0000866829-26-000013 | 10-Q | XBRL Viewer | Helix Energy Solutions Group INC

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Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases
Cash paid for operating lease liabilities	$ 22,648	$ 20,428
Right-of-use assets related to new operating lease liabilities	$ 16,932	$ 12,073

Company Overview

3 Months Ended

Mar. 31, 2026

Organization

Organization

Note 2 — Company Overview

We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition:

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Production maximization — our assets and methodologies are specifically designed to safely and efficiently enhance and extend the lives of existing oil and gas reserves;

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Decommissioning — we are a full-field abandonment contractor with vessels and systems to safely and efficiently decommission offshore wells and infrastructure in both deepwater and the Gulf of America shelf; and

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Renewables — we are an established global leader in jet trenching and provide specialty support services to renewable energy developments (primarily offshore wind farms), including boulder removal and unexploded ordnance clearance.

We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of America (deepwater and shelf), Brazil, North Sea, West Africa and Asia Pacific regions. Our North Sea operations and our Gulf of America shelf operations are usually subject to seasonal changes in activity levels, which generally peak in the summer months and decline in the winter months. Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities.

Our Well Intervention segment provides services enabling our customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered vessels, the Sea Helix 1 (formerly Siem Helix 1) and the Siem Helix 2. Our well intervention equipment includes intervention systems such as intervention riser systems (“IRSs”), subsea intervention lubricators (“SILs”) and the Riserless Open-water Abandonment Module, some of which we provide on a stand-alone basis.

Our Robotics segment provides trenching, seabed clearance, offshore construction and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of renewable energy and supporting the responsible transition to additional energy sources. Additionally, our robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers, IROV boulder grabs and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and IROV boulder grabs on a stand-alone basis or on an integrated basis with chartered robotics support vessels.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries predominantly in the Gulf of America shelf, including offshore oilfield decommissioning and ‎reclamation, well intervention, IRM, heavy lift and commercial diving services. Our Shallow Water Abandonment segment includes Helix Alliance that was acquired in July 2022, a vertically integrated company that offers a diversified fleet of marine assets including liftboats, offshore supply vessels (“OSVs”), dive support vessels (“DSVs”), a heavy lift derrick barge, a crew boat, plug and abandonment (“P&A”) systems and coiled tubing (“CT”) systems.

Our Production Facilities segment includes the Helix Producer I (the “HP I”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), which combines our capabilities with certain well control equipment that can be deployed to respond to a well control incident, and our ownership of mature oil and gas properties. All of our current Production Facilities activities are located in the Gulf of America.

Basis of Presentation and New Accounting Standards	3 Months Ended
Mar. 31, 2026
Organization
Basis of Presentation and New Accounting Standards	Note 1 — Basis of Presentation and New Accounting Standards The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Our balance sheet as of December 31, 2025 included herein has been derived from the audited balance sheet as of December 31, 2025 included in our 2025 Annual Report on Form 10-K (our “2025 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2025 Form 10-K. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. New accounting standards In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires entities to disclose, on an annual and interim basis, specified information about certain costs and expenses: a) the amounts of (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption; b) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; c) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and d) the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU No. 2024-03 will be effective for us for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

Basis of Presentation and New Accounting Standards

3 Months Ended

Mar. 31, 2026

Organization

Basis of Presentation and New Accounting Standards

Note 1 — Basis of Presentation and New Accounting Standards

The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Our balance sheet as of December 31, 2025 included herein has been derived from the audited balance sheet as of December 31, 2025 included in our 2025 Annual Report on Form 10-K (our “2025 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2025 Form 10-K.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.

New accounting standards

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires entities to disclose, on an annual and interim basis, specified information about certain costs and expenses: a) the amounts of (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption; b) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; c) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and d) the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU No. 2024-03 will be effective for us for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements.

We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

Business Segment Information - Items Provided to CODM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Segment Information
Capital expenditures	$ 2,811	$ 4,488
Depreciation and amortization	43,864	42,482
Corporate, eliminations and other
Business Segment Information
Capital expenditures	4	107
Depreciation and amortization	38	95
Well Intervention \| Reportable Segments
Business Segment Information
Capital expenditures	2,172	2,968
Depreciation and amortization	32,373	30,591
Robotics \| Reportable Segments
Business Segment Information
Capital expenditures	635	1,199
Depreciation and amortization	1,185	1,369
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Capital expenditures		214
Depreciation and amortization	5,455	5,678
Production Facilities \| Reportable Segments
Business Segment Information
Depreciation and amortization	$ 4,813	$ 4,749

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Subsequent Events (Details) - Subsequent Event	Apr. 22, 2026
Helix Energy Solutions
Subsequent Event [Line Items]
Equity Ownership, Percentage	45.00%
Hornbeck
Subsequent Event [Line Items]
Equity Ownership, Percentage	55.00%

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 01, 2023
Debt Instrument [Line Items]
Less than one year	$ 9,882
Two to three years	300,000
Gross debt	309,882	$ 314,645
Unamortized debt discount	(882)
Unamortized debt issuance costs	(5,239)
Total debt	303,761
Less: current maturities	(9,394)	(9,644)
Long-term debt	294,367	298,351
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Less than one year	9,882
Gross debt	9,882	14,645
Unamortized debt issuance costs	(488)
Total debt	9,394
Less: current maturities	(9,394)
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Two to three years	300,000
Gross debt	300,000	$ 300,000	$ 300,000
Unamortized debt discount	(882)
Unamortized debt issuance costs	(4,751)
Total debt	294,367
Long-term debt	$ 294,367

