Helix Energy Solutions Group Inc (HLX)

Helix and Hornbeck to Combine to Create a Premier Integrated Offshore Services CompanyApril 23, 2026 6:16 AM
Business Wire
Transaction Brings Together Two Industry Leaders with Complementary Businesses and Geographic Presence, Providing Deepwater Life-of-Field Services


Forms Diversified and Expanded High Specification Fleet, Furthering Deep Technical Expertise


Portfolio will Provide Innovative and Integrated Solutions across Deepwater Energy, Defense and Renewables Industries, Offering Additional Runway for Growth


Well-Positioned for Future Growth and Sustained Shareholder Value Creation Supported by Increased Scale, Balance Sheet Strength and Robust Free Cash Flow Generation


Expected to Generate $75 Million or More in Annual Revenue and Cost Synergies


Combined Company will Operate Under Hornbeck Offshore Services and Trade on NYSE Under “HOS”


Companies to Host Joint Conference Call Today at 7:00 a.m. CT / 8:00 a.m. ET


Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) and Hornbeck Offshore Services, Inc. ("Hornbeck") today announced they have entered into a definitive agreement to combine in an all-stock transaction, establishing a premier integrated offshore services company. Upon closing of the transaction, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis.


The strategic combination will create a recognized leader in offshore operations through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities, including trenching subsea pipelines and cables. The combined company will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense and renewables. Combining Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high specification offshore support vessels will form a complementary, end-to-end service offering that materially expands the combined company’s ability to meet a broader share of customers’ deepwater needs. Together, Helix and Hornbeck will have a multi-faceted service portfolio that spans the entire life-cycle of deepwater fields, improves macro resilience and increases exposure to specialty non-oilfield markets.


“In merging two proven industry leaders with industry-leading teams, assets and offerings, this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth,” said Owen Kratz, President and Chief Executive Officer of Helix. “This combination is a compelling opportunity to enhance value for Helix’s shareholders, building on our momentum as one of the world’s premier marine service contractors.”


“We are confident that by capitalizing on each company’s unique expertise, we will unlock meaningful strategic and operational benefits that enhance our ability to serve customers worldwide and drive significant shareholder value creation,” said Todd M. Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck. “The combined company will be a growth-oriented company driven by the desire to provide innovative, high-quality, value-added business solutions with an emphasis on safety and an entrepreneurial culture.”


Strategic and Financial Benefits of the Transaction



Combines two deepwater-focused leaders with complementary capabilities: The combined company creates a scaled, life-of-field business providing engineered solutions spanning the offshore oil and gas, defense and renewables industries, aimed at reducing cyclicality and through-cycle earnings volatility, while enabling flexible global asset deployment where demand is strongest.



Expands global presence with strong exposure to key offshore markets: Helix’s global presence in the West Africa, Asia Pacific and North Sea regions, as well as the United States and Brazil, and Hornbeck’s concentration in the Americas, including Brazil and Mexico, enhances a global footprint spanning the key offshore basins worldwide. The combined company’s footprint will include cabotage-protected markets and will have direct access to leading offshore customers, enabling the delivery of premier deepwater services through technologically advanced assets.



Expects to create attractive earnings profile with low leverage and strong free cash flow generation: The combined company is expected to be well-capitalized with a strong balance sheet, low leverage and significant cash at closing to further the execution of the combined company’s value-driven strategy. This financial strength and projected substantial free cash flow generation will provide significant flexibility for organic growth or other strategic M&A to increase long-term shareholder value creation.



Expects to generate solid revenue and cost synergies: The transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years following the transaction close. The synergies are expected to result from combined and integrated service offerings, as well as expanding services offered to existing customers, driving revenue pull-through. The scale of the combined company’s fleet enables asset optimization, reducing reliance on third-party vessel charters and delivering efficiencies across maintenance, procurement and operations.



Aligned cultures and a proven leadership team dedicated to supporting a seamless integration: Helix and Hornbeck share core values of integrity, operational excellence, teamwork and innovation. These values will be reflected in the combined company’s focus on health, safety, personal responsibility, environmental protection, and financial and operational performance.



Leadership, Governance and Headquarters


Following the completion of the transaction, Todd M. Hornbeck will serve as President and Chief Executive Officer of the combined company. The combined company’s Board of Directors will comprise seven directors, three of whom will be from Helix and four from Hornbeck, including Mr. Hornbeck. William L. Transier will serve as Chairman of the combined company’s Board.


Post closing, the combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol “HOS.” The combined company’s headquarters will be in Houston, Texas, and Covington, Louisiana.


Transaction Details


Under the terms of the agreement, which have been approved by the Boards of Directors of both Helix and Hornbeck, Hornbeck stockholders would receive a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck common stock owned.


The merger is expected to be tax-free to shareholders of both companies.


Approvals and Closing


Parties representing a significant portion of the ownership of Hornbeck, including Ares Management funds, delivered today their written consent approving the transaction. The transaction is expected to close in the second half of 2026, subject to approval by Helix shareholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.


Conference Call and Additional Materials


Helix and Hornbeck will host a joint conference call today to discuss the transaction and Helix’s first quarter 2026 results at 7:00 a.m. Central Time / 8:00 a.m. Eastern Time, two hours earlier than the previously announced first quarter 2026 results conference call.


The conference call will be available via webcast on the investor relations section of each company's website at https://helixenergysolutionsgroupinc.gcs-web.com/ and https://ir.hornbeckoffshore.com/. Associated presentation materials will also be available for viewing on the same website prior to the call.


The conference call can also be accessed by dialing 1-800-715-9871 within the United States or 1-646-307-1963 outside the United States. The passcode is “Staffeldt.” A replay of the webcast will be available on each company’s website shortly after the completion of the call.


Advisors


Goldman Sachs & Co. LLC. is serving as financial advisor to Helix, and Veriten LLC is serving as an independent strategic advisor. Baker Botts L.L.P. is serving as legal counsel to Helix.


Barclays, Piper Sandler & Co. and J.P. Morgan are acting as financial advisors to Hornbeck, and Kirkland & Ellis LLP is serving as its legal counsel.


About Helix


Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments.


About Hornbeck


Hornbeck Offshore Services, Inc., headquartered in Covington, Louisiana, is a leading provider of technologically advanced, high specification offshore service vessels to the energy industry primarily in the Gulf of America and Latin America, as well as to the U.S. government, offshore wind and other non-oilfield customers.


Important Information About the Proposed Transaction and Where to Find It


In connection with the proposed transaction, Helix intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 to register the common stock of Helix (“Helix Shares”) to be issued in connection with the proposed transaction. The registration statement will include a document that serves as a proxy statement and prospectus of Helix (the “proxy statement/prospectus”), and Helix will file other documents regarding the proposed transaction with the SEC. This document is not a substitute for the registration statement, the proxy statement/prospectus, or any other document that Helix may file with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HELIX AND HORNBECK, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO, AND RELATED MATTERS.


After the registration statement has been declared effective, a definitive proxy statement will be mailed to the shareholders of Helix (the “Helix Shareholders”). Investors and security holders will be able to obtain free copies of the registration statement and the proxy statement/prospectus, as each may be amended or supplemented from time to time, and other relevant documents filed by Helix with the SEC (if and when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Helix, including the proxy statement/prospectus (when available), will be available free of charge from Helix’s website at helixesg.com under the “Investors” tab.


