Helix Energy Solutions Group, Inc., together with its subsidiaries, an offshore energy services company, provides specialty services to the offshore energy industry in Brazil, the United States, North Sea, the Asia Pacific, West Africa, and internationally. The company operates through four segments: Well Intervention, Robotics, Shallow Water Abandonment, and Production Facilities. It engages in the installation of flowlines, control umbilicals, and manifold assemblies and risers; trenching and burial of pipelines; installation and tie-in of riser and manifold assembly; commissioning, testing, and inspection; and cable and umbilical lay. The company also provides well intervention, intervention engineering, and production enhancement services; coiled tubing operations; and inspection, repair, and maintenance IRM of production structures, trees, jumpers, risers, pipelines, and subsea equipment, as well as related support services. In addition, it offers reclamation and remediation services; well plug and abandonment P&A services; pipeline, cable and umbilical abandonment services; and site inspections. Further, the company offers oil and natural gas processing facilities and services; and fast response system, as well as site clearance and subsea support services. Additionally, it provides offshore oilfield decommissioning and reclamation, site clearance, project management, engineered solutions, intervention, heavy lift, and commercial diving services. It serves independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies, and offshore engineering and construction firms. The company was formerly known as Cal Dive International, Inc. and changed its name to Helix Energy Solutions Group, Inc. in March 2006. The company was incorporated in 1979 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $210M | $31M | $120M | 2.0% | -4.9% | -44.6% |
| 2024 | $1.4B | $253M | $56M | $163M | 3.7% | 5.3% | -613.4% |
| 2023 | $1.3B | $167M | $-11M | $133M | -0.7% | 47.7% | -87.7% |
| 2022 | $873M | $74M | $-88M | $18M | -5.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 873.10 | 1,289.73 | 1,358.56 | 1,291.47 |
| Operating Revenue | - | 873.10 | 1,289.73 | 1,358.56 | 1,291.47 |
| Cost Of Revenue | - | 822.48 | 1,089.37 | 1,139 | 1,132.34 |
| Gross Profit | - | 50.62 | 200.36 | 219.56 | 159.14 |
| Operating Expense | - | 76.75 | 94.43 | 91.65 | 75.94 |
| Selling General And Administration | - | 76.75 | 94.43 | 91.65 | 75.94 |
| Total Expenses | - | 899.24 | 1,183.80 | 1,230.65 | 1,208.28 |
| Operating Income | - | -26.14 | 105.93 | 127.91 | 83.20 |
| Total Operating Income As Reported | - | -44.86 | 63.51 | 127.44 | 65.14 |
| EBITDA | - | 73.72 | 167.30 | 253.17 | 209.99 |
| Normalized EBITDA | - | 92.44 | 246.99 | 274.57 | 228.06 |
| EBIT | - | -55 | 28.87 | 115.96 | 75.45 |
| Interest Income | - | 1.23 | 4.02 | 11.27 | 10.20 |
| Interest Expense | - | 20.18 | 21.36 | 33.90 | 32.97 |
| Net Interest Income | - | -18.95 | -17.34 | -22.63 | -22.78 |
| Other Non Operating Income Expenses | - | -19.64 | -1.38 | -1.82 | 0.12 |
| Other Income Expense | - | -30.09 | -81.08 | -23.22 | -17.94 |
| Interest Income Non Operating | - | 1.23 | 4.02 | 11.27 | 10.20 |
| Interest Expense Non Operating | - | 20.18 | 21.36 | 33.90 | 32.97 |
| Net Non Operating Interest Income Expense | - | -18.95 | -17.34 | -22.63 | -22.78 |
| Pretax Income | - | -75.18 | 7.51 | 82.06 | 42.48 |
| Tax Provision | - | 12.60 | 18.35 | 26.43 | 11.65 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.14 | -16.74 | -6.89 | -4.95 |
| Net Income Continuous Operations | - | -87.78 | -10.84 | 55.64 | 30.83 |
| Net Income From Continuing And Discontinued Operation | - | -87.78 | -10.84 | 55.64 | 30.83 |
| Net Income From Continuing Operation Net Minority Interest | - | -87.78 | -10.84 | 55.64 | 30.83 |
| Net Income | - | -87.78 | -10.84 | 55.64 | 30.83 |
| Net Income Common Stockholders | - | -87.78 | -10.84 | 55.58 | 30.80 |
| Net Income Including Noncontrolling Interests | - | -87.78 | -10.84 | 55.64 | 30.83 |
| Normalized Income | - | -72.21 | 52.12 | 70.15 | 43.94 |
| Diluted NI Availto Com Stockholders | - | -87.78 | -10.84 | 55.58 | 30.80 |
| Basic Average Shares | - | 151.28 | 150.92 | 151.99 | 148.35 |
| Diluted Average Shares | - | 151.28 | 150.92 | 154.70 | 148.45 |
| Reconciled Depreciation | - | 128.72 | 138.42 | 137.20 | 134.54 |
| Reconciled Cost Of Revenue | - | 822.48 | 1,089.37 | 1,139 | 1,132.34 |
| Total Unusual Items | - | -18.72 | -79.70 | -21.40 | -18.06 |
| Total Unusual Items Excluding Goodwill | - | -18.72 | -79.70 | -21.40 | -18.06 |
| Minority Interests | 0.15 | 0 | 0 | - | - |
| Special Income Charges | - | -18.72 | -79.70 | -21.40 | -18.06 |
| Other Special Charges | 0.14 | - | 37.28 | 20.92 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 0 | 18.06 |
| Restructuring And Mergern Acquisition | - | 18.72 | 42.79 | 0 | 0 |
| Gain On Sale Of Ppe | - | 0 | 0.37 | -0.48 | 0 |
| Otherunder Preferred Stock Dividend | - | 0 | 0 | 0.05 | 0.02 |
| Earnings From Equity Interest | 0 | 8.26 | 0 | 0 | - |
| Average Dilution Earnings | - | 0 | 0 | 0 | 0 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Helix Energy Solutions Group, Inc.this co. | HLX | $1.4B | 46.49β premium | 0.91 | 2.0% | 7.70 |
| RPC, Inc. | RES | $1.6B | 50.16 | 1.46 | 2.9% | 6.69 |
| FLEX LNG Ltd. | FLNG | $1.6B | 21.41 | 2.23 | 10.4% | 12.30 |
| Borr Drilling Limited | BORR | $1.6B | 34.64 | 1.28 | 3.7% | 7.37 |
| World Kinect Corporation | WKC | $1.5B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| -2.49 |
| 1.18 |
| -47.3% |
| -3.83 |
| Nabors Industries Ltd. | NBR | $1.5B | 5.22 | 2.53 | 48.5% | 2.18 |
| ProFrac Holding Corp. | ACDC | $1.5B | -3.95 | 2.03 | -51.4% | 14.04 |
| Navigator Holdings Ltd. | NVGS | $1.3B | 13.40 | 1.09 | 8.2% | 6.95 |
| Bristow Group Inc. | VTOL | $1.2B | 9.65 | 1.18 | 12.2% | 6.87 |
| Peer Median | - | 11.53 | 1.37 | 5.9% | 6.91 | |