Guidance ReductionHelix underperformed the OIH by ~340 bps after reporting a strong 1Q beat but slashed 2025 EBITDA guidance by 21% mainly owing to weakness in the UK North Sea well intervention market.
Market UncertaintyAn increasingly punitive tax regime in the UK, recent operator consolidation and the sharp drop in oil prices led to a perfect storm in the UK North Sea and it tanked Helix's guidance.
Revenue ImpactRecent M&A activity and softer oil prices/market uncertainty appear to have piled on to cause activity to shift to the right - leading to a $70 million reduction in revenues.