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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________ to__________

Commission File Number: 001-32936

HELIX ENERGY SOLUTIONS GROUP, INC.

(Exact name of registrant as specified in its charter)


Minnesota		95-3409686
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
3505 West Sam Houston Parkway North
Suite 400
Houston Texas		77043
(Address of principal executive offices)		(Zip Code)

(281) 618–0400

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

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


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

As of October 20, 2025, 147,080,917 shares of common stock were outstanding.

Table of Contents

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements:	3
	Condensed Consolidated Balance Sheets – September 30, 2025 (Unaudited) and December 31, 2024	3

	Condensed Consolidated Statements of Operations (Unaudited) – Three and nine months ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three and nine months ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) – Three and nine months ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) – Nine months ended September 30, 2025 and 2024	6

	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38

Item 4.	Controls and Procedures	39

PART II.	OTHER INFORMATION	39

Item 1.	Legal Proceedings	39

Item 1A.	Risk Factors	39

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 3.	Defaults Upon Senior Securities	40

Item 4.	Mine Safety Disclosures	40

Item 5.	Other Information	40

Item 6.	Exhibits	41

	Signatures	42

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


	September 30,		December 31,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	338,033	$	368,030
Accounts receivable, net of allowance for credit losses of $3,954 and $3,682, respectively		359,607		258,630
Other current assets		100,600		83,022
Total current assets		798,240		709,682
Property and equipment		3,173,123		3,068,755
Less accumulated depreciation		(1,765,891)		(1,630,902)
Property and equipment, net		1,407,232		1,437,853
Operating lease right-of-use assets		297,021		329,649
Deferred recertification and dry dock costs, net		81,869		71,718
Other assets, net		47,525		48,178
Total assets	$	2,631,887	$	2,597,080

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	147,402	$	144,793
Accrued liabilities		99,248		90,455
Current maturities of long-term debt		9,644		9,186
Current operating lease liabilities		57,826		59,982
Total current liabilities		314,120		304,416
Long-term debt		297,828		305,971
Operating lease liabilities		257,159		285,984
Deferred tax liabilities		117,821		113,973
Other non-current liabilities		70,084		66,971
Total liabilities		1,057,012		1,077,315
Commitments and contingencies
Shareholders’ equity:
Common stock, no par, 240,000 shares authorized, 147,081 and 150,243 shares issued, respectively		1,221,626		1,252,253
Retained earnings		390,644		368,087
Accumulated other comprehensive loss		(37,395)		(100,575)
Total shareholders’ equity		1,574,875		1,519,765
Total liabilities and shareholders’ equity	$	2,631,887	$	2,597,080

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net revenues	$	376,960	$	342,419	$	957,312	$	1,003,427
Cost of sales		310,941		276,754		848,807		842,722
Gross profit		66,019		65,665		108,505		160,705
Gain (loss) on disposition of assets, net		—		100		—		(50)
Selling, general and administrative expenses		(18,168)		(21,125)		(55,634)		(64,098)
Income from operations		47,851		44,640		52,871		96,557
Net interest expense		(5,616)		(5,689)		(17,197)		(17,057)
Losses related to convertible senior notes		—		—		—		(20,922)
Other expense, net		(983)		(49)		(903)		(2,647)
Royalty income and other		—		132		1,411		2,132
Income before income taxes		41,252		39,034		36,182		58,063
Income tax provision		19,169		9,520		13,625		22,547
Net income	$	22,083	$	29,514	$	22,557	$	35,516

Earnings per share of common stock:
Basic	$	0.15	$	0.19	$	0.15	$	0.23
Diluted	$	0.15	$	0.19	$	0.15	$	0.23

Weighted average common shares outstanding:
Basic		146,907		151,914		148,805		152,171
Diluted		147,698		154,851		149,550		155,038

The accompanying notes are an integral part of these condensed consolidated financial statements.

HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	22,083	$	29,514	$	22,557	$	35,516
Other comprehensive income (loss) - foreign currency translation gain (loss), net of tax		(18,133)		41,689		63,180		35,272
Comprehensive income	$	3,950	$	71,203	$	85,737	$	70,788

The accompanying notes are an integral part of these condensed consolidated financial statements.

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HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands)


						Accumulated
						Other		Total
	Common Stock			Retained		Comprehensive		Shareholders’
	Shares	Amount		Earnings		Loss		Equity
Balance, June 30, 2025	146,986	$	1,219,477	$	368,561	$	(19,262)	$	1,568,776
Net income	—		—		22,083		—		22,083
Foreign currency translation adjustments	—		—		—		(18,133)		(18,133)
Repurchases of common stock	—		6		—		—		6
Activity in company stock plans, net and other	95		622		—		—		622
Share-based compensation	—		1,521		—		—		1,521
Balance, September 30, 2025	147,081	$	1,221,626	$	390,644	$	(37,395)	$	1,574,875

