Helix Energy Solutions Reports 17% Revenue Decline and Net Loss in Q2 2025

Helix Energy Solutions Group, Inc. reported a decline in financial performance for the second quarter of 2025, with net revenues of $302.3 million, a 17% decrease from $364.8 million in the same period of 2024. The company experienced a gross profit of $14.9 million, down from $75.5 million year-over-year, reflecting significant challenges in its Well Intervention and Production Facilities segments. The net loss for the quarter was $2.6 million, compared to a net income of $32.3 million in the prior year, resulting in a basic loss per share of $0.02.

The decrease in revenue was primarily driven by a 28% drop in the Well Intervention segment, attributed to lower utilization rates and operational challenges, including the warm-stacking of the Seawell vessel. The Production Facilities segment also saw a 33% decline in revenue, largely due to reduced oil and gas production and lower commodity prices. In contrast, the Robotics segment reported a modest 5% increase in revenue, reflecting higher chartered vessel activities and site clearance operations.

Operationally, Helix's total assets increased to $2.67 billion as of June 30, 2025, up from $2.60 billion at the end of 2024. The company’s cash and cash equivalents decreased to $319.7 million, while accounts receivable rose significantly to $327.9 million, indicating a potential increase in credit risk. The company’s backlog stood at approximately $1.3 billion, with $425 million expected to be performed in the remainder of 2025, supported by contracts with major clients such as Shell and Petrobras.

In terms of strategic developments, Helix continued its share repurchase program, having repurchased approximately $30 million worth of common stock during the first half of 2025. The company also reported a decrease in selling, general, and administrative expenses, which fell to $18.1 million from $22.3 million year-over-year, reflecting cost management efforts. Looking ahead, Helix anticipates a challenging market environment for the remainder of 2025, particularly in the Well Intervention and Shallow Water Abandonment segments, but expects growth in decommissioning services and renewable energy support as global energy demands evolve.