Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $302 million, down from $278 million in Q1 2025, with a gross profit of $15 million compared to $28 million in Q1 [7][6] - The company reported a net loss of $3 million in Q2, contrasting with a net income of $3 million in Q1 [7] - Adjusted EBITDA for Q2 was $42 million, with a negative operating cash flow of $17 million, leading to negative free cash flow of $22 million [7][6] - Year-to-date revenues reached $518 million, with gross profits of $42 million and breakeven net income [7] Business Line Data and Key Metrics Changes - The Well Intervention segment faced challenges due to the regulatory docking of the Q5000 and the demobilization of the Q4000, impacting overall performance [6][9] - Robotics had a strong quarter, operating seven vessels and achieving high utilization, particularly in trenching and ROV support [12][14] - Shallow water abandonment activity increased, but the segment still faced pressure due to market conditions and competition [16][61] Market Data and Key Metrics Changes - The UK North Sea market has experienced a temporary standstill, affecting expected results, with several major producers announcing intentions to exit the market [32][33] - The Gulf of America intervention market is also softening, with customers deferring work due to lower oil prices and regulatory uncertainties [19][71] - Brazil's market remains strong, with three vessels operating on long-term contracts [7][39] Company Strategy and Development Direction - The company is focusing on mitigating impacts from slower markets by adjusting maintenance schedules and pursuing international opportunities [20][35] - A multi-year trenching contract in the North Sea has been secured, indicating a strategic move towards long-term contracts [14][25] - The company anticipates a gradual recovery in 2026 and a return to full strength by 2027, despite current market challenges [39][38] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over geopolitical uncertainties and lower oil prices affecting customer spending [19][71] - The outlook for the second half of 2025 has been adjusted, with expected revenues between $1.2 billion and $1.3 billion, and EBITDA between $225 million and $265 million [21][22] - Management remains optimistic about the long-term fundamentals and cash flow outlook, despite the current market softness [31][39] Other Important Information - The company has a strong balance sheet with $320 million in cash and liquidity of $375 million at quarter-end [18] - A three-year framework agreement for decommissioning services with Exxon has been secured, enhancing future revenue potential [16][97] - The company repurchased $30 million worth of shares during the second quarter, indicating confidence in its financial position [30] Q&A Session Summary Question: What should be focused on regarding shallow water abandonment? - Management believes the market is at a bottom, with significant bidding activity expected leading up to 2027 [42][44] Question: How does competition affect well intervention in the Gulf of America? - Management indicated that competition is not the main hurdle; rather, it is the overall market demand and customer spending that are impacting results [46][48] Question: What are the drivers behind the decline in robotics EBIT? - The decline is attributed to a shift from providing full trenching spreads to only the trencher, resulting in lower revenue [57][58] Question: Why not remediate the Thunder Hawk well this year? - The decision is based on the need for long lead items and partner preferences for timing, with interventions planned for early 2026 [65][66] Question: What are the main challenges driving customer work pushes? - Factors include lower oil prices, regulatory uncertainties, and overall market indecision, leading to deferred spending [71][72]

