Helix Energy Solutions Reports Fourth Quarter and Full-Year 2025 Results Amid Challenging Offshore Market Conditions
Helix Energy Solutions Group, Inc, a leading provider of offshore energy services, today announced its financial results for the fourth quarter and full year 2025, highlighting operational performance and financial metrics in a challenging energy market. The company’s fourth-quarter results reflect both the impact of seasonal trends and market volatility, while the full-year results underscore Helix’s consistent focus on cash generation, operational excellence, and strategic positioning for future growth.
For the fourth quarter ended December 31, 2025, Helix reported net income of $8.3 million, or $0.06 per diluted share, compared with net income of $22.1 million, or $0.15 per diluted share, in the third quarter of 2025 and $20.1 million, or $0.13 per diluted share, for the fourth quarter of 2024. The decrease in net income for the fourth quarter of 2025 was primarily influenced by a non-cash impairment charge of approximately $18.1 million (pre-tax) related to certain oil and gas properties, including the Thunder Hawk field.
Adjusted EBITDA for the fourth quarter of 2025 was $73.9 million, slightly higher than the $71.6 million reported in the fourth quarter of 2024, but lower than the third quarter of 2025’s $103.7 million. Despite these fluctuations, Helix demonstrated strong operational performance, achieving its highest fourth-quarter EBITDA since 2013, reflecting effective cost management, disciplined project execution, and resilient performance across key service segments.
Revenues for the quarter totaled $334.2 million, compared with $355.1 million in the fourth quarter of 2024 and $377.0 million in the third quarter of 2025. Gross profit for the period was $50.7 million, representing a 15% gross margin, down from 17% in the prior-year quarter and 18% in the prior quarter. The reduction in both revenue and gross margin was driven largely by the decline in global oil prices, which fell nearly 20% year-over-year, impacting demand for offshore oil and gas services.
On a full-year basis, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared with $55.6 million, or $0.36 per diluted share, in 2024. Adjusted EBITDA for 2025 reached $272.0 million, compared with $303.1 million in the previous year. Full-year revenues totaled $1.29 billion, slightly lower than the $1.36 billion achieved in 2024, reflecting both macroeconomic and sector-specific headwinds, including lower offshore drilling activity and energy price volatility.
Cash generation remained a key highlight for Helix in 2025. At the end of the fourth quarter, the company’s cash and cash equivalents totaled $445.2 million, a significant increase from $368.0 million at year-end 2024. This strong liquidity position provides Helix with substantial flexibility to pursue strategic initiatives, manage debt, and invest in growth opportunities as market conditions evolve. The company reported net debt of $(137.2) million as of December 31, 2025, representing a solid balance sheet position, further enhanced by strong free cash flow generation. Free cash flow for the fourth quarter was $107.5 million, bringing the total for 2025 to $120.4 million, compared with $163.2 million in 2024. Cash flows from operating activities for the year totaled $136.7 million, demonstrating the company’s continued ability to convert operational performance into tangible liquidity.
Helix President and Chief Executive Officer Owen Kratz commented on the results, stating, “Our fourth-quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth-quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical headwinds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”
Segment Performance and Operational Highlights
Helix operates across multiple service segments, each demonstrating differentiated performance during the fourth quarter and full year 2025.
Well Intervention: Revenues for the fourth quarter reached $181.0 million, down from $226.2 million in the same period last year, reflecting lower offshore activity and commodity price pressures. Income from operations for the segment was $12.3 million, compared with $29.1 million in Q4 2024. Despite the revenue decline, the segment maintained robust project execution, and full-year revenue totaled $729.4 million, down from $829.9 million in 2024.
Robotics: The Robotics segment, which includes subsea robotic intervention services, generated $87.3 million in revenues for the fourth quarter, up from $81.6 million in the prior-year period. Operating income for Robotics was $19.1 million, slightly below the $19.3 million earned in the fourth quarter of 2024. Full-year revenues for Robotics grew to $323.4 million, compared with $297.7 million in 2024, reflecting continued adoption of advanced robotic technologies in offshore operations.
Shallow Water Abandonment (SWA): The SWA segment recorded $57.6 million in revenue for Q4 2025, up from $37.7 million in the fourth quarter of 2024. Operating income improved to $8.6 million from a loss of $5.4 million in the prior-year period, highlighting Helix’s successful execution of decommissioning and plug-and-abandonment projects in the shallow water markets. Full-year SWA revenue totaled $199.6 million, compared with $187.0 million in 2024.
Production Facilities: Revenue for Production Facilities was $17.3 million in Q4 2025, slightly lower than the $18.5 million in the prior-year period. Operating income decreased to $3.5 million from $5.5 million in Q4 2024. Full-year revenue for the segment was $72.7 million, compared with $88.7 million in 2024, reflecting selective project activity and strategic focus on profitable operations.
Long-lived asset impairments, including the $18.1 million pre-tax charge associated with Thunder Hawk, impacted consolidated operating results during the fourth quarter. Corporate, other, and intercompany eliminations resulted in a net operating loss of $13.1 million for Q4 2025, compared with $17.7 million in the same quarter of 2024.
Overall, total operating income for the fourth quarter was $12.3 million, down from $30.9 million in Q4 2024, and full-year operating income reached $65.1 million, compared with $127.4 million in 2024. These results reflect both macroeconomic headwinds, including lower oil prices and reduced offshore activity, as well as the impact of the non-cash impairment charge in the fourth quarter.
