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Oct 31, 2025 4:15 PM Eastern Daylight Time Helix to Participate in Upcoming Event Share HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it will participate in the TD Cowen 2 Annual Energy Conference in New York, New York at the Lotte New York Palace on Wednesday, November 19, 2025. Any investor presentation provided during the event will be publicly available and may be accessed on Helix's website, www.helixesg.com. About Helix Helix Energy Solutions Group, Inc. ...

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Financial Performance - Net revenues for the three months ended September 30, 2025, increased by 10% to $376.96 million compared to $342.42 million in the same period of 2024[113]. - Consolidated net revenues for the nine-month period ended September 30, 2025, decreased by 5% to $957.3 million from $1,003.4 million in 2024[128]. - Well Intervention revenues rose by 11% to $193.21 million, driven by fewer transit days and higher rates in Brazil[114]. - Well Intervention revenues decreased by 9% to $548.4 million, primarily due to lower utilization of key vessels[129]. - Robotics revenues increased by 18% to $99.41 million, attributed to higher charter rates and increased site clearance activities[115]. - Robotics revenues increased by 9% to $236.0 million, driven by higher chartered vessel rates and increased site clearance activities[130]. - Shallow Water Abandonment revenues grew by 4% to $74.64 million, reflecting higher utilization despite lower rates[116]. - Shallow Water Abandonment revenues decreased by 5% to $142.1 million, attributed to lower vessel rates and overall utilization[131]. - Production Facilities revenues decreased by 11% to $18.51 million, primarily due to lower oil and gas production and prices[117]. - Production Facilities revenues decreased by 21% to $55.4 million, reflecting lower oil and gas production and prices[132]. - Gross profit decreased by $52.2 million to $108.5 million, with significant declines in Well Intervention and Robotics segments[133]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $198.09 million, compared to $231.51 million for the same period in 2024[110]. - Free Cash Flow for the nine months ended September 30, 2025, was $12.94 million, down from $97.73 million in 2024[110]. Backlog and Contracts - As of September 30, 2025, the company's consolidated backlog totaled approximately $1.3 billion, with $208 million expected to be performed over the remainder of 2025[105]. - Approximately 80% of the total backlog as of September 30, 2025, is represented by contracts with Shell, Subsea 7, Petrobras, and a new multi-year trenching agreement with NKT[105]. Market Conditions - The company anticipates ongoing headwinds for assets not under long-term contracts, particularly in the North Sea and Shallow Water Abandonment segments, expecting a soft rate environment and low potential utilization[104]. - The international wind market remains robust, with continued activity primarily in Europe and Asia Pacific, while U.S. wind farm activity faces uncertainty due to the 2025 Wind Energy Ban[103]. - Demand for decommissioning services is expected to grow over the mid- to long-term as customers reduce their decommissioning obligations, particularly in the Gulf of America[104]. - The demand for the company's services is significantly affected by prevailing market prices for oil and natural gas, which are influenced by various global factors[98]. - The average commodity prices during the third quarter of 2025 remained volatile, averaging in the $60s, influenced by global tariffs and OPEC+ production increases[102]. - The company is exposed to commodity price risks related to oil and natural gas, which are volatile and unpredictable[166]. Operational Costs and Expenses - Selling, general and administrative expenses decreased to $18.2 million for the three months ended September 30, 2025, from $21.1 million in 2024[122]. - Selling, general and administrative expenses decreased to $55.6 million from $64.1 million, primarily due to lower employee compensation costs[138]. - Net interest expense for the three months ended September 30, 2025, was $5.62 million, compared to $5.69 million in the same period of 2024[110]. - The effective income tax provision increased to $19.2 million for the three months ended September 30, 2025, from $9.5 million in 2024[124]. Cash Flow and Liquidity - Cash provided by operating activities was $23.6 million, down from $108.1 million in the same period of 2024[149]. - Liquidity at September 30, 2025, was $429.8 million, slightly up from $429.6 million at December 31, 2024[147]. - Operating cash flows for the nine-month period ended September 30, 2025, decreased compared to the same period in 2024, primarily due to lower earnings and higher regulatory recertification costs totaling $48.3 million[150]. - Cash flows used in investing activities for the nine-month period ended September 30, 2025, increased slightly compared to the same period in 2024, with some outflows offset by cash proceeds from asset sales[151]. - Net cash outflows from financing activities for the nine-month period ended September 30, 2025, included $30.2 million in common stock repurchases and $9.2 million principal repayment related to MARAD Debt[152]. - Total cash obligations as of September 30, 2025, amounted to $1,217.2 million, with short-term obligations of $204.8 million and long-term obligations of $1,012.4 million[155]. Regulatory and Compliance - Regulatory recertification costs for vessels and systems generally range from $0.2 million to $15.0 million per vessel and $0.5 million to $5.0 million per system[157]. - Foreign currency translation gains of $63.2 million were recorded for the nine-month period ended September 30, 2025, impacting accumulated other comprehensive loss[163]. - Net foreign currency losses of $0.9 million were recorded for the nine-month period ended September 30, 2025, primarily related to the British pound[164]. - The company has no amounts outstanding under the Amended ABL Facility or other debt subject to floating rates, minimizing interest rate risk[165]. Competitive Advantage - The company believes its well intervention vessels have a competitive advantage in performing decommissioning services more efficiently than traditional rigs[100]. - The company supports renewable energy developments primarily through its Robotics segment, focusing on offshore wind farm services[101].