Financial Performance - Second quarter revenue was $302 million, a decrease compared to $365 million in the same period of 2024[12] - Net loss for the second quarter was $3 million, or $(002) per diluted share[12, 13] - Adjusted EBITDA for the second quarter was $42 million, down from $97 million in the second quarter of 2024[12, 13] - Free Cash Flow for the second quarter was $(22) million, compared to $(16) million in the second quarter of 2024[12, 13] Financial Condition - Cash and cash equivalents totaled $320 million as of June 30, 2025[12, 13] - The company had a negative Net Debt of $8 million as of June 30, 2025[12, 13] - Total funded debt was $319 million as of June 30, 2025[43] Operational Highlights - Decommissioning accounted for 59% of revenue, Production Maximization 24%, Renewables 14%, and Other 3% for the quarter ended June 30, 2025[16] - Well Intervention vessel utilization was 72% during the second quarter[22] - Robotics vessel utilization was 95% during the second quarter[22] - Shallow Water Abandonment vessel utilization was 60% during the second quarter[22] 2025 Outlook - The company anticipates revenues between $12 billion and $13 billion for 2025[51] - Adjusted EBITDA is projected to be between $225 million and $265 million[51] - Free Cash Flow is expected to be between $90 million and $140 million[51] - Capital additions are forecasted at approximately $70 – $80 million[66]

Company Performance - Helix Energy reported a quarterly loss of $0.02 per share, missing the Zacks Consensus Estimate of $0.01, compared to earnings of $0.21 per share a year ago, representing an earnings surprise of -300.00% [1] - The company posted revenues of $302.29 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 7.35%, and down from $364.8 million year-over-year [2] - Over the last four quarters, Helix Energy has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Helix Energy shares have lost about 29.9% since the beginning of the year, while the S&P 500 has gained 7.3% [3] - The current Zacks Rank for Helix Energy is 4 (Sell), indicating expected underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.32 on revenues of $402.95 million, and $0.36 on revenues of $1.33 billion for the current fiscal year [7] - The estimate revisions trend for Helix Energy was unfavorable ahead of the earnings release, which may impact future stock movements [5][6] Industry Context - The Oil and Gas - Field Services industry, to which Helix Energy belongs, is currently in the bottom 5% of the Zacks Industry Rank, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could affect Helix Energy's performance [5]

Executive Summary [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Helix reported a net loss of $2.6 million in Q2 2025, a significant decline from prior periods, with Adjusted EBITDA, revenues, and gross profit margins also decreasing Summary of Key Financial Results (Q2 2025 vs. Q1 2025 & Q2 2024) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----------------------------- | :---------- | :---------- | :---------- | | Net Income (Loss) (in millions) | $(2.6) | $3.1 | $32.3 | | Diluted EPS | $(0.02) | $0.02 | $0.21 | | Adjusted EBITDA (in millions) | $42.4 | $52.0 | $96.9 | | Revenues (in thousands) | $302,288 | $278,064 | $364,797 | | Gross Profit (in thousands) | $14,948 | $27,538 | $75,486 | | Gross Profit Margin | 5% | 10% | 21% | [CEO's Business Outlook and Strategic Actions](index=1&type=section&id=CEO%27s%20Business%20Outlook%20and%20Strategic%20Actions) Q2 results were impacted by vessel maintenance and geopolitical volatility, leading to a risk-assessed 2025 outlook, despite new contract wins and share repurchases - Q2 2025 results reflected marginal seasonal activity increases in the North Sea and Gulf of America shelf, and full Q7000 operations in Brazil, but these were offset by planned regulatory docking of the Q5000 and return transit of the Q4000[4](index=4&type=chunk) - Macro and geopolitical volatility created significant market uncertainties, leading customers to scale back spending and push work into 2026 and beyond[4](index=4&type=chunk) - Helix expects significant improvements in Q3 financial performance but has risk-assessed its 2025 outlook due to a lack of visibility in Q4 as projects are delayed[4](index=4&type=chunk) - The company repurchased approximately **4.6 million shares** for approximately **$30.0 million** during the second quarter 2025[4](index=4&type=chunk)[16](index=16&type=chunk) - Positive market signs include securing North Sea well intervention work for 2026, a multi-year MSA with Exxon for the Shallow Water segment, and a multi-year **800-day minimum commitment** trenching contract in the North Sea for the Robotics segment[4](index=4&type=chunk) Segment Performance Analysis [Well Intervention](index=3&type=section&id=Well%20Intervention) Well Intervention revenues and operating