Balance, June 30, 2024	152,051	$	1,267,768	$	318,452	$	(89,432)	$	1,496,788
Net income	—		—		29,514		—		29,514
Foreign currency translation adjustments	—		—		—		41,689		41,689
Activity in company stock plans, net and other	50		901		—		—		901
Share-based compensation	—		1,678		—		—		1,678
Balance, September 30, 2024	152,101	$	1,270,347	$	347,966	$	(47,743)	$	1,570,570


						Accumulated
						Other		Total
	Common Stock			Retained		Comprehensive		Shareholders’
	Shares	Amount		Earnings		Loss		Equity
Balance, December 31, 2024	150,243	$	1,252,253	$	368,087	$	(100,575)	$	1,519,765
Net income	—		—		22,557		—		22,557
Foreign currency translation adjustments	—		—		—		63,180		63,180
Repurchases of common stock	(4,643)		(30,177)		—		—		(30,177)
Activity in company stock plans, net and other	1,481		(5,014)		—		—		(5,014)
Share-based compensation	—		4,564		—		—		4,564
Balance, September 30, 2025	147,081	$	1,221,626	$	390,644	$	(37,395)	$	1,574,875

Balance, December 31, 2023	152,291	$	1,271,565	$	312,450	$	(83,015)	$	1,501,000
Net income	—		—		35,516		—		35,516
Foreign currency translation adjustments	—		—		—		35,272		35,272
Settlement of convertible debt conversion	—		(84)		—		—		(84)
Repurchases of common stock	(938)		(10,218)		—		—		(10,218)
Termination of capped calls	—		4,381		—		—		4,381
Activity in company stock plans, net and other	748		(401)		—		—		(401)
Share-based compensation	—		5,104		—		—		5,104
Balance, September 30, 2024	152,101	$	1,270,347	$	347,966	$	(47,743)	$	1,570,570

The accompanying notes are an integral part of these condensed consolidated financial statements.

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HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)


	Nine Months Ended
	September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	22,557	$	35,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, excluding amortization of deferred recertification and dry dock costs		101,026		105,532
Amortization of deferred recertification and dry dock costs		42,506		27,196
Deferred recertification and dry dock costs		(48,276)		(29,239)
Payment of earnout consideration		—		(58,300)
Amortization of debt discount		177		161
Amortization of debt issuance costs		1,533		1,611
Share-based compensation		4,941		5,524
Deferred income taxes		3,819		13,167
Loss on disposition of assets, net		—		50
Losses related to convertible senior notes		—		20,922
Unrealized foreign currency gains		(690)		(1,213)
Changes in operating assets and liabilities:
Accounts receivable, net		(93,298)		12,741
Other current assets		(900)		(13,778)
Income tax receivable, net of income tax payable		(15,175)		(509)
Accounts payable and accrued liabilities		2,644		(14,869)
Other, net		2,722		3,539
Net cash provided by operating activities		23,586		108,051

Cash flows from investing activities:
Capital expenditures		(10,646)		(10,780)
Proceeds from sale of assets		—		100
Proceeds from insurance recoveries		—		363
Net cash used in investing activities		(10,646)		(10,317)

Cash flows from financing activities:
Payments related to convertible senior notes		—		(60,720)
Repayment of MARAD Debt		(9,186)		(8,749)
Proceeds from settlement of capped calls		—		4,381
Debt issuance costs		—		(1,453)
Repurchases of common stock		(30,214)		(10,189)
Payments related to tax withholding for share-based compensation		(7,266)		(4,003)
Proceeds from issuance of ESPP shares		1,745		1,859
Payment of earnout consideration		—		(26,700)
Net cash used in financing activities		(44,921)		(105,574)

Effect of exchange rate changes on cash and cash equivalents		1,984		(231)
Net decrease in cash and cash equivalents		(29,997)		(8,071)
Cash and cash equivalents:
Balance, beginning of year		368,030		332,191
Balance, end of period	$	338,033	$	324,120

The accompanying notes are an integral part of these condensed consolidated financial statements.

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HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 — Basis of Presentation and New Accounting Standards

The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three- and nine-month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. Our balance sheet as of December 31, 2024 included herein has been derived from the audited balance sheet as of December 31, 2024 included in our 2024 Annual Report on Form 10-K (our “2024 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2024 Form 10-K.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.

New accounting standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures,” which requires entities to disclose, on an annual basis, specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that entities disclose on an annual basis: a) income taxes paid (net) disaggregated by federal, state and foreign taxes; b) income taxes paid (net) by individual jurisdiction; c) income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign; and d) income tax expense (or benefit) from continuing operations by federal, state and foreign. Certain previous disclosure requirements on unrecognized tax benefits and cumulative amount of temporary differences are eliminated. ASU No. 2023-09 will be effective for us for annual periods beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements.

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires entities to disclose, on an annual and interim basis, specified information about certain costs and expenses: a) the amounts of (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption; b) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; c) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and d) the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU No. 2024-03 will be effective for us for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements.

