Helix posts Q1 2026 loss, strong cash flow

Helix Energy Solutions Group reported first quarter 2026 revenue of $287.9 million, up slightly from a year ago, but posted a net loss of $13.4 million, or $(0.09) per diluted share, versus net income in both Q4 2025 and Q1 2025.

Rhea-AI Filing Summary

Helix Energy Solutions Group reported first quarter 2026 revenue of $287.9 million, up slightly from a year ago, but posted a net loss of $13.4 million, or $(0.09) per diluted share, versus net income in both Q4 2025 and Q1 2025.

Adjusted EBITDA was $32.3 million, down from $73.9 million in Q4 2025 and $52.0 million in Q1 2025 as seasonal slowdowns, higher project costs and vessel reactivations weighed on margins. Despite lower earnings, Helix generated $59.0 million of Free Cash Flow and ended the quarter with $501.3 million in cash and negative Net Debt of $197.5 million, giving it substantial liquidity to pursue future opportunities in offshore well intervention, robotics and decommissioning.

Insights

Energy services equity analyst

Seasonal margin pressure drives a small loss, but cash and liquidity remain strong.

Helix moved from prior-period profitability to a Q1 2026 net loss of $13.4 million, even as revenue held at $287.9 million. Lower gross margin, higher selling and administrative expenses, and project costs, including the Thunder Hawk workover, compressed earnings.

Operationally, Adjusted EBITDA fell to $32.3 million, but the business still produced $59.0 million of Free Cash Flow. Cash rose to $501.3 million with negative Net Debt of $197.5 million as of March 31, 2026, supporting future activity even amid ongoing macro uncertainties.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $287.9M Net income (loss): $(13.4M) Diluted EPS: $(0.09) +5 more

8 metrics

Revenue $287.9M Q1 2026 net revenues

Net income (loss) $(13.4M) Q1 2026 net loss attributable to Helix

Diluted EPS $(0.09) Q1 2026 diluted earnings (loss) per share

Adjusted EBITDA $32.3M Q1 2026 Adjusted EBITDA

Free Cash Flow $59.0M Q1 2026 Free Cash Flow

Cash and cash equivalents $501.3M Balance as of March 31, 2026

Net Debt $(197.5M) Negative Net Debt as of March 31, 2026

Operating cash flow $61.8M Net cash provided by operating activities, Q1 2026

Key Terms

Adjusted EBITDA, Free Cash Flow, Net Debt, non-GAAP measures, +2 more

6 terms

Adjusted EBITDA financial

"Helix reported Adjusted EBITDA1 of $32.3 million for the first quarter 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free Cash Flow financial

"Free Cash Flow was $59.0 million during the first quarter 2026"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Net Debt financial

"resulting in negative Net Debt of $197.5 million"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

non-GAAP measures financial

"Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily Adjusted EBITDA, Free Cash Flow and Net Debt."

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

Well Intervention financial

"Well Intervention revenues increased $28.4 million, or 16%, during the first quarter 2026"

Well intervention is work done on an oil or gas well after it has started producing to restore, boost, or safely manage output — like servicing a machine to fix a leak, clear a blockage, or replace worn parts. For investors it matters because interventions affect how much oil or gas a well yields, how long it stays productive, and the timing and size of repair costs and downtime, all of which influence revenue and asset value.

Shallow Water Abandonment financial

"Shallow Water Abandonment revenues decreased $36.3 million, or 63%, during the first quarter 2026"

Earnings Snapshot

Revenue: $287.9M

Q1 2026

Revenue $287.9M

Net income (loss) $(13.4M)

Diluted EPS $(0.09)

Adjusted EBITDA $32.3M

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Helix Energy Solutions (HLX) perform financially in Q1 2026?

Helix reported a net loss of $13.4 million, or $(0.09) per diluted share, on revenue of $287.9 million in Q1 2026. This compares to net income of $3.1 million on $278.1 million of revenue in Q1 2025.

What was Helix Energy Solutions' Adjusted EBITDA for Q1 2026?

Helix generated Adjusted EBITDA of $32.3 million in Q1 2026. This was lower than $73.9 million in Q4 2025 and $52.0 million in Q1 2025, reflecting seasonal slowdowns and higher project and vessel-related costs across several segments.

Did Helix Energy Solutions (HLX) generate positive Free Cash Flow in Q1 2026?

Yes. Helix reported Free Cash Flow of $59.0 million in Q1 2026. Operating cash flow was $61.8 million and capital expenditures were $2.8 million, allowing Helix to grow its cash balance despite the quarter’s net loss and lower Adjusted EBITDA.

What is Helix Energy Solutions’ cash and net debt position as of March 31, 2026?

As of March 31, 2026, Helix held $501.3 million of cash and cash equivalents. With total long-term debt including current maturities of $303.8 million, the company reported negative Net Debt of $197.5 million, indicating cash exceeds debt.

How did Helix Energy Solutions’ segment revenues trend in Q1 2026?

In Q1 2026, Well Intervention revenue was $209.4 million, Robotics revenue was $62.4 million, Shallow Water Abandonment revenue was $21.2 million, and Production Facilities revenue was $18.7 million, before intercompany eliminations of $23.8 million.

What were Helix Energy Solutions’ operating cash flows in Q1 2026?

Helix generated $61.8 million of net cash from operating activities in Q1 2026. This compared to $113.2 million in Q4 2025 and $16.4 million in Q1 2025, aided by working capital inflows and despite lower quarterly earnings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/22/2026 - 06:48 PM EDT Learn about SEC filing dates

0000866829false00008668292026-04-222026-04-22

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2026

HELIX ENERGY SOLUTIONS GROUP, INC.