income declined significantly in Q2 2025 due to planned vessel maintenance and lower utilization, despite some regional improvements Well Intervention Segment Financials (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Revenues | $156,786 | $198,374 | $217,761 | | Income (Loss) from Operations | $(16,430) | $19,970 | $29,299 | - QoQ revenue decreased by **$41.6 million (21%)** due to lower utilization and integrated project revenues in the Gulf of America, despite higher utilization on the Q7000 in Brazil and seasonal increases in the North Sea[7](index=7&type=chunk) - Key operational impacts included the Q4000's **45-day transit/demobilization** and the Q5000's **57-day planned regulatory docking**. Overall vessel utilization increased QoQ to **72%** from **67%**, but decreased YoY from **94%**[7](index=7&type=chunk)[8](index=8&type=chunk) - YoY revenue decreased by **$61.0 million (28%)** primarily due to the Seawell being warm-stacked (vs. fully utilized in Q2 2024) and lower Gulf of America vessel utilization, partially offset by higher contractual rates for Siem Helix 1 and 2 in Brazil[8](index=8&type=chunk) [Robotics](index=4&type=section&id=Robotics) Robotics segment saw significant QoQ revenue growth from higher utilization and a new IROV boulder grab, but YoY operating income declined due to higher costs Robotics Segment Financials (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Revenues | $85,572 | $51,042 | $81,249 | | Income (Loss) from Operations | $19,044 | $5,347 | $28,400 | - QoQ revenues increased by **$34.5 million (68%)** due to seasonally higher chartered vessel activity (**537 days, 95% utilization** vs. 244 days, 67%) and ROV/trencher utilization (**62%** vs. 51%)[9](index=9&type=chunk) - The segment launched its third IROV boulder grab, generating **190 days of utilization** in Q2 2025, significantly up from 21 days in Q1 2025[9](index=9&type=chunk) - YoY revenues increased by **$4.3 million (5%)** due to increased chartered vessel and site clearance activities, including **190 days** using three IROV boulder grabs (vs. 78 days using two in Q2 2024), but operating income decreased by **$9.4 million** due to higher vessel costs and lower margins[10](index=10&type=chunk)[15](index=15&type=chunk) [Shallow Water Abandonment](index=4&type=section&id=Shallow%20Water%20Abandonment) Shallow Water Abandonment saw substantial QoQ revenue growth and improved operating loss from higher utilization, but YoY revenues were flat with slightly increased losses Shallow Water Abandonment Segment Financials (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Revenues | $50,618 | $16,818 | $50,841 | | Income (Loss) from Operations | $(357) | $(13,441) | $(281) | - QoQ revenues increased by **$33.8 million (201%)** due to seasonally higher activity and utilization across all asset classes. Vessel utilization (excluding heavy lift) rose to **61%** from 31%, and P&A/CT systems activity increased to **798 days (34% utilization)** from 264 days (11%)[11](index=11&type=chunk) - The Epic Hedron heavy lift barge had **38% utilization** in Q2 2025, compared to being idle in Q1 2025[11](index=11&type=chunk) - YoY revenues decreased marginally by **$0.2 million**, primarily due to lower day rates and heavy lift utilization (Epic Hedron at **38%** vs. 46% in Q2 2024), largely offset by higher P&A/CT systems and vessel utilization[12](index=12&type=chunk) [Production Facilities](index=4&type=section&id=Production%20Facilities) Production Facilities revenues and operating income decreased QoQ and YoY due to lower oil and gas production from field shutdowns and reduced oil prices Production Facilities Segment Financials (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Revenues | $17,081 | $19,837 | $25,400 | | Income (Loss) from Operations | $4,425 | $6,944 | $9,097 | - QoQ revenues decreased by **$2.8 million (14%)** due to lower oil and gas production and prices from the Droshky field, which was shut in for approximately one month in Q2 2025, and the Thunder Hawk field remaining shut in[13](index=13&type=chunk) - YoY revenues decreased by **$8.3 million (33%)** primarily due to lower oil and gas production and prices, as both Droshky and Thunder Hawk fields had full production in Q2 2024 but faced shutdowns in Q2 2025. Oil prices were approximately **$15 per barrel lower** YoY[14](index=14&type=chunk) Financial