Helix Energy Solutions Group Stock Earnings Reports

Helix reported Q1 2026 revenue of $288 million, gross profit of $9 million and a net loss of $13 million; adjusted EBITDA was $32 million and free cash flow was $59 million. Results were seasonally impacted in North Sea and Gulf of America shallow-water activities and included costs for the successful Thunder Hawk workover. The company ended the quarter with strong liquidity (approximately $501 million cash and $612 million total liquidity) and reiterated 2026 guidance: revenue $1.2–1.4 billion, EBITDA $230–290 million, CapEx $70–80 million, and free cash flow $100–160 million. Operational highlights: strong Q4000 utilization, recommencement of Thunder Hawk production, reactivation/return to service of Seawell (restoring a two-vessel North Sea market), and robust demand trends for trenching, robotics, and intervention services. Helix announced an all-stock merger with Hornbeck to form a scaled offshore services platform (to operate as Hornbeck Offshore Services on NYSE: HOS) where Helix shareholders would own ~45% and Hornbeck shareholders ~55% of the combined company. Management expects at least $75 million of annual revenue and cost synergies within three years, expanded global footprint and cross-selling opportunities, a high-spec combined fleet (including two MPSVs delivering in 2027), and enhanced exposure to defense, renewables, and deepwater markets. Management emphasized strong backlog (~$2 billion combined) and the combined company’s capacity to generate substantial free cash flow and pursue growth opportunities organically and via M&A.