Helix Energy Solutions Group, Inc. — Cyborg Score 7/10
Solid
Offshore Energy Services
Strategic Profile
The company's operational prowess in the Gulf of Mexico, Brazil, the North Sea, Asia Pacific, and West Africa regions positions it as a key player in the offshore energy industry, particularly in well intervention services. Helix secured multi-year contracts that should support 2026 utilization—most notably the Siem Helix 1 Petrobras deal and a multi-year PNA North Sea contract to reactivate the Seawell.
Cyborg Score Rationale
Third quarter revenue climbed to about $377 million, with adjusted EBITDA of roughly $104 million, the strongest quarterly EBITDA since 2014. The fourth quarter was the company's strongest fourth quarter since 2013. However, HLX's performance is closely tied to the cyclical nature of the oil and gas industry, with fluctuations in oil and natural gas prices directly impacting the capital expenditure of HLX's clients.
Top Insights
As of December 31, 2025, HLX reported a backlog of $1.3 billion, with $694 million expected to be performed in 2026.
HLX generated an eye-catching $107 million in free cash flow and finished the quarter with $445 million in cash and equivalents and $315 million in funded debt.
Helix is seeing a better activity level in 2026 than in 2025, when oil company mergers put projects on hold.
The company plans to continue its share repurchase program, targeting repurchases of 25% of free cash flow.
Named Competitors
Subsea and ROV Services — Global provider of subsea engineering and services
Offshore Energy Services — Provider of offshore drilling services and products
Well Intervention Services — Operator of offshore supply and utility vessels
Recent Developments
(February 2026) Reported stronger-than-expected finish to 2025, with the fourth quarter being the company's strongest fourth quarter since 2013.
(February 2026) Secured a multi-year contract to perform riserless plug-and-abandonment work on up to 34 subsea wells in the UK North Sea, with scope scheduled to begin in 2026.
(August 2025) Awarded a multi-year contract with a major operator to provide production enhancement and well abandonment services in the U.S. Gulf of America, commencing in 2026 with a minimum commitment of vessel utilization split over three years.
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