Thanks, to Helix and Erik. listening like that in. personnel all may I’d Well, first be applaud thank
vessels vessels was countries operable. to testing established our and safely and the virus As contained We’ve avoided continued focus on utilization in We to a outbreaks evolved our six maintaining of loss on continents time. most on infections globally, to spread any initial protocols of meaningful operability. on vessels four keep without caught two XX of and have productive
Our outstanding job. teams done have an operations
personnel offshore to demonstrated resolve flexibility, operations have patient keep Our and up.
transition. to department very IT have seamless from office working make be efficient personnel a be has adopted and us enabled Our to our what seems home to
So my thanks to everyone involved.
– We during historic our maintenance previously planned purposely than vessels have we on periods greater this have quarter. levels past of
and a such a everything our exceeded period, spite have people slow this produced of our So quarter were a transpired expectations. In that that short from for the our expectations outset, quarter. in
I interested realize cash and in: that that investors three debt. flow outlook, primarily Having there that, issues said are are
that few we Our ago, fireside be in that earnings XXXX a detail our chat we flow expected we would and weeks free give call. cash positive at more to and XXXX said
our of our contract of we our assumptions. speak Given our previous have provisions and with continued which testing environment, the continue changing clients, all models, stress continue reviewing to financial reinforced
in we year. And we focused let on this trying really me are could to be just our think guidance say, on not exactly what zero
running on looks cases Our our not assess worst like. what to focus has and really future sensitivities various needs of been our
on why as we’re not the now the reason out downside. right another guidance that’s focused is really So
continue for for believe we’ll beginning flow We anything announce backlog be XXXX market. position spot XXXX. to cash thought primarily contracted based free this of and week, on positive additions with guidance we the a the that in we At be to XXXX our from that from minimal would
be and reached, max that to Monday. last might starting that considered to did we what start look the like results actually of see like might While this storage we’re that occur –
knows and all assumptions no are modeling. we what some in broader evolve time on landscape that the filled will and can So term. share of of one that considered considering what knows, be extend to now. COVID-XX considering happen would we Under from demand shutdowns the storage in and We our as everyone the near continues outlook max end is could the were We the the that impact XXXX. therefore, were through
modest especially spend. to the lagging cycles, and recession but uptick a on a rate would produce initiation, This sharp, might start-stop confidence induced but occurs. if demand efforts be virus capacity relatively consumer would in hampered deep be infection Reopening true by
demand an Thereafter, at build is effective therapeutic think until might available. rate a vaccine we slow or
they shut-ins but producers be downstream uniform, forced forced Shut-ins shale, independent could might small industry. These the be a will disproportionately – impact may not be on capacity. without refining
be shut-ins As and bankruptcies, of access spending, due capacity to a damage lack could to capital decline. loss rises, reservoir but demand of capital, restored, with
supply to to that oil XX reduced a oil, stored level a prices to development. this, not This also but until is that limiting supply is recover pre-crisis will not promotes the may and reopening production take likely level. though, in only underestimated, earnest. demand be increase, perhaps and levels. with should prices not the new with exceeds to pre-crisis Offsetting rational could process to begins XX damage gradually restore place Oil over Structural months depressing Shut-in storage ability compete production demand levels. previous to
quality and ahead to would this ready be less in an We high or to Our be regions oil with demand early XXXX would best would affected. anticipation. in especially guess access offshore, starting producers expect of with having spend markets
of see to have but how with work proceed giving intend are In that fact, we’ll clients they our to intervention unfolds. signals as that usual, some
flow free which again, this region the these – concerned, as stress Using as our impact the sensitivity We’ve conditions, at models. looked is these using completely be far uniform. cash As are each conditions, we’ve testing. not is not tested will
Our that work continues second through conclusion a in is we the most XXXX. be volume that need in sharp decline XXXX prepared for half of of to
like the and well our OpEx of work remediation. Our the work producer’s involves budgets. flowing under is the fieldwork falling keeping Most
may deferred. commerciality this much be to While reduced of required timing believe work, of P&A that advance might allowed be we the
boom we don’t tremendous this Some operators abandon. advantage or But may occurring. seek take low-cost to a abandonment of see work point, at in
several we’re deferred receiving of the very rate for terminations. had for and requests had but the XXXX into projects in second We’ve of XXXX, little half planned contract discounts, we’ve way
Our fully downturn recovered XXXX. never rates in the from
So this discounting, time consideration. for into it but around, there’s EBITDA we from taken less margin destruction have
with but contract revised continue never our and so however, they’re territory guidance assess reactions of our more seen hoping industry risk major spoken precise holders, the issue the to were We’ve that’s of inaccurate market been providing we and guidance, the assumptions. clients’ of And We entering the before. believe our long-term far, secure. validity today, to observe running and instead we’ll
and a outlook, through able what’s outlined degradation XXXX EBITDA should to still further manage here, barring is be our we been we Applying flow free cash believe to result positive. that
flow to XXXX We year, trough be XXXX. our to likely and be cash positive through able should also able we nevertheless remain be believe manage that free will but
to debt, three XXXX million and maintain strong in sheet $XXX quarters $XX last million our another the being on a XXXX. the we million to to during have have position in down debt XXXX year-end and cash of We able funded obligations. anticipate We XXXX. $XX at regard balance plan pay With
be flows. out cash period, flow of through free on an our obligations to and cash remaining should debt cash outlook this able of With we meet positive hand
simply though. This We’re does completely back mean not refinancing that this dependent – rolling and we’ll sit wait, or on is debt. not of
restructuring our we’ll to meet We investors be debt with are solutions seeking and for in possible obligations. that provides confidence of our ability our
cash no to Our We downturn. strongly have to flows strategy flow reduce time the as could and obligations when longer and free shareholders. into positive same remains as cash we we CapEx would is debt. which cash last significant the has it the to be our were going did value We been, anticipating return use
what’s we’re to a more possible. no out while, That’s is debt-free. debt getting only goal still as of to to way have There’s a goal, net going realistic patient our zero to years for few tried our now probably so to happening, ultimate sugarcoat but be as I’ll be previous like as
on a However, emerging leaner I there other will of a diminished is side be lining. oilfield market with much for capacity expect silver this service the supply.
demand further this. significant be high a beneficiary than of may and Helix utilization Services be time potential We may, been to over of years circumstances we that what seeing. good past fact, would the than in should have faster be been be position along in earnings the recovery we’ve in a under be and in of rate realization our continuing. would at couple well
to had supply the we’ve As with sector. in overhang OFS deal
Bottom in debt expect in doesn’t reliance a believe way position recovery line aspirational minimal takes way major latest emerge rely on environment committed a other to it contracted cash or this is to And in we side. the We to have other are we’ll this to do market address our and manage we’re flow plan be that a work with storm that that on to whatever the weather on factors. able a maturities we our market. on generates spot based free that
that, it Erik. So I’ll to with turn back