Share Repurchase Programs

3 Months Ended

Mar. 31, 2026

Share Repurchase Programs

Share Repurchase Programs

Note 7 — Share Repurchase Programs

In February 2023, our Board of Directors (our “Board”) authorized a share repurchase program to repurchase issued and outstanding shares of our common stock up to $200 million (the “2023 Repurchase Program”). We did not make any share repurchases during the three-month period ended March 31, 2026. As of March 31, 2026, approximately $128.4 million remained authorized for the repurchase of shares under the 2023 Repurchase Program.

Effective April 22, 2026, our Board has decided to suspend all repurchases of shares of our common stock under the 2023 Repurchase Program. Our Board may authorize management to resume repurchases of shares under the 2023 Repurchase Program in the future at its discretion. The manner, timing and amount of any future repurchases under the 2023 Repurchase Program, if repurchases under the 2023 Repurchase Program are resumed, will be determined by management at its discretion based on an evaluation of market conditions, stock price, liquidity and other factors. The 2023 Repurchase Program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. Any shares repurchased under the 2023 Repurchase Program are cancelled.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,406)	$ 3,072

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt.

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of March 31, 2026 are as follows (in thousands):


		MARAD			2029
		Debt			Notes			Total
Less than one year		$	9,882		$	—		$	9,882
One to two years			—			—			—
Two to three years			—			300,000			300,000
Gross debt			9,882			300,000			309,882
Unamortized debt discount ⁽¹⁾			—			(882)			(882)
Unamortized debt issuance costs ⁽¹⁾			(488)			(4,751)			(5,239)
Total debt			9,394			294,367			303,761
Less current maturities			(9,394)			—			(9,394)
Long-term debt		$	—		$	294,367		$	294,367

(1)	Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of redemption prices expressed as percentages of the principal amount


		Redemption
Year		Price
2026		104.875%
2027		102.438%
2028 and thereafter		100.000%

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Interest expense		$	8,200		$	8,239
Interest income			(2,971)			(2,533)
Net interest expense		$	5,229		$	5,706

Details of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other non-current liabilities
Asset retirement obligations (Note 12)	$ 70,309	$ 68,770
Other	2,641	2,663
Total other non-current liabilities	$ 72,950	$ 71,433

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Asset Retirement Obligations

Schedule of asset retirement obligations

The following table describes the changes in our AROs (in thousands):


	2026		2025
AROs at January 1,	$	68,770	$	62,947
Accretion expense		1,539		1,408
AROs at March 31,	$	70,309	$	64,355

Details of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Details of Certain Accounts
Prepaids	$ 33,116	$ 29,345
Income tax receivable	18,302	7,383
Contract assets (Note 8)	9,696	10,871
Deferred costs (Note 8)	13,420	18,678
Other	13,373	9,580
Total other current assets	$ 87,907	$ 75,857

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

Allowance Accounts

Allowance for credit losses

The following table sets forth the activity in our allowance for credit losses (in thousands):


	2026		2025
Balance at January 1,	$	3,529	$	3,682
Additions (reductions) ⁽¹⁾		25		(85)
Balance at March 31,	$	3,554	$	3,597

(1)	Additions (reductions) reflect reserves (releases) for expected credit losses during the respective periods.

Statement of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Statement of Cash Flow Information

Schedule of supplemental cash flow information

The following table provides supplemental cash flow information (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Interest paid	$	15,134	$	15,324
Income taxes paid, net ⁽¹⁾		8,505		3,555

(1)	There were no income tax refunds during the three-month period ended March 31, 2026. Amount during the three-month period ended March 31, 2025 was net of income tax refunds of $0.9 million.

Details of Certain Accounts

3 Months Ended

Mar. 31, 2026

Details of Certain Accounts

Details of Certain Accounts

Note 3 — Details of Certain Accounts

Other current assets consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Prepaids		$	33,116		$	29,345
Income tax receivable			18,302			7,383
Contract assets (Note 8)			9,696			10,871
Deferred costs (Note 8)			13,420			18,678
Other			13,373			9,580
Total other current assets		$	87,907		$	75,857

Other assets, net consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Prepaid charter ⁽¹⁾		$	12,544		$	12,544
Deferred costs (Note 8)			7,380			6,910
Other receivable ⁽²⁾			27,945			27,291
Intangible assets with finite lives, net			3,131			3,262
Other			1,301			1,411
Total other assets, net		$	52,301		$	51,418

(1)	Represents prepayments to the owner of the Sea Helix 1 and the Siem Helix 2, which may be used to offset certain payment obligations associated with the vessels at the end of their respective charter term.

(2)	Represents the present value of receivables for P&A work to be performed by us on Droshky field oil and gas properties we acquired from Marathon Oil Corporation in 2019.

