HELIX ENERGY SOLUTIONS GROUP INC

Listed Company

HLXCIK 0000866829NYSELarge AcceleratedOil & Gas Field Services, NecMinnesotaFY ends Dec 31

Period

FY 2025

Revenue

$1.29B

Net Income

$30.83M

Total Assets

$2.62B

Equity

$1.58B

Shares Out

147.30M

Op. Cash Flow

$136.75M

Business

HELIX ENERGY SOLUTIONS GROUP INC is an international offshore energy services company providing specialty well intervention, robotics and decommissioning operations to the offshore energy industry. It offers production enhancement and intervention engineering, inspection, repair and maintenance, plug-and-abandonment and decommissioning, subsea development and installation, trenching, seabed clearance, ROV and cable burial services, and operation of production facilities and fast response assets. Its operations are organized into four reportable segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Helix serves oil and gas producers, renewables developers and EPC firms across the U.S. Gulf Coast, U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa using owned and chartered vessels and integrated subsea service packages.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	1,291	1,359	1,290	873	675
Cost of sales	1,132	1,139	1,089	822	659
Gross profit	159	220	200	51	15
Gain (loss) on disposition of assets, net	—	−479,000	367,000	—	−631,000
Long-lived asset impairment	−18	—	—	—	—
Acquisition and integration costs	—	—	−540,000	−3	—
Change in fair value of contingent consideration	—	—	−42	−16	—
Selling, general and administrative expenses	−76	−92	−94	−77	−63
Income from operations	65	127	64	−45	−49
Net interest expense	−23	−23	−17	−19	−23
Losses related to convertible senior notes	—	−21	−37	—	—
Other expense, net	−1	−4	−4	−23	−1
Royalty income and other	2	2	2	4	3
Income before income taxes	42	82	8	−75	−71
Income tax provision	12	26	18	13	−9
Net income (loss)	31	56	−11	−88	−62
Basic (in dollars per share)	0.21	0.37	−0.07	−0.58	−0.41
Diluted (in dollars per share)	0.21	0.36	−0.07	−0.58	−0.41
Basic (in shares)	148	152	151	151	150
Diluted (in shares)	148	155	151	151	150

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	445	368	332	187	254
Accounts receivable, net of allowance for credit losses of $3,529 and $3,682, respectively	304	259	280	213	144
Other current assets	76	83	85	59	58
Total current assets	825	710	698	461	530
Property and equipment	3,157	3,069	3,079	3,016	2,938
Less accumulated depreciation	−1,794	−1,631	−1,506	−1,375	−1,281
Property and equipment, net	1,362	1,438	1,573	1,642	1,658
Operating lease right-of-use assets	303	330	169	198	104
Deferred certification and dry dock costs, net	74	72	71	39	16
Other assets, net	51	48	45	51	18
Total assets	2,616	2,597	2,556	2,389	2,326
Accounts payable	134	145	135	135	88
Accrued liabilities	95	90	203	74	92
Current maturities of long-term debt	10	9	48	38	43
Current operating lease liabilities	61	60	63	51	56
Total current liabilities	300	304	449	298	278
Long-term debt	298	306	313	226	262
Operating lease liabilities	261	286	116	155	50
Deferred tax liabilities	106	114	111	99	87
Other non-current liabilities	71	67	66	95	975,000
Total liabilities	1,036	1,077	1,055	873	679
Commitments and contingencies	—	—	—	—	—
Common stock, no par, 240,000 shares authorized, 147,186 and 150,243 shares issued, respectively	1,218	1,252	1,272	1,299	1,292
Retained earnings	399	368	312	323	411
Accumulated other comprehensive loss	−37	−101	−83	−105	−56
Total shareholders' equity	1,580	1,520	1,501	1,517	1,647
Total liabilities and shareholders' equity	2,616	2,597	2,556	2,389	2,326

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	31	56	−11	−88	—
Depreciation and amortization, excluding amortization of deferred certification and dry dock costs	135	137	138	129	—
Amortization of deferred certification and dry dock costs	53	36	26	14	—
Deferred certification and dry dock costs	−52	−35	−63	−35	—
Payment of earnout consideration	—	−58	—	—	—
Amortization of debt discount	240,000	218,000	17,000	—	—
Amortization of debt issuance costs	2	2	2	2	3
Share-based compensation	7	7	7	7	8
Deferred income taxes	−8	11	12	4	−15
Unrealized foreign currency losses	374,000	623,000	8	22	2
Accounts receivable, net	−38	14	−65	−30	−14
Other current assets	17	1	−23	8	23
Income tax receivable, net of income tax payable	−10	2	−418,000	−49,000	19
Accounts payable and accrued liabilities	−18	−9	32	10	47
Other, net	153,000	905,000	9	233,000	−3
Net cash provided by operating activities	137	186	152	51	140
Capital expenditures	−16	−23	−20	−34	−8
Proceeds from sale of assets	—	100,000	365,000	—	51,000
Proceeds from insurance recoveries	—	363,000	564,000	—	—
Net cash used in investing activities	−16	−23	−19	−138	−8
Proceeds from senior notes, net of discount	—	—	299	—	—
Payments related to convertible senior notes	—	−61	−261	−35	—
Repayment of MARAD Debt	−9	−9	−8	−8	—
Proceeds from settlement of capped calls	—	4	16	—	—
Debt issuance costs	—	−2	−7	−580,000	−1
Repurchases of common stock	−30	−30	−12	—	—
Payments related to tax withholding for share-based compensation	−7	−4	−2	−2	−2
Proceeds from issuance of ESPP shares	2	2	982,000	575,000	654,000
Payment of earnout consideration	—	−27	—	—	—
Net cash provided by (used in) financing activities	−45	−125	25	−45	−96
Effect of exchange rate changes on cash and cash equivalents	2	−2	−16	−6	−42,000
Net increase in cash and cash equivalents	77	36	143	−138	36

Filings

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