We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

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Note 2 — Company Overview

We are 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:

●

Production maximization — our assets and methodologies are specifically designed to safely and efficiently enhance and extend the lives of existing oil and gas reserves;

●

Decommissioning — we are a full-field abandonment contractor and believe that regulatory push for plug and abandonment (“P&A”) and transition to renewable energy will facilitate the continued growth of the abandonment market; and

●

Renewables — we are an established global leader in jet trenching and provide specialty support services to renewable energy developments (primarily offshore wind farms), including boulder removal and unexploded ordnance clearance.

We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of America (deepwater and shelf), U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. Our North Sea operations and our Gulf of America shelf operations are usually subject to seasonal changes in activity levels, which generally peak in the summer months and decline in the winter months. Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities.

Our Well Intervention segment provides services enabling our customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered vessels, the Siem Helix 1 and the Siem Helix 2. Our well intervention equipment includes intervention systems such as intervention riser systems (“IRSs”), subsea intervention lubricators (“SILs”) and the Riserless Open-water Abandonment Module, some of which we provide on a stand-alone basis.

Our Robotics segment provides trenching, seabed clearance, offshore construction and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of renewable energy and supporting the responsible transition away from a carbon-based economy. Additionally, our robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers, IROV boulder grabs and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and IROV boulder grabs on a stand-alone basis or on an integrated basis with chartered robotics support vessels.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries predominantly in the Gulf of America shelf, including offshore oilfield decommissioning and ‎reclamation, well intervention, IRM, heavy lift and commercial diving services. Our Shallow Water Abandonment segment includes Helix Alliance that was acquired in July 2022, a vertically integrated company that offers a diversified fleet of marine assets including liftboats, offshore supply vessels (“OSVs”), dive support vessels (“DSVs”), a heavy lift derrick barge, a crew boat, P&A systems and coiled tubing (“CT”) systems.

Our Production Facilities segment includes the Helix Producer I (the “HP I”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), which combines our capabilities with certain well control equipment that can be deployed to respond to a well control incident, and our ownership of mature oil and gas properties. All of our current Production Facilities activities are located in the Gulf of America.

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Note 3 — Details of Certain Accounts

Other current assets consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Prepaids	$	39,093	$	26,780
Income tax receivable		15,154		2,635
Contract assets (Note 8)		8,759		12,221
Deferred costs (Note 8)		25,707		31,874
Other		11,887		9,512
Total other current assets	$	100,600	$	83,022

Other assets, net consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 8)		3,428		5,348
Other receivable ⁽²⁾		26,653		24,827
Intangible assets with finite lives, net		3,365		3,630
Other		1,535		1,829
Total other assets, net	$	47,525	$	48,178

(1)	Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2, which may be used to offset certain payment obligations associated with the vessels at the end of their respective charter term.

(2)	Represents the present value of receivables for P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil Corporation in 2019.

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Accrued payroll and related benefits	$	42,890	$	49,521
Accrued interest		2,607		10,278
Deferred revenue (Note 8)		31,090		14,914
Other		22,661		15,742
Total accrued liabilities	$	99,248	$	90,455

Other non-current liabilities consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Deferred revenue (Note 8)	$	—	$	699
Asset retirement obligations (Note 12)		67,266		62,947
Other		2,818		3,325
Total other non-current liabilities	$	70,084	$	66,971

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Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034.

The following table details the components of our lease cost (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost	$	23,378	$	22,643	$	67,957	$	65,475
Variable lease cost		4,160		2,236		9,192		8,353
Short-term lease cost		14,920		18,665		36,609		41,324
Sublease income		(29)		(26)		(87)		(70)
Net lease cost	$	42,429	$	43,518	$	113,671	$	115,082

Maturities of our operating lease liabilities as of September 30, 2025 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	74,427	$	4,145	$	78,572
One to two years		65,768		3,532		69,300
Two to three years		62,216		4,132		66,348
Three to four years		54,059		3,011		57,070
Four to five years		52,748		4,367		57,115
Over five years		46,804		12,937		59,741
Total lease payments	$	356,022	$	32,124	$	388,146
Less: imputed interest		(64,434)		(8,727)		(73,161)
Total operating lease liabilities	$	291,588	$	23,397	$	314,985

Current operating lease liabilities	$	54,325	$	3,501	$	57,826
Non-current operating lease liabilities		237,263		19,896		257,159
Total operating lease liabilities	$	291,588	$	23,397	$	314,985

Maturities of our operating lease liabilities as of December 31, 2024 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	78,442	$	5,324	$	83,766
One to two years		66,020		3,442		69,462
Two to three years		61,771		3,871		65,642
Three to four years		55,933		3,368		59,301
Four to five years		52,748		3,185		55,933
Over five years		86,257		15,736		101,993
Total lease payments	$	401,171	$	34,926	$	436,097
Less: imputed interest		(80,564)		(9,567)		(90,131)
Total operating lease liabilities	$	320,607	$	25,359	$	345,966

Current operating lease liabilities	$	55,643	$	4,339	$	59,982
Non-current operating lease liabilities		264,964		21,020		285,984
Total operating lease liabilities	$	320,607	$	25,359	$	345,966

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The following table presents the weighted average remaining lease term and discount rate:


	September 30,		December 31,
	2025		2024
Weighted average remaining lease term	5.4	years	5.9	years
Weighted average discount rate	7.80	%	7.89	%

The following table presents other information related to our operating leases (in thousands):

(1)

Our operating lease additions are primarily related to the charter for the Trym during the nine-month period ended September 30, 2025, and the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon during the nine-month period ended September 30, 2024 (Note 13).