Financial Data and Key Metrics Changes - Revenues in Q3 2025 were $377 million, up from $302 million in Q2 2025, with a gross profit of $66 million compared to $15 million in Q2, and a net income of $22 million versus a net loss of $3 million in Q2 [7] - Year-to-date revenues reached $957 million, with gross profits of $109 million and a net income of $23 million, alongside an adjusted EBITDA of $198 million [7] - Cash and cash equivalents increased to $338 million, with total liquidity at $430 million at the end of the quarter [15] Business Line Data and Key Metrics Changes - The well intervention segment saw high utilization of the Q4000, which is currently engaged in a multi-well program for Shell [9] - Robotics had a strong quarter, operating seven vessels and achieving high utilization across trenching and ROV support projects [11] - The shallow water abandonment business experienced increased activity levels, with 100% utilization for the Hedron heavy lift barge [12] Market Data and Key Metrics Changes - Brazil operations reported strong utilization with three vessels actively working, while the Gulf of Mexico shelf showed improved results following a later start to the season [8] - The North Sea market faced challenges, with the Seawell remaining warm stacked due to market turmoil [10] - The robotics segment is expected to maintain robust activity levels, with numerous sizable contracted works extending into 2026 and beyond [12] Company Strategy and Development Direction - The company is navigating a cyclical oil and gas market, currently positioned at the cusp of an upcycle, with expectations for increased demand in the coming years [22][23] - Focus on managing costs amid rising supply chain and labor costs, with an emphasis on operational efficiency and margin improvement [28] - The company anticipates a strong performance in the robotics segment, with expectations for continued growth in trenching and site clearance markets [57] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025 but highlighted the potential for strong earnings in 2026, particularly in the Gulf of Mexico and shallow water abandonment markets [16][24] - The outlook for Brazil remains positive, with expectations for continued high utilization and potential contract extensions [67] - Seasonal impacts are expected in Q4, particularly in the North Sea and Gulf of Mexico, but management remains optimistic about overall performance [17][21] Other Important Information - The company has a strong balance sheet with negative net debt of $31 million and minimal debt obligations until 2029 [15] - A new three-year contract with a minimum 150-day commitment for the Q units in the Gulf of Mexico was executed [8] Q&A Session Summary Question: Outlook for Q4000 and potential work deferrals - Management indicated that while there is always a risk of deferrals, visibility for 2026 is stronger than in 2025, and they are considering a West Africa campaign to hedge against utilization risks [34][35] Question: Expectations for shallow water abandonment market in 2026 - Management expects an increase in activity but at reduced rates due to competitive pressures, with a stronger market anticipated by 2027 [39][40] Question: Update on subsea robotics for Q4 - A decrease in trenchers from six to four is expected in Q4 due to seasonal weather impacts, which may also affect rates [46][48] Question: Rising supply chain costs and mitigation strategies - Rising costs are being observed across labor and materials, with strategies focused on supplier consolidation and cost management [62][63] Question: Market conditions in Brazil - Brazil is viewed as a buoyant market, with strong contracts in place and ongoing interest from operators [67]

Financial Data and Key Metrics Changes - Revenues in Q3 2025 were $377 million, a significant increase from $302 million in Q2 2025, with gross profit rising to $66 million from $15 million, and net income improving to $22 million from a net loss of $3 million [8][9] - Year-to-date revenues reached $957 million, with gross profits of $109 million and net income of $23 million, alongside adjusted EBITDA of $198 million [8][9] - Cash and cash equivalents increased to $338 million, with total liquidity at $430 million at the end of the quarter [8][17] Business Line Data and Key Metrics Changes - The well intervention segment saw high utilization of the Q4000, which is currently engaged in a multi-well program for Shell [10] - Robotics had a strong quarter, operating seven vessels with high utilization across trenching, ROV support, and site survey work [12] - The shallow water abandonment business experienced increased activity levels, with 100% utilization for the Hedron heavy lift barge [14] Market Data and Key Metrics Changes - Brazil operations reported strong utilization with three vessels operating effectively, while the Gulf of Mexico shelf showed improved results following a later start to the season [9][10] - The UK North Sea market faced challenges due to government tax and regulatory policies, leading to a slowdown in spending [26] - The robotics segment is expected to maintain strong performance in 2026, with robust trenching and site clearance markets