olivLaw · US equity research
Helix Energy Solutions Group, Inc. HOS
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Helix Energy Solutions Group is an international offshore energy services company focused on well intervention, robotics and decommissioning, services it says support the energy transition, including offshore wind projects. In 2026 the company is pending a merger with Hornbeck, and its quarterly results show activity recovering after a weaker 2025. Revenues for the first six months of 2026 were 570.7 million USD, and backlog at the end of 2025 was 1.3 billion USD.
At the close of 05 Nov 2026, Helix Energy Solutions Group, Inc. (HOS) stock was 5.36 USD (−12.70% on the day), with market capitalisation 790.0 m USD, P/E 20.1 on diluted EPS of 0.27 USD over the last 12 months, beta 1.08, 52-week range 5.36–10.60 USD. Latest reported quarter (Q2 2026): revenue of 304.0 m USD (+20.8% YoY), net income of 22.7 m USD, diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 20.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 5.85 – 7.75
- below the lower band · %B -0.26 · band width 28.0%
- SMA 50 / 200
- 7.94 / 9.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.49 / -0.42
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −30.6% | −1.1% | −29.5 pp | — |
| 3 months | −45.4% | −0.5% | −44.9 pp | — |
| 6 months | −45.5% | +4.4% | −49.9 pp | — |
| Year to date | −14.5% | +12.3% | −26.8 pp | — |
| 1 year | −19.3% | +13.5% | −32.8 pp | −6.3% |
| 3 years | −46.2% | +76.4% | −122.7 pp | −32.6% |
| 5 years | +33.3% | +63.7% | −30.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 342.4 m | 355.1 m | 278.1 m | 251.7 m | 377.0 m | 334.2 m | 287.9 m | 304.0 m |
| Cost of revenue | 276.8 m | 296.3 m | 250.5 m | 238.2 m | 310.9 m | 283.5 m | 279.1 m | 247.8 m |
| Gross profit | 65.7 m | 58.9 m | 27.5 m | 13.5 m | 66.0 m | 50.6 m | 8.8 m | 56.2 m |
| SG&A | 21.1 m | 27.6 m | 19.4 m | 16.5 m | 18.2 m | 20.3 m | 22.1 m | 21.1 m |
| Operating income | 44.6 m | 30.9 m | 8.2 m | -3.0 m | 47.9 m | 12.3 m | -13.3 m | 26.7 m |
| Depreciation & amortisation | 42.9 m | 40.6 m | 42.5 m | 39.5 m | 55.7 m | 43.9 m | 43.9 m | 39.5 m |
| Interest expense | 8.4 m | 8.3 m | 8.2 m | 8.3 m | 8.2 m | 8.2 m | 8.2 m | 8.3 m |
| Pre-tax income | 39.0 m | 24.0 m | 3.5 m | -8.8 m | 41.3 m | 6.3 m | -16.6 m | 22.4 m |
| Income tax | 9.5 m | 3.9 m | 453.0 k | -3.7 m | 19.2 m | -2.0 m | -3.2 m | 7.1 m |
| Net income | 29.5 m | 20.1 m | 3.1 m | -2.6 m | 22.1 m | 8.3 m | -13.4 m | 22.7 m |
| Diluted EPS | 0.19 | 0.13 ≈ | 0.02 | -0.02 | 0.15 | 0.06 ≈ | -0.09 | 0.15 |
| Operating cash flow | 55.7 m ≈ | 78.0 m | 16.4 m | -17.1 m ≈ | 24.3 m ≈ | 113.2 m | 61.8 m | 53.9 m ≈ |
| Capex | 3.2 m ≈ | 12.5 m | 4.5 m | 4.1 m ≈ | 2.1 m ≈ | 5.7 m | 2.8 m | 7.2 m ≈ |
| Share repurchases | 0 ≈ | 19.4 m | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 24-quarter history (min 5.9, median 27.1, max 365.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 739.8 m | 751.9 m | 733.6 m | 674.7 m | 873.1 m | 1.3 bn | 1.4 bn | 1.3 bn |
| Revenue YoY | +27.3% | +1.6% | −2.4% | −8.0% | +29.4% | +47.7% | +5.3% | −4.9% |
| Net income | 28.6 m | 57.9 m | 22.2 m | -61.5 m | -87.8 m | -10.8 m | 55.6 m | 30.8 m |
| Net income YoY | −4.8% | +102.5% | −61.7% | −377.5% | unavailable | unavailable | unavailable | −44.6% |
| Diluted EPS | 0.19 | 0.38 | 0.13 | -0.41 | -0.58 | -0.07 | 0.36 | 0.21 |
| Diluted EPS YoY | −5.0% | +100.0% | −65.8% | −415.4% | unavailable | unavailable | unavailable | −41.7% |
| net % | 3.9% | 7.7% | 3.0% | -9.1% | -10.1% | -0.8% | 4.1% | 2.4% |
| Free cash flow | 59.7 m | 28.8 m | 78.6 m | 131.8 m | 17.6 m | 132.9 m | 162.7 m | 120.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 418.3 m USD
- Financial debt
- 308.0 m USD
- Net debt
