Strong Robotics Business and Renewables Outlook
Robotics had a strong quarter with 7 vessels operating on trenching, ROV support, and site survey work globally. A multiyear 800-day minimum trenching spread contract in the North Sea was secured, commencing in 2027, with a strong long-term outlook into 2032.
Brazil Operations and Long-term Contracts
Helix operated 3 vessels in Brazil on longer-term contracts, including a 3-year contract with Petrobras for the Siem Helix 1, and successfully completed a 400-day decommissioning campaign with Shell.
Solid Balance Sheet and Liquidity Position
Helix maintained strong cash and liquidity with $320 million in cash and cash equivalents and $375 million in liquidity at quarter end. The company anticipates generating meaningful free cash flow in the second half of 2025.
Exxon Framework Agreement
Executed a 3-year framework agreement with Exxon for shallow water decommissioning in the Gulf of America, providing roughly 1,000 days of utilization in the P&A spreads over the 3-year period.