Accrued liabilities consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Accrued payroll and related benefits		$	34,700		$	45,463
Accrued interest			2,570			10,102
Deferred revenue (Note 8)			13,793			17,115
Other			18,074			22,271
Total accrued liabilities		$	69,137		$	94,951

Other non-current liabilities consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Asset retirement obligations (Note 12)		$	70,309		$	68,770
Other			2,641			2,663
Total other non-current liabilities		$	72,950		$	71,433

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Schedule of computations of basic and diluted EPS

The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted earnings per share (“EPS”) amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands, except per share amounts):


		Three Months Ended					Three Months Ended
		March 31, 2026					March 31, 2025
		Income			Shares		Income			Shares
Basic:
Net income (loss)		$	(13,406)				$	3,072
Less: Undistributed earnings allocated to participating securities			—					(2)
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039

Earnings (loss) per share, basic		$	(0.09)				$	0.02

Diluted:
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039
Effect of dilutive securities:
Share-based awards other than participating securities			—		—			—		1,135
Net income (loss) available to common shareholders, diluted		$	(13,406)		147,163		$	3,070		152,174

Earnings (loss) per share, diluted		$	(0.09)				$	0.02

Schedule of shares excluded from diluted EPS calculation

Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


		Three Months Ended
		March 31, 2026
Diluted shares (as reported)		147,163
Share-based awards		629
Total		147,792

Details of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Details of Certain Accounts
Prepaid charter	$ 12,544	$ 12,544
Deferred costs (Note 8)	7,380	6,910
Other receivable	27,945	27,291
Intangible assets with finite lives, net	3,131	3,262
Other	1,301	1,411
Total other assets, net	$ 52,301	$ 51,418

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases
Weighted average remaining lease term (in years)	4 years 9 months 18 days	5 years
Weighted average discount rate (as a percent)	7.62%	7.68%

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases

Schedule of components of lease cost

The following table details the components of our lease cost (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Operating lease cost		$	22,781		$	21,230
Variable lease cost			476			2,346
Short-term lease cost			8,862			8,943
Sublease income			(30)			(29)
Net lease cost		$	32,089		$	32,490

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of March 31, 2026 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	80,588		$	4,032		$	84,620
One to two years			81,049			4,793			85,842
Two to three years			64,259			3,610			67,869
Three to four years			56,205			4,303			60,508
Four to five years			51,183			4,235			55,418
Over five years			22,067			11,092			33,159
Total lease payments		$	355,351		$	32,065		$	387,416
Less: imputed interest			(57,281)			(8,134)			(65,415)
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Current operating lease liabilities		$	60,759		$	3,353		$	64,112
Non-current operating lease liabilities			237,311			20,578			257,889
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	77,129		$	4,267		$	81,396
One to two years			76,334			4,328			80,662
Two to three years			65,278			4,088			69,366
Three to four years			53,006			3,869			56,875
Four to five years			59,020			4,636			63,656
Over five years			27,237			11,950			39,187
Total lease payments		$	358,004		$	33,138		$	391,142
Less: imputed interest			(60,774)			(8,613)			(69,387)
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

Current operating lease liabilities		$	57,240		$	3,556		$	60,796
Non-current operating lease liabilities			239,990			20,969			260,959
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

Schedule of weighted average remaining lease term and discount rate


		March 31,		December 31,
		2026		2025
Weighted average remaining lease term		4.8	years	5.0	years
Weighted average discount rate		7.62	%	7.68	%

Schedule of other information related to operating leases

The following table presents other information related to our operating leases (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Cash paid for operating lease liabilities		$	22,648		$	20,428
Right-of-use assets related to new operating lease liabilities ⁽¹⁾			16,932			12,073

(1)	Our operating lease additions are primarily related to the charter for the Patriot during the three-month period ended March 31, 2026, and the charter for the Trym during the three-month period ended March 31, 2025.

Business Segment Information - Reconciliation of segment profit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Segment Information
Income (loss) from operations	$ (13,315)	$ 8,172
Net interest expense	(5,229)	(5,706)
Selling, general and administrative expenses	(22,143)	(19,366)
Other non-operating income, net	1,986	1,059
Income (loss) before income taxes	(16,558)	3,525
Reportable Segments
Business Segment Information
Income (loss) from operations	(9)	18,820
Corporate, eliminations and other
Business Segment Information
Income (loss) from operations	$ (13,306)	$ (10,648)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Statement of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flow Information
Interest paid	$ 15,134	$ 15,324
Income taxes paid, net	8,505	3,555
Tax refunds	$ 0	$ 900

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 17 — Subsequent Events

On April 22, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Hornbeck Offshore Services, Inc., a Delaware corporation (“Hornbeck”), Odyssey Sub, Inc., a Delaware corporation and our direct, wholly owned subsidiary (“Parent Sub”), and Hercules Sub LLC, a Delaware limited liability company and our direct, wholly owned subsidiary (“LLC Sub”). Pursuant to the Merger Agreement, upon the terms and subject to the conditions set forth therein, (i) Parent Sub will merge with and into Hornbeck, with Hornbeck continuing as the surviving entity (the “Surviving Corporation”) (the “First Company Merger”) and (ii) immediately following the First Company Merger, the Surviving Corporation will merge with and into LLC Sub (the “Second Company Merger” and, together with the First Company Merger, the “Mergers”), with LLC Sub continuing as the surviving entity (the “Combined Company”).