Participants in the Solicitation


Helix and certain of its directors and executive officers and Hornbeck and certain of its directors and executive officers, may be deemed to be participants in the solicitation of proxies from the Helix Shareholders with respect to the proposed transaction under the rules of the SEC. Information regarding the names, affiliations and interests of certain of Helix’s directors and executive officers in the solicitation by reading Helix’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 26, 2026, Helix’s subsequent Quarterly Reports on form 10-Q filed with the SEC, Helix’s definitive proxy statement for the 2026 annual meeting of shareholders filed with the SEC on April 1, 2026 and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the proposed transaction when they become available. Free copies of these documents may be obtained as described in the paragraphs above. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the Helix Shareholders in connection with the proposed transaction, including a description of their direct and indirect interests, by security holdings or otherwise, will also be set forth in the proxy statement/prospectus and other relevant materials when filed with the SEC.


Forward-Looking Statements


This communication contains forward-looking statements. All statements, other than statements of present or historical fact included in this communication, regarding Helix’s proposed merger with Hornbeck, Helix’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, estimated synergies, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words, and the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements include, but are not limited to, statements regarding: Helix’s and Hornbeck’s expectations, hopes, beliefs, intentions or strategies regarding the completion of the proposed transaction on the anticipated terms and timing, or at all, including obtaining regulatory and shareholder approvals, and the satisfaction of other conditions to the completion of the proposed transaction; timeline and ability to realize anticipated benefits of the proposed transaction (including expected synergies and balance sheet balances); and governance of the combined company. These forward-looking statements are based largely on Helix’s and Hornbeck’s current expectations. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause Helix’s or Hornbeck’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks related to potential litigation relating to the proposed transaction, including the effects of any outcomes related thereto; the risk that disruptions from the proposed transaction (including the ability of certain customers to terminate or amend contracts upon a change of control) will harm Helix’s or Hornbeck’s business, including current plans and operations, including during the pendency of the proposed transaction; the ability of Helix or Hornbeck to retain and hire key personnel, to retain customers or maintain relationships with their respective suppliers and customers; the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; legislative, regulatory and economic developments; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Helix’s or Hornbeck’s financial performance as well as unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of Helix’s or Hornbeck’s businesses; the inability of Helix and Hornbeck to achieve expected synergies from the transaction or that it may take longer or be more costly than expected to achieve those synergies; an inability to de-leverage on the expected timeline, or at all; the imposition of any terms and conditions on any required governmental and regulatory approvals that could reduce the anticipated benefits to Helix and Hornbeck of the acquisition; the inability to successfully integrate Hornbeck’s operations with those of Helix without unexpected cost or delay; certain restrictions during the pendency of the proposed transaction that may impact Helix’s or Hornbeck’s ability to pursue certain business opportunities or strategic transactions; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring Helix or Hornbeck to pay a termination fee and expense reimbursement; the risk that Helix’s or Hornbeck’s share price may decline significantly if the proposed transaction is not consummated; there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; actions by governments, regulatory authorities, customers, suppliers and partners; market conditions; results from acquired properties; demand for services; the performance of contracts by suppliers, customers and partners; operating hazards and delays, which includes delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in Helix’s filings with the SEC. In addition, Helix and Hornbeck caution you that the forward-looking statements contained in this communication are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the proposed transaction or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Helix or Hornbeck following announcement of the proposed transaction; (iii) the inability to complete the proposed transaction due to the failure to obtain approval of the shareholders of Helix or Hornbeck, or other conditions to closing in the merger agreement; (iv) the risk that the proposed transaction disrupts Helix’s or Hornbeck current plans and operations as a result of the announcement of the proposed transaction; (v) Helix’s and Hornbeck’s ability to realize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition and the ability of Helix and Hornbeck to grow and manage growth profitably following the proposed transaction; and (vi) costs related to the proposed transaction. The forward-looking statements in this press release are based upon information available to Helix and Hornbeck as of the date of this press release and, while Helix and Hornbeck believe such information forms a reasonable basis for such statements, these statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. Except as required by applicable law, Helix and Hornbeck do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Helix’s periodic filings with the SEC, including Helix’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Helix’s subsequent Quarterly Reports on Form 10-Q and in the Form S-4, when filed. Helix’s SEC filings are available publicly on the SEC’s website at www.sec.gov.


No Offer or Solicitation


This communication is not intended to and does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423559009/en/
Helix Contacts


Investors

Erik Staffeldt, Executive Vice President and CFO

Phone: 281-618-0400

Email: InvestorRelations@heilxesg.com


Media

Michael Freitag / Andrew Siegel

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449


Hornbeck Contacts


Todd Hornbeck, CEO

Jim Harp, CFO

Hornbeck Offshore Services

985-727-6802

Email: IR@hornbeckoffshore.com


Original: Helix and Hornbeck to Combine to Create a Premier Integrated Offshore Services Company

Helix Reports First Quarter 2026 ResultsApril 22, 2026 6:15 PM
Business Wire
Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss of $13.4 million, or $(0.09) per diluted share, for the first quarter 2026 compared to net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 and net income of $3.1 million, or $0.02 per diluted share, for the first quarter 2025. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax).


Helix reported Adjusted EBITDA1 of $32.3 million for the first quarter 2026 compared to $73.9 million for the fourth quarter 2025 and $52.0 million for the first quarter 2025. The table below summarizes our results of operations:




Summary of Results




($ in thousands, except per share amounts, unaudited)








 



Three Months Ended



3/31/2026

3/31/2025

12/31/2025


Revenues

$






287,946






 







$






278,064






 







$






334,162






 







Gross Profit

$






8,828






 







$






27,538






 







$






50,663






 









 






3






%







 






10






%







 






15






%







Net Income (Loss)

$






(13,406






)







$






3,072






 







$






8,270






 







Basic Earnings (Loss) Per Share

$






(0.09






)







$






0.02






 







$






0.06






 







Diluted Earnings (Loss) Per Share

$






(0.09






)







$






0.02






 







$






0.06






 







Adjusted EBITDA1

$






32,262






 







$






51,985






 







$






73,871






 







Cash and Cash Equivalents

$






501,272






 







$






369,987






 







$






445,196






 







Net Debt1

$






(197,511






)







$






(58,878






)







$






(137,201






)







Cash Flows from Operating Activities

$






61,786






 







$






16,442






 







$






113,163






 







Free Cash Flow1

$






58,975






 







$






11,954






 







$






107,467






 












 



______________________________________________________________




1 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below







Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our first quarter results reflect the expected seasonal slowdown of operations in the North Sea and Gulf of America shelf as well as the costs of the successful workover of our Thunder Hawk field during the quarter. Nonetheless, we generated $59 million of Free Cash Flow and ended the quarter with over half a billion dollars in cash providing Helix with tremendous opportunities. While we face ongoing macro uncertainties and softness in some of the markets we serve, the recent commodity price increases have generated improved demand for our services, and recent government actions in the North Sea have provided a regulatory catalyst to spur decommissioning activities by our customers. Helix continues to expect momentum to build in the offshore market in the latter half of 2026 and into 2027 and is poised to capitalize on those opportunities.”




