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Helix Energy Solutions Group, Inc. (HLX) is an international offshore energy services company specializing in well intervention, robotics, decommissioning, and production facilities. HLX provides critical services to the offshore energy industry, supporting oil and gas operations and renewable energy developments such as offshore wind farms. The company utilizes specialized vessels, equipment, and technologies to deliver its services globally.
- Well Intervention - Enables safe access to subsea offshore wells for production enhancement or decommissioning, extending the useful lives of existing wells and preventing uncontrolled releases of oil and gas.
- Robotics - Offers trenching, seabed clearance, offshore construction, inspection, repair, and maintenance services for oil and gas and renewable energy markets, utilizing remotely operated vehicles (ROVs), trenchers, and support vessels.
- Shallow Water Abandonment - Provides offshore oilfield decommissioning, reclamation, plug and abandonment (P&A) services, subsea infrastructure removals, platform decommissioning, and site clearance, primarily in the U.S. Gulf Coast shelf.
- Production Facilities - Operates the Helix Producer I (HP I) floating production vessel for oil and gas processing and the Helix Fast Response System (HFRS) for well control incidents, with activities concentrated in the U.S. Gulf Coast.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Owen Kratz ExecutiveBoard | President and Chief Executive Officer | Owen Kratz is the President and Chief Executive Officer of Helix Energy Solutions Group, Inc. since February 2008, having previously served as CEO from April 1997 to October 2006, Executive Chairman from October 2006 to February 2008, and held other key roles including President, Director, and Chief Operating Officer. | ||
Erik Staffeldt Executive | Executive Vice President and Chief Financial Officer | Erik Staffeldt is the Executive Vice President and Chief Financial Officer at HLX since February 2019. He has over 29 years of experience in the energy industry and previously served as Senior Vice President and CFO from June 2017 to February 2019. | ||
Kenneth E. Neikirk Executive | Executive Vice President, General Counsel, and Corporate Secretary | Kenneth E. Neikirk is the Executive Vice President, General Counsel, and Corporate Secretary at Helix Energy Solutions Group, serving since January 2023. He has been with HLX since 2007 and previously held the role of Senior Vice President, General Counsel, and Corporate Secretary from May 2019 to December 2022. | ||
Scott A. Sparks Executive | Executive Vice President and Chief Operating Officer | Scott A. Sparks is the Executive Vice President and Chief Operating Officer of Helix Energy Solutions Group, Inc. since February 2016. He joined the company in 2001 and has held several key roles including Executive Vice President – Operations and Vice President – Commercial and Strategic Development. | ||
Amy H. Nelson Board | Director | Founder and President, Greenridge Advisors, LLC; Director, Patterson UTI Energy Inc. | Amy H. Nelson has served as a Director at HLX since August 2019 and is the Chair of the Audit Committee, contributing her expertise in corporate strategy, capital allocation, sustainability, and risk management in the oil and gas industry. She has also maintained active roles externally, including as Founder and President of Greenridge Advisors, LLC and as a Director at Patterson UTI Energy Inc.. | |
Diana Glassman Board | Director | Director-Engagement EOS at Federated Hermes Limited | Diana Glassman has served as a Director on the Board of Helix Energy Solutions Group since September 2022, and she brings extensive expertise in strategy consulting and corporate governance. Previously, she has held the role of Director-Engagement at EOS at Federated Hermes Limited since December 2019. | |
John V. Lovoi Board | Director | Founder and Managing Partner of JVL Partners ; Chairman of the board of directors of Dril-Quip, Inc. ; Chairman of the board of directors of Epsilon Energy Ltd. | John V. Lovoi has served as a director at HLX since February 2003, bringing decades of financial and strategic expertise from prior roles at Morgan Stanley, Baker Hughes, and Credit Suisse First Boston. | |
Paula Harris Board | Class III director | Hunting PLC; Chart Industries, Inc. | Paula Harris has been serving as a Class III director at HLX since September 2022 and brings extensive expertise in sustainability, human capital management, and corporate governance from previous leadership roles at Schlumberger Limited and the Houston Astros. | |
T. Mitch Little Board | Class I Director | T. Mitch Little serves as a Class I Director on the Board at Helix Energy Solutions Group since July 2021 and assumed the role as Chair of the Corporate Governance and Nominating Committee on September 16, 2024. He brings over 30 years of experience in the petroleum industry, previously holding various leadership roles, including a distinguished career at Marathon Oil. | ||
William L. Transier Board | Chairman of the Board | Director at Express, Inc. (since April 2024); Board member at Tupperware Corporation (since October 2023) | Chairman of the Board at HLX since July 2017 and a director since October 2000, with extensive leadership experience in corporate governance and energy industry roles at companies such as Endeavour International Corporation, Ocean Energy, Inc., and KPMG LLP. |
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How will the deployment of a minimum of 25% of free cash flow towards share repurchases be adjusted if needed cash arises for potential M&A opportunities, and what specific triggers would shift your capital allocation strategy?