Upon consummation of the transactions contemplated by the Merger Agreement (the “Transactions”), we expect that current Helix shareholders will own approximately 45%, and current Hornbeck shareholders will own approximately 55%, of the Combined Company. Following the Transactions, our name will be changed to Hornbeck Offshore Services, Inc., and our common stock will remain listed on the New York Stock Exchange. The Mergers and the Transactions are expected to be consummated in the second half of 2026. However, no assurance can be given as to when, or if, the Mergers and the Transactions will be consummated.

Company Overview (Details)	3 Months Ended
Company Overview (Details)	Mar. 31, 2026 item segment
Business Segment Information
Number of reportable segments \| segment	4
Well Intervention
Business Segment Information
Number of long-term chartered vessels \| item	2

Asset Retirement Obligations - Changes in AROs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in our AROs:
AROs at beginning of year	$ 68,770	$ 62,947
Accretion expense	1,539	1,408
AROs at end of period	$ 70,309	$ 64,355

Long-Term Debt - MARAD Debt (Details) - MARAD Debt (matures February 2027)	3 Months Ended
	Mar. 31, 2026
Debt Instrument [Line Items]
Guarantor obligations (as a percent)	50.00%
Frequency of periodic payment	semi-annual
Maturity date	February 2027
Interest rate (as a percent)	4.93%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Employee Benefit Plans

Employee Benefit Plans

Note 10 — Employee Benefit Plans

Long-Term Incentive Plan

We currently have one active long-term incentive plan: the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). As of March 31, 2026, there were approximately 7.9 million shares of our common stock available for issuance under the 2005 Incentive Plan, assuming outstanding performance share units (“PSUs”) vest in shares of our common stock at 100% of the original awards and outstanding RSUs are settled in cash. During the three-month period ended March 31, 2026, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period/Vesting Date
January 1, 2026 ⁽¹⁾	RSU	719,298	$	6.27	33% per year over three years
January 1, 2026 ⁽²⁾	PSU	605,661	$	6.93	100% on December 31, 2028

(1)	Reflects grants to our executive officers and certain other employees.

(2)	Reflects grants to our executive officers.

We have restricted stock outstanding granted to members of our Board. For each of the three-month periods ended March 31, 2026 and 2025, we recognized $0.2 million as share-based compensation related to restricted stock.

Our outstanding PSUs can be settled in either cash or shares of our common stock, or a combination thereof, at the discretion of the Compensation Committee of our Board upon vesting and generally have been accounted for as equity awards. Those PSUs consist of two components measured across a three-year performance period: (i) 50% containing a service and market condition based on the performance of our common stock against peer group companies, and (ii) 50% containing a service and performance condition based on cumulative total Free Cash Flow. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of the three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero.

For the three-month periods ended March 31, 2026 and 2025, $1.0 million and $1.3 million, respectively, were recognized as share-based compensation related to PSUs. In the first quarter 2026, based on the performance of our common stock price as compared to our performance peer group and our cumulative total Free Cash Flow, in each case over a three-year performance period, 489,498 PSUs granted in 2023 vested at 151%, resulting in cash payout of $4.6 million.

Our outstanding RSUs can be settled in either cash or shares of our common stock, or a combination thereof, at the discretion of the Compensation Committee of our Board upon vesting and generally have been accounted for as liability awards. For the three-month periods ended March 31, 2026 and 2025, $1.3 million and $1.0 million, respectively, were recognized as compensation cost.

During the three-month period ended March 31, 2026 and the year ended December 31, 2025, we granted fixed-value cash awards of $6.8 million and $6.7 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For each of the three-month periods ended March 31, 2026 and 2025, $1.5 million were recognized as compensation cost.

Defined Contribution Plans

We sponsor a defined contribution 401(k) retirement plan in the U.S. We also contribute to various other defined contribution plans globally. For the three-month periods ended March 31, 2026 and 2025, we made contributions to our defined contribution plans totaling $1.9 million and $1.5 million, respectively.

Employee Stock Purchase Plan (“ESPP”)

As of March 31, 2026, 0.6 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

For more information regarding our employee benefit plans, including the 2005 Incentive Plan, the defined contribution plans and the ESPP, see Note 13 to our 2025 Form 10-K.

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases
Operating lease cost	$ 22,781	$ 21,230
Variable lease cost	476	2,346
Short-term lease cost	8,862	8,943
Sublease income	(30)	(29)
Net lease cost	$ 32,089	$ 32,490

Employee Benefit Plans - Grants of Share-based Awards (Details) - $ / shares		3 Months Ended
	Jan. 01, 2025	Mar. 31, 2026
RSUs \| Officers
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Date of Grant	Jan. 01, 2026
Shares/Units granted	719,298
Grant Date Fair Value Per Share/Unit	$ 6.27
Vesting Percentage	33.00%
Vesting Period	3 years
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Percentage		151.00%
Vesting Period		3 years
PSUs \| Officers
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Date of Grant	Jan. 01, 2026
Shares/Units granted	605,661
Grant Date Fair Value Per Share/Unit	$ 6.93
Vesting Percentage	100.00%
Vesting Date	Dec. 31, 2028

