Helix Energy Solutions Group, Inc. reported a consolidated net revenue of $1.36 billion for the fiscal year ending December 31, 2024, marking a 5% increase from $1.29 billion in 2023. The company's net income for the year was $55.6 million, a significant recovery from a net loss of $10.8 million in the previous year. This turnaround was primarily driven by improved performance in the Well Intervention and Robotics segments, which saw revenue increases of 17% and 15%, respectively. The Well Intervention segment alone generated $829.9 million in revenue, up from $707.7 million in 2023, reflecting higher utilization rates and improved contract terms.
The company experienced notable operational changes, including a significant increase in its backlog, which rose to $1.4 billion as of December 31, 2024, compared to $850 million at the end of 2023. This backlog is expected to provide strong revenue visibility, with $681 million anticipated to be performed in 2025. Key contracts contributing to this backlog include extensions and new agreements with major clients such as Shell and Petrobras, which are expected to enhance utilization rates for Helix's fleet of well intervention vessels.
In terms of strategic developments, Helix completed the redemption of its Convertible Senior Notes due 2026 in early 2024 and extended the maturity of its Amended ABL Facility to August 2029. The company also maintained a focus on share repurchases, having repurchased approximately 2.87 million shares for $29.6 million under its 2023 Repurchase Program. As of December 31, 2024, Helix had a total of 2,313 employees, with a diverse workforce representing 40 different nationalities.
Geographically, Helix operates primarily in the U.S. Gulf Coast, North Sea, Brazil, Asia Pacific, and West Africa. The company reported that its operations in the U.S. generated $542.9 million in revenue, while the North Sea and Brazil contributed $250 million and $185.5 million, respectively. The Robotics segment, which supports both oil and gas and renewable energy markets, accounted for 51% of its global revenues, indicating a strong commitment to the energy transition.
Looking ahead, Helix anticipates continued strong performance in 2025, driven by increasing demand for decommissioning services and growth in the offshore renewables trenching market. The company expects to benefit from its expanded backlog and improved contract terms, positioning itself favorably in a market characterized by ongoing volatility in oil and gas prices and a shift towards renewable energy solutions.
About HELIX ENERGY SOLUTIONS GROUP INC
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