(Exact name of registrant as specified in its charter)

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​ ​ ​
Minnesota	001-32936	95-3409686
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
3505 West Sam Houston Parkway North	​	​
Suite 400	​	​
Houston, Texas	​	77043
(Address of principal executive offices)	​	(Zip Code)

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Registrant’s telephone number, including area code: 281-618-0400

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered
Common Stock, no par value	​	HLX	​	New York Stock Exchange

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

On April 22, 2026, Helix Energy Solutions Group, Inc. (“Helix”) issued a press release reporting its financial results for the first quarter 2026. The press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

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Item 7.01. Regulation FD Disclosure.

On April 22, 2026, Helix issued a press release reporting its financial results for the first quarter 2026. In addition, on April 23, 2026, Helix is making a presentation (with slides) to analysts and investors regarding its financial and operating results. Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, are the press release and the slides for the First Quarter 2026 Conference Call Presentation issued by Helix. The presentation materials are also available on the Investor Relations section of Helix’s website, www.helixesg.com.

The information furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

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Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits.

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Exhibit Number	​ ​ ​	Description
99.1	​	Press Release of Helix Energy Solutions Group, Inc. dated April 22, 2026 reporting financial results for the first quarter 2026.
99.2	​	First Quarter 2026 Conference Call Presentation.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: April 22, 2026	​ ​ ​	​
​	​	HELIX ENERGY SOLUTIONS GROUP, INC.
​	​	​
	​	By:	/s/ Erik Staffeldt
​	​	​	Erik Staffeldt
​	​	​	Executive Vice President and Chief Financial Officer

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EXHIBIT 99.1

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	​	PRESSRELEASE www.helixesg.com

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​	​	​	​	​	​	​	​	​
Helix Energy Solutions Group, Inc.	●	3505 W. Sam Houston Parkway N., Suite 400	●	Houston, TX 77043	●	281-618-0400	●	fax: 281-618-0505
​	​	​	​	​	​	​	​	​
For Immediate Release		​	​	​	​	​	​	26-006
​	​	​	​	​	​	​	​	​
Date: April 22, 2026		Contact:	Erik Staffeldt		​	​	​	​
​	​	​	Executive Vice President & CFO				​	​
​	​	​	​		​	​	​	​

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Helix Reports First Quarter 2026 Results

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HOUSTON, TX – Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported a net loss of $13.4 million, or $(0.09) per diluted share, for the first quarter 2026 compared to net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 and net income of $3.1 million, or $0.02 per diluted share, for the first quarter 2025.  Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax).

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Helix reported Adjusted EBITDA¹ of $32.3 million for the first quarter 2026 compared to $73.9 million for the fourth quarter 2025 and $52.0 million for the first quarter 2025.  The table below summarizes our results of operations:

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Summary of Results

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($ in thousands, except per share amounts, unaudited)

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​	​ ​ ​	Three Months Ended								​ ​ ​
​	​	3/31/2026		​	3/31/2025		​	12/31/2025		​
Revenues	​	$	287,946	​	$	278,064	​	$	334,162	​
Gross Profit	​	$	8,828	​	$	27,538	​	$	50,663	​
​	​		3	%		10	%		15	%
Net Income (Loss)	​	$	(13,406)	​	$	3,072	​	$	8,270	​
Basic Earnings (Loss) Per Share	​	$	(0.09)	​	$	0.02	​	$	0.06	​
Diluted Earnings (Loss) Per Share	​	$	(0.09)	​	$	0.02	​	$	0.06	​
Adjusted EBITDA1	​	$	32,262	​	$	51,985	​	$	73,871	​
Cash and Cash Equivalents	​	$	501,272	​	$	369,987	​	$	445,196	​
Net Debt1	​	$	(197,511)	​	$	(58,878)	​	$	(137,201)	​
Cash Flows from Operating Activities	​	$	61,786	​	$	16,442	​	$	113,163	​
Free Cash Flow1	​	$	58,975	​	$	11,954	​	$	107,467	​

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Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our first quarter results reflect the expected seasonal slowdown of operations in the North Sea and Gulf of America shelf as well as the costs of the successful workover of our Thunder Hawk field during the quarter.  Nonetheless, we generated $59 million of Free Cash Flow and ended the quarter with over half a billion dollars in cash providing Helix with tremendous opportunities.  While we face ongoing macro uncertainties and softness in some of the markets we serve, the recent commodity price increases have generated improved demand for our services, and recent government actions in the North Sea have provided a regulatory catalyst to spur decommissioning activities by our customers.  Helix continues to expect momentum to build in the offshore market in the latter half of 2026 and into 2027 and is poised to capitalize on those opportunities.”

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¹ Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see reconciliations below

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Segment Information, Operational and Financial Highlights

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($ in thousands, unaudited)

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​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended
​	​	3/31/2026		​	3/31/2025		​	12/31/2025
Revenues:		​	​		​	​		​	​
Well Intervention	​	$	209,443	​	$	198,374	​	$	181,006
Robotics	​		62,373	​		51,042	​		87,332
Shallow Water Abandonment	​	​	21,236	​	​	16,818	​	​	57,555
Production Facilities	​		18,736	​		19,837	​		17,262
Intercompany Eliminations	​		(23,842)	​		(8,007)	​		(8,993)
Total	​	$	287,946	​	$	278,064	​	$	334,162
​	​	​	​	​	​	​	​	​	​
Income (Loss) from Operations:	​	​	​	​	​	​	​	​	​
Well Intervention	​	$	10,857	​	$	19,970	​	$	12,269
Robotics	​		7,773	​		5,347	​		19,056
Shallow Water Abandonment	​	​	(10,730)	​	​	(13,441)	​	​	8,560
Production Facilities	​		(7,909)	​		6,944	​		3,548
Long-lived asset impairment	​		—	​		—	​		(18,064)
Corporate / Other / Eliminations	​		(13,306)	​		(10,648)	​		(13,105)
Total	​	$	(13,315)	​	$	8,172	​	$	12,264