Share Repurchase Programs (Details) - 2023 Repurchase Program - USD ($) $ in Millions	Mar. 31, 2026	Feb. 28, 2023
Share Repurchase Programs
Authorized repurchase amount		$ 200.0
Remaining amount authorized for repurchase	$ 128.4

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share
Diluted shares (as reported)	147,163	152,174
Share-based awards
Earnings Per Share
Diluted shares (as reported)	147,163
Share-based awards	629
Total	147,792

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Long-Term Debt.
Interest expense	$ 8,200	$ 8,239
Interest income	(2,971)	(2,533)
Net interest expense	$ 5,229	$ 5,706

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

Note 9 — Earnings Per Share


		Three Months Ended					Three Months Ended
		March 31, 2026					March 31, 2025
		Income			Shares		Income			Shares
Basic:
Net income (loss)		$	(13,406)				$	3,072
Less: Undistributed earnings allocated to participating securities			—					(2)
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039

Earnings (loss) per share, basic		$	(0.09)				$	0.02

Diluted:
Net income (loss) available to common shareholders, basic		$	(13,406)		147,163		$	3,070		151,039
Effect of dilutive securities:
Share-based awards other than participating securities			—		—			—		1,135
Net income (loss) available to common shareholders, diluted		$	(13,406)		147,163		$	3,070		152,174

Earnings (loss) per share, diluted		$	(0.09)				$	0.02

We had a net loss for the three-month period ended March 31, 2026. Accordingly, our diluted EPS calculation for this period excluded the dilutive effect of share-based awards because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


		Three Months Ended
		March 31, 2026
Diluted shares (as reported)		147,163
Share-based awards		629
Total		147,792

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	Apr. 20, 2026
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HELIX ENERGY SOLUTIONS GROUP, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	281
Local Phone Number	618–0400
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	HLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		147,296,092
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing August 2029 $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
Borrowing capacity	$ 120.0
Maturity date	Aug. 02, 2029
Springing maturity period	91 days
Outstanding principal amount with a springing maturity	$ 50.0
Additional commitments (up to)	30.0
Sub-limit for the issuance of letters of credit	55.0
Borrowings under ABL Facility	0.0
Available borrowing capacity	113.0
Letters of credit issued	1.5
Amount of cash pledged to the credit facility	$ 2.6
Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity (as a percent of borrowing base)	10.00%
Permitted debt for the deferred purchase price of property	$ 50.0
Availability of the borrowing base to satisfy and maintain fixed charge ratio	$ 12.0
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
Fixed charge coverage ratio	1
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
United States
Debt Instrument [Line Items]
Borrowing capacity	$ 85.0
United States \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United States \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
United States \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
United States \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
United Kingdom
Debt Instrument [Line Items]
Borrowing capacity	$ 35.0
United Kingdom \| SOFR
Debt Instrument [Line Items]
Adjustment on variable rate (as a percent)	0.10%
United Kingdom \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2026

Asset Retirement Obligations

Asset Retirement Obligations

Note 12 — Asset Retirement Obligations

Our asset retirement obligations (“AROs”) relate to mature offshore oil and gas properties (Droshky field and Thunder Hawk field) that we acquired with the intention to perform decommissioning work at the end of their life cycles. The following table describes the changes in our AROs (in thousands):


	2026		2025
AROs at January 1,	$	68,770	$	62,947
Accretion expense		1,539		1,408
AROs at March 31,	$	70,309	$	64,355

Long-Term Debt - 2029 Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 01, 2023
Debt Instrument [Line Items]
Gross debt	$ 309,882	$ 314,645
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Gross debt	$ 300,000	$ 300,000	$ 300,000
Interest rate (as a percent)	9.75%
Frequency of periodic payment	semi-annually
Maturity date	Mar. 01, 2029
Redemption as a percentage of principal amount (as a percent)	100.00%
2029 Notes (mature March 2029) \| 2026
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)	104.875%
2029 Notes (mature March 2029) \| 2027
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)	102.438%
2029 Notes (mature March 2029) \| 2028 and thereafter
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)	100.00%
2029 Notes (mature March 2029) \| Change of Control
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)	101.00%
2029 Notes (mature March 2029) \| Maximum
Debt Instrument [Line Items]
Redemption as a percentage of principal amount (as a percent)	40.00%
Redemption price as a percentage of principal amount (as a percent)	109.75%

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

Note 16 — Fair Value Measurements

Our financial instruments include cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments.

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):


	March 31, 2026				December 31, 2025
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	9,882	$	9,856	$	14,645	$	14,611
2029 Notes (mature March 2029)		300,000		314,250		300,000		317,250
Total debt	$	309,882	$	324,106	$	314,645	$	331,861

(1)	Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 for additional disclosures on our long-term debt.

