Helix’s shares rose 1.7%, a roughly flat reaction. Q1 included expected seasonal softness and Thunder Hawk workover costs; the company maintained its 2026 guidance.
- Q1 revenue was $288 million, gross profit was $9 million, and net loss was $13 million. Adjusted EBITDA was $32 million.
- Operating cash flow was $62 million and free cash flow was $9 million; quarter-end cash was $501 million, with $612 million of liquidity.
- Helix maintained 2026 guidance: revenue of $1.2–$1.4 billion, EBITDA of $230–$290 million, CapEx of $70–$80 million, and free cash flow of $100–$160 million. EBITDA guidance reflects the Thunder Hawk workover and upcoming Siem Helix 1 docking.
- Management cited seasonal impacts in the North Sea and Gulf of America shelf, while highlighting strong Q4 thousand utilization and the Seawell’s return to North Sea operations.
- The announced all-stock Helix–Hornbeck combination targets at least $75 million of annual revenue and cost synergies within three years after closing; closing is expected in the second half of 2026, subject to approvals.
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