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Segment Results

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Well Intervention

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Well Intervention revenues increased $28.4 million, or 16%, during the first quarter 2026 compared to the prior quarter primarily due to increases in the Gulf of America and Brazil.  Revenues in the Gulf of America increased with higher utilization and rates on the Q4000.  The Q5000 had an approximate two-week maintenance period reducing its utilization that was more than offset by higher project-related revenues with its workover of the Thunder Hawk field owned by our Production Facilities segment.  Revenues also increased with our recognition of a full quarter of utilization on the Sea Helix 1, which had lower utilization during the prior quarter as it transitioned to the long-term Petrobras contract.  North Sea revenues were unchanged, with revenues on the Seawell, which resumed operations during the first quarter 2026 after being idle during the prior quarter, nearly entirely offset by lower utilization and lower seasonal rates on the Well Enhancer.  Overall Well Intervention vessel utilization increased to 82% during the first quarter 2026 compared to 72% during the prior quarter.  Well Intervention operating income decreased $1.4 million during the first quarter 2026 compared to the fourth quarter 2025 primarily due to higher project costs associated with the workover of the Thunder Hawk field and vessel reactivation costs and lower margins in the North Sea due to the mix of contracting.

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Well Intervention revenues increased $11.1 million, or 6%, during the first quarter 2026 compared to the first quarter 2025.  The increase was primarily due to higher utilization on the Q7000, which was fully utilized during the first quarter 2026 compared to operating for six days during the first quarter 2025 following its mobilization to and docking in Brazil.  Revenues also increased due to the reactivation of the Seawell in 2026, which was idle throughout 2025, and due to higher project-related rates on the Q5000 during its workover of the Thunder Hawk field for our Production Facilities segment.  Revenue increases were partially offset by lower revenues on the Q4000, which generated lower rates compared to higher project-related rates during its operations in Nigeria during the first quarter 2025.  Well Intervention operating income decreased $9.1 million during the first quarter 2026 compared to the first quarter 2025 primarily due to lower profits in the Gulf of America, higher operating costs in Brazil, and lower incremental margins in the North Sea and on the Q7000.

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Robotics

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Robotics revenues decreased $25.0 million, or 29%, during the first quarter 2026 compared to the prior quarter due to the expected seasonally lower vessel, trenching and ROV utilization.  During the first quarter we commenced operations with the MV Patriot chartered vessel, which replaced the Glomar Wave after being returned to its owner at the end of the fourth quarter 2025.  During the first quarter 2026, total vessel days decreased to 381 days, or 79%, compared to 491, or 91%, during the prior quarter.  Integrated vessel trenching decreased to 122 days and trenching on third-party vessels decreased to 90 days, compared to 134 days and 137 days, respectively, during the prior quarter.  Offsetting lower vessel trenching was an increase in site clearance operations using our IROV boulder grabs, which generated 110 days of utilization during the first quarter 2026 compared to 100 days during the prior quarter.  Overall ROV and trencher utilization decreased to 56% during the first quarter 2026 compared to 58% during the prior quarter.  Robotics operating income decreased $11.3 million compared to the prior quarter primarily due to lower revenues.

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Robotics revenues increased $11.3 million, or 22%, during the first quarter 2026 compared to the first quarter 2025.  Revenue increases were primarily due to higher vessel activities and higher overall ROV utilization, offset partially by fewer trenching days and lower project-related revenues during the first quarter 2026.   The first quarter 2026 included 381 total vessel days, or 79%, compared to 244 vessel days, or 67%, during the first quarter 2025.  These improvements were offset partially by a reduction in integrated vessel trenching to 122 days during the first quarter 2026 compared to 135 days during the first quarter 2025.    Robotics operating income increased $2.4 million during the first quarter 2026 primarily due higher revenues during the first quarter 2026.

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Shallow Water Abandonment

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Shallow Water Abandonment revenues decreased $36.3 million, or 63%, during the first quarter 2026 compared to the prior quarter.  The decrease in revenues was primarily related to lower seasonal operations in the Gulf of America shelf with lower utilization on vessels including the Epic Hedron, and systems during the first quarter 2026.  Vessel utilization (excluding heavy lift) decreased to 37% during the first quarter 2026 compared to 52% during the prior quarter.  The Epic Hedron heavy lift barge underwent a planned regulatory docking and had no utilization during the first quarter 2026 compared to strong fourth quarter 2025 utilization of 92%.  Plug and Abandonment (“P&A”) and Coiled Tubing (“CT”) systems activity decreased to 369 days, or 16% utilization, during the first quarter 2026 compared to 621 days, or 26% utilization, during the prior quarter.  Shallow Water Abandonment operating income decreased $19.3 million compared to the prior quarter primarily due to lower revenues during the first quarter 2026.

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Shallow Water Abandonment revenues increased $4.4 million, or 26%, during the first quarter 2026 compared to the first quarter 2025 primarily due to higher utilization on our vessels and systems during the first quarter 2026.  Vessel utilization (excluding heavy lift), increased to 37% during the first quarter 2026 compared to 31% during the first quarter 2025.  Utilization on P&A and CT systems increased to 369 days, or 16%, during the first quarter 2026 compared to 264 days, or 11%, during the first quarter 2025.  The Epic Hedron was idle during both the first quarters 2025 and 2026.  During the first quarter 2026, two liftboats and three OSVs remained stacked as a cost reduction measure.  Shallow Water Abandonment operating income increased $2.7 million in the first quarter 2026 compared to the first quarter 2025 primarily due to higher revenues.

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Production Facilities

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Production Facilities revenues increased $1.5 million, or 9%, during the first quarter 2026 compared to the prior quarter primarily due to higher oil and gas production and prices from the Droshky field.  The Thunder Hawk field was shut in during both the current and prior quarters, but a successful workover was completed on the Thunder Hawk field at the end of the first quarter 2026.  Production Facilities generated an operating loss of $7.9 million during the first quarter 2026, a decrease of $11.5 million compared to the prior quarter primarily due to workover costs on the Thunder Hawk field, offset partially by higher revenues, during the first quarter 2026.