(2)	The estimated fair value was determined using Level 2 fair value inputs under the market approach, which was determined using quotes in inactive markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Details of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued liabilities
Accrued payroll and related benefits	$ 34,700	$ 45,463
Accrued interest	2,570	10,102
Deferred revenue (Note 8)	13,793	17,115
Other	18,074	22,271
Total accrued liabilities	$ 69,137	$ 94,951

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract]
Less than one year	$ 84,620	$ 81,396
One to two years	85,842	80,662
Two to three years	67,869	69,366
Three to four years	60,508	56,875
Four to five years	55,418	63,656
Over five years	33,159	39,187
Total lease payments	387,416	391,142
Less: imputed interest	(65,415)	(69,387)
Total operating lease liabilities	322,001	321,755
Current operating lease liabilities	64,112	60,796
Non-current operating lease liabilities	257,889	260,959
Vessels
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract]
Less than one year	80,588	77,129
One to two years	81,049	76,334
Two to three years	64,259	65,278
Three to four years	56,205	53,006
Four to five years	51,183	59,020
Over five years	22,067	27,237
Total lease payments	355,351	358,004
Less: imputed interest	(57,281)	(60,774)
Total operating lease liabilities	298,070	297,230
Current operating lease liabilities	60,759	57,240
Non-current operating lease liabilities	237,311	239,990
Facilities and Equipment
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract]
Less than one year	4,032	4,267
One to two years	4,793	4,328
Two to three years	3,610	4,088
Three to four years	4,303	3,869
Four to five years	4,235	4,636
Over five years	11,092	11,950
Total lease payments	32,065	33,138
Less: imputed interest	(8,134)	(8,613)
Total operating lease liabilities	23,931	24,525
Current operating lease liabilities	3,353	3,556
Non-current operating lease liabilities	$ 20,578	$ 20,969

Commitments and Contingencies and Other Matters

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies and Other Matters

Commitments and Contingencies and Other Matters

Note 13 — Commitments and Contingencies and Other Matters

Commitments

Our Well Intervention segment has long-term charter agreements with Sea1 Offshore (formerly Siem Offshore) for the Sea Helix 1 and Siem Helix 2 vessels, whose charter terms expire in December 2030 and December 2031, respectively. Our Robotics segment has long-term vessel charters for the Grand Canyon II, the Grand Canyon III, the Shelia Bordelon, the North Sea Enabler and the Trym, whose charter terms expire in December 2030, May 2028, June 2026, June 2028 and February 2029, respectively. In January 2026, our Robotics segment took delivery of the Patriot with a four-year charter that expires in January 2030.

Contingencies and Claims

From time to time, we may incur losses related to our contracts for matters such as costs in excess of contract consideration or claims related to disputes with customers and any obligations thereunder. While we believe we maintain appropriate accruals for such matters, the actual cost to us may be more or less than the amounts reserved.

We are involved in various legal proceedings and other matters in the normal course of business, including claims under the General Maritime Laws of the United States and the Merchant Marine Act of 1920 (commonly referred to as the Jones Act), contract-related disputes and employee-related disputes. We recognize losses for contingencies when the probability of an unfavorable outcome is probable and we can reasonably estimate the amount of the loss. For insured claims, we recognize such losses to the extent they exceed applicable insurance coverage. Although we can give no assurance about the outcome of litigation, claims or other proceedings, we do not currently believe that any loss resulting from litigation, claims or other proceedings, to the extent not otherwise accrued for or covered by insurance, will have a material adverse impact on our condensed consolidated financial statements.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contracts with Customers

Schedule of disaggregated revenue by market strategy

The following table provides information about disaggregated revenue by market strategy (in thousands):


		Well						Shallow Water			Production			Intercompany			Total
		Intervention			Robotics			Abandonment			Facilities			Eliminations			Revenue
Three months ended March 31, 2026
Production maximization		$	67,167		$	9,399		$	1,783		$	18,736		$	(17,545)		$	79,540
Decommissioning			140,870			8,932			19,453			—			(6,297)			162,958
Renewables			—			36,757			—			—			—			36,757
Other			1,406			7,285			—			—			—			8,691
Total		$	209,443		$	62,373		$	21,236		$	18,736		$	(23,842)		$	287,946

Three months ended March 31, 2025
Production maximization		$	96,962		$	24,726		$	1,076		$	19,837		$	(3,972)		$	138,629
Decommissioning			100,683			4,016			15,666			—			(4,035)			116,330
Renewables			—			16,774			76			—			—			16,850
Other			729			5,526			—			—			—			6,255
Total		$	198,374		$	51,042		$	16,818		$	19,837		$	(8,007)		$	278,064

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-Term Debt.

Long-Term Debt

Note 5 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of March 31, 2026 are as follows (in thousands):


		MARAD			2029
		Debt			Notes			Total
Less than one year		$	9,882		$	—		$	9,882
One to two years			—			—			—
Two to three years			—			300,000			300,000
Gross debt			9,882			300,000			309,882
Unamortized debt discount ⁽¹⁾			—			(882)			(882)
Unamortized debt issuance costs ⁽¹⁾			(488)			(4,751)			(5,239)
Total debt			9,394			294,367			303,761
Less current maturities			(9,394)			—			(9,394)
Long-term debt		$	—		$	294,367		$	294,367

(1)	Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Below is a summary of our indebtedness:

Credit Agreement

On September 30, 2021, we entered into an asset-based credit agreement with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and subsequently we entered into various amendments (collectively, the “Amended ABL Facility”). The Amended ABL Facility provides a $120 million asset-based revolving credit line that matures on August 2, 2029, with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The Amended ABL Facility permits us to request an increase of the facility of up to $30 million, subject to certain conditions.

