Helix Energy Solutions Group, Inc. reported significant financial improvements in its latest quarterly results, with net revenues for the second quarter of 2026 reaching $304.0 million, a 21% increase from $251.7 million in the same period last year. The company also achieved a gross profit of $56.2 million, compared to $13.5 million in the prior year, reflecting a substantial recovery in profitability. The net income for the quarter was $22.7 million, or $0.15 per share, a notable turnaround from a net loss of $2.6 million, or $(0.02) per share, in the second quarter of 2025.
The financial performance was bolstered by a 33% increase in revenues from the Well Intervention segment, which generated $208.1 million, driven by higher utilization rates of key vessels. The Production Facilities segment also saw a 74% increase in revenues, totaling $29.7 million, primarily due to improved oil and gas production following the resumption of operations at the Thunder Hawk field. However, the Robotics segment experienced an 11% decline in revenues, attributed to lower vessel activities during the quarter.
In terms of operational developments, Helix completed the sale of its Helix Alliance segment on May 1, 2026, which has been classified as discontinued operations. This strategic divestiture is part of the company's focus on deepwater operations and is expected to enhance its financial position moving forward. The sale generated a pre-tax gain of $16.1 million, contributing to the overall positive financial results for the quarter. The company’s total assets decreased to $2.57 billion as of June 30, 2026, down from $2.62 billion at the end of 2025, while total liabilities also decreased to $986.4 million from $1.04 billion.
Looking ahead, Helix's backlog as of June 30, 2026, stands at approximately $1.1 billion, with $421 million expected to be performed in the remainder of the year. The company anticipates continued strong demand for its services, particularly in the Robotics segment, as the market for offshore renewable energy projects remains robust. Additionally, Helix is preparing for a merger with Hornbeck Offshore Services, expected to close on September 1, 2026, pending shareholder approval. This merger is anticipated to create a combined entity with enhanced operational capabilities and market presence.
About HELIX ENERGY SOLUTIONS GROUP INC
Helix Energy Solutions Group, Inc. provides offshore energy services including well intervention, robotics, decommissioning, and production facilities. Serving oil, gas, and renewable markets globally, it specializes in subsea operations, trenching, site clearance, and well abandonment. Its competitive advantages include specialized vessels, integrated solutions, and a focus on energy transition support, maximizing existing reserves and facilitating offshore renewable energy projects.
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