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Production Facilities revenues decreased $1.1 million, or 6%, during the first quarter 2026 compared to the first quarter 2025 primarily due to lower oil and gas production and prices from the Droshky field.  Production Facilities generated an operating loss of $7.9 million during the first quarter 2026, a decrease of $14.9 million compared to the first quarter 2025 primarily due to workover costs on the Thunder Hawk field and lower revenues during the first quarter 2026.

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Selling, General and Administrative and Other

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Selling, General and Administrative

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Selling, general and administrative expenses were $22.1 million, or 7.7% of revenue, during the first quarter 2026 compared to $20.3 million, or 6.1% of revenue, during the prior quarter and $19.4 million, or 7.0% of revenue, during the first quarter 2025.  The increase in expenses quarter over quarter was primarily due to higher employee compensation and higher professional service costs during the first quarter 2026.

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Other Income and Expense

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Other income, net was $0.3 million during the first quarter 2026 compared to other expense, net of $0.5 million during the prior quarter and $0.4 million during the first quarter 2025.  Other income and expense, net primarily includes net foreign currency gains and losses related to our international subsidiaries’ foreign currency positions.

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Cash Flows

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Operating cash flows were $61.8 million during the first quarter 2026 compared to $113.2 million during the prior quarter and $16.4 million during the first quarter 2025.  Operating cash flows decreased compared to the prior quarter primarily due lower earnings and higher regulatory certification costs on our vessels and systems, offset partially by higher working capital inflows driven by collections of accounts receivable during the first quarter 2026.  Operating cash flows increased compared to the first quarter 2025 primarily due to higher working capital inflows, offset partially by lower earnings during the first quarter 2026.  Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $8.9 million during the first quarter 2026 compared to $3.7 million during the prior quarter and $17.9 million during the first quarter 2025.

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Capital expenditures, which are included in investing cash flows, totaled $2.8 million during the first quarter 2026 compared to $5.7 million during the prior quarter and $4.5 million during the first quarter 2025.

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Free Cash Flow was $59.0 million during the first quarter 2026 compared to $107.5 million during the prior quarter and $12.0 million during the first quarter 2025.  (Free Cash Flow is a non-GAAP measure.  See reconciliation below.)

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Financial Condition and Liquidity

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Cash and cash equivalents were $501.3 million at March 31, 2026.  Available capacity under our ABL facility at March 31, 2026, was $113.0 million, and total liquidity was $611.7 million, excluding $2.6 million cash pledged toward our ABL facility.  Consolidated long-term debt was $303.8 million at March 31, 2026, resulting in negative Net Debt of $197.5 million.  (Net Debt is a non-GAAP measure.  See reconciliation below.)

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* * * * *

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Conference Call Information

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Further details are provided in the presentation for Helix’s quarterly teleconference to review its first quarter 2026 results (see the Investor Relations page of Helix’s website, www.helixesg.com).  The teleconference is scheduled for Thursday, April 23, 2026, at 9:00 a.m. Central Time.  Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States.  The passcode is “Staffeldt.”  A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix’s website.  A replay of the webcast will be available on Helix’s website shortly after the completion of the event.

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About Helix

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Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, 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.  Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments.  For more information about Helix, please visit our website at www.helixesg.com.

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Non-GAAP Financial Measures

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Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily Adjusted EBITDA, Free Cash Flow and Net Debt.  We define Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any.  We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.

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We use Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants.  We believe that our measures of Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures.  Other companies may calculate their measures of Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures.  Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP.  Users of this financial information should consider the types of events and transactions that are excluded from these measures.  See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP.  We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.

​

Forward-Looking Statements

​

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions and joint ventures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.  Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures, divestitures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC’s website at www.sec.gov.  We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.

HELIX ENERGY SOLUTIONS GROUP, INC.

​

Comparative Condensed Consolidated Statements of Operations

​

​	​	​	​	​	​	​	​
​	​	​ ​ ​	Three Months Ended Mar. 31,
(in thousands, except per share data)	​	​	2026		​	2025
​	​	​	(unaudited)
​	​	​	​	​	​	​	​
Net revenues	​	​	$	287,946	​	$	278,064
Cost of sales	​	​		279,118	​		250,526
Gross profit	​	​		8,828	​		27,538
Selling, general and administrative expenses		​		(22,143)	​		(19,366)
Income (loss) from operations		​		(13,315)	​		8,172
Net interest expense	​	​		(5,229)	​		(5,706)
Other income (expense), net		​		298	​		(357)
Royalty income and other		​		1,688	​		1,416
Income (loss) before income taxes		​		(16,558)	​		3,525
Income tax provision (benefit)		​		(3,152)	​		453
Net income (loss)	​	​	$	(13,406)	​	$	3,072
​	​	​	​	​	​	​	​
Earnings (loss) per share of common stock:		​	​	​	​	​	​
Basic	​	​	$	(0.09)	​	$	0.02
Diluted	​	​	$	(0.09)	​	$	0.02
​	​	​	​	​	​	​	​
Weighted average common shares outstanding:		​	​	​	​	​	​
Basic	​	​		147,163	​		151,039
Diluted	​	​		147,163	​		152,174