Review [Selling, General and Administrative Expenses](index=6&type=section&id=Selling%2C%20General%20and%20Administrative) SG&A expenses decreased QoQ and YoY in Q2 2025, primarily due to lower compensation costs, also improving slightly as a percentage of revenue Selling, General and Administrative Expenses (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | SG&A Expenses | $18.1 | $19.4 | $22.3 | | SG&A as % of Revenue | 6.0% | 7.0% | 6.1% | - The decrease in SG&A expenses during Q2 2025 was primarily due to lower compensation costs compared to the prior quarter and prior year[17](index=17&type=chunk) [Other Income and Expense](index=6&type=section&id=Other%20Income%20and%20Expense) Helix reported net other income in Q2 2025, a positive shift from prior periods, primarily driven by net foreign currency gains on the British pound Other Income (Expense), Net (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Other Income (Expense), Net | $0.4 | $(0.4) | $(0.4) | - Other income and expense, net primarily includes net foreign currency gains and losses, respectively, related to the British pound on U.K. subsidiaries' foreign currency positions[18](index=18&type=chunk) [Cash Flow and Liquidity](index=6&type=section&id=Cash%20Flows) Helix reported negative operating and free cash flow in Q2 2025 due to lower earnings, yet maintained strong liquidity and a negative Net Debt position [Operating Cash Flows](index=6&type=section&id=Operating%20cash%20flows) Operating cash flows turned negative in Q2 2025, significantly decreasing QoQ and YoY, primarily due to lower earnings and higher working capital outflows Operating Cash Flows (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Operating Cash Flows | $(17.1) | $16.4 | $(12.2) | - QoQ decrease in operating cash flows was primarily due to lower earnings and higher working capital outflows[19](index=19&type=chunk) - YoY decrease was due to lower earnings and higher regulatory certification costs (**$16.1 million** in Q2 2025 vs. $10.7 million in Q2 2024), partially offset by a **$58.3 million Alliance earn-out payment** and higher working capital outflows in Q2 2024[19](index=19&type=chunk) [Capital Expenditures](index=6&type=section&id=Capital%20expenditures) Capital expenditures remained consistent QoQ in Q2 2025 and experienced a slight increase YoY Capital Expenditures (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Capital Expenditures | $4.5 | $4.5 | $4.0 | [Free Cash Flow](index=6&type=section&id=Free%20Cash%20Flow) Free Cash Flow was negative in Q2 2025, significantly decreasing from the prior quarter and remaining negative YoY, primarily due to lower operating cash flows Free Cash Flow (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------------- | :---------- | :---------- | :---------- | | Free Cash Flow | $(21.6) | $12.0 | $(16.2) | - The decrease in Free Cash Flow in Q2 2025 compared to both the prior quarter and Q2 2024 was primarily due to lower operating cash flows[21](index=21&type=chunk) [Financial Condition and Liquidity](index=6&type=section&id=Financial%20Condition%20and%20Liquidity) As of June 30, 2025, Helix maintained a strong cash position and significant ABL capacity, resulting in robust total liquidity and a negative Net Debt Financial Condition and Liquidity (as of June 30, 2025, in millions) | Metric | Amount | | :-------------------------------- | :---------- | | Cash and Cash Equivalents | $319.7 | | Available ABL Facility Capacity | $70.5 | | Total Liquidity (excluding pledged) | $374.9 | | Consolidated Long-Term Debt | $311.6 | | Net Debt | $(8.1) | [Share Repurchases](index=6&type=section&id=Share%20Repurchases) Helix continued its share repurchase program in Q2 2025, repurchasing a significant number of common shares - Helix repurchased approximately **4.6 million shares** of common stock for approximately **$30.0 million** during the second quarter 2025[16](index=16&type=chunk) Company Overview [About Helix](index=7&type=section&id=About%20Helix) Helix Energy Solutions Group, Inc. is a Houston-based international offshore energy services company specializing in well intervention, robotics, and decommissioning - Helix Energy Solutions Group, Inc. is an international offshore energy services company headquartered in Houston, Texas[23](index=23&type=chunk) - The company provides specialty services to the offshore