Odyssey Marine Exploration, Inc. press release

Helix Reports Fourth Quarter and Full Year 2025 Results

2026-02-23

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Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 compared to net income of $22.1 million, or $0.15 per diluted share, for the third quarter 2025 and net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax). Helix reported Adjusted EBITDA 1 of $73.9 million for the fourth quarter 2025 compared to $103.7 million for the third quarter 2025 and $71.6 million for the fourth quarter 2024.

For the full year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared to net income of $55.6 million, or $0.36 per diluted share, for the full year 2024. Adjusted EBITDA for the full year 2025 was $272.0 million compared to $303.1 million for the full year 2024. The table below summarizes our results of operations:

| Summary of Results

($ in thousands, except per share amounts, unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Year Ended | | | | | | | | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | 9/30/2025 | | 12/31/2025 | | 12/31/2024 | | | | | | | | | | | | Revenues | $ | 334,162 | | | $ | 355,133 | | | $ | 376,960 | | | $ | 1,291,474 | | | $ | 1,358,560 | | | Gross Profit | $ | 50,663 | | | $ | 58,859 | | | $ | 66,019 | | | $ | 159,138 | | | $ | 219,564 | | | | | 15 | % | | | 17 | % | | | 18 | % | | | 12 | % | | | 16 | % | | Net Income (Loss) | $ | 8,270 | | | $ | 20,121 | | | $ | 22,083 | | | $ | 30,827 | | | $ | 55,637 | | | Basic Earnings (Loss) Per Share | $ | 0.06 | | | $ | 0.13 | | | $ | 0.15 | | | $ | 0.21 | | | $ | 0.37 | | | Diluted Earnings (Loss) Per Share | $ | 0.06 | | | $ | 0.13 | | | $ | 0.15 | | | $ | 0.21 | | | $ | 0.36 | | | Adjusted EBITDA 1 | $ | 73,871 | | | $ | 71,641 | | | $ | 103,671 | | | $ | 271,957 | | | $ | 303,147 | | | Cash and Cash Equivalents | $ | 445,196 | | | $ | 368,030 | | | $ | 338,033 | | | $ | 445,196 | | | $ | 368,030 | | | Net Debt 1 | $ | (137,201 | ) | | $ | (52,873 | ) | | $ | (30,561 | ) | | $ | (137,201 | ) | | $ | (52,873 | ) | | Cash Flows from Operating Activities | $ | 113,163 | | | $ | 77,977 | | | $ | 24,277 | | | $ | 136,749 | | | $ | 186,028 | | | Free Cash Flow 1 | $ | 107,467 | | | $ | 65,454 | | | $ | 22,589 | | | $ | 120,407 | | | $ | 163,188 | | | | | | | | | | | | | | | | | | | | | | |

| _

1 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below |

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”

| Segment Information, Operational and Financial Highlights

($ in thousands, unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Year Ended | | | | | | | | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | 9/30/2025 | | 12/31/2025 | | 12/31/2024 | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | Well Intervention | $ | 181,006 | | | $ | 226,188 | | | $ | 193,205 | | | $ | 729,371 | | | $ | 829,862 | | | Robotics | | 87,332 | | | | 81,594 | | | | 99,407 | | | | 323,353 | | | | 297,678 | | | Shallow Water Abandonment | | 57,555 | | | | 37,690 | | | | 74,642 | | | | 199,633 | | | | 186,979 | | | Production Facilities | | 17,262 | | | | 18,462 | | | | 18,513 | | | | 72,693 | | | | 88,709 | | | Intercompany Eliminations | | (8,993 | ) | | | (8,801 | ) | | | (8,807 | ) | | | (33,576 | ) | | | (44,668 | ) | | Total | $ | 334,162 | | | $ | 355,133 | | | $ | 376,960 | | | $ | 1,291,474 | | | $ | 1,358,560 | | | | | | | | | | | | | | | | | | | | | | | | Income (Loss) from Operations: | | | | | | | | | | | | | | | | | | | | | Well Intervention | $ | 12,269 | | | $ | 29,118 | | | $ | 8,558 | | | $ | 24,367 | | | $ | 93,205 | | | Robotics | | 19,056 | | | | 19,335 | | | | 27,878 | | | | 71,325 | | | | 77,343 | | | Shallow Water Abandonment | | 8,560 | | | | (5,422 | ) | | | 15,741 | | | | 10,503 | | | | (9,323 | ) | | Production Facilities | | 3,548 | | | | 5,498 | | | | 5,381 | | | | 20,298 | | | | 21,340 | | | Long-lived asset impairment | | (18,064 | ) | | | - | | | | - | | | | (18,064 | ) | | | - | | | Corporate / Other / Eliminations | | (13,105 | ) | | | (17,651 | ) | | | (9,707 | ) | | | (43,294 | ) | | | (55,130 | ) | | Total | $ | 12,264 | | | $ | 30,878 | | | $ | 47,851 | | | $ | 65,135 | | | $ | 127,435 | | | | | | | | | | | | | | | | | | | | | | |