​

​

​

Comparative Condensed Consolidated Balance Sheets

​

​	​	​	​	​	​	​	​
​	​	​ ​ ​	Mar. 31, 2026		​ ​ ​	Dec. 31, 2025
(in thousands)	​	​	(unaudited)		​	​	​
​	​	​	​	​	​	​	​
ASSETS	​		​	​		​	​
​	​	​	​	​	​	​	​
Current Assets:	​		​	​		​	​
Cash and cash equivalents	​	​	$	501,272	​	$	445,196
Accounts receivable, net	​	​		230,112	​		303,939
Other current assets	​	​		87,907	​		75,857
Total Current Assets	​	​		819,291	​		824,992
​	​	​	​	​	​	​	​
Property and equipment, net	​	​		1,320,078	​		1,362,494
Operating lease right-of-use assets	​	​		302,926	​		302,649
Deferred recertification and dry dock costs, net		​	​	73,493	​	​	74,351
Other assets, net	​	​		52,301	​		51,418
Total Assets	​	​	$	2,568,089	​	$	2,615,904
​	​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS' EQUITY		​	​	​	​	​	​
​	​	​	​	​	​	​	​
Current Liabilities:	​	​	​	​	​	​	​
Accounts payable	​	​	$	138,412	​	$	134,287
Accrued liabilities	​	​		69,137	​		94,951
Current maturities of long-term debt	​	​		9,394	​		9,644
Current operating lease liabilities	​	​		64,112	​		60,796
Total Current Liabilities	​	​		281,055	​		299,678
​	​	​	​	​	​	​	​
Long-term debt	​	​		294,367	​		298,351
Operating lease liabilities	​	​		257,889	​		260,959
Deferred tax liabilities	​	​		104,972	​		105,571
Other non-current liabilities	​	​		72,950	​		71,433
Shareholders' equity	​	​		1,556,856	​		1,579,912
Total Liabilities and Equity	​	​	$	2,568,089	​	$	2,615,904

​

​

HELIX ENERGY SOLUTIONS GROUP, INC.

​

​

Comparative Condensed Consolidated Statements of Cash Flows

​

​	​	​	​	​	​	​	​
​	​	​	Three Months Ended
(in thousands)	​	​ ​ ​	3/31/2026		​ ​ ​	3/31/2025
​	​	​	(unaudited)
Cash flows from operating activities:	​		​	​	​	​	​
Net income (loss)	​	​	$	(13,406)	​	$	3,072
Adjustments to reconcile net income (loss) to net cash provided by operating activities:		​		​	​		​
Depreciation and amortization	​	​		43,864	​		42,482
Deferred certification and dry dock costs		​	​	(8,870)	​	​	(17,855)
Other non-cash charges		​	​	824	​	​	1,238
Changes in operating assets and liabilities	​	​		39,374	​		(12,495)
Net cash provided by operating activities		​		61,786	​		16,442
​	​	​	​	​	​	​	​
Cash flows from investing activities:	​	​		​	​		​
Capital expenditures	​	​		(2,811)	​		(4,488)
Net cash used in investing activities		​		(2,811)	​		(4,488)
​	​	​	​	​	​	​	​
Cash flows from financing activities:	​	​		​	​		​
Repayments of long-term debt	​	​		(4,763)	​		(4,537)
Other financing activities	​	​	​	420	​	​	(6,538)
Net cash used in financing activities		​		(4,343)	​		(11,075)
​	​	​	​	​	​	​	​
Effect of exchange rate changes on cash and cash equivalents		​		1,444	​		1,078
Net increase in cash and cash equivalents		​		56,076	​		1,957
Cash and cash equivalents:	​	​		​	​		​
Balance, beginning of year	​	​		445,196	​		368,030
Balance, end of period	​	​	$	501,272	​	$	369,987

​

​

​

Reconciliation of Non-GAAP Measures

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​ ​ ​	Three Months Ended
(in thousands, unaudited)	​	​	​	3/31/2026		​	3/31/2025		​	12/31/2025
​	​	​	​	​	​	​	​	​	​	​	​
Reconciliation from Net Income (Loss) to Adjusted EBITDA:				​	​		​	​		​	​
Net income (loss)	​	​	​	$	(13,406)	​	$	3,072	​	$	8,270
Adjustments:	​	​	​	​	​	​	​	​	​	​	​
Income tax provision (benefit)	​	​	​		(3,152)	​		453	​		(1,972)
Net interest expense	​	​	​		5,229	​		5,706	​		5,580
Depreciation and amortization	​	​	​		43,864	​		42,482	​		43,850
Other (income) expense, net	​	​	​		(298)	​		357	​		487
Long-lived asset impairment			​	​	—	​	​	—	​	​	18,064
General provision for (release of) current expected credit losses			​		25	​		(85)	​		(408)
Adjusted EBITDA	​	​	​	$	32,262	​	$	51,985	​	$	73,871
​	​	​	​	​	​	​	​	​	​	​	​
Free Cash Flow:	​	​	​	​	​	​	​	​	​	​	​
Cash flows from operating activities		​	​	$	61,786	​	$	16,442	​	$	113,163
Less: Capital expenditures, net of proceeds from asset sales			​		(2,811)	​		(4,488)	​		(5,696)
Free Cash Flow	​	​	​	$	58,975	​	$	11,954	​	$	107,467
​	​	​	​	​	​	​	​	​	​	​	​
Net Debt:	​	​	​	​	​	​	​	​	​	​	​
Long-term debt including current maturities		​	​	$	303,761	​	$	311,109	​	$	307,995
Less: Cash and cash equivalents			​		(501,272)	​		(369,987)	​		(445,196)
Net Debt	​	​	​	$	(197,511)	​	$	(58,878)	​	$	(137,201)

​

April 23, 2026 First Quarter 2026 Earnings Conference Call EXHIBIT 99.2

Page 2 © 2026 Helix ESG This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures, divestitures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. Forward-Looking Statements

3 Page 3 © 2026 Helix ESG • Executive Summary (pg. 4) • Operational Highlights (pg. 7) • Key Financial Metrics and Outlook (pg. 12) • Non-GAAP Reconciliations (pg. 18) • Questions and Answers Agenda