anticipated [60] Company Strategy and Development Direction - The company is positioned to benefit from the upcoming production enhancement cycle as the market transitions from drilling to development [25] - Plans to hedge utilization risk for the Q4000 by considering a West Africa campaign in 2026 [27] - The company aims to manage rising supply chain and labor costs while focusing on operational efficiency and cost savings [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but highlighted the potential for earnings growth and strong free cash flow generation [29] - The outlook for 2026 includes expectations of increased activity in shallow water abandonment, albeit at reduced rates due to competitive pressures [41] - The company remains optimistic about the Brazilian market, which is currently buoyant and expected to sustain high utilization levels [70] Other Important Information - The company executed a three-year contract with a minimum 150-day commitment for the Q units in the Gulf of Mexico [9] - The balance sheet remains strong with funded debt at $315 million and negative net debt of $31 million [17] Q&A Session Summary Question: Outlook for Q4000 and potential work deferrals - Management indicated that while there is always a risk of work deferrals, visibility for 2026 is stronger than in 2025, and they are exploring additional campaigns to mitigate risks [34][36] Question: Expectations for shallow water abandonment market - Management expects a pickup in activity in 2026, but at reduced rates due to increased competition and capacity in the market [40][41] Question: Update on subsea robotics for Q4 - The company anticipates a drop in utilization for trenchers in Q4 due to seasonal weather impacts, but overall vessel utilization should remain steady [48][50] Question: Rising supply chain costs and mitigation strategies - Management noted rising costs across labor and materials, emphasizing efforts to consolidate suppliers and achieve margin gains [65][66] Question: Market conditions in Brazil - The Brazilian market is described as buoyant, with strong contracts in place for the CM Helix 1 and 2, and ongoing work for the Q7000 [70]

Financial Data and Key Metrics Changes - Revenues in Q3 2025 were $377 million, up from $302 million in Q2 2025, with a gross profit of $66 million compared to $15 million in Q2 [6][7] - Net income for Q3 2025 was $22 million, a significant improvement from a net loss of $3 million in Q2 2025 [6] - Adjusted EBITDA for Q3 2025 was $104 million, with positive operating cash flow of $24 million and free cash flow of $23 million [6][7] - Year-to-date revenues reached $957 million, with gross profits of $109 million and net income of $23 million [7] Business Line Data and Key Metrics Changes - The well intervention segment saw high utilization of the Q4000 in the Gulf of Mexico, with a multi-well program for Shell [9] - Robotics had a strong quarter, operating seven vessels and achieving high utilization across trenching and site survey work [11] - The shallow water abandonment business experienced increased activity levels, with 790 days of utilization compared to 614 days in Q2 [12] Market Data and Key Metrics Changes - Brazil operations showed strong utilization with three vessels operating effectively [8] - The Gulf of Mexico shelf experienced improved results following a later start to the season [8] - The UK North Sea faced market turmoil, leading to the Seawell remaining warm stacked [10] Company Strategy and Development Direction - The company is positioned in a cyclical oil and gas market, currently in the early development cycle, with expectations of moving into a production enhancement cycle [21][22] - Plans to hedge utilization risk for the Q4000 by considering a West Africa campaign in 2026 [24] - The company aims to manage rising supply chain and labor costs while maintaining focus on operational efficiency [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025 but highlighted strong Q3 results as a glimpse of earnings potential [16][22] - Seasonal impacts are expected in Q4, particularly in the North Sea and Gulf of Mexico [16] - The outlook for 2026 is cautiously optimistic, with expectations of increased activity in shallow water abandonment and robotics [25][26] Other Important Information - The company reported a strong balance sheet with $338 million in cash and negative net debt of $31 million [15] - Year-to-date share repurchase spend was $30 million, aligning with the target of at least 25% of expected free cash flow [20] Q&A Session Summary Question: Outlook for Q4000 and potential work deferrals - Management indicated that while there is always a risk of deferrals, visibility for 2026 is stronger than in 2025, with plans to hedge risks through potential West Africa campaigns [31][33] Question: Expectations for shallow water abandonment in 2026 - Management expects increased activity in 2026 but at reduced rates due to competitive pressures and added capacity in the market [36][37] Question: Update on subsea robotics for Q4 - The company anticipates a drop in trenchers utilized in Q4 due to seasonal weather, but expects strong utilization in the North Sea [42][43] Question: Rising supply chain