Helix Energy reports Q2 EPS (2c), consensus 3c

Reports Q2 revenue $302.29M, consensus $326.61M. Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our second quarter results reflect marginal seasonal increases in activity levels in the North Sea and Gulf of America shelf as well as a full quarter of operations on the Q7000 in Brazil. The quarterly improvements were more than offset by the negative impacts of the planned regulatory docking of the Q5000 and the return transit of the Q4000 from its Nigeria project. The macro and geopolitical volatility experienced during the second quarter has created significant uncertainties in the market, with customers scaling back spending and pushing work into 2026 and beyond. While we expect significant improvements in our third quarter financial performance, with a lack of visibility in the fourth quarter as projects get pushed to the right, we have risk-assessed our 2025 outlook accordingly. Even with a challenging and disappointing backdrop, we have positioned Helix to generate meaningful free cash flow this year, and we continued to execute our share repurchase plan with 4.6 million shares repurchased during the second quarter. We are seeing some positive signs in the market, with work starting to be secured in the North Sea well intervention market for 2026, a multi-year MSA with Exxon for our Shallow Water segment and a multi-year 800-day minimum commitment trenching contract secured in the North Sea for our Robotics segment.”