energy industry, focusing on well intervention, robotics, and decommissioning operations[23](index=23&type=chunk) - Helix's services support the global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life fields, and supporting renewable energy developments[23](index=23&type=chunk) Non-GAAP Financial Measures [Definitions and Rationale](index=7&type=section&id=Definitions%20and%20Rationale) Management uses non-GAAP measures like EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt to evaluate performance and inform strategic decisions - Management evaluates operating performance and financial condition using non-GAAP measures: EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt[24](index=24&type=chunk) - EBITDA is defined as earnings before income taxes, net interest expense, net other income/expense, and depreciation/amortization, with non-cash impairment losses added back[24](index=24&type=chunk) - Adjusted EBITDA further excludes gains/losses on asset disposition, acquisition/integration costs, convertible senior note related gains/losses, fair value changes of contingent consideration, and credit loss provisions[24](index=24&type=chunk) - Free Cash Flow is operating cash flows less capital expenditures, net of asset sales proceeds and insurance recoveries. Net Debt is long-term debt (including current maturities) less cash, cash equivalents, and restricted cash[24](index=24&type=chunk) - These measures are used for internal evaluation, external comparison, strategic planning, budgeting, and debt covenant reporting, providing useful information to investors as supplemental to GAAP measures[25](index=25&type=chunk) Forward-Looking Statements [Risks and Uncertainties](index=7&type=section&id=Risks%20and%20Uncertainties) Forward-looking statements are subject to known and unknown risks, including market conditions, oil price volatility, geopolitical developments, and operational hazards - The press release contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause results to differ materially from those expressed or implied[26](index=26&type=chunk) - Key risks include market conditions and demand for services, volatility of oil and natural gas prices, complexities of global political and economic developments, results from mergers/acquisitions, ability to secure backlog, and performance of contracts[26](index=26&type=chunk) - Other factors include actions by governmental/regulatory authorities, operating hazards and delays, effectiveness of sustainability initiatives, human capital management issues, and geologic risks[26](index=26&type=chunk) Consolidated Financial Statements [Comparative Condensed Consolidated Statements of Operations](index=9&type=section&id=Comparative%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents comparative condensed consolidated statements of operations, detailing revenues, gross profit, net income (loss), and EPS for Q2 and YTD 2025 and 2024 Comparative Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------- | :---------- | :---------- | :---------- | :---------- | | Net revenues | $302,288 | $364,797 | $580,352 | $661,008 | | Cost of sales | $287,340 | $289,311 | $537,866 | $565,968 | | Gross profit | $14,948 | $75,486 | $42,486 | $95,040 | | Income (loss) from operations | $(3,152) | $53,193 | $5,020 | $51,917 | | Net income (loss) | $(2,598) | $32,289 | $474 | $6,002 | | Diluted Earnings (Loss) Per Share | $(0.02) | $0.21 | $0.00 | $0.04 | [Comparative Condensed Consolidated Balance Sheets](index=10&type=section&id=Comparative%20Condensed%20Consolidated%20Balance%20Sheets) This section provides comparative condensed consolidated balance sheets, outlining assets, liabilities, and shareholders' equity as of June 30, 2025, and December 31, 2024 Comparative Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | Dec. 31, 2024 | | :----------------------------- | :---------- | :---------- | | Cash and cash equivalents | $319,743 | $368,030 | | Total Current Assets | $760,399 | $709,682 | | Total Assets | $2,672,561 | $2,597,080 | | Total Current Liabilities | $347,964 | $304,416 | | Long-term debt | $302,200 | $305,971 | | Shareholders' equity | $1,568,776 | $1,519,765 | | Total Liabilities and Equity | $2,672,561 | $2,597,080 | [Comparative Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Comparative%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents