Helix Energy Solutions Group reported net income of $22.1 million for the third quarter of 2025, a significant improvement compared to a net loss of $2.6 million in the previous quarter and slightly below the $29.5 million net income reported in the third quarter of 2024.
Adjusted EBITDA for the quarter was $103.7 million, more than double the $42.4 million recorded in Q2 2025 and also up from $87.6 million in Q3 2024.
Revenues for the third quarter reached $376.9 million, up from $302.3 million in Q2 2025 and $342.4 million in Q3 2024. For the first nine months of 2025, net income was $22.6 million on revenues of $957.3 million, compared to $35.5 million net income on revenues of $1.003 billion in the same period last year.
Owen Kratz, President and CEO of Helix, stated that the strong Q3 results, the company's highest quarterly EBITDA since 2014, provide insight into the business's earnings potential. He noted the performance was achieved despite downtime on the Q4000 and the Seawell rigs being stacked.
Based on the strong quarter, Helix increased its full-year 2025 Adjusted EBITDA guidance to $240 to $270 million and estimated full-year free cash flow generation between $100 and $140 million.
Operational highlights included strong performance in the robotics segment, driven by trenching and renewables operations, and meaningful upticks in activity in the shallow water segment.
Commercially, the company secured a four-year robotics contract for trenching in the North Sea and a Well Intervention contract in the Gulf of America.
In the well intervention segment, Q3 revenues increased 23 per cent sequentially due to higher utilisation on the Q5000 and Q7000 rigs and higher rates in the North Sea.
Robotics segment revenues rose 16 per cent sequentially, driven by increased trenching activities and higher charter rates.
Shallow water abandonment revenues surged 47 per cent quarter-over-quarter due to higher utilisation of the Epic Hedron and increased activity levels across other assets.
Production facilities revenues saw a modest eight per cent increase compared to Q2.