Note 5 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of September 30, 2025 are as follows (in thousands):


	MARAD		2029
	Debt		Notes		Total
Less than one year	$	9,644	$	—	$	9,644
One to two years		5,001		—		5,001
Two to three years		—		—		—
Three to four years		—		300,000		300,000
Gross debt		14,645		300,000		314,645
Unamortized debt discount ⁽¹⁾		—		(1,009)		(1,009)
Unamortized debt issuance costs ⁽¹⁾		(732)		(5,432)		(6,164)
Total debt		13,913		293,559		307,472
Less current maturities		(9,644)		—		(9,644)
Long-term debt	$	4,269	$	293,559	$	297,828

(1)	Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Below is a summary of our indebtedness:

Credit Agreement

On September 30, 2021, we entered into an asset-based credit agreement with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and subsequently we entered into various amendments (collectively, the “Amended ABL Facility”). The Amended ABL Facility provides a $120 million asset-based revolving credit line that matures on August 2, 2029, with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The Amended ABL Facility permits us to request an increase of the facility of up to $30 million, subject to certain conditions.

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Commitments under the Amended ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $85 million and $35 million, respectively. The Amended ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash and provides for a $55 million sub-limit for the issuance of letters of credit. As of September 30, 2025, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $94.3 million, net of $1.5 million of letters of credit issued and includes $2.5 million of cash pledged to the facility.

We and certain of our U.S. and U.K. subsidiaries are the current borrowers under the Amended ABL Facility, whose obligations under the Amended ABL Facility are guaranteed by those borrowers and certain other U.S. and U.K. subsidiaries, excluding Cal Dive I – Title XI, Inc. (“CDI Title XI”), Helix Offshore Services Limited and certain other enumerated subsidiaries. Other subsidiaries may be added as guarantors of the facility in the future. The Amended ABL Facility is secured by all accounts receivable and designated deposit accounts of the U.S. borrowers and guarantors, and by substantially all of the assets of the U.K. borrowers and guarantors.

U.S. borrowings under the Amended ABL Facility bear interest at the Term SOFR rate (also known as CME Term SOFR as administered by CME Group, Inc.) plus a margin of 1.50% to 2.00% or at a base rate plus a margin of 0.50% to 1.00%. U.K. borrowings under the Amended ABL Facility denominated in U.S. dollars bear interest at the Term SOFR rate with SOFR adjustment of 0.10% and U.K. borrowings denominated in the British pound bear interest at the SONIA daily rate, each plus a margin of 1.50% to 2.00%. We also pay a commitment fee of 0.375% to 0.50% per annum on the unused portion of the facility.

The Amended ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The Amended ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The Amended ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $12 million.

The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, and (ii) provides for potential ESG-related pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the Amended ABL Facility.

MARAD Debt

In 2005, Helix’s subsidiary CDI-Title XI issued its U.S. Government Guaranteed Ship Financing Bonds, Q4000 Series, to refinance the construction financing originally granted in 2002 of the Q4000 vessel (the “MARAD Debt”). The MARAD Debt is guaranteed by the U.S. government pursuant to Title XI of the Merchant Marine Act of 1936, administered by the Maritime Administration (“MARAD”). The obligation of CDI-Title XI to reimburse MARAD in the event CDI-Title XI fails to repay the MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. In addition, we have agreed to bareboat charter the Q4000 from CDI-Title XI for so long as the MARAD Debt remains outstanding. The MARAD Debt is payable in equal semi-annual installments through February 2027 and bears interest at a rate of 4.93%.

Senior Notes Due 2029 (“2029 Notes”)

On December 1, 2023, we issued $300 million aggregate principal amount of the 2029 Notes. The net proceeds from the issuance of the 2029 Notes were approximately $291.1 million after deducting the purchasers’ discount and debt issuance costs. We used cash proceeds from the offering to redeem our former Convertible Senior Notes due 2026 (the “2026 Notes”). See details regarding the redemption of the 2026 Notes below.

The 2029 Notes bear interest at a coupon interest rate of 9.75% per annum payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2024. The 2029 Notes mature on March 1, 2029 unless earlier redeemed or repurchased by us.

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Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings.