Fourth Quarter Results

Segment Results

Well Intervention

Well Intervention revenues decreased $12.2 million, or 6%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower utilization on the _Sea Helix 1 _(formerly the Siem Helix 1 ) and the Well Enhancer , offset partially by higher utilization on the _Q4000 _during the fourth quarter 2025. Utilization was lower during the fourth quarter 2025 on the _Sea Helix 1 _as it transitioned between long-term contracts in Brazil and on the _Well Enhancer _due to the winter seasonal slowdown in the North Sea. Overall Well Intervention vessel utilization decreased to 72% during the fourth quarter 2025 compared to 76% during the prior quarter. Well Intervention operating income increased $3.7 million during the fourth quarter 2025 compared to the third quarter 2025 primarily due to mobilization cost deferrals on the _Sea Helix 1 _during the fourth quarter and accelerated amortization during the third quarter of deferred regulatory costs related to the Q4000 .

Well Intervention revenues decreased $45.2 million, or 20%, during the fourth quarter 2025 compared to the fourth quarter 2024. The decrease was primarily due to lower revenues on the Q4000 , the _Seawell _and the _Sea Helix 1 _compared to the prior year. Revenues decreased on the _Q4000 _due to lower utilization, which had gaps between projects, and lower integrated project revenues during the fourth quarter 2025 compared to the fourth quarter 2024 when the vessel had higher integrated project revenues working in Nigeria. Revenues on the _Seawell _decreased as the vessel was stacked during the fourth quarter 2025 compared to having 50% utilization in addition to the recognition of a contract cancellation fee of approximately $14 million during the fourth quarter 2024. _Sea Helix 1 _revenues decreased year over year with lower utilization as the vessel transitioned between long-term contracts in Brazil during the fourth quarter 2025. Revenue decreases were offset partially by higher revenues on the Well Enhancer , the _Siem Helix 2 _and the Q5000 . Revenues increased on the Well Enhancer , which worked later into the winter season during the fourth quarter 2025 compared to the prior year. The _Siem Helix 2 _and the _Q5000 _operated at higher rates during the fourth quarter 2025 compared to the prior year. Well Intervention operating income decreased $16.8 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues, offset partially by lower integrated project costs on the _Q4000 _and lower costs due to the vessel stacking in the North Sea.

Robotics

Robotics revenues decreased $12.1 million, or 12%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was due to lower overall vessel, trenching and ROV utilization with the winter seasonal slowdown in North Sea operations in the fourth quarter. During the fourth quarter 2025, integrated vessel trenching decreased to 134 days and trenching on third-party vessels decreased to 137 days compared to 210 days and 165 days, respectively, during the prior quarter. Total Robotics vessel activity declined to 491 days during the fourth quarter 2025, or 91% utilization, compared to 536 days, or 92% utilization, during the prior quarter. ROV and trencher utilization decreased to 58% during the fourth quarter 2025 compared to 63% during the prior quarter, and site clearance operations using our IROV boulder grabs generated 100 days of utilization during the fourth quarter 2025 compared to 192 days during the prior quarter. Robotics operating income decreased $8.8 million compared to the prior quarter primarily due to lower revenues.