Executive Summary

5 Page 5 © 2026 Helix ESG Summary of Results ($ in millions, except per share amounts, unaudited) Three Months Ended 3/31/26 3/31/25 12/31/25 Revenues 288 $ 278 $ 334 $ Gross profit 9 $ 28 $ 51 $ 3% 10% 15% Net (loss) income1 $ 3 (13) $ 8 $ Basic (loss) earnings per share (0.09) $ 0.02 $ 0.06 $ Diluted (loss) earnings per share $ 0.02 (0.09) $ 0.06 $ Adjusted EBITDA2 Business segments 44 $ 61 $ 87 $ Corporate, eliminations and other (12) (9) (13) Adjusted EBITDA2 $ 52 32 $ 74 $ Cash and cash equivalents 501 $ 370 $ 445 $ Net Debt2 $ (59) (198) $ (137) $ Cash flows from operating activities 62 $ 16 $ 113 $ Free Cash Flow2 $ 12 59 $ 107 $ 1 Net income during the fourth quarter 2025 included a non-cash impairment loss of $18 million related to our Thunder Hawk oil and gas properties 2 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below Amounts may not add due to rounding

Page 6 © 2026 Helix ESG Financial Results • Net loss of $13 million, $(0.09) per diluted share • Adjusted EBITDA1 of $32 million • Operating cash flows of $62 million • Free Cash Flow1 of $59 million Financial Condition • Cash and cash equivalents of $501 million • Liquidity2 of $612 million • Long-term debt3 of $304 million • Negative Net Debt1 of $198 million Operations • Return to operations and good utilization on the Seawell in the North Sea • Successful workover and recommencement of production of our Thunder Hawk field First Quarter 2026 Highlights 1 Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures; see non-GAAP reconciliations below 2 Revenue percentages net of intercompany eliminations Production Maximization 28% Decommissioning 56% Renewables 13% Other 3% Revenue By Market Strategy2 Quarter Ended March 31, 2026 Adjusted Amounts may not add due to rounding

Operational Highlights

8 Page 8 © 2026 Helix ESG Well Intervention • Fleet utilization 82% • 91% in the Gulf of America • 47% in the North Sea • 100% in Brazil (including the Sea Helix 1, Siem Helix 2 and Q7000) • 15K IRS idle; 10K IRSs idle; ROAM idle Production Facilities • Helix Producer I operated at full rates • Droshky field produced throughout Q1; Thunder Hawk field shut in prior to workover completed end Q1 Robotics • 381 vessel days (79% utilization) • 122 integrated vessel trenching days • 2,079 work class ROV days • 56% overall ROV and trencher utilization Shallow Water Abandonment • 41% liftboat, offshore supply vessel (OSV) and crewboat combined utilization • 15% diving support vessel (DSV) utilization • Epic Hedron heavy lift barge idle • 369 days, or 16%, combined utilization on plug and abandonment (P&A) and coiled tubing (CT) systems Segment Results ($ in millions, unaudited) Three Months Ended 3/31/26 3/31/25 12/31/25 Revenues Well Intervention 209 $ 198 $ 181 $ Robotics 62 51 87 Shallow Water Abandonment 21 17 58 Production Facilities 19 20 17 Intercompany eliminations (24) (8) (9) Total 288 $ 278 $ 334 $ Gross profit (loss) % Well Intervention 15 $ 7% $ 24 12% $ 16 9% Robotics 11 17% 8 16% 22 25% Shallow Water Abandonment (9) (42%) (12) (69%) 10 18% Production Facilities (7) (40%) 7 38% 3 18% Eliminations and other (1) (1) (1) Total 9 $ 3% $ 28 10% $ 51 15% Utilization Well Intervention vessels 82% 67% 72% Robotics vessels 79% 67% 91% Robotics assets (ROVs and trenchers) 56% 51% 58% Shallow Water Abandonment vessels 35% 30% 54% Shallow Water Abandonment systems 16% 11% 26% Amounts may not add due to rounding First Quarter Utilization

9 Page 9 © 2026 Helix ESG • Q5000 (Gulf of America) – 82% utilized in Q1; completed a single-well production enhancement project for BP, followed by a workover of a Thunder Hawk well on behalf of our Production Facilities segment; vessel then underwent annual regulatory inspection, completed a single well production enhancement scope for Talos, and commenced multi-well campaign for Shell • Q4000 (Gulf of America) – 100% utilized in Q1; completed construction campaign and decommissioning scopes for Murphy and commenced multi-well decommissioning and production enhancement for Oxy • Well Enhancer (North Sea) – 34% utilized in Q1; returned to work in March and performed decommissioning operations • Seawell (North Sea) – 60% utilized in Q1; returned to work in February following 2025 warm stacking and performed decommissioning operations • Q7000 (Brazil) – 100% utilized in Q1; performed decommissioning operations on 20 wells for Shell Brazil, including open water tubing recovery scopes on 11 wells and final abandonment of 9 wells, and one tree recovery • Sea Helix 1 (Brazil) – 100% utilized in Q1; completed decommissioning scopes on three wells and a production enhancement scope on one well for Petrobras • Siem Helix 2 (Brazil) – 99% utilized in Q1; completed decommissioning scopes on three wells for Petrobras • 15K IRS – idle during Q1 • 10K IRSs – idle during Q1 • ROAM – idle during Q1 Well Intervention 1 Gulf of America utilization includes Q4000 utilization offshore Nigeria between Q4 2024 and Q2 2025 on a six-month contract 2 North Sea utilization includes Seawell utilization in the western Mediterranean during Q1 and Q2 2024 3 Q7000 utilization includes utilization in Australia in 2024 and Brazil in 2025 and 2026