		Redemption
Year		Price
2026		104.875%
2027		102.438%
2028 and thereafter		100.000%

Upon the occurrence of a Change of Control Triggering Event, as defined in the indenture governing the 2029 Notes, we may be required to make an offer to repurchase all of the notes then outstanding at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The indenture governing the 2029 Notes contains customary terms and covenants, including limitations on additional indebtedness, restricted payments, liens, asset sales, transactions with affiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other restrictions affecting restricted subsidiaries.

The 2029 Notes are guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Amended ABL Facility, as well as certain future subsidiaries that may guarantee certain of our indebtedness, including the Amended ABL Facility. The 2029 Notes are junior in right of payment to all our existing and future secured indebtedness and obligations and rank equally in right of payment with all our existing and future senior unsecured indebtedness. The 2029 Notes rank senior in right of payment to any of our future subordinated indebtedness and are fully and unconditionally guaranteed by the guarantors described above on a senior basis.

2026 Notes Redemption

In January 2024, we issued a notice for the redemption of the remaining $40.0 million aggregate principal amount of the 2026 Notes to be settled in March 2024 (the “2026 Notes Redemptions”). The redemption price consisted of the principal amount and the make-whole premium, plus accrued and unpaid interest. Our redemption notice enabled holders of $39.7 million aggregate principal amount of the 2026 Notes to tender their notes for conversion prior to the redemption date, with the remaining $0.3 million aggregate principal amount of the notes redeemed. We settled both the conversions and redemptions for an aggregate $60.2 million cash in March 2024 and recognized pre-tax losses of $20.9 million. These losses are reflected in “Losses related to convertible senior notes” in the accompanying condensed consolidated statement of operations. The 2026 Notes had a coupon interest rate of 6.75% per annum and an effective interest rate of 7.6%. For the nine-month period ended September 30, 2024, total interest expense related to the 2026 Notes was $0.4 million with coupon interest expense of $0.3 million and the amortization of debt issuance costs of $0.1 million.

In connection with the 2026 Notes offering, we entered into capped call transactions (the “2026 Capped Calls”) with three separate counterparties to hedge the dilution risk of the 2026 Notes. Concurrent with the settlement of the 2026 Notes Redemptions in March 2024, we terminated the remaining 2026 Capped Calls and received $4.4 million in cash, recognizing an increase to “Common stock” in the shareholders’ equity section of the accompanying condensed consolidated balance sheets.

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Other

In accordance with the Amended ABL Facility, the MARAD Debt and the 2029 Notes, we are required to comply with certain covenants, including minimum liquidity and a springing fixed charge coverage ratio (applicable under certain conditions that are currently not applicable) with respect to the Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of September 30, 2025, we were in compliance with these covenants.

The following table details the components of our net interest expense (in thousands):


	September 30,				September 30,
	2025		2024		2025		2024
Interest expense	$	8,241	$	8,414	$	24,733	$	25,594
Interest income		(2,625)		(2,725)		(7,536)		(8,537)
Net interest expense	$	5,616	$	5,689	$	17,197	$	17,057

Note 6 — Income Taxes

We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

On July 4, 2025, the One Big Beautiful Bill Act was passed into law. The legislation provides us with benefits that are temporary in nature with no material impact on our income tax expense or effective tax rate for the three- and nine-month periods ended September 30, 2025.

For the three- and nine-month periods ended September 30, 2025, we recorded income tax provision of $19.2 million and $13.6 million, respectively, resulting in effective tax rates of 46.5% and 37.7% respectively. The effective tax rates for these periods were impacted by certain discrete items and the jurisdictional mix of earnings. For the three- and nine-month periods ended September 30, 2024, we recorded income tax provision of $9.5 million and $22.5 million, respectively, resulting in effective tax rates of 24.4% and 38.8%, respectively. The effective rate for the three-month period ended September 30, 2024 was impacted by certain non-deductible expenses and non-creditable foreign income taxes. The effective rate for the nine-month period ended September 30, 2024 was impacted by the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event.

Note 7 — Share Repurchase Programs

In February 2023, our Board of Directors (our “Board”) authorized a share repurchase program to repurchase issued and outstanding shares of our common stock up to $200 million (the “2023 Repurchase Program”). As of September 30, 2025, approximately $128.4 million remained authorized for the repurchase of shares under the 2023 Repurchase Program. During the nine-month period ended September 30, 2025, we repurchased a total of 4,643,060 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $30.0 million. During the nine-month period ended September 30, 2024, we repurchased a total of 937,585 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $10.2 million.

The 2023 Repurchase Program has no set expiration date. Repurchases under the 2023 Repurchase Program have been made through open market purchases in compliance with Rule 10b-18 as well as a plan established under Rule 10b5-1 under the Exchange Act, and may also be made through privately negotiated transactions or future plans, instructions or contracts established under Rule 10b5-1. The manner, timing and amount of any purchase will be determined by management at its discretion based on an evaluation of market conditions, stock price, liquidity and other factors. The 2023 Repurchase Program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. Any repurchased shares are cancelled.