Robotics revenues increased $5.7 million, or 7%, during the fourth quarter 2025 compared to the fourth quarter 2024. Revenue increases were primarily due to higher rates and higher levels of third-party trenching activities and increased site clearance operations, offset partially by lower vessel activities, including fewer integrated vessel trenching days, and lower overall ROV utilization during the fourth quarter 2025. The fourth quarter 2025 included 137 days of trenching on third-party vessels with the T-1400-1 and T-1400-2 jet trenchers compared to 26 days during the fourth quarter 2024 with the i-Plough. Robotics also had 100 days of site clearance operations using IROV boulder grabs during the fourth quarter 2025 compared to 65 days during the fourth quarter 2024. These improvements were offset partially by a reduction in integrated vessel trenching to 134 days during the fourth quarter 2025 compared to 269 days during the fourth quarter 2024. The fourth quarter 2025 included 491 aggregate vessel days compared to 508 vessel days during the fourth quarter 2024. Overall ROV utilization decreased to 58% during the fourth quarter 2025 compared to 64% during the fourth quarter 2024. Robotics operating income decreased $0.3 million during the fourth quarter 2025 due to the incurrence of demobilization costs for one of its chartered vessels and lower margins on certain projects due to the mix of contracting compared to the fourth quarter 2024.

Shallow Water Abandonment

Shallow Water Abandonment revenues decreased $17.1 million, or 23%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was primarily related to the seasonal slowdown in the Gulf of America shelf with lower utilization on systems and vessels including the _Epic Hedron _during the fourth quarter 2025. Plug and Abandonment (“P&A”) and Coiled Tubing (“CT”) systems activity decreased to 621 days, or 26% utilization, during the fourth quarter 2025 compared to 1,003 days, or 42% utilization, during the prior quarter. Vessel utilization (excluding heavy lift) decreased to 52% during the fourth quarter 2025 compared to 65% during the prior quarter. The _Epic Hedron _heavy lift barge had good fourth quarter utilization of 92%, albeit down slightly from the prior quarter which saw full utilization. Shallow Water Abandonment operating income decreased $7.2 million compared to the prior quarter primarily due to lower revenues during the fourth quarter 2025.

Shallow Water Abandonment revenues increased $19.9 million, or 53%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues on the _Epic Hedron _and higher utilization on our systems, offset partially by lower utilization on our other vessels. The _Epic Hedron _was 92% utilized and operated at higher rates during the fourth quarter 2025 compared to having only 41% utilization during the fourth quarter 2024. Utilization on P&A and CT systems increased to 621 days, or 26%, during the fourth quarter 2025 compared to 416 days, or 17%, during the fourth quarter 2024. Vessel utilization (excluding heavy lift), decreased to 52% during the fourth quarter 2025 compared to 65% during the fourth quarter 2024. During the fourth quarter 2025, two liftboats and three OSVs remained stacked as a cost reduction measure. Shallow Water Abandonment operating income increased $14.0 million in the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues.

Production Facilities

Production Facilities revenues decreased $1.3 million, or 7%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the Helix Fast Response System (“HFRS”) due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during both quarters. Production Facilities operating income decreased $1.8 million during the fourth quarter 2025 primarily due to lower revenues and higher operating expenses compared to the prior quarter.

Production Facilities revenues decreased $1.2 million, or 6%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the HFRS due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during the fourth quarters 2024 and 2025. Production Facilities operating income decreased $2.0 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues and higher operating expenses.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $20.3 million, or 6.1% of revenue, during the fourth quarter 2025 compared to $18.2 million, or 4.8% of revenue, during the prior quarter and $27.6 million, or 7.8% of revenue, during the fourth quarter 2024. The increase in expenses quarter over quarter was primarily due to higher employee compensation costs, and the decrease in expenses year over year was primarily due to lower employee compensation costs.

Other Income and Expense

Other expense, net was $0.5 million during the fourth quarter 2025 compared to $1.0 million during the prior quarter and $1.3 million during the fourth quarter 2024. Other expense, net primarily includes net foreign currency losses related to our international subsidiaries’ foreign currency positions.

Long-lived Asset Impairment

Long-lived asset impairment includes a non-cash impairment of our Thunder Hawk field in our Production Facilities segment during the fourth quarter 2025 due to lower oil prices and higher expected operating costs, including expected workover costs.

