Helix Energy Solutions Reports $287.9M Revenue and $13.4M Net Loss in Q1 2026

Helix Energy Solutions Group, Inc. reported a net revenue of $287.9 million for the first quarter of 2026, reflecting a 4% increase from $278.1 million in the same period of 2025. The growth was primarily driven by higher revenues in the Well Intervention, Robotics, and Shallow Water Abandonment segments, which saw increases of 6%, 22%, and 26%, respectively. However, the Production Facilities segment experienced a decline of 6%, attributed to lower oil and gas production and prices from the Droshky field. The company reported a gross profit of $8.8 million, a significant decrease from $27.5 million in the prior year, largely due to reduced profitability in the Well Intervention and Production Facilities segments.

The financial performance of Helix showed a marked contrast compared to the previous fiscal period, with a net loss of $13.4 million for the first quarter of 2026, compared to a net income of $3.1 million in the same quarter of 2025. This shift was influenced by increased selling, general, and administrative expenses, which rose to $22.1 million from $19.4 million year-over-year. The company also reported a decrease in gross margins across several segments, particularly in Well Intervention and Production Facilities, where margins fell to 7% and -40%, respectively.

Operationally, Helix has made strategic moves to enhance its service offerings and market presence. The company has a consolidated backlog of approximately $1.2 billion as of March 31, 2026, with significant contracts from major clients such as Shell and Petrobras. The backlog is expected to support revenue generation throughout the year, with $551 million anticipated to be performed in 2026. Additionally, Helix is preparing for a merger with Hornbeck Offshore Services, which is expected to be completed in the second half of 2026, potentially reshaping its market position.

In terms of liquidity, Helix reported cash and cash equivalents of $501.3 million, up from $445.2 million at the end of 2025. The company also has an available borrowing capacity of $113 million under its Amended ABL Facility. This strong liquidity position is expected to support ongoing operations, capital expenditures, and debt servicing. The company generated $61.8 million in cash from operating activities during the first quarter, a significant increase from $16.4 million in the prior year, indicating improved cash flow management despite the net loss.

Looking ahead, Helix anticipates that its performance will be bolstered by existing contracts, higher commodity prices, and regulatory enforcement in the U.K. The company expects continued demand for its Robotics services, particularly in trenching and site preparation for renewable energy projects. However, uncertainties remain regarding assets not under long-term contracts, especially in spot markets. Overall, Helix is positioned to navigate the evolving energy landscape, with a focus on both oil and gas and renewable energy sectors.