costs and mitigation strategies - Management noted rising costs across labor and materials, with plans to consolidate suppliers and manage costs effectively [54] Question: Market conditions in Brazil - Brazil remains a buoyant market with strong contracts in place for the CM Helix 1 and 2, and the Q7000 [58]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $377 million, a significant increase from $302 million in Q2 2025, with gross profit rising to $66 million from $15 million and net income improving to $22 million from a net loss of $3 million [7][8] - Year-to-date revenues reached $957 million, with gross profits of $109 million and net income of $23 million, alongside adjusted EBITDA of $198 million [8] - The company reported positive operating cash flow of $24 million and free cash flow of $23 million for the quarter [7] Business Line Data and Key Metrics Changes - The Well Intervention segment saw high utilization of the Q5000 in the Gulf of America, while the Q4000 faced gaps in its schedule due to lower revenue ROV decommissioning projects [10][11] - Robotics had a strong quarter, operating seven vessels with high utilization across trenching, ROV support, and site survey work [13] - The shallow water abandonment business experienced increased activity levels, with 100% utilization for the Hedron heavy lift barge [15] Market Data and Key Metrics Changes - Brazil operations reported strong utilization with three vessels operating effectively, while the North Sea faced challenges with the Seawell remaining warm stacked [9][11] - The Gulf of America market is expected to experience seasonal impacts, particularly affecting operations in Q4 [19][22] Company Strategy and Development Direction - The company is focusing on maintaining a strong balance sheet with negative net debt and significant cash reserves, allowing for potential growth through acquisitions [38] - The strategy includes hedging utilization risks by considering campaigns in West Africa and exploring opportunities in Guyana [32][48] - The company anticipates a gradual recovery in the shallow water abandonment market, with expectations for increased activity in 2026 and beyond [33][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical nature of the oil and gas market, indicating a transition into a strong development cycle with elevated vessel charter rates [28][29] - The company expects challenges in 2026 due to rising supply chain and labor costs, but remains optimistic about maintaining strong performance in the Robotics segment [36][74] - Management highlighted the importance of managing costs and maintaining operational efficiency in a competitive environment [36][77] Other Important Information - The company has a strong liquidity position with $430 million available at quarter-end, and minimal debt obligations until 2029 [18] - Year-to-date share repurchase spend was $30 million, aligning with the company's target of repurchasing at least 25% of expected free cash flow [26] Q&A Session Summary Question: Outlook for Q4000 and potential delays in 2026 - Management indicated that while there is optimism for 2026, there remains a risk of customers deferring work due to budgetary decisions [43][46] Question: Expectations for shallow water abandonment market in 2026 - Management expects increased activity in 2026 but at reduced rates due to competitive pressures and excess supply [50][52] Question: Update on subsea robotics for Q4 - The company anticipates a drop in vessel utilization in Q4 due to seasonal weather impacts, with a reduction in the number of operational trenchers [58][60] Question: Rising supply chain costs and mitigation strategies - Management noted rising costs across labor and materials, emphasizing efforts to consolidate suppliers and achieve margin gains [74][75] Question: Market conditions in Brazil - Brazil remains a buoyant market with strong utilization expected for contracts with Petrobras and Shell [80]

Financial Performance - Revenue for the third quarter of 2025 was $377 million, compared to $342 million in the third quarter of 2024[12] - Net income for the third quarter of 2025 was $22 million, or $015 per diluted share[13] - Adjusted EBITDA for the third quarter of 2025 was $104 million, the highest quarterly Adjusted EBITDA since 2014[13, 16] - Cash and cash equivalents totaled $338 million as of September 30, 2025[13] - Free Cash Flow was $23 million for the third quarter of 2025[13] Segment Results - Well Intervention revenue was $193 million for the third quarter of 2025[23] - Robotics revenue was $99 million for the third quarter of 2025[23] - Shallow Water Abandonment revenue was $75 million for the third quarter of 2025[23] - Production Facilities revenue was $19 million for the third quarter of 2025[23] Market Strategy - Decommissioning accounted for 54% of revenue[16] - Production Maximization accounted for 31% of revenue[16] - Renewables accounted for 13% of revenue[16] 2025 Forecast - Revenue is forecasted to be between $123 billion and $129 billion for 2025[47] - Adjusted EBITDA is forecasted to be between $240 million and $270 million for 2025[47] - Free Cash Flow is forecasted to be between $100 million and $140 million for 2025[47]