Cash Flows

Operating cash flows were $113.2 million during the fourth quarter 2025 compared to $24.3 million during the prior quarter and $78.0 million during the fourth quarter 2024. Operating cash flows during the fourth quarter 2025 increased compared to the prior quarter primarily due improvements in working capital, offset partially by lower earnings. Operating cash flows during the fourth quarter 2025 increased compared to the fourth quarter 2024 primarily due to higher working capital inflows. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $3.7 million during the fourth quarter 2025 compared to $14.3 million during the prior quarter and $6.1 million during the fourth quarter 2024.

Capital expenditures, which are included in investing cash flows, totaled $5.7 million during the fourth quarter 2025 compared to $1.7 million during the prior quarter and $12.5 million during the fourth quarter 2024.

Free Cash Flow was $107.5 million during the fourth quarter 2025 compared to $22.6 million during the prior quarter and $65.5 million during the fourth quarter 2024. The increase in Free Cash Flow in the fourth quarter 2025 compared to the prior quarter and fourth quarter 2024 was primarily due to higher operating cash flows during the fourth quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)

Full Year Results

Segment Results

Well Intervention

Well Intervention revenues decreased $100.5 million, or 12%, in 2025 compared to 2024 primarily due to overall lower utilization offset partially by higher rates in 2025. Utilization declined primarily due to the stacking of the _Seawell _in the North Sea during the entirety of 2025 whereas the vessel had 86% utilization during 2024. Utilization also declined as the Q7000 , the _Q5000 _and the _Q4000 _collectively underwent 131 docking days during 2025 compared to 10 days on the _Sea Helix 1 _during 2024. Additionally, revenues in 2024 included $14 million of contract cancellation fees for work that had been planned for 2025. Overall Well Intervention vessel utilization decreased to 72% during 2025 compared to 90% in 2024. Revenue declines were offset partially by higher rates on the Well Enhancer , and in Brazil in 2025. Well Intervention operating income decreased $68.8 million during 2025 compared 2024 primarily due to lower revenues, offset partially by lower costs on the _Seawell _due to the vessel being warm stacked during 2025 and higher deferred costs related to the dockings during 2025.

Robotics

Robotics revenues increased $25.7 million, or 9%, in 2025 compared to 2024. The increase was primarily due to increased trenching on third party vessels and higher project rates on our vessel activities, offset partially by lower overall vessel and ROV utilization in 2025. Robotics generated 483 days of trenching on third party vessels during 2025 compared to 167 days during 2024; however, vessel utilization decreased to 1,808 days in 2025 compared to 1,901 days in 2024. Included in vessel days are integrated vessel trenching days, which decreased to 635 days in 2025 compared to 835 days in 2024, and site clearance vessel days, which increased to 503 days in 2025 compared to 325 days in 2024. Overall ROV and trencher utilization decreased to 59% in 2025 compared to 69% in 2024. Robotics operating income decreased $6.0 million in 2025 compared to 2024. The decrease in operating income was primarily due to lower margins on certain projects due to the mix of contracting offset partially by higher revenues during 2025.

Shallow Water Abandonment

Shallow Water Abandonment revenues increased $12.7 million, or 7%, in 2025 compared to 2024. The increase in revenues was primarily due to higher utilization on the _Epic Hedron _leavy lift barge and on our systems in 2025 compared to 2024. Utilization on the _Epic Hedron _heavy lift barge was 58% during 2025 compared to 44% during 2024. P&A and CT systems achieved 2,686 days of utilization, or 28%, during 2025 compared to 2,281 days, or 24%, during 2024. Vessel utilization (excluding heavy lift) declined to 53% during 2025 compared to 61% during 2024. Shallow Water Abandonment generated operating income of $10.5 million during 2025, an increase of $19.8 million compared to an operating loss of $9.3 million in 2024. The increase was primarily due to higher revenues, lower operating expenses, and higher margin contracting in 2025.

Production Facilities

Production Facilities revenues decreased $16.0 million, or 18%, during 2025 compared to 2024. The decrease in 2025 was primarily due to lower oil and gas production volumes with the Thunder Hawk field being shut during 2025 after having had approximately seven months of production in 2024. The Droshky field production declined in 2025 compared to 2024 and realized oil prices were lower by 12% year over year. Production Facilities operating income decreased $1.0 million during 2025 primarily due to lower revenues, offset partially by lower operating expenses and lower workover costs on the Thunder Hawk field compared to 2024.