- -110.3 m USD
- Equity
- 1.6 bn USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 0.19x
- Current ratio
- 2.75x
- ROE
- 2.0%
- ROA
- 1.2%
- FCF margin
- 9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 733.6 m | 674.7 m | 873.1 m | 1.3 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 653.6 m | 659.3 m | 822.5 m | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 79.9 m | 15.4 m | 50.6 m | 200.4 m | 219.6 m | 159.1 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 61.1 m | 63.4 m | 76.8 m | 94.4 m | 91.7 m | 75.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 13.0 m | -48.7 m | -44.9 m | 63.5 m | 127.4 m | 65.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 133.7 m | 141.5 m | 142.7 m | 164.1 m | 173.3 m | 187.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 146.7 m ≈ | 92.8 m ≈ | 97.8 m ≈ | 227.6 m ≈ | 300.7 m ≈ | 252.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 30.5 m | 23.5 m | 20.2 m | 21.4 m | 33.9 m | 33.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 1.4 m | -70.6 m | -75.2 m | 7.5 m | 82.1 m | 42.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -18.7 m | -9.0 m | 12.6 m | 18.4 m | 26.4 m | 11.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 22.2 m | -61.5 m | -87.8 m | -10.8 m | 55.6 m | 30.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.13 | -0.41 | -0.58 | -0.07 | 0.36 | 0.21 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 149.9 m | 150.1 m | 151.3 m | 150.9 m | 154.7 m | 148.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 291.3 m | 253.5 m | 186.6 m | 332.2 m | 368.0 m | 418.3 m | SEC (XBRL)· 06 Aug 2026verified |
| Receivables | 132.2 m | 144.1 m | 212.8 m | 280.4 m | 258.6 m | 240.6 m | SEC (XBRL)· 06 Aug 2026verified |
| Current assets | 525.6 m | 529.5 m | 460.6 m | 697.8 m | 709.7 m | 825.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 06 Aug 2026verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 25 Feb 2021verified |
| Intangibles (excl. goodwill) | 3.8 m | 3.5 m | 4.5 m | 4.1 m | 3.6 m | 2.3 m | SEC (XBRL)· 06 Aug 2026verified |
| Total assets | 2.5 bn | 2.3 bn | 2.4 bn | 2.6 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 50.0 m | 88.0 m | 135.3 m | 134.6 m | 144.8 m | 111.6 m | SEC (XBRL)· 06 Aug 2026verified |
| Short-term debt | 90.7 m | 42.9 m | 38.2 m | 48.3 m | 9.2 m | 9.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 258.9 m | 262.1 m | 225.9 m | 313.4 m | 306.0 m | 298.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 279.3 m | 278.3 m | 298.0 m | 448.6 m | 304.4 m | 299.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 753.9 m | 678.6 m | 872.6 m | 1.1 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.7 bn † | 1.6 bn † | 1.5 bn † | 1.5 bn † | 1.5 bn † | 1.6 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 98.8 m | 140.1 m | 51.1 m | 152.5 m | 186.0 m | 136.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 20.2 m | 8.3 m | 33.5 m | 19.6 m | 23.3 m | 16.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 78.6 m ≈ | 131.8 m ≈ | 17.6 m ≈ | 132.9 m ≈ | 162.7 m ≈ | 120.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -19.3 m | -8.3 m | -138.3 m | -18.7 m | -22.8 m | -16.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -52.6 m | -96.0 m | -44.8 m | 25.1 m | -125.3 m | -45.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | — | 12.0 m | 29.6 m | — | SEC (XBRL)· 27 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 790.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet73
- Growth100
- Valuation84
- Quality64
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.68 – 63.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)36.95 – 63.10 (Mid 46.29)WACC 7.7% · starting FCFF 255.3 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA12.31 – 17.51 (Mid 15.65)7 companies used · median multiple 7.6x · quartiles 5.7x – 8.7xACDC, CLB, HAL, KLXE, NESR, OII, PUMP