Segment Information, Operational and Financial Highlights




($ in thousands, unaudited)








 



Three Months Ended



3/31/2026

3/31/2025

12/31/2025


Revenues:







Well Intervention

$






209,443






 







$






198,374






 







$






181,006






 







Robotics

 






62,373






 







 






51,042






 







 






87,332






 







Shallow Water Abandonment

 






21,236






 







 






16,818






 







 






57,555






 







Production Facilities

 






18,736






 







 






19,837






 







 






17,262






 







Intercompany Eliminations

 






(23,842






)







 






(8,007






)







 






(8,993






)







Total

$






287,946






 







$






278,064






 







$






334,162






 












 


Income (Loss) from Operations:







Well Intervention

$






10,857






 







$






19,970






 







$






12,269






 







Robotics

 






7,773






 







 






5,347






 







 






19,056






 







Shallow Water Abandonment

 






(10,730






)







 






(13,441






)







 






8,560






 







Production Facilities

 






(7,909






)







 






6,944






 







 






3,548






 







Long-lived asset impairment

 






-






 







 






-






 







 






(18,064






)







Corporate / Other / Eliminations

 






(13,306






)







 






(10,648






)







 






(13,105






)







Total

$






(13,315






)







$






8,172






 







$






12,264






 












 


Segment Results


Well Intervention


Well Intervention revenues increased $28.4 million, or 16%, during the first quarter 2026 compared to the prior quarter primarily due to increases in the Gulf of America and Brazil. Revenues in the Gulf of America increased with higher utilization and rates on the Q4000. The Q5000 had an approximate two-week maintenance period reducing its utilization that was more than offset by higher project-related revenues with its workover of the Thunder Hawk field owned by our Production Facilities segment. Revenues also increased with our recognition of a full quarter of utilization on the Sea Helix 1, which had lower utilization during the prior quarter as it transitioned to the long-term Petrobras contract. North Sea revenues were unchanged, with revenues on the Seawell, which resumed operations during the first quarter 2026 after being idle during the prior quarter, nearly entirely offset by lower utilization and lower seasonal rates on the Well Enhancer. Overall Well Intervention vessel utilization increased to 82% during the first quarter 2026 compared to 72% during the prior quarter. Well Intervention operating income decreased $1.4 million during the first quarter 2026 compared to the fourth quarter 2025 primarily due to higher project costs associated with the workover of the Thunder Hawk field and vessel reactivation costs and lower margins in the North Sea due to the mix of contracting.


Well Intervention revenues increased $11.1 million, or 6%, during the first quarter 2026 compared to the first quarter 2025. The increase was primarily due to higher utilization on the Q7000, which was fully utilized during the first quarter 2026 compared to operating for six days during the first quarter 2025 following its mobilization to and docking in Brazil. Revenues also increased due to the reactivation of the Seawell in 2026, which was idle throughout 2025, and due to higher project-related rates on the Q5000 during its workover of the Thunder Hawk field for our Production Facilities segment. Revenue increases were partially offset by lower revenues on the Q4000, which generated lower rates compared to higher project-related rates during its operations in Nigeria during the first quarter 2025. Well Intervention operating income decreased $9.1 million during the first quarter 2026 compared to the first quarter 2025 primarily due to lower profits in the Gulf of America, higher operating costs in Brazil, and lower incremental margins in the North Sea and on the Q7000.


Robotics


Robotics revenues decreased $25.0 million, or 29%, during the first quarter 2026 compared to the prior quarter due to the expected seasonally lower vessel, trenching and ROV utilization. During the first quarter we commenced operations with the MV Patriot chartered vessel, which replaced the Glomar Wave after being returned to its owner at the end of the fourth quarter 2025. During the first quarter 2026, total vessel days decreased to 381 days, or 79%, compared to 491, or 91%, during the prior quarter. Integrated vessel trenching decreased to 122 days and trenching on third-party vessels decreased to 90 days, compared to 134 days and 137 days, respectively, during the prior quarter. Offsetting lower vessel trenching was an increase in site clearance operations using our IROV boulder grabs, which generated 110 days of utilization during the first quarter 2026 compared to 100 days during the prior quarter. Overall ROV and trencher utilization decreased to 56% during the first quarter 2026 compared to 58% during the prior quarter. Robotics operating income decreased $11.3 million compared to the prior quarter primarily due to lower revenues.


Robotics revenues increased $11.3 million, or 22%, during the first quarter 2026 compared to the first quarter 2025. Revenue increases were primarily due to higher vessel activities and higher overall ROV utilization, offset partially by fewer trenching days and lower project-related revenues during the first quarter 2026. The first quarter 2026 included 381 total vessel days, or 79%, compared to 244 vessel days, or 67%, during the first quarter 2025. These improvements were offset partially by a reduction in integrated vessel trenching to 122 days during the first quarter 2026 compared to 135 days during the first quarter 2025. Robotics operating income increased $2.4 million during the first quarter 2026 primarily due higher revenues during the first quarter 2026.


Shallow Water Abandonment


Shallow Water Abandonment revenues decreased $36.3 million, or 63%, during the first quarter 2026 compared to the prior quarter. The decrease in revenues was primarily related to lower seasonal operations in the Gulf of America shelf with lower utilization on vessels including the Epic Hedron, and systems during the first quarter 2026. Vessel utilization (excluding heavy lift) decreased to 37% during the first quarter 2026 compared to 52% during the prior quarter. The Epic Hedron heavy lift barge underwent a planned regulatory docking and had no utilization during the first quarter 2026 compared to strong fourth quarter 2025 utilization of 92%. Plug and Abandonment (“P&A”) and Coiled Tubing (“CT”) systems activity decreased to 369 days, or 16% utilization, during the first quarter 2026 compared to 621 days, or 26% utilization, during the prior quarter. Shallow Water Abandonment operating income decreased $19.3 million compared to the prior quarter primarily due to lower revenues during the first quarter 2026.


Shallow Water Abandonment revenues increased $4.4 million, or 26%, during the first quarter 2026 compared to the first quarter 2025 primarily due to higher utilization on our vessels and systems during the first quarter 2026. Vessel utilization (excluding heavy lift), increased to 37% during the first quarter 2026 compared to 31% during the first quarter 2025. Utilization on P&A and CT systems increased to 369 days, or 16%, during the first quarter 2026 compared to 264 days, or 11%, during the first quarter 2025. The Epic Hedron was idle during both the first quarters 2025 and 2026. During the first quarter 2026, two liftboats and three OSVs remained stacked as a cost reduction measure. Shallow Water Abandonment operating income increased $2.7 million in the first quarter 2026 compared to the first quarter 2025 primarily due to higher revenues.


Production Facilities


Production Facilities revenues increased $1.5 million, or 9%, during the first quarter 2026 compared to the prior quarter primarily due to higher oil and gas production and prices from the Droshky field. The Thunder Hawk field was shut in during both the current and prior quarters, but a successful workover was completed on the Thunder Hawk field at the end of the first quarter 2026. Production Facilities generated an operating loss of $7.9 million during the first quarter 2026, a decrease of $11.5 million compared to the prior quarter primarily due to workover costs on the Thunder Hawk field, offset partially by higher revenues, during the first quarter 2026.


Production Facilities revenues decreased $1.1 million, or 6%, during the first quarter 2026 compared to the first quarter 2025 primarily due to lower oil and gas production and prices from the Droshky field. Production Facilities generated an operating loss of $7.9 million during the first quarter 2026, a decrease of $14.9 million compared to the first quarter 2025 primarily due to workover costs on the Thunder Hawk field and lower revenues during the first quarter 2026.


