Helix Energy Solutions Group(NYSE) HLX

Helix Energy Solutions Group, Inc. helps energy companies maintain their offshore wells and clean up old oil sites. These services ensure oil keeps flowing safely or that underwater equipment is removed correctly. The company also works on offshore wind farms by burying cables and clearing the seabed.

Tools for Deepwater Energy

• Well Intervention: Services to maximize oil production or decommission old wells using seven specialty vessels; generated $208.1 million in revenue during the three-month period ended June 30, 2026.
• Robotics: Subsea work and cable trenching for oil fields and wind farms using 41 remotely operated vehicles; generated $76.4 million in revenue during the three-month period ended June 30, 2026.
• Production Facilities: Processing facilities and rapid response systems for offshore oil fields; generated $29.7 million in revenue during the three-month period ended June 30, 2026.

Moving Toward New Horizons

• Sold the Helix Alliance business on May 1, 2026, for $104.2 million to exit the shallow water abandonment market.
• Entered a merger agreement with Hornbeck Offshore Services, Inc. on April 22, 2026.
• Recommenced operations on the Thunder Hawk field in early April 2026 following a shut-in during the previous year.

Specialized Fleet Advantage

Helix uses purpose-built vessels rather than traditional drilling rigs to perform well maintenance and decommissioning work. This specialized fleet allows the company to support both traditional fossil fuel production and the growing offshore wind industry.

Financial Performance

• Net revenues were $304.0 million for the three-month period ended June 30, 2026, up 21% year over year.
• Gross profit reached $56.2 million for the three-month period ended June 30, 2026, up 318% year over year.
• Consolidated backlog totaled $1.1 billion as of June 30, 2026, with $421 million expected to be performed by the end of 2026.
• Non-GAAP Adjusted EBITDA was $69.9 million for the three-month period ended June 30, 2026, compared to $42.4 million in the same period of 2025.
• Liquidity reached $716.5 million as of June 30, 2026, including $652.2 million in cash and cash equivalents.

Evolution Through Integration

Helix is narrowing its focus toward deepwater operations and renewable energy projects. The planned merger with Hornbeck marks a significant step in the company's efforts to expand its offshore service capabilities.