10 Page 10 © 2026 Helix ESG • Grand Canyon II (Asia Pacific) – 81 days (90%) utilized in Q1; performed oil and gas ROV support projects offshore Malaysia and Indonesia; ended Q1 commencing transit to North Sea for long-term trenching contract • Grand Canyon III (North Sea) – 61 days (79%) utilized in Q1; performed renewables trenching and other ROV support and site clearance work for one customer; spent most of February in scheduled regulatory drydock • Shelia Bordelon (Gulf of America/ US East Coast) – 67 days (75%) utilized in Q1; performed oil and gas ROV support work for two customers in Gulf of America and renewables work for another customer on US East Coast • North Sea Enabler (North Sea) – 90 days (100%) utilized in Q1; performed renewables trenching for two customers • Patriot (North Sea/Baltic Sea) – 20 days (26%) utilized in Q1; delivered into fleet mid-January and commenced its first project in March in the Baltic Sea performing both UXO ID and boulder relocation scopes • Trym (North Sea) – 61 days (100%) utilized in Q1; performed renewables UXO ID operations for one customer; off hire for approximately 29 days for repairs • Trenching – 122 integrated vessel trenching days on renewables and oil and gas trenching projects on Grand Canyon III and North Sea Enabler; 90 days stand-alone trenching with the T1400-2 on third-party vessel; T1400-1 idle • Site Clearance – 110 days utilization on three IROV boulder grabs on the Trym, Patriot and Grand Canyon III Robotics 1 Integrated vessel trenching days represents trenching activities utilizing Helix trenchers on Helix-chartered vessels and excludes stand-alone trenching operations on third-party vessels 2 Integrated vessel ROV days represents work-class ROV and IROV site clearance activities on Helix-chartered vessels

Page 11 © 2026 Helix ESG Lower expected seasonal utilization on Gulf of America shelf operations; several vessels remain temporarily stacked as a cost reduction measure based on current market conditions; stacked vessels are included in utilization metrics above Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 47% combined utilization; two liftboats stacked • OSVs – six OSVs and one crew boat with 34% combined utilization; three OSVs stacked Energy Services • P&A Systems – 334 days utilization, or 19%, on 20 P&A systems • CT Systems – 35 days utilization, or 6%, on six CT systems Diving & Heavy Lift • Epic Hedron – idle during Q1 • DSVs – three DSVs with combined utilization of 15%

Key Financial Metrics and Outlook

Page 13 © 2026 Helix ESG Total funded debt† of $310 million at 3/31/26 • $300 million Senior Notes due 2029 – 9.75% • $10 million MARAD Debt – 4.93% • Semi-annual amortization payments through maturity in Q1 2027 Debt Instrument Profile † Funded debt represents the principal amount of our long-term debt before subtracting $6 million of remaining unamortized debt discount and issuance costs $5 $5 $300 2026 2027 2028 2029 Principal Payment Schedule at 3/31/26 ($ in millions) MARAD 2029 Senior Notes $332 $368 $445 $501 ($362) ($315) ($308) ($304) $431 $430 $554 $612 $(30) $53 $137 $198 Cash Long-term debt Liquidity Net Debt 12/31/23 12/31/24 12/31/25 3/31/26 Debt and Liquidity Profile at 3/31/26 ($ in millions) 1 Long-term debt net of debt issuance costs 2 Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix’s ABL facility but excludes cash pledged to the ABL facility 3 Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below 1 2 3 Amounts may not add due to rounding Minimal maturities until 2029; Significant net cash position and strong liquidity at 3/31/26

Page 14 © 2026 Helix ESG Our 2026 outlook will be affected by, among other things, the utilization and rates in our spot and call-off operations and the extent of winter seasonal activity and the following expected key drivers: Well Intervention • Q4000 – second half 2026 utilization • Q7000 – second half 2026 utilization • Brazil – overall operating efficiency and Sea Helix 1 docking • North Sea – second half 2026 spot market utilization Robotics • Seasonal vessel utilization in the North Sea and Asia Pacific Shallow Water Abandonment • Strength of contracting for oil and gas properties in bankruptcies reverting to former owners • Seasonal utilization and level of competition on the Gulf of America shelf Free Cash Flow • Forecasted variability due to the seasonality of our operations and the timing of collections on our receivables 2026 Forecast ($ in millions) 2026 2025 Outlook Actual Revenues $ 1,200 - 1,400 1,291 $ Adjusted EBITDA1 230 - 290 272 Capital Additions2 70 - 80 70 Free Cash Flow1 100 - 160 120 Revenue Split: Well Intervention $ 695 - 830 729 $ Robotics 305 - 335 323 Shallow Water Abandonment 160 - 190 200 Production Facilities 90 - 95 73 Eliminations (50) (34) Total Revenue $ 1,200 - 1,400 1,291 $ 1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below 2 Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures Key Financial Metrics Key Forecast Drivers Amounts may not add due to rounding

Page 15 © 2026 Helix ESG • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention and Robotics in the North Sea • Shallow Water Abandonment • Quarterly activity also influenced by the timing of regulatory dockings and long-term transits and mobilizations Historical Quarterly Revenue & Earnings ($ in millions) 1 Adjusted EBITDA is a non-GAAP financial measure; see non-GAAP reconciliations below $296 $365 $342 $355 $278 $302 $377 $334 $288 $(26) $32 $30 $20 $3 $(3) $22 $8 $(13) $47 $97 $88 $72 $52 $42 $104 $74 $32 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Revenue Net Income Adjusted EBITDA¹

