Helix Energy Solutions posts $2.6m net loss, $42m gross profit in Q2 2025

The Helix Energy Solutions Group reported a net loss of US$2.6 million for the second quarter of 2025 compared to net income of US$3.1 million for Q1 2025, and net income of US$32.3 million for Q2 2024.

Helix reported gross operating profit of US$42.4 million for Q2 2025 compared to US$52 million for Q1 2025 and US$96.9 million for Q2 2024.

For the six months ended June 30, 2025, Helix reported net income of US$0.5 million compared to net income of US$6 million for the six months ended June 30, 2024. Adjusted gross operating profit for the six months ended June 30, 2025, was US$94.4 million compared to US$143.9 million for the six months ended June 30, 2024.

"Our second quarter results reflect marginal seasonal increases in activity levels in the North Sea and Gulf of America shelf as well as a full quarter of operations on the [subsea intervention vessel] Q7000 in Brazil," said Owen Kratz, President and Chief Executive Officer of Helix.

"The quarterly improvements were more than offset by the negative impacts of the planned regulatory docking of the Q5000 and the return transit of the Q4000 from its Nigeria project."

Kratz said the macro and geopolitical volatility experienced during the second quarter has created "significant uncertainties" in the market, with customers scaling back spending and pushing work into 2026 and beyond.

"While we expect significant improvements in our third quarter financial performance, with a lack of visibility in the fourth quarter as projects get pushed to the right, we have risk-assessed our 2025 outlook accordingly," said Kratz.

"Even with a challenging and disappointing backdrop, we have positioned Helix to generate meaningful free cash flow this year, and we continued to execute our share repurchase plan with 4.6 million shares repurchased during the second quarter.

"We are seeing some positive signs in the market, with work starting to be secured in the North Sea well intervention market for 2026, a multi-year MSA with Exxon for our shallow water segment and a multi-year 800-day minimum commitment trenching contract secured in the North Sea for our robotics segment."

Well intervention

Well intervention revenues decreased US$41.6 million, or 21 per cent, during Q2 2025 compared to the prior quarter primarily due to lower utilisation and lower integrated project revenues in the Gulf of America, offset in part by higher utilisation on the Q7000 in Brazil and higher seasonal utilisation in the North Sea during the second quarter 2025.

Revenues on the US-based vessels decreased during the second quarter 2025 as the Q4000 spent approximately 45 days transiting back to the Gulf of America and demobilising after completing its Nigeria project in early April, and the Q5000 underwent an approximate 57-day planned regulatory docking.

Revenues on the Q4000 also decreased during the second quarter due to lower integrated project revenues following the completion of the Nigeria project.

Well Intervention revenues decreased US$61 million, or 28 per cent, during Q2 2025 compared to Q2 2024. The decrease was primarily due to lower utilization on the Seawell and in the Gulf of America, offset in part by higher rates in Brazil during the second quarter 2025.

Revenues decreased on the Seawell, which was warm stacked during the second quarter 2025 compared to being fully utilized during the second quarter 2024.

Robotics

Robotics revenues increased US$34.5 million, or 68 per cent, during Q2 2025 compared to the prior quarter. The increase in revenues was due to seasonally higher vessel days and trenching and ROV utilisation compared to the prior quarter.

During Q2 2025, chartered vessel activity increased to 537 days, or 95 per cent utilisation, compared to 244 days, or 67 per cent utilisation, and ROV and trencher utilisation increased to 62 per cent compared to 51 per cent during the prior quarter.

Robotics revenues increased US$4.3 million, or five per cent, during Q2 2025 compared to Q2 2024. The increase in revenues was primarily due to increased chartered vessel and site clearance activities, offset in part by a reduction in ROV and trencher utilisation compared to the Q2 2024.

Q2 2025 included 537 chartered vessel days, which included 190 days of site clearance operations using three IROV boulder grabs, compared to 528 chartered vessel days, which included 78 days of site clearance operations using two IROV boulder grabs, during the second quarter 2024.

Shallow water abandonment

Shallow water abandonment revenues increased US$33.8 million, or 201 per cent, during Q2 2025 compared to the prior quarter. The increase in revenues reflected seasonally higher activity levels and utilisation across all asset classes during the second quarter 2025.

Vessel utilisation (excluding heavy lift) increased to 61 per cent during the second quarter 2025 compared to 31 per cent during the prior quarter. Plug and abandonment and coiled tubing systems activity increased to 798 days, or 34 per cent utilisation, during the second quarter 2025 compared to 264 days, or 11 per cent utilisation, during the prior quarter.

Shallow water abandonment revenues decreased US$0.2 million during Q2 2025 compared to Q2 2024 primarily due to lower day rates on vessels and P&A systems, lower heavy lift utilisation and weaker contract performance during Q2 2025, almost entirely offset by higher system and vessel utilization (excluding heavy lift).

Production facilities

Production facilities revenues decreased US$2.8 million, or 14 per cent, during Q2 2025 compared to the prior quarter primarily due to lower oil and gas production and prices from the Droshky field. The Droshky field had a full quarter of production during the first quarter 2025 but was shut in for approximately one month during the second quarter 2025, and the Thunder Hawk field remained shut in during both quarters.

Production facilities revenues decreased US$8.3 million, or 33 per cent, during Q2 2025 compared to Q2 2024 primarily due to lower oil and gas production and prices during Q2 2025.

During Q2 2025, the Thunder Hawk field remained shut in the entire quarter and the Droshky field was shut in for approximately one month, whereas both fields had a full quarter of production during Q2 2024.