Helix Reports First Quarter 2026 Results

About this update from Helix Energy Solutions Group, Inc.

HOUSTON, April 22, 2026--(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: 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 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 qua...

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