Note 14 — Business Segment Information

We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. These reportable segments are strategic business units that utilize different mix of vessels and/or equipment to perform different types of services. All material intercompany transactions between the segments have been eliminated. See Note 1 for more information on our business segments.

Our chief operating decision maker (“CODM”) is the chief operating officer. The CODM uses segment operating income or loss as the measure of segment profit or loss to evaluate segment performance by comparing the results of each segment with its annual budgeted amounts and monthly forecasts as well as the results of other segments. The CODM also uses segment operating income or loss to allocate company resources (including employees, property, and financial resources) to each segment. Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands):


	Well						Shallow Water			Production
	Intervention			Robotics			Abandonment			Facilities		Total
Year ended December 31, 2025
External revenues	$	729,371		$	289,841		$	199,569		$	72,693	$	1,291,474
Intersegment revenues ⁽¹⁾		—			33,512			64			—		33,576
Segment revenues		729,371			323,353			199,633			72,693		1,325,050
Elimination of intersegment revenues													(33,576)
Total consolidated net revenues												$	1,291,474

Less ⁽²⁾:
Direct cost of revenues		(673,111)			(235,975)			(171,030)			(50,997)
Operations support		(15,666)			(5,597)			(10,671)			(549)
Selling, general and administrative expenses		(16,227)			(10,456)			(7,429)			(849)
Segment operating income	$	24,367		$	71,325		$	10,503		$	20,298	$	126,493

Year ended December 31, 2024
External revenues	$	823,472		$	259,639		$	186,740		$	88,709	$	1,358,560
Intersegment revenues ⁽¹⁾		6,390			38,039			239			—		44,668
Segment revenues		829,862			297,678			186,979			88,709		1,403,228
Elimination of intersegment revenues													(44,668)
Total consolidated net revenues												$	1,358,560

Less ⁽²⁾:
Direct cost of revenues		(704,120)			(203,849)			(175,111)			(64,429)
Operations support		(15,130)			(5,542)			(12,645)			(514)
Selling, general and administrative expenses		(16,991)			(10,944)			(8,396)			(2,513)
Other segment items ⁽³⁾		(416)			—			(150)			87
Segment operating income (loss)	$	93,205		$	77,343		$	(9,323)		$	21,340	$	182,565


	Well						Shallow Water			Production
	Intervention			Robotics			Abandonment			Facilities		Total
Year ended December 31, 2023
External revenues	$	704,365		$	222,612		$	274,866		$	87,885	$	1,289,728
Intersegment revenues ⁽¹⁾		3,353			35,263			88			—		38,704
Segment revenues		707,718			257,875			274,954			87,885		1,328,432
Elimination of intersegment revenues													(38,704)
Total consolidated net revenues												$	1,289,728

Less ⁽²⁾:
Direct cost of revenues		(646,127)			(192,419)			(186,873)			(63,785)
Operations support		(14,427)			(4,838)			(16,820)			(606)
Selling, general and administrative expenses		(14,766)			(8,468)			(5,088)			(2,662)
Other segment items ⁽³⁾		—			300			67			—
Segment operating income	$	32,398		$	52,450		$	66,240		$	20,832	$	171,920

(1)

Intersegment amounts are derived primarily from equipment and services provided to other business segments. Beginning in 2024, certain intersegment revenues of Well Intervention are no longer evaluated by the CODM in his assessment of the segment’s results as those revenues are pass-through amounts related to non-core services. 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. This change has no impact on our segment profit or our consolidated revenues and operating income (loss).

(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

(3)	Other segment items in 2024 and 2023 relate to gain (loss) on disposition of assets, net.

The table below provides a reconciliation of segment profit to income before income taxes (in thousands):


	Year Ended December 31,
	2025			2024		2023
Reconciliation of segment profit —
Segment operating income	$	126,493		$	182,565	$	171,920
Long-lived asset impairment ⁽¹⁾		(18,064)			—		—
Change in fair value of contingent consideration ⁽²⁾		—			—		(42,246)
Corporate, eliminations and other		(43,294)			(55,130)		(66,164)
Net interest expense		(22,777)			(22,629)		(17,338)
Losses related to convertible senior notes ⁽³⁾		—			(20,922)		(37,277)
Other non-operating income (expense), net		122			(1,820)		(1,381)
Income before income taxes	$	42,480		$	82,064	$	7,514

(1)	Represents the impairment charge on the remaining net book value of the Thunder Hawk field (Note 5)

(2)	Represents the change in fair value of the earnout consideration associated with the Alliance acquisition (Note 3).

(3)	Represent the losses from the repurchases and redemptions of the 2026 Notes during December 2023 and the first quarter 2024 (Note 7).

The following items are also regularly provided to the CODM (in thousands):


	Year Ended December 31,
	2025			2024		2023
Capital expenditures ⁽¹⁾ —
Well Intervention	$	6,062		$	10,955	$	7,763
Robotics		7,900			10,402		3,957
Shallow Water Abandonment		2,010			1,403		6,890
Production Facilities		—			—		—
Corporate, eliminations and other		370			543		978
Total	$	16,342		$	23,303	$	19,588

Depreciation and amortization ⁽²⁾ —
Well Intervention	$	140,211		$	123,517	$	113,025
Robotics		4,805			7,601		9,604
Shallow Water Abandonment		23,045			20,463		20,150
Production Facilities		19,080			21,279		21,028
Corporate and eliminations		241			432		309
Total	$	187,382		$	173,292	$	164,116

(1)	Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment.

(2)

Represents an aggregate of depreciation and amortization expense related to property and equipment and deferred certification and dry dock costs, which is included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above.

Revenues by individually significant geographic location are as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
U.S.		$	494,544		$	542,860		$	644,755
North Sea ⁽¹⁾			272,254			249,968			274,745
Brazil			354,509			185,538			177,070
Asia Pacific			68,415			222,119			163,957
West Africa			95,519			71,960			8,423
Other			6,233			86,115			20,778
Total		$	1,291,474		$	1,358,560		$	1,289,728

(1)	Includes revenues generated from the U.K. of $194.3 million, $181.8 million and $236.2 million, respectively, during the years ended December 31, 2025, 2024 and 2023.

Vessels, systems and other property and equipment work in various offshore basins around the world such as the Gulf of America, Brazil, North Sea, West Africa and Asia Pacific regions. Vessels and equipment may temporarily work in a region other than the country in which those assets are based. For instance, the Q4000 and related IRS system, which are based in the U.S., are temporarily operating offshore West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant country where those assets are based (in thousands):


		December 31,
		2025			2024
U.S.		$	581,297		$	659,721
U.K.			583,464			578,505
Brazil			197,733			199,627
Total		$	1,362,494		$	1,437,853

We have not included a disclosure of total assets by segment as management’s focus is on operating performance and cash flow generation and the CODM does not regularly review segment asset information.

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 Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

HELIX ENERGY SOLUTIONS GROUP INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures