Helix Energy eyes 20 pct capex reduction as oil price decline and coronavirus hit the market

Houston-based oilfield services provider Helix Energy Solutions has withdrawn its previous financial and operational guidance for this year due to the current situation in the market. Expecting the spot market for 2020 to be significantly weaker than previously predicted, Helix plans to slash its capex by 20 percent.

In an update on Monday, Helix Energy explained that, in light of the current, significant macroeconomic uncertainty resulting from the recent decline in oil prices and the ongoing COVID-19 crisis, the company is withdrawing its previously issued financial and operational performance guidance for 2020.

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