comparative condensed consolidated statements of cash flows, detailing cash from operating, investing, and financing activities for YTD 2025 and 2024 Comparative Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | YTD 2025 | YTD 2024 | | :-------------------------------------- | :---------- | :---------- | | Net cash provided by (used in) operating activities | $(691) | $52,320 | | Net cash used in investing activities | $(8,958) | $(7,231) | | Net cash used in financing activities | $(40,780) | $(101,526) | | Cash and cash equivalents, end of period | $319,743 | $275,066 | Reconciliation of Non-GAAP Measures [Adjusted EBITDA Reconciliation](index=12&type=section&id=Reconciliation%20from%20Net%20Income%20%28loss%29%20to%20Adjusted%20EBITDA) This section reconciles Net Income (loss) to Adjusted EBITDA, detailing adjustments for income tax, interest, other income/expense, depreciation, and other non-GAAP exclusions Reconciliation from Net Income (Loss) to Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | Q1 2025 | YTD 2025 | YTD 2024 | | :-------------------------------------- | :---------- | :---------- | :---------- | :---------- | :---------- | | Net income (loss) | $(2,598) | $32,289 | $3,072 | $474 | $6,002 | | Income tax provision (benefit) | $(5,997) | $14,725 | $453 | $(5,544) | $13,027 | | Net interest expense | $5,875 | $5,891 | $5,706 | $11,581 | $11,368 | | Depreciation and amortization | $45,389 | $43,471 | $42,482 | $87,871 | $89,824 | | EBITDA | $42,232 | $96,758 | $52,070 | $94,302 | $122,819 | | Adjusted EBITDA | $42,430 | $96,895 | $51,985 | $94,415 | $143,885 | [Free Cash Flow Reconciliation](index=12&type=section&id=Free%20Cash%20Flow) This section reconciles cash flows from operating activities to Free Cash Flow by subtracting capital expenditures, net of asset sales and insurance recoveries Free Cash Flow Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Q1 2025 | YTD 2025 | YTD 2024 | | :-------------------------------------- | :---------- | :---------- | :---------- | :---------- | :---------- | | Cash flows from operating activities | $(17,133) | $(12,164) | $16,442 | $(691) | $52,320 | | Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries | $(4,470) | $(3,989) | $(4,488) | $(8,958) | $(7,231) | | Free Cash Flow | $(21,603) | $(16,153) | $11,954 | $(9,649) | $45,089 | [Net Debt Reconciliation](index=12&type=section&id=Net%20Debt) This section reconciles Net Debt, calculated by subtracting cash and cash equivalents from long-term debt, including current maturities Net Debt Reconciliation (in thousands) | Metric | June 30, 2025 | June 30, 2024 | March 31, 2025 | | :-------------------------------------- | :---------- | :---------- | :---------- | | Long-term debt including current maturities | $311,612 | $318,629 | $311,109 | | Less: Cash and cash equivalents | $(319,743) | $(275,066) | $(369,987) | | Net Debt | $(8,131) | $43,563 | $(58,878) |

Core Viewpoint - Helix Energy (HLX) is anticipated to report a significant year-over-year decline in earnings due to lower revenues, with the upcoming earnings report expected to be released on July 23, 2025 [1][2]. Financial Performance Expectations - The consensus estimate for Helix Energy's quarterly earnings is $0.01 per share, reflecting a year-over-year decrease of 95.2% [3]. - Expected revenues for the quarter are $326.27 million, which is a decline of 10.6% compared to the same quarter last year [3]. Estimate Revisions and Predictions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - Helix Energy has an Earnings ESP of 0%, as the Most Accurate Estimate aligns with the Zacks Consensus Estimate, suggesting no recent differing analyst views [12]. Historical Performance - In the last reported quarter, Helix Energy was expected to incur a loss of $0.05 per share but instead reported earnings of $0.02, resulting in a positive surprise of 140% [13]. - Over the past four quarters, Helix Energy has exceeded consensus EPS estimates three times [14]. Industry Context - In comparison, Baker Hughes (BKR), another player in the oil and gas field services industry, is expected to report earnings of $0.55 per share, indicating a year-over-year decline of 3.5% [18]. - Baker Hughes' revenues are projected to be $6.63 billion, down 7.1% from the previous year, with a slight revision of the consensus EPS estimate down by 0.4% over the last 30 days [19].

