Helix Energy Solutions Group Inc (NYSE: HLX)

Helix Energy Solutions Group, Inc. is an international offshore energy services company that provides specialty services to the offshore energy industry with a focus on well intervention robotics and decommissioning operations. The company supports the global energy transition by maximizing production from existing oil and gas reserves decommissioning end of life fields and assisting renewable energy developments.

Helix generates revenue by offering a range of services including well intervention robotics shallow water abandonment and production facilities to oil and gas producers renewable energy companies pipeline operators and offshore engineering and construction firms worldwide. Its service portfolio covers production enhancement well plug and abandonment subsea inspection repair and maintenance trenching seabed clearance heavy lift and floating processing operations.

The company operates through the following segments: Well Intervention Robotics Shallow Water Abandonment and Production Facilities.

• Well Intervention: This segment provides services that enable customers to safely access subsea offshore wells for production enhancement or decommissioning thereby extending well life and preventing uncontrolled releases. It operates vessels such as the Q4000 Q5000 Q7000 Seawell Well Enhancer Sea Helix 1 and Siem Helix 2 and deploys intervention equipment including eight IRS three SIL and the ROAM system across the Gulf of America Brazil North Sea Asia Pacific and West Africa.

• Robotics: This segment delivers trenching seabed clearance offshore construction and inspection repair and maintenance services to both oil and gas and renewable energy markets using a fleet of 39 work class ROVs six trenchers three IROV boulder grabs and various support vessels. In 2025 49% of the segment’s revenue came from offshore renewable energy contracts.

• Shallow Water Abandonment: This segment supports upstream and midstream activities mainly in the Gulf of America shelf providing decommissioning reclamation well intervention inspection repair and maintenance heavy lift and commercial diving services. It includes the Helix Alliance fleet of nine liftboats six offshore supply vessels three dive support vessels a heavy lift derrick barge a crew boat 20 P&A systems and six CT systems.

• Production Facilities: This segment encompasses the HP I floating production vessel capable of processing 45,000 barrels of oil and 80,000,000 cubic feet of gas per day the HFRS fast response system for well control and ownership of mature oil and gas properties all located in the Gulf of America.

Helix competes in a highly competitive oilfield services market where price access to specialized vessels skilled personnel and safety performance are key. Its principal competitors in well intervention include AKOFS Offshore Baker Hughes C Innovation Expro Oceaneering TechnipFMC Trendsetter and Well Safe Solutions. In robotics it faces rivals such as Asso Divers Atlantic Marine Briggs Marine C Innovation DeepOcean DOF Subsea Fugro James Fisher Oceaneering and UTROV. For shallow water abandonment competitors include Aries Marine C Dive Cardinal Services Chet Morrison Crescent Energy Services Laredo Offshore Services Manson Gulf Offshore Liftboats Offshore Marine Contractors Seacor Shore Offshore Supreme Energy Turnkey Offshore Project Services and White Fleet. The company’s advantages stem from its purpose built vessels lower operating costs rapid mobilization and integrated offerings through alliances such as the Subsea Services Alliance with SLB.

Helix’s customers consist primarily of major national and independent oil and gas producers pipeline transmission companies renewable energy companies and offshore engineering and construction firms. In 2025 the largest contributors to revenue were Shell representing 18% and Petrobras representing 10% of total sales. The company served over 80 distinct customers during that year.