Selling, General and Administrative and Other


Selling, General and Administrative


Selling, general and administrative expenses were $22.1 million, or 7.7% of revenue, during the first quarter 2026 compared to $20.3 million, or 6.1% of revenue, during the prior quarter and $19.4 million, or 7.0% of revenue, during the first quarter 2025. The increase in expenses quarter over quarter was primarily due to higher employee compensation and higher professional service costs during the first quarter 2026.


Other Income and Expense


Other income, net was $0.3 million during the first quarter 2026 compared to other expense, net of $0.5 million during the prior quarter and $0.4 million during the first quarter 2025. Other income and expense, net primarily includes net foreign currency gains and losses related to our international subsidiaries’ foreign currency positions.


Cash Flows


Operating cash flows were $61.8 million during the first quarter 2026 compared to $113.2 million during the prior quarter and $16.4 million during the first quarter 2025. Operating cash flows decreased compared to the prior quarter primarily due lower earnings and higher regulatory certification costs on our vessels and systems, offset partially by higher working capital inflows driven by collections of accounts receivable during the first quarter 2026. Operating cash flows increased compared to the first quarter 2025 primarily due to higher working capital inflows, offset partially by lower earnings during the first quarter 2026. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $8.9 million during the first quarter 2026 compared to $3.7 million during the prior quarter and $17.9 million during the first quarter 2025.


Capital expenditures, which are included in investing cash flows, totaled $2.8 million during the first quarter 2026 compared to $5.7 million during the prior quarter and $4.5 million during the first quarter 2025.


Free Cash Flow was $59.0 million during the first quarter 2026 compared to $107.5 million during the prior quarter and $12.0 million during the first quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)


Financial Condition and Liquidity


Cash and cash equivalents were $501.3 million at March 31, 2026. Available capacity under our ABL facility at March 31, 2026, was $113.0 million, and total liquidity was $611.7 million, excluding $2.6 million cash pledged toward our ABL facility. Consolidated long-term debt was $303.8 million at March 31, 2026, resulting in negative Net Debt of $197.5 million. (Net Debt is a non-GAAP measure. See reconciliation below.)


* * * * *


Conference Call Information


Further details are provided in the presentation for Helix’s quarterly teleconference to review its first quarter 2026 results (see the Investor Relations page of Helix's website, www.helixesg.com). The teleconference is scheduled for Thursday, April 23, 2026, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States. The passcode is "Staffeldt." A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix’s website. A replay of the webcast will be available on Helix's website shortly after the completion of the event.


About Helix


Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.


Non-GAAP Financial Measures


Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily Adjusted EBITDA, Free Cash Flow and Net Debt. We define Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.


We use Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.


Forward-Looking Statements


This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions and joint ventures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures, divestitures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.




HELIX ENERGY SOLUTIONS GROUP, INC.










 



Comparative Condensed Consolidated Statements of Operations










 






Three Months Ended Mar. 31,





(in thousands, except per share data)



 






2026






 







 






2025






 













(unaudited)












 



Net revenues



$






287,946






 







$






278,064






 










Cost of sales



 






279,118






 







 






250,526






 










Gross profit



 






8,828






 







 






27,538






 










Selling, general and administrative expenses



 






(22,143






)







 






(19,366






)










Income (loss) from operations



 






(13,315






)







 






8,172






 










Net interest expense



 






(5,229






)







 






(5,706






)










Other income (expense), net



 






298






 







 






(357






)










Royalty income and other



 






1,688






 







 






1,416






 










Income (loss) before income taxes



 






(16,558






)







 






3,525






 










Income tax provision (benefit)



 






(3,152






)







 






453






 










Net income (loss)



$






(13,406






)







$






3,072






 

















 



Earnings (loss) per share of common stock:










Basic



$






(0.09






)







$






0.02






 










Diluted



$






(0.09






)







$






0.02






 

















 



Weighted average common shares outstanding:










Basic



 






147,163






 







 






151,039






 










Diluted



 






147,163






 







 






152,174






 

















 



Comparative Condensed Consolidated Balance Sheets










 






Mar. 31, 2026

Dec. 31, 2025





(in thousands)


(unaudited)














 



ASSETS










Current Assets:










Cash and cash equivalents



$






501,272






 







$






445,196






 










Accounts receivable, net



 






230,112






 







 






303,939






 










Other current assets



 






87,907






 







 






75,857






 










Total Current Assets



 






819,291






 







 






824,992






 

















 



Property and equipment, net



 






1,320,078






 







 






1,362,494






 










Operating lease right-of-use assets



 






302,926






 







 






302,649






 










Deferred certification and dry dock costs, net



 






73,493






 







 






74,351






 










Other assets, net



 






52,301






 







 






51,418






 










Total Assets



$






2,568,089






 







$






2,615,904






 

















 



LIABILITIES AND SHAREHOLDERS' EQUITY








Current Liabilities:










Accounts payable



$






138,412






 







$






134,287






 










Accrued liabilities



 






69,137






 







 






94,951






 










Current maturities of long-term debt



 






9,394






 







 






9,644






 










Current operating lease liabilities



 






64,112






 







 






60,796






 










Total Current Liabilities



 






281,055






 







 






299,678






 

















 



Long-term debt



 






294,367






 







 






298,351






 










Operating lease liabilities



 






257,889






 







 






260,959






 










Deferred tax liabilities



 






104,972






 







 






105,571






 










Other non-current liabilities



 






72,950






 







 






71,433






 










Shareholders' equity



 






1,556,856






 







 






1,579,912






 










Total Liabilities and Equity



$






2,568,089






 







$






2,615,904






 

















 



HELIX ENERGY SOLUTIONS GROUP, INC.




 


Comparative Condensed Consolidated Statements of Cash Flows








 





Three Months Ended



(in thousands)


3/31/2026

3/31/2025






(unaudited)









 


Cash flows from operating activities:








Net income (loss)



$






(13,406






)







$






3,072






 








Adjustments to reconcile net income (loss) to net cash provided by operating activities:








Depreciation and amortization



 






43,864






 







 






42,482






 








Deferred certification and dry dock costs



 






(8,870






)







 






(17,855






)








Other non-cash charges



 






824






 







 






1,238






 








Changes in operating assets and liabilities



 






39,374






 







 






(12,495






)








Net cash provided by operating activities



 






61,786






 







 






16,442






 














 


Cash flows from investing activities:








Capital expenditures



 






(2,811






)







 






(4,488






)








Net cash used in investing activities



 






(2,811






)







 






(4,488






)














 


Cash flows from financing activities:








Repayments of long-term debt



 






(4,763






)







 






(4,537






)








Other financing activities



 






420






 







 






(6,538






)








Net cash used in financing activities



 






(4,343






)







 






(11,075






)














 


Effect of exchange rate changes on cash and cash equivalents



 






1,444






 







 






1,078






 








Net increase in cash and cash equivalents



 






56,076






 







 






1,957






 








Cash and cash equivalents:








Balance, beginning of year



 






445,196






 







 






368,030






 








Balance, end of period



$






501,272






 







$






369,987






 














 


Reconciliation of Non-GAAP Measures








 








 



Three Months Ended



(in thousands, unaudited)
3/31/2026

3/31/2025

12/31/2025









 


Reconciliation from Net Income (Loss) to Adjusted EBITDA:








Net income (loss)

$






(13,406






)







$






3,072






 







$






8,270






 








Adjustments:








Income tax provision (benefit)

 






(3,152






)







 






453






 







 






(1,972






)








Net interest expense

 






5,229






 







 






5,706






 







 






5,580






 








Depreciation and amortization

 






43,864






 







