years the Group has performed a number of long-term contracts, including the five-year contract with BP for work in the Gulf of Mexico, the four-year contracts with Petrobras for well intervention services offshore Brazil and the seven-year contract for the HP I. It completed the contracts with BP and with Petrobras for the Siem Helix 1 during 2021 and extended the contract with Petrobras for the Siem Helix 2 at reduced rates for one year until December 2022. The Petrobras contract for the Siem Helix 2 and the contract for the HP I comprised roughly 44% of the Group's entire backlog as of December 31, 2021. Any cancellation, termination or breach of those contracts would have a larger impact on the company’s operating results and financial condition than of shorter-term contracts.

The remaining section under "Weakness" is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Baker Hughes
  • C-Innovation
  • Expro
  • Oceaneering
  • TIOS
  • DeepOcean
  • DOF Subsea
  • Fugro
  • Oceaneering
  • ROVOP
  • UTROV
  • Briggs Marine
  • James Fisher
  • Atlantic Marine

Major Brands :

  • Canyon Offshore Inc
  • Deepwater abandonment Alternatives
  • Cal Dive International Inc
  • Helix B.V.
  • Helix RDS Limited
  • Energy Resource Technology GOM Inc
  • AGR Helix Floating Production
  • Well Ops
  • Kommandor LLC
  • CKB & Associates Inc
  • Vulcan Marine Technology
  • Box Brothers Realty Investments Co
SWOT & PESTLE (combined)
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Check Out Analysis of Other Relevant Companies

References used in Helix Energy Solutions Group, Inc. SWOT & PESTLE Analysis Report

1. Annual Report - https://helixenergysolutionsgroupinc.gcs-web.com/static-files/95d1f835-ae93-4fe1-bd80-b45dd0679313
2. Newbuild Q7000 well intervention semisubmersible vessel is delivered to Helix Energy Solutions - https://helixesg.com/latest-news/newbuild-q7000-well-intervention-semisubmersible-vessel-is-delivered-to-helix-energy-solutions
3. Helix Robotics Solutions awarded Neart na Gaoithe (NnG) offshore wind farm project work - https://helixesg.com/latest-news/helix-robotics-solutions-awarded-neart-na-gaoithe-nng-offshore-wind-farm-project-work
4. Offshore Oil Is Making A Comeback As Demand Returns - https://oilprice.com/Energy/Energy-General/Offshore-Oil-Is-Making-A-Comeback-As-Demand-Returns.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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