HOUSTON: Helix Energy Solutions Group Inc (HLX.N) on Wednesday reported a third-quarter profit of $22.1 million, or 15 cents per diluted share, reversing a loss of $2.6 million in the prior quarter, as robust performance in its Robotics and Shallow Water segments offset offshore headwinds.
The Houston-based offshore energy services firm posted adjusted EBITDA of $103.7 million for the quarter ended Sept. 30, up from $42.4 million in Q2 and $87.6 million a year earlier. It marked Helix’s highest quarterly EBITDA since 2014, despite operational downtime on its Q4000 vessel and the Seawell remaining stacked.
For the first nine months of 2025, Helix reported net income of $22.6 million, or 15 cents per share, down from $35.5 million, or 23 cents per share, in the same period last year. Adjusted EBITDA for the period fell to $198.1 million from $231.5 million.
CEO Owen Kratz said the company raised its full-year 2025 adjusted EBITDA guidance to between $240 million and $270 million, citing strong trenching and renewables activity in the North Sea and Asia Pacific. Free cash flow is now expected to range between $100 million and $140 million, depending on year-end receivables collection.
Operationally, Helix deployed all six trenchers and three IROV boulder grabs during the quarter. Its Shallow Water segment saw a seasonal uptick in activity, while new contracts included a four-year Robotics trenching deal in the North Sea and a three-year Well Intervention agreement in the Gulf of America.
“We believe our third quarter also reinforces the confidence our customers have in our services as well as our resiliency and dedication to delivering results even in a challenging market environment,” Kratz said.