 






42,482






 







 






43,850






 








Other (income) expense, net

 






(298






)







 






357






 







 






487






 








Long-lived asset impairment

 






-






 







 






-






 







 






18,064






 








General provision for (release of) current expected credit losses

 






25






 







 






(85






)







 






(408






)








Adjusted EBITDA

$






32,262






 







$






51,985






 







$






73,871






 














 








 


Free Cash Flow:








Cash flows from operating activities

$






61,786






 







$






16,442






 







$






113,163






 








Less: Capital expenditures, net of proceeds from asset sales

 






(2,811






)







 






(4,488






)







 






(5,696






)








Free Cash Flow

$






58,975






 







$






11,954






 







$






107,467






 














 








 


Net Debt:








Long-term debt including current maturities

$






303,761






 







$






311,109






 







$






307,995






 








Less: Cash and cash equivalents

 






(501,272






)







 






(369,987






)







 






(445,196






)








Net Debt

$






(197,511






)







$






(58,878






)







$






(137,201






)














 


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422953537/en/
Erik Staffeldt

Executive Vice President & CFO

email: estaffeldt@helixesg.com

Ph: 281-618-0400


Original: Helix Reports First Quarter 2026 Results

Helix Energy Solutions shares rise 2% after earnings beat despite revenue shortfallFebruary 24, 2026 8:54 AM
IH Market News
Helix Energy Solutions Group, Inc. (NYSE:HLX) reported fourth-quarter results on Tuesday that exceeded profit expectations but came in below revenue forecasts.The offshore energy services provider saw its shares gain 2.09% in premarket trading following the release.Adjusted earnings per share totaled $0.06 for the quarter, ahead of the analyst consensus estimate of $0.02. Revenue reached $334.16 million, missing expectations of $303.53 million and declining 6% from $355.13 million recorded in the same quarter a year earlier.Net income came in at $8.3 million, down from $20.1 million in the prior-year period, which included an $18.1 million non-cash impairment charge tied to oil and gas assets.Adjusted EBITDA was $73.9 million, slightly higher than $71.6 million a year earlier but lower than the $103.7 million reported in the third quarter. The company generated strong free cash flow of $107.5 million during the quarter, helping lift its year-end cash balance to $445 million.“Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team,” said Owen Kratz, President and CEO. “We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025.”Within operating segments, Well Intervention revenue declined 20% year-on-year to $181 million, reflecting lower utilization rates and reduced integrated project activity.Robotics revenue increased 7% to $87.3 million, supported by improved pricing and higher third-party trenching work. Shallow Water Abandonment revenue surged 53% to $57.6 million, mainly driven by stronger utilization of the Epic Hedron heavy lift barge.For full-year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared with $55.6 million, or $0.36 per share, in 2024. Annual revenue declined 5% to $1.29 billion from $1.36 billion in the previous year.

Original: Helix Energy Solutions shares rise 2% after earnings beat despite revenue shortfall

Helix Reports Fourth Quarter and Full Year 2025 ResultsFebruary 23, 2026 6:15 PM
Business Wire
Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 compared to net income of $22.1 million, or $0.15 per diluted share, for the third quarter 2025 and net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax). Helix reported Adjusted EBITDA1 of $73.9 million for the fourth quarter 2025 compared to $103.7 million for the third quarter 2025 and $71.6 million for the fourth quarter 2024.


For the full year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared to net income of $55.6 million, or $0.36 per diluted share, for the full year 2024. Adjusted EBITDA for the full year 2025 was $272.0 million compared to $303.1 million for the full year 2024. The table below summarizes our results of operations:




Summary of Results




($ in thousands, except per share amounts, unaudited)










 



Three Months Ended

Year Ended



12/31/2025

12/31/2024

9/30/2025

12/31/2025

12/31/2024


Revenues

$






334,162






 







$






355,133






 







$






376,960






 







$






1,291,474






 







$






1,358,560






 







Gross Profit

$






50,663






 







$






58,859






 







$






66,019






 







$






159,138






 







$






219,564






 









 






15






%







 






17






%







 






18






%







 






12






%







 






16






%







Net Income (Loss)

$






8,270






 







$






20,121






 







$






22,083






 







$






30,827






 







$






55,637






 







Basic Earnings (Loss) Per Share

$






0.06






 







$






0.13






 







$






0.15






 







$






0.21






 







$






0.37






 







Diluted Earnings (Loss) Per Share

$






0.06






 







$






0.13






 







$






0.15






 







$






0.21






 







$






0.36






 







Adjusted EBITDA1

$






73,871






 







$






71,641






 







$






103,671






 







$






271,957






 







$






303,147






 







Cash and Cash Equivalents

$






445,196






 







$






368,030






 







$






338,033






 







$






445,196






 







$






368,030






 







Net Debt1

$






(137,201






)







$






(52,873






)







$






(30,561






)







$






(137,201






)







$






(52,873






)







Cash Flows from Operating Activities

$






113,163






 







$






77,977






 







$






24,277






 







$






136,749






 







$






186,028






 







Free Cash Flow1

$






107,467






 







$






65,454






 







$






22,589






 







$






120,407






 







$






163,188






 
















 




_________________________________________________________________________________________




1 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below







Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”




Segment Information, Operational and Financial Highlights




($ in thousands, unaudited)










 



Three Months Ended

Year Ended



12/31/2025

12/31/2024

9/30/2025

12/31/2025

12/31/2024


Revenues:











Well Intervention

$






181,006






 







$






226,188






 







$






193,205






 







$






729,371






 







$






829,862






 







Robotics

 






87,332






 







 






81,594






 







 






99,407






 







 






323,353






 







 






297,678






 







Shallow Water Abandonment

 






57,555






 







 






37,690






 







 






74,642






 







 






199,633






 







 






186,979






 







Production Facilities

 






17,262






 







 






18,462






 







 






18,513






 







 






72,693






 







 






88,709






 







Intercompany Eliminations

 






(8,993






)







 






(8,801






)







 






(8,807






)







 






(33,576






)







 






(44,668






)







Total

$






334,162






 







$






355,133






 







$






376,960






 







$






1,291,474






 







$






1,358,560






 
















 


Income (Loss) from Operations:











Well Intervention

$






12,269






 







$






29,118






 







$






8,558






 







$






24,367






 







$






93,205






 







Robotics

 






19,056






 







 






19,335






 







 






27,878






 







 






71,325






 







 






77,343






 







Shallow Water Abandonment

 






8,560






 







 






(5,422






)







 






15,741






 







 






10,503






 







 






(9,323






)







Production Facilities

 






3,548






 







 






5,498






 







 






5,381






 







 






20,298






 







 






21,340






 







Long-lived asset impairment

 






(18,064






)







 






-






 







 






-






 







 






(18,064






)







 






-






 







Corporate / Other / Eliminations

 






(13,105






)







 






(17,651






)







 






(9,707






)







 






(43,294






)







 






(55,130






)







Total

$






12,264






 







$






30,878






 







$






47,851






 







$






65,135






 







$






127,435






 
















 


Fourth Quarter Results


Segment Results


Well Intervention


Well Intervention revenues decreased $12.2 million, or 6%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower utilization on the Sea Helix 1 (formerly the Siem Helix 1) and the Well Enhancer, offset partially by higher utilization on the Q4000 during the fourth quarter 2025. Utilization was lower during the fourth quarter 2025 on the Sea Helix 1 as it transitioned between long-term contracts in Brazil and on the Well Enhancer due to the winter seasonal slowdown in the North Sea. Overall Well Intervention vessel utilization decreased to 72% during the fourth quarter 2025 compared to 76% during the prior quarter. Well Intervention operating income increased $3.7 million during the fourth quarter 2025 compared to the third quarter 2025 primarily due to mobilization cost deferrals on the Sea Helix 1 during the fourth quarter and accelerated amortization during the third quarter of deferred regulatory costs related to the Q4000.


