UPDATE 1-Helix Energy Q1 beats estimates, shares rise

* Q1 EPS $0.50 vs $0.77 a yr-ago

* Analysts est Q1 profit $0.15/shr

* Shares up 9 pct in trading after the bell

May 5 (Reuters) - Helix Energy Solutions Group Inc (HLX.N) posted first-quarter earnings that beat analyst estimates, helped by higher margins and increased production, sending its shares up 9 percent in after the bell trading.

In the latest quarter, the operator of offshore oil and gas facilities, posted net income applicable to common shareholders of $53.5 million, or 50 cents a share, compared with $73.1 million, or 77 cents a share, a year ago.

The company said the quarterly results included items that impacted net income by 28 cents a share.

Revenue rose 29 percent to $571.0 million.

Contracting services revenue for the quarter rose to $230.9 million from $174.7 million, while shelf contracting revenue rose to $207.1 million from $144.6 million.

Analysts expected the company to earn 15 cents a share, before items, on revenue of $452 million, according to Reuters Estimates.

Shares of the Houston, Texas-based company rose to $10.65 in after market trading. They closed at $9.78 Tuesday on the New York Stock Exchange. (Reporting by Amiteshwar Singh in Bangalore, Editing by Dinesh Nair)