Core Insights - Exxon Mobil Corporation (XOM) has signed a multi-year agreement with Helix Energy Solutions Group, Inc. (HLX) for plug and abandonment operations in the U.S. Gulf of Mexico, addressing aging infrastructure and decommissioning needs [1][10] - The partnership enhances Helix's capabilities in decommissioning and underscores ExxonMobil's commitment to managing its offshore legacy assets responsibly [2][6] Industry Context - Over 2,000 wells in the Gulf of Mexico are abandoned, with operators facing stricter regulations for well plugging and platform removal, indicating a growing focus on environmental compliance [3][7] - Helix Energy Solutions is expanding its technical capabilities in both decommissioning and subsea services, positioning itself as a full-cycle offshore service provider [4][5] Strategic Alignment - ExxonMobil's agreement with Helix aligns with its broader strategy to reduce Scope 1 and 2 emissions intensity by 40-50% by 2030 compared to 2016 levels, with proper management of offshore well closures being a key component [6][10] - The deal reflects the evolving priorities of the energy sector, particularly in response to aging infrastructure and increasing environmental standards [7]

Company Overview - Helix Energy Solutions is an international offshore energy services company focused on well intervention, robotics, and full-field decommissioning operations[9] - The company operates through four business segments: Well Intervention, Robotics, Shallow Water Abandonment, and Production Facilities[11] - Helix's services support the global energy transition by maximizing existing oil and gas reserves, decommissioning end-of-life fields, and supporting renewable energy developments[9] Financial Performance and Outlook - Helix reported revenue of $129 billion in 2023, compared to $873 million in 2022[13] - Adjusted EBITDA for 2023 was $273 million[58] - Free cash flow for 2023 was $134 million[58] - The company forecasts revenue between $12 billion and $14 billion for 2024[68] - Adjusted EBITDA is projected to be between $270 million and $330 million in 2024[68] - Free cash flow is forecasted between $65 million and $115 million for 2024, including $58 million related to the Alliance acquisition earnout[68] Market Trends and Opportunities - The global offshore deepwater oil and gas operating expenditure is projected to increase from $71 billion in 2022 to $98 billion in 2027[95] - The decommissioning market presents a $403 billion opportunity globally from 2024-2028[109] - North America's decommissioning commitments are estimated at $73 billion for 2024-2028[106] - Cumulative offshore wind cable installations are expected to reach 997 kilometers by 2030[112]

Company Overview - Helix Energy Solutions Group is a specialized offshore services company focused on well intervention, subsea robotics, and decommissioning [1] Investment Thesis - The share price of Helix Energy Solutions is significantly below its fair value, indicating a potential buying opportunity [1] - The company is positioned to benefit from its specialized services in the offshore sector, which may lead to future growth [1] Analyst Perspective - The investment strategy emphasizes value investing, aiming to acquire assets at a discount, which aligns with the current valuation of Helix Energy Solutions [1]

Core Viewpoint - The first batch of 16 new floating rate funds has been launched, with significant expectations from the management for these innovative products [2][5]. Group 1: Fund Manager Selection - The fund managers for these new funds are primarily mid-career professionals, with 10 out of 17 having 5-10 years of experience [2][3]. - There is a notable absence of previously popular star managers or those heavily invested in trending stocks, indicating a focus on experienced managers [2][3]. Group 2: Fund Manager Performance - Among the 17 fund managers, 5 have achieved an annualized return exceeding 10%, while only 1 has a negative performance [5][6]. - The overall performance of these fund managers has outperformed the annualized return of the CSI 300 index, with specific returns of 13.33% for Wang Mingxu from GF Fund and 13.04% for Wang Junzheng from Huaxia Fund [6][7]. Group 3: Fund Management Scale - The current management scale of these fund managers varies, with 3 managing over 10 billion yuan, while 4 manage less than 1 billion yuan [4][6]. - The majority of fund managers have a management scale between 2 billion and 10 billion yuan, indicating a balanced distribution [4]. Group 4: Investment Style - The fund managers exhibit diverse investment styles, with 10 favoring value investing and 7 specializing in growth stocks [9][11]. - Different fund companies offer various styles, allowing investors to choose funds that align with their investment preferences [12].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]