Well Intervention revenues decreased $45.2 million, or 20%, during the fourth quarter 2025 compared to the fourth quarter 2024. The decrease was primarily due to lower revenues on the Q4000, the Seawell and the Sea Helix 1 compared to the prior year. Revenues decreased on the Q4000 due to lower utilization, which had gaps between projects, and lower integrated project revenues during the fourth quarter 2025 compared to the fourth quarter 2024 when the vessel had higher integrated project revenues working in Nigeria. Revenues on the Seawell decreased as the vessel was stacked during the fourth quarter 2025 compared to having 50% utilization in addition to the recognition of a contract cancellation fee of approximately $14 million during the fourth quarter 2024. Sea Helix 1 revenues decreased year over year with lower utilization as the vessel transitioned between long-term contracts in Brazil during the fourth quarter 2025. Revenue decreases were offset partially by higher revenues on the Well Enhancer, the Siem Helix 2 and the Q5000. Revenues increased on the Well Enhancer, which worked later into the winter season during the fourth quarter 2025 compared to the prior year. The Siem Helix 2 and the Q5000 operated at higher rates during the fourth quarter 2025 compared to the prior year. Well Intervention operating income decreased $16.8 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues, offset partially by lower integrated project costs on the Q4000 and lower costs due to the vessel stacking in the North Sea.


Robotics


Robotics revenues decreased $12.1 million, or 12%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was due to lower overall vessel, trenching and ROV utilization with the winter seasonal slowdown in North Sea operations in the fourth quarter. During the fourth quarter 2025, integrated vessel trenching decreased to 134 days and trenching on third-party vessels decreased to 137 days compared to 210 days and 165 days, respectively, during the prior quarter. Total Robotics vessel activity declined to 491 days during the fourth quarter 2025, or 91% utilization, compared to 536 days, or 92% utilization, during the prior quarter. ROV and trencher utilization decreased to 58% during the fourth quarter 2025 compared to 63% during the prior quarter, and site clearance operations using our IROV boulder grabs generated 100 days of utilization during the fourth quarter 2025 compared to 192 days during the prior quarter. Robotics operating income decreased $8.8 million compared to the prior quarter primarily due to lower revenues.


Robotics revenues increased $5.7 million, or 7%, during the fourth quarter 2025 compared to the fourth quarter 2024. Revenue increases were primarily due to higher rates and higher levels of third-party trenching activities and increased site clearance operations, offset partially by lower vessel activities, including fewer integrated vessel trenching days, and lower overall ROV utilization during the fourth quarter 2025. The fourth quarter 2025 included 137 days of trenching on third-party vessels with the T-1400-1 and T-1400-2 jet trenchers compared to 26 days during the fourth quarter 2024 with the i-Plough. Robotics also had 100 days of site clearance operations using IROV boulder grabs during the fourth quarter 2025 compared to 65 days during the fourth quarter 2024. These improvements were offset partially by a reduction in integrated vessel trenching to 134 days during the fourth quarter 2025 compared to 269 days during the fourth quarter 2024. The fourth quarter 2025 included 491 aggregate vessel days compared to 508 vessel days during the fourth quarter 2024. Overall ROV utilization decreased to 58% during the fourth quarter 2025 compared to 64% during the fourth quarter 2024. Robotics operating income decreased $0.3 million during the fourth quarter 2025 due to the incurrence of demobilization costs for one of its chartered vessels and lower margins on certain projects due to the mix of contracting compared to the fourth quarter 2024.


Shallow Water Abandonment


Shallow Water Abandonment revenues decreased $17.1 million, or 23%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was primarily related to the seasonal slowdown in the Gulf of America shelf with lower utilization on systems and vessels including the Epic Hedron during the fourth quarter 2025. Plug and Abandonment (“P&A”) and Coiled Tubing (“CT”) systems activity decreased to 621 days, or 26% utilization, during the fourth quarter 2025 compared to 1,003 days, or 42% utilization, during the prior quarter. Vessel utilization (excluding heavy lift) decreased to 52% during the fourth quarter 2025 compared to 65% during the prior quarter. The Epic Hedron heavy lift barge had good fourth quarter utilization of 92%, albeit down slightly from the prior quarter which saw full utilization. Shallow Water Abandonment operating income decreased $7.2 million compared to the prior quarter primarily due to lower revenues during the fourth quarter 2025.


Shallow Water Abandonment revenues increased $19.9 million, or 53%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues on the Epic Hedron and higher utilization on our systems, offset partially by lower utilization on our other vessels. The Epic Hedron was 92% utilized and operated at higher rates during the fourth quarter 2025 compared to having only 41% utilization during the fourth quarter 2024. Utilization on P&A and CT systems increased to 621 days, or 26%, during the fourth quarter 2025 compared to 416 days, or 17%, during the fourth quarter 2024. Vessel utilization (excluding heavy lift), decreased to 52% during the fourth quarter 2025 compared to 65% during the fourth quarter 2024. During the fourth quarter 2025, two liftboats and three OSVs remained stacked as a cost reduction measure. Shallow Water Abandonment operating income increased $14.0 million in the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues.


Production Facilities


Production Facilities revenues decreased $1.3 million, or 7%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the Helix Fast Response System (“HFRS”) due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during both quarters. Production Facilities operating income decreased $1.8 million during the fourth quarter 2025 primarily due to lower revenues and higher operating expenses compared to the prior quarter.


Production Facilities revenues decreased $1.2 million, or 6%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the HFRS due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during the fourth quarters 2024 and 2025. Production Facilities operating income decreased $2.0 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues and higher operating expenses.


Selling, General and Administrative and Other


Selling, General and Administrative


Selling, general and administrative expenses were $20.3 million, or 6.1% of revenue, during the fourth quarter 2025 compared to $18.2 million, or 4.8% of revenue, during the prior quarter and $27.6 million, or 7.8% of revenue, during the fourth quarter 2024. The increase in expenses quarter over quarter was primarily due to higher employee compensation costs, and the decrease in expenses year over year was primarily due to lower employee compensation costs.


Other Income and Expense


Other expense, net was $0.5 million during the fourth quarter 2025 compared to $1.0 million during the prior quarter and $1.3 million during the fourth quarter 2024. Other expense, net primarily includes net foreign currency losses related to our international subsidiaries’ foreign currency positions.


Long-lived Asset Impairment


Long-lived asset impairment includes a non-cash impairment of our Thunder Hawk field in our Production Facilities segment during the fourth quarter 2025 due to lower oil prices and higher expected operating costs, including expected workover costs.


Cash Flows


Operating cash flows were $113.2 million during the fourth quarter 2025 compared to $24.3 million during the prior quarter and $78.0 million during the fourth quarter 2024. Operating cash flows during the fourth quarter 2025 increased compared to the prior quarter primarily due improvements in working capital, offset partially by lower earnings. Operating cash flows during the fourth quarter 2025 increased compared to the fourth quarter 2024 primarily due to higher working capital inflows. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $3.7 million during the fourth quarter 2025 compared to $14.3 million during the prior quarter and $6.1 million during the fourth quarter 2024.


