HELIX ENERGY SOLUTIONS GROUP INC Fair Value Disclosure
Note 19 — Fair Value Measurements
Our financial instruments include cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments.
We used Level 3 input to estimate the fair value of the Thunder Hawk field during our asset impairment assessment in 2025. See Note 5 for additional disclosures.
The principal amount and estimated fair value of our long-term debt are as follows (in thousands):
December 31, 2025 | December 31, 2024 | |||||||||||
Principal | Fair | Principal | Fair | |||||||||
| Amount (1) | | Value (2) | | Amount (1) | | Value (2) | |||||
MARAD Debt (matures February 2027) | $ | 14,645 | $ | 14,611 | $ | 23,831 | $ | 23,505 | ||||
2029 Notes (mature March 2029) | 300,000 | 317,250 | 300,000 | 319,500 | ||||||||
Total debt | $ | 314,645 | $ | 331,861 | $ | 323,831 | $ | 343,005 | ||||
| (1) | Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 7 for additional disclosures on our long-term debt. |
| (2) | The estimated fair value was determined using Level 2 fair value inputs under the market approach, which was determined using quotes in inactive markets. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.