Helix Energy Solutions Group, Inc.

Helix said first-quarter 2026 revenue was $288 million, gross profit was $9 million, net loss was $13 million, adjusted EBITDA was $32 million, operating cash flow was $62 million, and free cash flow was $9 million. The quarter reflected expected winter seasonality in the North Sea and Gulf of America shelf, plus the cost of the Thunder Hawk field workover. For 2026, Helix maintained guidance for revenue of $1.2 billion to $1.4 billion, EBITDA of $230 million to $290 million, capex of $70 million to $80 million, and free cash flow of $100 million to $160 million.

Owen Kratz did not speak on the call, but management repeatedly framed the merger as a strategic move to create a stronger offshore services company with more scale, broader capabilities, and better long-term growth prospects. Bill Transier said the combination brings together two market leaders and should create a recognized offshore operations leader with a more complete end-to-end offering. Tone across management was upbeat and confident, with emphasis on value creation, customer relevance, and a stronger combined platform.

Erik Staffeldt said Helix’s first quarter was seasonally expected and supported by strong cash generation: $62 million of operating cash flow, $9 million of free cash flow, $501 million of cash, $612 million of liquidity, and only $10 million of funded debt at quarter-end. He said Q1 was perhaps marginally better than expected and reiterated 2026 guidance despite the Thunder Hawk workover and the upcoming Siem Helix 1 docking impacting EBITDA. He also pointed to second- and third-quarter seasonality, with the first and fourth quarters typically affected by winter weather.

Analysts focused on how the $75 million synergy target would be achieved, and management said the majority should come from revenue synergies and cost efficiencies tied to bundled services, higher utilization, and reduced reliance on third-party charters. They also asked about where vessels might be deployed and whether the merged fleet would move outside cabotage markets; management said assets would be moved where they are most valuable and where the business is. Other questions covered backlog, market tightness, ROV lead times, and Hornbeck leverage; management said backlog is about $1 billion for each company, ROV build lead time is about 6 months, and Hornbeck net debt was described as around $380 million.