Capital expenditures, which are included in investing cash flows, totaled $5.7 million during the fourth quarter 2025 compared to $1.7 million during the prior quarter and $12.5 million during the fourth quarter 2024.


Free Cash Flow was $107.5 million during the fourth quarter 2025 compared to $22.6 million during the prior quarter and $65.5 million during the fourth quarter 2024. The increase in Free Cash Flow in the fourth quarter 2025 compared to the prior quarter and fourth quarter 2024 was primarily due to higher operating cash flows during the fourth quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)


Full Year Results


Segment Results


Well Intervention


Well Intervention revenues decreased $100.5 million, or 12%, in 2025 compared to 2024 primarily due to overall lower utilization offset partially by higher rates in 2025. Utilization declined primarily due to the stacking of the Seawell in the North Sea during the entirety of 2025 whereas the vessel had 86% utilization during 2024. Utilization also declined as the Q7000, the Q5000 and the Q4000 collectively underwent 131 docking days during 2025 compared to 10 days on the Sea Helix 1 during 2024. Additionally, revenues in 2024 included $14 million of contract cancellation fees for work that had been planned for 2025. Overall Well Intervention vessel utilization decreased to 72% during 2025 compared to 90% in 2024. Revenue declines were offset partially by higher rates on the Well Enhancer, and in Brazil in 2025. Well Intervention operating income decreased $68.8 million during 2025 compared 2024 primarily due to lower revenues, offset partially by lower costs on the Seawell due to the vessel being warm stacked during 2025 and higher deferred costs related to the dockings during 2025.


Robotics


Robotics revenues increased $25.7 million, or 9%, in 2025 compared to 2024. The increase was primarily due to increased trenching on third party vessels and higher project rates on our vessel activities, offset partially by lower overall vessel and ROV utilization in 2025. Robotics generated 483 days of trenching on third party vessels during 2025 compared to 167 days during 2024; however, vessel utilization decreased to 1,808 days in 2025 compared to 1,901 days in 2024. Included in vessel days are integrated vessel trenching days, which decreased to 635 days in 2025 compared to 835 days in 2024, and site clearance vessel days, which increased to 503 days in 2025 compared to 325 days in 2024. Overall ROV and trencher utilization decreased to 59% in 2025 compared to 69% in 2024. Robotics operating income decreased $6.0 million in 2025 compared to 2024. The decrease in operating income was primarily due to lower margins on certain projects due to the mix of contracting offset partially by higher revenues during 2025.


Shallow Water Abandonment


Shallow Water Abandonment revenues increased $12.7 million, or 7%, in 2025 compared to 2024. The increase in revenues was primarily due to higher utilization on the Epic Hedron leavy lift barge and on our systems in 2025 compared to 2024. Utilization on the Epic Hedron heavy lift barge was 58% during 2025 compared to 44% during 2024. P&A and CT systems achieved 2,686 days of utilization, or 28%, during 2025 compared to 2,281 days, or 24%, during 2024. Vessel utilization (excluding heavy lift) declined to 53% during 2025 compared to 61% during 2024. Shallow Water Abandonment generated operating income of $10.5 million during 2025, an increase of $19.8 million compared to an operating loss of $9.3 million in 2024. The increase was primarily due to higher revenues, lower operating expenses, and higher margin contracting in 2025.


Production Facilities


Production Facilities revenues decreased $16.0 million, or 18%, during 2025 compared to 2024. The decrease in 2025 was primarily due to lower oil and gas production volumes with the Thunder Hawk field being shut during 2025 after having had approximately seven months of production in 2024. The Droshky field production declined in 2025 compared to 2024 and realized oil prices were lower by 12% year over year. Production Facilities operating income decreased $1.0 million during 2025 primarily due to lower revenues, offset partially by lower operating expenses and lower workover costs on the Thunder Hawk field compared to 2024.


Selling, General and Administrative and Other


Selling, General and Administrative


Selling, general and administrative expenses were $75.9 million, or 5.9% of revenue, in 2025 compared to $91.7 million, or 6.7% of revenue, in 2024. The decrease in expense was primarily due to a net decrease in employee compensation-related costs in 2025.


Other Income and Expenses


Other expense, net was $1.4 million in 2025 compared to $3.9 million in 2024. The decrease in other expense in 2025 was primarily due to a charge in 2024 of $2.4 million related to an increase in the value of incentive credits issued to the seller of P&A equipment acquired in 2023.


Cash Flows


Helix generated operating cash flows of $136.7 million in 2025 compared to $186.0 million in 2024. Operating cash flows in 2025 decreased primarily due to lower earnings, higher regulatory certification costs on our vessels and systems and net working capital outflows compared to 2024, offset partially by the $58.3 million cash paid in 2024 for the earnout related to the Helix Alliance acquisition. Regulatory certification costs, which are considered part of Helix’s capital spending program but are classified in operating cash flows, were $52.0 million in 2025 compared to $35.4 million in 2024.


Capital expenditures decreased to $16.3 million in 2025 compared to $23.3 million in 2024.


Free Cash Flow decreased to $120.4 million in 2025 compared to $163.2 million in 2024. The decrease was due to lower operating cash flows, offset in part by lower capital expenditures in 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)


Share Repurchases


Share repurchases in 2025 totaled 4.6 million shares for approximately $30.2 million compared to share repurchases in 2024 of 2.9 million shares for approximately $29.6 million.


Financial Condition and Liquidity


Cash and cash equivalents were $445.2 million at December 31, 2025. Available capacity under our ABL facility at December 31, 2025, was $110.9 million, and total liquidity was $553.6 million, excluding $2.5 million cash pledged toward our ABL facility. Consolidated long-term debt was $308.0 million at December 31, 2025, resulting in negative Net Debt of $137.2 million. (Net Debt is a non-GAAP measure. See reconciliation below.)


* * * * *


Conference Call Information


Further details are provided in the presentation for Helix’s quarterly teleconference to review its fourth quarter and full year 2025 results (see the Investor Relations page of Helix's website, www.helixesg.com). The teleconference is scheduled for Tuesday, February 24, 2026, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States. The passcode is "Staffeldt." A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix’s website. A replay of the webcast will be available on Helix's website shortly after the completion of the event.


About Helix


Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.


Non-GAAP Financial Measures


Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.


We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.


Forward-Looking Statements


This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions and joint ventures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.



HELIX ENERGY SOLUTIONS GROUP, INC.

