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Note 8 — Revenue from Contracts with Customers

Disaggregation of Revenue

Our service contracts generally contain provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) but we occasionally contract on a lump sum basis (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities.

Our revenues are primarily derived from short-term and long-term service contracts with customers. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following tables provide information about disaggregated revenue by contract duration and by market strategy (in thousands):


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Three months ended September 30, 2025
Short-term	$	80,075	$	82,168	$	70,777	$	—	$	—	$	233,020
Long-term		113,130		17,239		3,865		18,513		(8,807)		143,940
Total	$	193,205	$	99,407	$	74,642	$	18,513	$	(8,807)	$	376,960

Three months ended September 30, 2024 ⁽¹⁾
Short-term	$	130,150	$	48,906	$	53,410	$	—	$	(38)	$	232,428
Long-term		44,463		35,620		18,185		20,695		(8,972)		109,991
Total	$	174,613	$	84,526	$	71,595	$	20,695	$	(9,010)	$	342,419

Nine months ended September 30, 2025
Short-term	$	150,428	$	169,497	$	132,898	$	—	$	(60)	$	452,763
Long-term		397,937		66,524		9,180		55,431		(24,523)		504,549
Total	$	548,365	$	236,021	$	142,078	$	55,431	$	(24,583)	$	957,312

Nine months ended September 30, 2024 ⁽¹⁾
Short-term	$	417,716	$	118,275	$	121,142	$	—	$	(6,471)	$	650,662
Long-term		185,958		97,809		28,147		70,247		(29,396)		352,765
Total	$	603,674	$	216,084	$	149,289	$	70,247	$	(35,867)	$	1,003,427

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	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Three months ended September 30, 2025
Production maximization	$	65,350	$	33,591	$	2,607	$	18,513	$	(3,804)	$	116,257
Decommissioning		124,364		13,071		72,035		—		(4,374)		205,096
Renewables		—		50,104		—		—		—		50,104
Other		3,491		2,641		—		—		(629)		5,503
Total	$	193,205	$	99,407	$	74,642	$	18,513	$	(8,807)	$	376,960

Three months ended September 30, 2024 ⁽¹⁾
Production maximization	$	92,323	$	34,541	$	483	$	20,695	$	(6,266)	$	141,776
Decommissioning		82,135		2,746		71,112		—		(2,744)		153,249
Renewables		—		42,804		—		—		—		42,804
Other		155		4,435		—		—		—		4,590
Total	$	174,613	$	84,526	$	71,595	$	20,695	$	(9,010)	$	342,419

Nine months ended September 30, 2025
Production maximization	$	189,112	$	87,871	$	4,953	$	55,431	$	(8,478)	$	328,889
Decommissioning		353,809		24,320		137,049		—		(15,031)		500,147
Renewables		—		108,865		76		—		—		108,941
Other		5,444		14,965		—		—		(1,074)		19,335
Total	$	548,365	$	236,021	$	142,078	$	55,431	$	(24,583)	$	957,312

Nine months ended September 30, 2024 ⁽¹⁾
Production maximization	$	270,301	$	73,573	$	6,734	$	70,247	$	(23,704)	$	397,151
Decommissioning		332,959		15,257		142,555		—		(11,812)		478,959
Renewables		—		117,469		—		—		—		117,469
Other		414		9,785		—		—		(351)		9,848
Total	$	603,674	$	216,084	$	149,289	$	70,247	$	(35,867)	$	1,003,427

(1)	For the three- and nine-month periods ended September 30, 2024, $8.1 million and $20.1 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations. See Note 11 regarding this change in prior year reported segment information.

Contract Balances

Net contract assets were $8.8 million as of September 30, 2025 and $12.2 million as of December 31, 2024 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3). The decrease in net contract assets was primarily attributable to less accrued revenues related to lump sum demobilization fees. We had no credit losses on our contract assets for the three- and nine-month periods ended September 30, 2025 and 2024.

Net contract liabilities totaled $31.1 million as of September 30, 2025 and $15.6 million as of December 31, 2024 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 3). The increase was primarily attributable to a larger amount of deferred mobilization fees for work that has not yet been completed as well as more prepayments on work not yet performed. Revenue recognized for the three- and nine-month periods ended September 30, 2025 included $19.8 million and $19.4 million, respectively, that were included in the contract liability balance at the beginning of each period. Revenue recognized for the three- and nine-month periods ended September 30, 2024 included $12.6 million and $34.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

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Performance Obligations

As of September 30, 2025, $1.3 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $207.6 million, $542.0 million and $559.9 million in 2025, 2026 and 2027 and beyond, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at September 30, 2025.

For the three- and nine-month periods ended September 30, 2025 and 2024, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $29.1 million as of September 30, 2025 and $37.2 million as of December 31, 2024. For the three- and nine-month periods ended September 30, 2025, we recorded $20.5 million and $53.7 million, respectively, related to amortization of these deferred contract costs. For the three- and nine-month periods ended September 30, 2024, we recorded $9.9 million and $41.1 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented.