- Peers: P/E3.68 – 5.54 (Mid 5.20)9 companies used · median multiple 19.5x · quartiles 13.8x – 20.7xCLB, HAL, NESR, NGS, OII, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.2% | 42 (vs peers) | 13% |
| Net margin · Quality | 3.0% | 67 (vs peers) | 8% |
| FCF conversion · Quality | 593.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 13.9% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.4x | 100 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.1x | 55 (vs peers) | 13% |
| EV/EBITDA · Valuation | 1.7x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 29.8% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation84/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HORNBECK OFFSHORE SERVICES, INC. (HOS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth -4.9%; net margin 3.0%; ROE 2.5%; net debt/EBITDA -1.4x.
The estimated value range is 12.31–17.51 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 15.65 USD, the price of 5.36 USD leaves a potential of 192.0% (value / price − 1) and a margin of safety of 65.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 593.4%
- Revenue CAGR 3Y: 13.9%
- Net debt / EBITDA: -1.4x
- Current ratio: 3.5x
- EV/EBITDA: 1.7x
- FCF yield: 29.8%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.4 bn | 10.3 | 31.1% | 11.4% | +4.6% | +39% / +65% |
| NESRNational Energy Services Reunited Corp. | 1.9 bn | 20.7 | 9.4% | 5.8% | +1.7% | +38% / unavailable |
| RESRpc, Inc. | 1.2 bn | — | -3.0% | -1.8% | +15.0% | +5% / −23% |
| HOSHornbeck Offshore Services, Inc. | 790.0 m | 20.1 | 2.5% | 3.0% | −4.9% | −19% / −46% |
| PUMPProPetro Holding Corp. | 738.4 m | — | 0.2% | 0.2% | −12.1% | −37% / −34% |
| WTTRSelect Water Solutions, Inc. | 622.7 m | 19.5 | 3.5% | 2.2% | −3.1% | +53% / +107% |
| ACDCProFrac Holding Corp. | 493.6 m | — | -57.4% | -22.8% | −11.4% | −23% / −66% |
| CLBCore Laboratories Inc. | 409.2 m | 26.5 | 5.7% | 3.0% | +0.5% | −41% / −50% |
| NGSNatural Gas Services Group, Inc. | 344.1 m | 16.6 | 7.3% | 10.8% | +9.9% | −14% / +74% |
| TUSKMammoth Energy Services, Inc. | 143.4 m | 10.1 | 5.3% | 17.1% | −2.9% | +62% / −33% |
| NINENine Energy Service, Inc. | 94.7 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 20.4 m | — | — | -9.7% | −10.2% | −42% / −90% |
| RCONRecon Technology, Ltd | 8.7 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 399.2 | 0.5% | 0.5% | +66.2% | +5% / unavailable |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −34% / −54% |
| LBRTLiberty Energy Inc. | — | 46.8 | 2.0% | 0.9% | −7.2% | −36% / −43% |
| RNGRRanger Energy Services, Inc. | — | 20.1 | 5.1% | 2.6% | −4.2% | −6% / +30% |
1- and 3-year price returns: for HOS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.50 Total return -35% · Per year -35% | 6.16 Total return 15% · Per year 15% | 9.24 Total return 72% · Per year 72% |
| 3 years | 4.07 Total return -24% · Per year -9% | 7.99 Total return 49% · Per year 14% | 13.07 Total return 144% · Per year 35% |
| 5 years | 4.73 Total return -12% · Per year -2% | 10.38 Total return 94% · Per year 14% | 18.49 Total return 245% · Per year 28% |
- Exit P/E± 2.00
- Net margin± 1.40
- Annual revenue growth± 1.05
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Helix Energy Solutions Group is an international offshore energy services company focused on well intervention, robotics and decommissioning, services it says support the energy transition, including offshore wind projects. In 2026 the company is pending a merger with Hornbeck, and its quarterly results show activity recovering after a weaker 2025. Revenues for the first six months of 2026 were 570.7 million USD 3, and backlog at the end of 2025 was 1.3 billion USD 1.