Commitments under the Amended ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $85 million and $35 million, respectively. The Amended ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash and provides for a $55 million sub-limit for the issuance of letters of credit. As of March 31, 2026, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $113.0 million, net of $1.5 million of letters of credit issued and includes $2.6 million of cash pledged to the facility.

We and certain of our U.S. and U.K. subsidiaries are the current borrowers under the Amended ABL Facility, whose obligations under the Amended ABL Facility are guaranteed by those borrowers and certain other U.S. and U.K. subsidiaries, excluding Cal Dive I – Title XI, Inc. (“CDI Title XI”), Helix Offshore Services Limited and certain other enumerated subsidiaries. Other subsidiaries may be added as guarantors of the facility in the future. The Amended ABL Facility is secured by all accounts receivable and designated deposit accounts of the U.S. borrowers and guarantors, and by substantially all of the assets of the U.K. borrowers and guarantors.

U.S. borrowings under the Amended ABL Facility bear interest at the Term SOFR rate (also known as CME Term SOFR as administered by CME Group, Inc.) plus a margin of 1.50% to 2.00% or at a base rate plus a margin of 0.50% to 1.00%. U.K. borrowings under the Amended ABL Facility denominated in U.S. dollars bear interest at the Term SOFR rate with SOFR adjustment of 0.10% and U.K. borrowings denominated in the British pound bear interest at the SONIA daily rate, each plus a margin of 1.50% to 2.00%. We also pay a commitment fee of 0.375% to 0.50% per annum on the unused portion of the facility.

The Amended ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The Amended ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The Amended ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $12 million.

The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, and (ii) provides for potential ESG-related pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the Amended ABL Facility.

MARAD Debt

In 2005, Helix’s subsidiary CDI-Title XI issued its U.S. Government Guaranteed Ship Financing Bonds, Q4000 Series, to refinance the construction financing originally granted in 2002 of the Q4000 vessel (the “MARAD Debt”). The MARAD Debt is guaranteed by the U.S. government pursuant to Title XI of the Merchant Marine Act of 1936, administered by the Maritime Administration (“MARAD”). The obligation of CDI-Title XI to reimburse MARAD in the event CDI-Title XI fails to repay the MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. In addition, we have agreed to bareboat charter the Q4000 from CDI-Title XI for so long as the MARAD Debt remains outstanding. The MARAD Debt is payable in equal semi-annual installments through February 2027 and bears interest at a rate of 4.93%.

Senior Notes Due 2029 (“2029 Notes”)

On December 1, 2023, we issued $300 million aggregate principal amount of the 2029 Notes. The 2029 Notes bear interest at a coupon interest rate of 9.75% per annum payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2024. The 2029 Notes mature on March 1, 2029 unless earlier redeemed or repurchased by us.

Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the 2029 Notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the 2029 Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings.


		Redemption
Year		Price
2026		104.875%
2027		102.438%
2028 and thereafter		100.000%

Upon the occurrence of a Change of Control Triggering Event, as defined in the indenture governing the 2029 Notes, we may be required to make an offer to repurchase all of the 2029 Notes then outstanding at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The indenture governing the 2029 Notes contains customary terms and covenants, including limitations on additional indebtedness, restricted payments, liens, asset sales, transactions with affiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other restrictions affecting restricted subsidiaries.

The 2029 Notes are guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Amended ABL Facility, as well as certain future subsidiaries that may guarantee certain of our indebtedness, including the Amended ABL Facility. The 2029 Notes are junior in right of payment to all our existing and future secured indebtedness and obligations and rank equally in right of payment with all our existing and future senior unsecured indebtedness. The 2029 Notes rank senior in right of payment to any of our future subordinated indebtedness and are fully and unconditionally guaranteed by the guarantors described above on a senior basis.

Other

In accordance with the Amended ABL Facility, the MARAD Debt and the 2029 Notes, we are required to comply with certain covenants, including minimum liquidity and a springing fixed charge coverage ratio (applicable under certain conditions that are currently not applicable) with respect to the Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of March 31, 2026, we were in compliance with these covenants.

The following table details the components of our net interest expense (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Interest expense		$	8,200		$	8,239
Interest income			(2,971)			(2,533)
Net interest expense		$	5,229		$	5,706

Commitments and Contingencies and Other Matters (Details)	1 Months Ended
	Jan. 31, 2026
Patriot
Commitments And Contingencies [Line Items]
Term of charter agreement	4 years

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax provision (benefit)	$ (3,152)	$ 453
Effective Tax Rate Reconciliation, Percent [Abstract]
Effective income tax	19.00%	12.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Statement of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Statement of Cash Flow Information
Non-cash capital additions	$ 0.6	$ 1.0