For additional information regarding revenue recognition, see Notes 2 and 11 to our 2024 Form 10-K.

Note 9 — Earnings Per Share

The computations of the numerator (earnings) and denominator (shares) to derive the basic and diluted earnings per share (“EPS”) amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands, except per share amounts):


	Three Months Ended			Three Months Ended
	September 30, 2025			September 30, 2024
	Income		Shares	Income		Shares
Basic:
Net income	$	22,083		$	29,514
Less: Undistributed earnings allocated to participating securities		(15)			(29)
Net income available to common shareholders, basic	$	22,068	146,907	$	29,485	151,914

Earnings per share, basic	$	0.15		$	0.19

Diluted:
Net income available to common shareholders, basic	$	22,068	146,907	$	29,485	151,914
Effect of dilutive securities:
Share-based awards other than participating securities		—	791		—	2,937
Undistributed earnings reallocated to participating securities		—	—		1	—
Net income available to common shareholders, diluted	$	22,068	147,698	$	29,486	154,851

Earnings per share, diluted	$	0.15		$	0.19

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	Nine Months Ended			Nine Months Ended
	September 30, 2025			September 30, 2024
	Income		Shares	Income		Shares
Basic:
Net income	$	22,557		$	35,516
Less: Undistributed earnings allocated to participating securities		(16)			(36)
Net income available to common shareholders, basic	$	22,541	148,805	$	35,480	152,171

Earnings per share, basic	$	0.15		$	0.23

Diluted:
Net income available to common shareholders, basic	$	22,541	148,805	$	35,480	152,171
Effect of dilutive securities:
Share-based awards other than participating securities		—	745		—	2,867
Undistributed earnings reallocated to participating securities		—	—		1	—
Net income available to common shareholders, diluted	$	22,541	149,550	$	35,481	155,038

Earnings per share, diluted	$	0.15		$	0.23

The following potentially dilutive shares related to the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):


	Nine Months Ended
	September 30,
	2025	2024
2026 Notes	—	1,729

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.

Note 10 — Employee Benefit Plans

Long-Term Incentive Plan

We currently have one active long-term incentive plan: the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). As of September 30, 2025, there were approximately 8.1 million shares of our common stock available for issuance under the 2005 Incentive Plan, assuming outstanding performance share units (“PSUs”) vest in shares of our common stock at 100% of the original awards and outstanding RSUs are settled in cash. During the nine-month period ended September 30, 2025, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period/Vesting Date
January 1, 2025 ⁽¹⁾	RSU	443,401	$	9.32	33% per year over three years
January 1, 2025 ⁽²⁾	PSU	397,264	$	10.56	100% on December 31, 2027
January 1, 2025 ⁽³⁾	Restricted stock	3,018	$	9.32	100% on January 1, 2027

(1)	Reflects grants to our executive officers and certain other officers.

(2)	Reflects grants to our executive officers.

(3)	Reflects grants to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash.

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We have restricted stock outstanding granted to members of our Board. For the three- and nine-month periods ended September 30, 2025, we recognized $0.2 million and $0.7 million, respectively, as share-based compensation related to restricted stock. For the three- and nine-month periods ended September 30, 2024, we recognized $0.1 million and $0.7 million, respectively, as share-based compensation related to restricted stock.

Our outstanding PSUs can be settled in either cash or shares of our common stock, or a combination thereof, at the discretion of the Compensation Committee of our Board upon vesting and generally have been accounted for as equity awards. Those PSUs consist of two components measured across a three-year performance period: (i) 50% containing a service and market condition based on the performance of our common stock against peer group companies, and (ii) 50% containing a service and performance condition based on cumulative total Free Cash Flow. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of the three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero.

For the three- and nine-month periods ended September 30, 2025, $1.3 million and $3.8 million, respectively, were recognized as share-based compensation related to PSUs. For the three- and nine-month periods ended September 30, 2024, $1.6 million and $4.4 million, respectively, were recognized as share-based compensation related to PSUs. In the first quarter 2025, based on the performance of our common stock price as compared to our performance peer group and our cumulative total Free Cash Flow, in each case over a three-year performance period, 1,065,705 PSUs granted in 2022 vested at 200%, resulting in 1,958,334 shares of our common stock with a total market value of $18.3 million and $1.6 million of cash.

Our outstanding RSUs can be settled in either cash or shares of our common stock, or a combination thereof, at the discretion of the Compensation Committee of our Board upon vesting and generally have been accounted for as liability awards. For the three- and nine-month periods ended September 30, 2025, $0.8 million and $2.3 million, respectively, were recognized as compensation cost. For the three- and nine-month periods ended September 30, 2024, $1.5 million and $5.2 million, respectively, were recognized as compensation cost.

During the nine-month period ended September 30, 2025 and the year ended December 31, 2024, we granted fixed-value cash awards of $6.7 million and $6.1 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the three- and nine-month periods ended September 30, 2025, $1.3 million and $4.2 million, respectively, were recognized as compensation cost. For the three- and nine-month periods ended September 30, 2024, $1.4 million and $4.1 million, respectively, were recognized as compensation cost.