SWOT
Strengths
- A specialized fleet of intervention vessels and robotics systems that is hard to replicate quickly 1.
- Multi-year backlog and a position as a full-service provider for shelf decommissioning in the Gulf of America 1.
- Operating cash generation recovered in the second quarter of 2026, with a high liquidity position 3.
Weaknesses
Opportunities
Risks
- Contract cancellation or renegotiationhigh
Customers can renegotiate, defer or cancel contracts, which could reduce backlog 1.
- Customer concentrationhigh
A small number of long-term contracts generate most of the backlog, so losing them would have a large impact 1.
- Merger execution riskmedium
Completing the Hornbeck merger depends on shareholder approval and closing conditions; failure could disrupt plans 23.
- Cyclicality of energy marketsmedium
Falling oil and gas prices can reduce customer investment and vessel utilization 1.
- Operational and environmental hazardsmedium
Equipment failure, weather and offshore incidents can lead to penalties or lost revenue 1.
Investment thesis
What would need to be true (bull case)
- If demand for wind cable trenching and decommissioning holds, revenues in Robotics and Well Intervention could keep growing 12.
- Operating cash generation and high liquidity could support share repurchases and strategic flexibility 3.
- The Hornbeck merger could create a larger platform with cost synergies if integration goes well 2.
What would break the thesis
What to watch
- Shareholder vote result and completion of the Hornbeck mergerQ3 2026
- Level of backlog and new long-term contractsnext 10-K
- Utilization of North Sea Well Intervention vesselsQ3 2026
- Guidance for 2027, after the 2026 guidance was withdrawn2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Helix provides specialty services to the offshore energy industry, organized in four reportable segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities 1. Operations are mainly in the Gulf of America, Brazil, the North Sea, West Africa and Asia Pacific 1. Customers are mainly major, national and independent oil and gas producers, pipeline companies, renewable energy companies and offshore construction firms 1.
The company describes its goal as an offshore energy transition business, maximizing output from existing reserves, decommissioning end-of-life fields and supporting renewable developments 1. Its capital allocation policy aims to keep net debt low, maintain assets and return cash to shareholders through share repurchases 1. The sale of Helix Alliance was completed in May 2026 and is reported as discontinued operations 3.
On 6 August 2026 the company withdrew its annual guidance because of the pending merger with Hornbeck, which it expects to complete promptly after the shareholder meeting on 31 August 2026 3. The common stock trades on the NYSE under HLX 1.
Segments
Well Intervention
This segment provides access to subsea wells to enhance production or for decommissioning, using purpose-built vessels and intervention systems 1. In the second quarter of 2026 it generated revenues of 208.1 million USD, and vessel utilization rose to 91% 2.