Page 16 © 2026 Helix ESG Well Intervention • Q5000 (Gulf of America) – completed workover of Helix’s Thunder Hawk field in March; expected to have good utilization with contracted work and identified opportunities for remainder of 2026 • Q4000 (Gulf of America) – contracted into Q2; identified opportunities for the remainder of 2026 with schedule gaps expected between contracts • Well Enhancer (North Sea) – contracted decommissioning and production enhancement through Q3 followed by expected North Sea seasonal slowdown in Q4 • Seawell (North Sea) – contracted work well into Q4 followed by expected seasonal slowdown for remainder of year • Q7000 (Brazil) – contracted with Shell Brazil through end of April; identified opportunities in Brazil and West Africa • Sea Helix 1 (Brazil) – Contracted with Petrobras into Q4 2028 • Siem Helix 2 (Brazil) – Contracted with Petrobras into Q1 2028 • IRS rental units (Global) – 15K IRS and 10K IRS rentals available and being marketed globally with identified opportunities in the Gulf of America Shallow Water Abandonment Expect seasonal activity, with higher utilization during Q2 and Q3 and lower utilization in Q1 and Q4 • Liftboats – expect seasonal utilization on up to seven liftboats during 2026 • OSVs – expect seasonal utilization on up to five OSVs during 2026 • P&A Systems – expect seasonal utilization on up to eight P&A systems during 2026 • CT Systems – expect seasonal utilization on up to two CT systems during 2026 • DSVs – expect seasonal utilization on all three diving vessels during 2026 • Epic Hedron – vessel available in Q2 and expected good seasonal utilization during 2026 Robotics • Grand Canyon II (Asia Pacific/North Sea) – transiting to North Sea for long-term trenching contract expected to commence in 2027 • Grand Canyon III (North Sea) – expected to be nearly fully utilized in 2026 on trenching projects • Shelia Bordelon (U.S.) – performing renewables operations on US East Coast expected through April 2026 with identified subsequent opportunities on US East Coast and in the Gulf of America; vessel charter expires end of Q2 2026 if not extended • North Sea Enabler (North Sea) – under flexible charter during first half 2026 with two-year charter extension commencing July; expected to be nearly fully utilized in 2026 on trenching projects for both renewables and oil and gas customers • Trym (North Sea) – expected to perform UXO identification and other renewables site preparation and site clearance work with high utilization expected in 2026 • Patriot (North Sea/Baltic Sea) – expected to continue its Baltic Sea UXO ID and Boulder removal project into Q4 2026 • Trenchers (Global) – six trenchers with good utilization expected on four integrated vessel trencher spreads in the North Sea and one trencher working on third-party vessel in the Mediterranean • ROVs (Global) – expect stronger ROV utilization in 2026 over 2025 Production Facilities • Helix Producer I – under contract throughout 2026 • Thunder Hawk – wells recommenced production in April with production expected through remainder of 2026 • Droshky – ongoing production expected to decline throughout 2026 2026 Segments Outlook

Page 17 © 2026 Helix ESG 2026 Capital additions1 are forecasted at approximately $70 – $80 million: • Capital additions during Q1 included approximately $10 million for regulatory certifications costs for our vessels and systems, which are reported in operating cash flows, and approximately $2 million for capital expenditures • Capital additions during the remainder of 2026 are expected to be: • Approximately $30 – $35 million for regulatory certification costs for our vessels and systems, reported in operating cash flows • Approximately $28 – $33 million for capital expenditures, reported in investing cash flows Free Cash Flow2 • Free Cash Flow outlook includes approximately $70 – $80 million of capital spending, $30 million of gross cash interest expense, and cash income taxes expected between $20 – $30 million • Working capital expected to be impacted by seasonality and timing of collections from customers Balance Sheet • No significant debt maturities until 2029 Capital Additions, Cash Flow and Balance Sheet 1 Capital additions represents accrued capital additions; total cash capital spending was approximately $9 million for regulatory certifications cost and $3 million for capital expenditures during Q1 2 Free Cash Flow is a non-GAAP financial measure; see non-GAAP reconciliations below

Non-GAAP Reconciliations

Page 19 © 2026 Helix ESG Non-GAAP Reconciliations Year Ended ($ in thousands, unaudited) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 12/31/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) (26,287) $ 32,289 $ 29,514 $ 20,121 $ 3,072 $ (2,598) $ 22,083 $ 8,270 $ (13,406) $ $30,827 Adjustments: Income tax provision (benefit) (1,698) 14,725 9,520 3,880 453 (5,997) 19,169 (1,972) (3,152) 11,653 Net interest expense 5,477 5,891 5,689 5,572 5,706 5,875 5,616 5,580 5,229 22,777 Depreciation and amortization 46,353 43,471 42,904 40,564 42,482 45,389 55,661 43,850 43,864 187,382 Other (income) expense, net 2,216 382 49 1,275 357 (437) 983 487 (298) 1,390 (Gain) loss on disposition of assets 150 - (100) 429 - - - - - - Long-lived asset impairment - - - - - - - 18,064 - 18,064 Losses related to convertible senior notes 20,922 - - - - - - - - - General provision for (release of) current expected credit losses (143) 137 45 (200) (85) 198 159 (408) 25 (136) Adjusted EBITDA $ 96,895 46,990 $ 87,621 $ 71,641 $ 51,985 $ 42,430 $ 103,671 $ 73,871 $ 32,262 $ 271,957 $ Free Cash Flow: Cash flows from operating activities 64,484 $ (12,164) $ 55,731 $ 77,977 $ 16,442 $ (17,133) $ 24,277 $ 113,163 $ 61,786 $ 136,749 $ Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (3,242) (3,989) (3,086) (12,523) (4,488) (4,470) (1,688) (5,696) (2,811) (16,342) Free Cash Flow $ (16,153) 61,242 $ 52,645 $ 65,454 $ 11,954 $ (21,603) $ 22,589 $ 107,467 $ 58,975 $ 120,407 $ Net Debt: Long-term debt including current maturities of long-term debt 318,164 $ 318,629 $ 314,673 $ 315,157 $ 311,109 $ 311,612 $ 307,472 $ 307,995 $ 303,761 $ 307,995 $ Less: Cash and cash equivalents and restricted cash (323,849) (275,066) (324,120) (368,030) (369,987) (319,743) (338,033) (445,196) (501,272) (445,196) Net Debt $ 43,563 (5,685) $ (9,447) $ (52,873) $ (58,878) $ (8,131) $ (30,561) $ (137,201) $ (197,511) $ (137,201) $ Three Months Ended

Page 20 © 2026 Helix ESG Non-GAAP Financial Measures We define Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. We use Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant. Non-GAAP Reconciliations

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Filing Exhibits & Attachments

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