Defined Contribution Plans

We sponsor a defined contribution 401(k) retirement plan in the U.S. We also contribute to various other defined contribution plans globally. For the three- and nine-month periods ended September 30, 2025, we made contributions to our defined contribution plans totaling $1.3 million and $4.2 million, respectively. For the three- and nine-month periods ended September 30, 2024, we made contributions to our defined contribution plans totaling $1.3 million and $4.1 million, respectively.

Employee Stock Purchase Plan (“ESPP”)

As of September 30, 2025, 0.7 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

For more information regarding our employee benefit plans, including the 2005 Incentive Plan, the defined contribution plans and the ESPP, see Note 13 to our 2024 Form 10-K.

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Note 11 — Business Segment Information

We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. These reportable segments are strategic business units that utilize different mix of vessels and/or equipment to perform different types of services. All material intercompany transactions between the segments have been eliminated. See Note 2 for more information on our business segments.

Our chief operating decision maker (“CODM”) is the chief operating officer. The CODM uses segment operating income or loss as the measure of segment profit or loss to evaluate segment performance by comparing the results of each segment with its annual budgeted amounts and monthly forecasts as well as the results of other segments. The CODM also uses segment operating income or loss to allocate company resources (including employees, property, and financial resources) to each segment. Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands):


	Well				Shallow Water		Production
	Intervention		Robotics		Abandonment		Facilities		Total
Three months ended September 30, 2025
External revenues	$	193,205	$	90,600	$	74,642	$	18,513	$	376,960
Intersegment revenues ⁽¹⁾		—		8,807		—		—		8,807
Segment revenues		193,205		99,407		74,642		18,513		385,767
Elimination of intersegment revenues										(8,807)
Total consolidated net revenues									$	376,960

Less ⁽²⁾:
Direct cost of revenues		(177,000)		(67,517)		(54,329)		(12,618)
Operations support		(3,766)		(1,410)		(2,619)		(138)
Selling, general and administrative expenses		(3,881)		(2,602)		(1,953)		(376)
Segment operating income	$	8,558	$	27,878	$	15,741	$	5,381	$	57,558

Three months ended September 30, 2024
External revenues	$	174,613	$	75,554	$	71,557	$	20,695	$	342,419
Intersegment revenues ⁽¹⁾		—		8,972		38		—		9,010
Segment revenues		174,613		84,526		71,595		20,695		351,429
Elimination of intersegment revenues										(9,010)
Total consolidated net revenues									$	342,419

Less ⁽²⁾:
Direct cost of revenues		(150,718)		(56,331)		(57,697)		(12,033)
Operations support		(3,785)		(1,512)		(3,088)		(131)
Selling, general and administrative expenses		(4,014)		(2,525)		(2,002)		(330)
Other segment items ⁽³⁾		13		—		—		87
Segment operating income	$	16,109	$	24,158	$	8,808	$	8,288	$	57,363

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	Well				Shallow Water		Production
	Intervention		Robotics		Abandonment		Facilities		Total
Nine months ended September 30, 2025
External revenues	$	548,365	$	211,502	$	142,014	$	55,431	$	957,312
Intersegment revenues ⁽¹⁾		—		24,519		64		—		24,583
Segment revenues		548,365		236,021		142,078		55,431		981,895
Elimination of intersegment revenues										(24,583)
Total consolidated net revenues									$	957,312

Less ⁽²⁾:
Direct cost of revenues		(512,187)		(171,725)		(126,328)		(37,055)
Operations support		(11,723)		(4,146)		(8,144)		(405)
Selling, general and administrative expenses		(12,357)		(7,881)		(5,663)		(1,221)
Segment operating income	$	12,098	$	52,269	$	1,943	$	16,750	$	83,060

Nine months ended September 30, 2024
External revenues	$	597,581	$	186,536	$	149,063	$	70,247	$	1,003,427
Intersegment revenues ⁽¹⁾		6,093		29,548		226		—		35,867
Segment revenues		603,674		216,084		149,289		70,247		1,039,294
Elimination of intersegment revenues										(35,867)
Total consolidated net revenues									$	1,003,427

Less ⁽²⁾:
Direct cost of revenues		(515,440)		(146,155)		(136,830)		(52,732)
Operations support		(11,365)		(4,175)		(9,758)		(399)
Selling, general and administrative expenses		(12,795)		(7,746)		(6,452)		(1,361)
Other segment items ⁽³⁾		13		—		(150)		87
Segment operating income (loss)	$	64,087	$	58,008	$	(3,901)	$	15,842	$	134,036

(1)	Intersegment amounts are derived primarily from equipment and servi

Nine Months Ended

September 30,

Cash paid for operating lease liabilities

Right-of-use assets related to new operating lease liabilities ⁽¹⁾

HELIX ENERGY SOLUTIONS GROUP INC 10-Q