Houston-based oilfield services provider Helix Energy Solutions has withdrawn its previous financial and operational guidance for this year due to the current situation in the market.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 now expects to slash its capex by 20 per cent.

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.