Helix Energy Solutions Group has reported a strong turnaround in its financial performance for the third quarter of 2025, posting a net income of US$22.1mn.
This marks a significant improvement from the US$2.6mn loss in the previous quarter, though slightly below the US$29.5mn recorded in the same period of 2024.
The company’s Adjusted EBITDA climbed to US$103.7mn, more than double the US$42.4mn achieved in Q2 2025, and higher than the US$87.6mn posted in Q3 2024. Third-quarter revenues also strengthened, reaching US$376.9mn, compared with US$302.3mn in the preceding quarter and US$342.4mn a year earlier.
For the first nine months of 2025, Helix reported net income of US$22.6mn on US$957.3mn in revenue, slightly lower than the US$35.5mn profit on US$1.003bn earned in the same period last year.
Owen Kratz, President and CEO of Helix, said the company’s latest results represent its highest quarterly EBITDA since 2014, demonstrating the business’s growth potential. “The strong Q3 results provide insight into the business’s earnings potential,” he said, noting the achievement came despite downtime on the Q4000 and the Seawell rigs being stacked.
Following the improved performance, Helix has revised its full-year 2025 Adjusted EBITDA guidance upwards to between US$240mn and US$270mn, and now expects free cash flow generation of US$100mn to US$140mn.
Operationally, the company saw robust results across several divisions. The robotics segment benefited from increased trenching and renewable energy operations, while the shallow water division recorded higher levels of activity.
Helix also secured key commercial contracts, including a four-year robotics trenching agreement in the North Sea and a Well Intervention contract in the Gulf of America.
Revenues in the Well Intervention segment grew 23 per cent sequentially, driven by higher utilisation of the Q5000 and Q7000 rigs, while robotics revenues increased 16 per cent thanks to stronger trenching demand. The shallow water abandonment division saw the sharpest rise up 47 per cent due to higher utilisation of the Epic Hedron vessel and improved asset activity.