 


Comparative Condensed Consolidated Statements of Operations

















 









Three Months Ended Dec. 31,


Year Ended Dec. 31,



(in thousands, except per share data)



 






2025






 







 






2024






 








 






2025






 







 






2024






 















(unaudited)



(unaudited)























 


Net revenues






$






334,162






 







$






355,133






 








$






1,291,474






 







$






1,358,560






 








Cost of sales






 






283,529






 







 






296,274






 








 






1,132,336






 







 






1,138,996






 








Gross profit






 






50,633






 







 






58,859






 








 






159,138






 







 






219,564






 








Loss on disposition of assets, net



 






-






 







 






(429






)








 






-






 







 






(479






)








Long-lived asset impairment




 






(18,064






)







 






-






 








 






(18,064






)







 






-






 








Selling, general and administrative expenses



 






(20,305






)







 






(27,552






)








 






(75,939






)







 






(91,650






)








Income from operations





 






12,264






 







 






30,878






 








 






65,135






 







 






127,435






 








Net interest expense





 






(5,580






)







 






(5,572






)








 






(22,777






)







 






(22,629






)








Losses related to convertible senior notes



 






-






 







 






-






 








 






-






 







 






(20,922






)








Other expense, net






 






(487






)







 






(1,275






)








 






(1,390






)







 






(3,922






)








Royalty income and other





 






101






 







 






(30






)








 






1,512






 







 






2,102






 








Income before income taxes





 






6,298






 







 






24,001






 








 






42,480






 







 






82,064






 








Income tax provision (benefit)




 






(1,972






)







 






3,880






 








 






11,653






 







 






26,427






 








Net income






$






8,270






 







$






20,121






 








$






30,827






 







$






55,637






 























 


Earnings per share of common stock:













Basic






$






0.06






 







$






0.13






 








$






0.21






 







$






0.37






 








Diluted






$






0.06






 







$






0.13






 








$






0.21






 







$






0.36






 























 


Weighted average common shares outstanding:













Basic






 






146,994






 







 






151,446






 








 






148,349






 







 






151,989






 








Diluted






 






147,149






 







 






154,246






 








 






148,454






 







 






154,699






 























 


Comparative Condensed Consolidated Balance Sheets

















 














Dec. 31, 2025

Dec. 31, 2024



(in thousands)










(unaudited)




















 


ASSETS
















Current Assets:















Cash and cash equivalents










$






445,196






 







$






368,030






 








Accounts receivable, net










 






303,939






 







 






258,630






 








Other current assets










 






75,857






 







 






83,022






 








Total Current Assets










 






824,992






 







 






709,682






 























 


Property and equipment, net










 






1,362,494






 







 






1,437,853






 








Operating lease right-of-use assets








 






302,649






 







 






329,649






 








Deferred certification and dry dock costs, net








 






74,351






 







 






71,718






 








Other assets, net










 






51,418






 







 






48,178






 








Total Assets











$






2,615,904






 







$






2,597,080






 























 


LIABILITIES AND SHAREHOLDERS' EQUITY











Current Liabilities:















Accounts payable










$






134,287






 







$






144,793






 








Accrued liabilities










 






94,951






 







 






90,455






 








Current maturities of long-term debt








 






9,644






 







 






9,186






 








Current operating lease liabilities








 






60,796






 







 






59,982






 








Total Current Liabilities










 






299,678






 







 






304,416






 























 


Long-term debt










 






298,351






 







 






305,971






 








Operating lease liabilities










 






260,959






 







 






285,984






 








Deferred tax liabilities










 






105,571






 







 






113,973






 








Other non-current liabilities










 






71,433






 







 






66,971






 








Shareholders' equity










 






1,579,912






 







 






1,519,765






 








Total Liabilities and Equity










$






2,615,904






 







$






2,597,080






 























 



HELIX ENERGY SOLUTIONS GROUP, INC.




 


Comparative Condensed Consolidated Statements of Cash Flows













 










Year Ended



(in thousands)







12/31/2025

12/31/2024












(unaudited)



















 


Cash flows from operating activities:













Net income








$






30,827






 







$






55,637






 








Adjustments to reconcile net income to net cash provided by operating activities:













Depreciation and amortization








 






187,382






 







 






173,292






 








Long-lived asset impairment








 






18,064






 







 






-






 








Deferred certification and dry dock costs








 






(51,996






)







 






(35,387






)








Payment of earnout consideration








 






-






 







 






(58,300






)








Losses related to convertible senior notes








 






-






 







 






20,922






 








Other non-cash charges








 






1,178






 







 






21,324






 








Changes in operating assets and liabilities








 






(48,706






)







 






8,540






 








Net cash provided by operating activities








 






136,749






 







 






186,028






 



















 


Cash flows from investing activities:













Capital expenditures








 






(16,342






)







 






(23,303






)








Proceeds from sale of assets








 






-






 







 






100






 








Proceeds from insurance recoveries








 






-






 







 






363






 








Net cash used in investing activities








 






(16,342






)







 






(22,840






)



















 


Cash flows from financing activities:













Repayments of long-term debt








 






(9,186






)







 






(69,469






)








Repurchases of common stock








 






(30,214






)







 






(29,620






)








Payment of earnout consideration








 






-






 







 






(26,700






)








Other financing activities








 






(5,659






)







 






479






 








Net cash used in financing activities








 






(45,059






)







 






(125,310






)



















 


Effect of exchange rate changes on cash and cash equivalents








 






1,818






 







 






(2,039






)








Net increase in cash and cash equivalents








 






77,166






 







 






35,839






 








Cash and cash equivalents:













Balance, beginning of year








 






368,030






 







 






332,191






 








Balance, end of year








$






445,196






 







$






368,030






 



















 


Reconciliation of Non-GAAP Measures













 













 




Three Months Ended

Year Ended



(in thousands, unaudited)

12/31/2025

12/31/2024

9/30/2025

12/31/2025

12/31/2024










 


Reconciliation from Net Income to Adjusted EBITDA:













Net income


$






8,270






 







$






20,121






 







$






22,083






 







$






30,827






 







$






55,637






 








Adjustments:













Income tax provision (benefit)


 






(1,972






)







 






3,880






 







 






19,169






 







 






11,653






 







 






26,427






 








Net interest expense


 






5,580






 







 






5,572






 







 






5,616






 







 






22,777






 







 






22,629






 








Other expense, net


 






487






 







 






1,275






 







 






983






 







 






1,390






 







 






3,922






 








Depreciation and amortization


 






43,850






 







 






40,564






 







 






55,661






 







 






187,382






 







 






173,292






 








EBITDA


 






56,215






 







 






71,412






 







 






103,512






 







 






254,029






 







 






281,907






 








Adjustments:













Loss on disposition of assets, net


 






-






 







 






429






 







 






-






 







 






-






 







 






479






 








Long-lived asset impairment


 






18,064






 







 






-






 







 






-






 







 






18,064






 







 






-






 








General provision for (release of) current expected credit losses


 






(408






)







 






(200






)







 






159






 







 






(136






)







 






(161






)








Losses related to convertible senior notes


 






-






 







 






-






 







 






-






 







 






-






 







 






20,922






 








Adjusted EBITDA


$






73,871






 







$






71,641






 







$






103,671






 







$






271,957






 







$






303,147






 



















 













 


Free Cash Flow:













Cash flows from operating activities


$






113,163






 







$






77,977






 







$






24,277






 







$






136,749






 







$






186,028






 








Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries


 






(5,696






)







 






(12,523






)







 






(1,688






)







 






(16,342






)







 






(22,840






)








Free Cash Flow


$






107,467






 







$






65,454






 







$






22,589






 







$






120,407






 







$






163,188






 



















 













 


Net Debt:













Long-term debt including current maturities


$






307,995






 







$






315,157






 







$






307,472






 







$






307,995






 







$






315,157






 








Less: Cash and cash equivalents


 






(445,196






)







 






(368,030






)







 






(338,033






)







 






(445,196






)







 






(368,030






)








Net Debt


$






(137,201






)







$






(52,873






)







$






(30,561






)







$






(137,201






)







$






(52,873






)



















 













 


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223175999/en/
Erik Staffeldt - Executive Vice President and CFO

email: InvestorRelations@heilxesg.com

Ph: 281-618-0400


Original: Helix Reports Fourth Quarter and Full Year 2025 Results