Helix Energy Solutions ( (HLX) ) has released its Q1 earnings. Here is a breakdown of the information Helix Energy Solutions presented to its investors.
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company specializing in well intervention, robotics, and decommissioning operations, supporting the global energy transition by maximizing production of existing reserves and decommissioning end-of-life fields.
In its first quarter of 2025, Helix reported a net income of $3.1 million, a significant improvement from the net loss of $26.3 million in the same period last year, though a decrease from the $20.1 million net income in the previous quarter. The company’s adjusted EBITDA was $52.0 million, reflecting a decrease from the previous quarter but an increase from the first quarter of 2024.
Key financial metrics showed a decline in revenues to $278.1 million, down from $296.2 million in the first quarter of 2024, primarily due to seasonal slowdowns and regulatory dockings. The Well Intervention segment saw a decrease in revenue due to lower utilization in the North Sea, while Robotics and Shallow Water Abandonment also experienced declines. However, Production Facilities reported a revenue increase due to higher production from the Droshky wells.
Despite the challenges, Helix maintains a strong balance sheet with cash and cash equivalents of $370.0 million and a negative net debt position of $58.9 million. The company expects to generate meaningful free cash flow in 2025, supported by its backlog of contracted work and strategic adjustments to align with market conditions.
Looking ahead, Helix is poised to navigate the uncertainties in the global market, leveraging its robust financial position and operational adjustments to continue supporting the energy sector’s transition and meet its strategic objectives.