HELIX ENERGY SOLUTIONS GROUP INC Revenue Disclosure
Note 11 — Revenue from Contracts with Customers
Disaggregation of Revenue
We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following table provides information about disaggregated revenue by market strategy (in thousands):
Well | Shallow Water | Production | Intercompany | Total | ||||||||||||||
| Intervention | | Robotics | | Abandonment | | Facilities | | Eliminations | | Revenue | |||||||
Year ended December 31, 2025 |
| |
| |
| |
| |
| | ||||||||
Production maximization | $ | 211,589 | $ | 111,006 | $ | 6,459 | $ | 72,693 | $ | (10,460) | $ | 391,287 | ||||||
Decommissioning | 507,977 | 36,052 | 193,098 | — | (22,042) | 715,085 | ||||||||||||
Renewables | — | 157,226 | 76 | — | — | 157,302 | ||||||||||||
Other |
| 9,805 |
| 19,069 |
| — |
| — |
| (1,074) |
| 27,800 | ||||||
Total | $ | 729,371 | $ | 323,353 | $ | 199,633 | $ | 72,693 | $ | (33,576) | $ | 1,291,474 | ||||||
Year ended December 31, 2024 (1) |
| |
| |
| |
| |
| | ||||||||
Production maximization | $ | 408,791 | $ | 117,207 | $ | 8,469 | $ | 88,709 | $ | (29,678) | $ | 593,498 | ||||||
Decommissioning | 416,057 | 17,717 | 178,462 | — | (14,272) | 597,964 | ||||||||||||
Renewables | — | 152,306 | — | — | — | 152,306 | ||||||||||||
Other |
| 5,014 |
| 10,448 |
| 48 |
| — |
| (718) |
| 14,792 | ||||||
Total | $ | 829,862 | $ | 297,678 | $ | 186,979 | $ | 88,709 | $ | (44,668) | $ | 1,358,560 | ||||||
Year ended December 31, 2023 (1) |
| |
| |
| |
| |
| | ||||||||
Production maximization | $ | 228,649 | $ | 103,692 | $ | 13,825 | $ | 87,885 | $ | (17,824) | $ | 416,227 | ||||||
Decommissioning | 458,437 | 47,768 | 261,129 | — | (18,690) | 748,644 | ||||||||||||
Renewables | — | 99,861 | — | — | — | 99,861 | ||||||||||||
Other |
| 20,632 |
| 6,554 |
| — |
| — |
| (2,190) |
| 24,996 | ||||||
Total | $ | 707,718 | $ | 257,875 | $ | 274,954 | $ | 87,885 | $ | (38,704) | $ | 1,289,728 | ||||||
| (1) | For the years ended December 31, 2024 and 2023, $27.6 million and $25.0 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations. See Note 14 regarding this change in prior year reported segment information. |
Contract Balances
Net contract assets as of December 31, 2025 and 2024 were $10.9 million and $12.2 million, respectively, and are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). The decrease in net contract assets was primarily attributable to less accrued revenues related to lump sum demobilization fees. We had no credit losses on our contract assets for the years ended December 31, 2025, 2024 and 2023.
Net contract liabilities as of December 31, 2025 and 2024 totaled $17.1 million and $15.6 million, respectively, and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 4). The increase was primarily attributable to a larger amount of deferred mobilization fees for work that has not yet been completed. Revenue recognized for the years ended December 31, 2025, 2024 and 2023 included $19.9 million, $36.3 million and $8.7 million, respectively, that were included in the contract liability balance at the beginning of each period.
Performance Obligations
As of December 31, 2025, $1.3 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $693.6 million, $391.4 million and $225.7 million in , and and beyond, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2025.
For the years ended December 31, 2025, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial.
Contract Fulfillment Costs
Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 4). Our deferred contract costs as of December 31, 2025 and 2024 totaled $25.6 million and $37.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, we recorded $68.0 million, $62.9 million and $43.2 million, respectively, related to amortization of deferred contract costs. There were no material impairment losses on deferred contract costs for any period presented.
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 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.