Helix Energy Solutions Reports 6% Revenue Decrease to $278.1 Million in Q1 2025

Helix Energy Solutions Group, Inc. reported a decrease in net revenues for the first quarter of 2025, totaling $278.1 million, down 6% from $296.2 million in the same period of 2024. The decline was primarily driven by reduced revenues in the Well Intervention, Shallow Water Abandonment, and Production Facilities segments, which were partially offset by a slight increase in the Robotics segment. The company achieved a gross profit of $27.5 million, a significant increase from $19.6 million year-over-year, reflecting improved profitability in Well Intervention and Production Facilities, despite challenges in Shallow Water Abandonment.

In terms of operational performance, Helix's Well Intervention segment generated revenues of $198.4 million, a 6% decrease from the previous year, attributed to lower utilization of key vessels. The Robotics segment saw a modest revenue increase of 1%, driven by heightened trenching activities. Conversely, the Shallow Water Abandonment segment experienced a 37% revenue drop, reflecting lower vessel utilization rates. The Production Facilities segment also faced an 18% decline in revenues, primarily due to reduced oil and gas production.

The company’s financial position showed a slight increase in total assets, rising to $2.6 billion as of March 31, 2025, compared to $2.6 billion at the end of 2024. Current assets increased to $736.2 million, bolstered by a rise in other current assets. Total liabilities also increased to $1.1 billion, with long-term debt slightly decreasing to $301.7 million. Helix's shareholders' equity rose to $1.5 billion, reflecting retained earnings growth and a reduction in accumulated other comprehensive loss.

Looking ahead, Helix anticipates a challenging market environment due to ongoing commodity price volatility and geopolitical factors affecting the offshore energy sector. The company expects to leverage its backlog of approximately $1.4 billion, with significant contracts in place with major clients such as Shell and Petrobras, to support future revenue growth. Helix remains focused on enhancing its service offerings in both traditional oil and gas operations and the growing renewable energy sector, positioning itself for long-term growth despite current market uncertainties.