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With North Sea Well Intervention facing lower utilization and seasonal slowdowns, what targeted measures are being implemented to mitigate these risks, and how do you expect margins to evolve in this region?
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In light of increasing trenching rates and discussions around adding a new trenching unit, could you detail your timeline and cost assumptions when evaluating purchasing existing units versus constructing new assets for approximately $25 million in CapEx?
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Given the current high valuations in the oilfield asset market, what key market or valuation metrics will prompt you to initiate M&A activity for floating tonnage, and how might that integrate with your overall growth strategy in the short term?
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Your 2025 guidance shows wide ranges in revenue, EBITDA, and free cash flow; which contract transitions or seasonal market dynamics do you see as the largest risks to achieving the high end of these ranges, and what contingency plans are in place?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
AKOFS Offshore | A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. | |
C-Innovation | A principal competitor in both well intervention and robotics services, which are highly competitive markets where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. | |
A principal competitor in both well intervention and robotics services, which are highly competitive markets where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. | |
A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. | |
Trendsetter | A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Well-Safe Solutions | A principal competitor in well intervention services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Atlantic Marine | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Briggs Marine | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
DeepOcean | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
DOF Subsea | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Fugro | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
James Fisher | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
UTROV | A principal competitor in the robotics business, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Aries Marine | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
C-Dive | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Cardinal Services | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Chet Morrison | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Crescent Energy Services | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Laredo Offshore Services | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Manson Gulf | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Offshore Liftboats | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Offshore Marine Contractors | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Seacor | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Shore Offshore | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Supreme Energy | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
Turnkey Offshore Project Services | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
White Fleet | A principal competitor in shallow water abandonment services, which is a highly competitive market where price, access to specialized vessels, systems, and other equipment, as well as the ability to attract and retain skilled personnel and operate safely, are important factors. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Shell | Major offshore oil & gas client | Well Intervention, Production Facilities, Shallow Water Abandonment | 2024: $163.0M (12% of $1,358.6M) ; 2023: $129.0M (10% of $1,289.7M) ; 2022: $131.0M (15% of $873.1M). |
Talos | Major offshore oil & gas client | Well Intervention, Production Facilities, Shallow Water Abandonment | 2024: $163.0M (12% of $1,358.6M). |
Apache | Major offshore oil & gas client | Well Intervention, Production Facilities, Shallow Water Abandonment | 2023: $141.9M (11% of $1,289.7M). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Alliance Offshore, L.L.C. | 2022 | The acquisition, completed on July 1, 2022, extended Helix’s shallow water decommissioning capabilities with a total purchase price of $145.7 million—including a $85.0 million earn-out paid in April 2024—and added significant financial and operational assets to the business. |
Five operable P&A systems | 2023 | Completed in Q3 2023, this deal acquired assets consisting of five operable plug and abandonment systems for a total consideration of $17.6 million, which included $6.0 million in cash plus credits toward future services. |
Thunder Hawk Field | 2022 | Acquired on August 25, 2022, Helix secured a 62.5% interest in three producing wells and subsea infrastructure for an initial purchase price of $20 million, while also assuming an asset retirement obligation of approximately $24 million that supported increased production revenues. |
Alliance group of companies | 2022 | Completed on July 1, 2022, this strategic acquisition involved a $119 million cash payment at closing with an additional estimated $26.7 million earn-out, providing Helix with diversified offshore assets including vessels, P&A systems, and diving equipment, and establishing a new shallow water abandonment segment. |
Recent press releases and 8-K filings for HLX.
- Reported $278 million in revenue, $3.1 million net income, $52 million adjusted EBITDA, and $12 million free cash flow .
- Generated $16 million in operating cash flow and $0.02 diluted EPS .
- Maintained strong liquidity with $370 million in cash, negative net debt of $59 million, and a $1.4 billion backlog .
- Secured key contracts including Q7000 operations in Brazil for Shell, a three‐year contract for Siem Helix 2 with Petrobras, and a 300‐day trenching contract for the Hornsea 3 wind farm in the U.K. .
- Revised 2025 EBITDA guidance reflecting a $75 million negative impact due to U.K. North Sea challenges and seasonal vessel utilization issues (stacking of Seawell) .
- Q4 2024 Financials: Reported net income of $20 million, revenue of $355 million, adjusted EBITDA of $72 million, and diluted EPS of $0.13 .
- Full-Year Performance: Achieved full-year revenue of $1.36 billion, net income of $56 million, and Adjusted EBITDA of $303 million .
- Operational Highlights: Demonstrated robust performance in Well Intervention, Robotics, and Shallow Water segments, including the initiation of Q4000 operations in Nigeria and successful contract renewals in Brazil .
- Strong Balance Sheet: Ended 2024 with $368 million in cash, liquidity of $430 million, and a negative net debt of $53 million despite $324 million in funded debt .
- 2025 Outlook: Provided guidance for revenues of $1.36–$1.5 billion, EBITDA of $320–$380 million, free cash flow of $175–$225 million, and capital spend of $70–$90 million with anticipated margin improvements and plans to increase share repurchases .