Market context
Demand for offshore services depends on oil and gas prices, which fell 20% during 2025 and stayed volatile 1. Activity in the North Sea and Gulf of America declined in 2025, while the international wind market remains robust, mainly in Europe and Asia Pacific 1. The company expects strong demand for trenching services but a soft rate environment for assets without long-term contracts 1.
Over the longer term, rising energy consumption and a growing subsea tree base could support demand for intervention and decommissioning if obligations are met 1. US wind activity has fallen since the 2025 restrictions, which adds uncertainty 1.
Trends
- Growing demand for wind cable trenchingtailwind
More offshore wind projects in Europe and Asia Pacific increase the need for cable burial and site preparation services 1.
- Decommissioning of ageing fieldstailwind
Fields reaching the end of their life must be decommissioned, which could increase demand for P&A and clearance services 1.
- Oil price volatilityheadwind
Falling prices and geopolitical uncertainty can delay customer budgets and pressure contract rates 1.
- US offshore wind restrictionsheadwind
The suspension of US offshore wind leasing and the announced pause on large projects could affect East Coast work 1.
Competitive position
The oilfield and renewables service markets are highly competitive, with price, access to specialized vessels and skilled personnel as key factors 1. Principal rivals in well intervention include international drilling contractors and firms such as Expro, Oceaneering and TechnipFMC 1.
In robotics, competitors include Fugro, DOF Subsea and DeepOcean, while shallow water abandonment rivals include Seacor and Manson Gulf 1. The sources do not give market shares, so relative position remains unclear 1.
- Oceaneering InternationalOII
Competitor in well intervention and subsea robotics, named as a principal rival in the company filing 1.
- Expro GroupXPRO
Competitor in well intervention, named as a principal rival 1.
- TechnipFMCFTI
Competitor in well intervention, named as a principal rival 1.
- Seacor
Competitor in shallow water abandonment, named in the company filing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Rune 1.3: adds TypeScript, a Helix editor, Kitty graphics and OSC-7501Hacker News · 23 Oct 2026 · EN
- Mitos editor is a fork of HelixHacker News · 18 Oct 2026 · EN
- Franklin created famed 'Photo 51' after calculating key features of DNA's helix from an earlier image, study revealsPhys.org · 12 Oct 2026 · EN
- How did Rosalind Franklin miss the helix in her iconic DNA image? She didn’tScience (AAAS) · 05 Oct 2026 · EN
- Samsung joins AI infrastructure race with $1bn Helix dealNikkei Asia · 29 Sept 2026 · EN
- Samsung Group to invest $1 bil. in AI infrastructure company HelixKorea Times — Business · 29 Sept 2026 · EN
- Samsung Group to invest US$1 billion in AI infrastructure company HelixYonhap News (KR, EN) · 29 Sept 2026 · EN
- Samsung Electronics commits $1 billion to KKR-backed Helix Digital AI buildoutCNA (Channel NewsAsia) · 28 Sept 2026 · EN
- Samsung, affiliates commit $1 billion to KKR-backed Helix Digital AI buildoutCNA (Channel NewsAsia) · 28 Sept 2026 · EN
- Cât de puternic ar putea fi XBOX Helix în comparație cu PlayStation 6? - connect RomâniaSurge — Google News · 24 Sept 2026 · RO
- Helicity Synchronization-Induced Kinetic Stabilization against Helix Inversion in Stapled Peptides: Effects of 310/α Block Sequence and Double-Stapling TopologyJournal of the American Chemical Society · 21 Sept 2026 · EN
- Xbox CEO calls Project Helix a ‘family of devices’The Verge · 28 Aug 2026 · EN
- New Helix vishing group emerges in SharePoint data theft attacksBleepingComputer · 09 Jul 2026 · RO
SEC filings
- Current report (amendment)08 Sept 2026Financial statements and exhibits
- Current report04 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report02 Sept 2026Item 4.01 · Financial statements and exhibits
- Current report01 Sept 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02 · Item 3.03 · Item 5.01 · Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Helix Energy Solutions Group, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Helix Energy Solutions Group, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Helix Energy Solutions Group, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.