Revenue from Contracts with Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue From Contracts With Customers
Total Revenue	$ 287,946	$ 278,064
Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(23,842)	(8,007)
Well Intervention
Revenue From Contracts With Customers
Total Revenue	195,959	198,374
Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	209,443	198,374
Well Intervention \| Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	13,484
Robotics
Revenue From Contracts With Customers
Total Revenue	52,015	43,087
Robotics \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	62,373	51,042
Robotics \| Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	10,358	7,955
Shallow Water Abandonment
Revenue From Contracts With Customers
Total Revenue	21,236	16,766
Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	21,236	16,818
Shallow Water Abandonment \| Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue		52
Production Facilities
Revenue From Contracts With Customers
Total Revenue	18,736	19,837
Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	18,736	19,837
Production maximization
Revenue From Contracts With Customers
Total Revenue	79,540	138,629
Production maximization \| Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(17,545)	(3,972)
Production maximization \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	67,167	96,962
Production maximization \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	9,399	24,726
Production maximization \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	1,783	1,076
Production maximization \| Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	18,736	19,837
Decommissioning
Revenue From Contracts With Customers
Total Revenue	162,958	116,330
Decommissioning \| Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(6,297)	(4,035)
Decommissioning \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	140,870	100,683
Decommissioning \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	8,932	4,016
Decommissioning \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	19,453	15,666
Renewables
Revenue From Contracts With Customers
Total Revenue	36,757	16,850
Renewables \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	36,757	16,774
Renewables \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue		76
Other
Revenue From Contracts With Customers
Total Revenue	8,691	6,255
Other \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	1,406	729
Other \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Total Revenue	$ 7,285	$ 5,526

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue From Contracts With Customers
Net contract assets	$ 9.7		$ 10.9
Credit losses on contract assets	0.0	$ 0.0
Contract liabilities	13.8		17.1
Revenue recognized	13.6	15.6
Unsatisfied performance obligations	1,200.0
Deferred contract costs	20.8		$ 25.6
Amortization of deferred contract costs	17.2	16.4
Impairment losses on deferred contract costs	0.0	$ 0.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 550.9
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 421.2
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 226.2
Expected timing of satisfaction	3 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 501,272	$ 445,196
Accounts receivable, net of allowance for credit losses of $3,554 and $3,529, respectively	230,112	303,939
Other current assets	87,907	75,857
Total current assets	819,291	824,992
Property and equipment	3,137,031	3,156,606
Less accumulated depreciation	(1,816,953)	(1,794,112)
Property and equipment, net	1,320,078	1,362,494
Operating lease right-of-use assets	302,926	302,649
Deferred certification and dry dock costs, net	73,493	74,351
Other assets, net	52,301	51,418
Total assets	2,568,089	2,615,904
Current liabilities:
Accounts payable	138,412	134,287
Accrued liabilities	69,137	94,951
Current maturities of long-term debt	9,394	9,644
Current operating lease liabilities	64,112	60,796
Total current liabilities	281,055	299,678
Long-term debt	294,367	298,351
Operating lease liabilities	257,889	260,959
Deferred tax liabilities	104,972	105,571
Other non-current liabilities	72,950	71,433
Total liabilities	1,011,233	1,035,992
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 147,296 and 147,186 shares issued, respectively	1,220,461	1,218,494
Retained earnings	385,508	398,914
Accumulated other comprehensive loss	(49,113)	(37,496)
Total shareholders' equity	1,556,856	1,579,912
Total liabilities and shareholders' equity	$ 2,568,089	$ 2,615,904

Employee Benefit Plans - Narrative (Details)	3 Months Ended
Employee Benefit Plans - Narrative (Details)	Mar. 31, 2026 USD ($) item shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Employee Benefit Plans
Number of active incentive plans	1
Deferred Contribution Plans
Employee Benefit Plans
Plan cost recognized	$ 1,900,000	$ 1,500,000
2005 Incentive Plan
Employee Benefit Plans
Shares available for issuance (in shares) \| shares	7,900,000
Restricted Stock
Employee Benefit Plans
Compensation cost	$ 200,000	200,000
PSUs
Employee Benefit Plans
Number of components of equity awards granted \| item	2
Percentage based on service and market conditions	50.00%
Percentage based on service and performance conditions	50.00%
Compensation cost	$ 1,000,000	1,300,000
Performance Period	3 years
Share-based payment awards vested (in shares) \| shares	489,498
Award vesting percentage	151.00%
Cash paid for awards vested	$ 4,600,000
Vesting period	3 years
PSUs \| Maximum
Employee Benefit Plans
Award vesting percentage	200.00%
PSUs \| Minimum
Employee Benefit Plans
Award vesting percentage	0.00%
PSUs \| Assumed
Employee Benefit Plans
Award vesting percentage	100.00%
RSUs
Employee Benefit Plans
Compensation cost	$ 1,300,000	1,000,000
Fixed Value Cash Awards
Employee Benefit Plans
Long-term incentive cash awards granted	$ 6,800,000		$ 6,700,000
Vesting period	3 years
Deferred compensation cost	$ 1,500,000	$ 1,500,000
ESPP
Employee Benefit Plans
Shares available for issuance (in shares) \| shares	600,000
Purchase limit per employee (in shares) \| shares	260

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 01, 2023
Fair Value Measurements
Principal Amount	$ 309,882	$ 314,645
Fair Value	324,106	331,861
MARAD Debt (matures February 2027)
Fair Value Measurements
Principal Amount	9,882	14,645
Fair Value	9,856	14,611
2029 Notes (mature March 2029)
Fair Value Measurements
Principal Amount	300,000	300,000	$ 300,000
Fair Value	$ 314,250	$ 317,250

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 287,946	$ 278,064
Cost of sales	279,118	250,526
Gross profit	8,828	27,538
Selling, general and administrative expenses	(22,143)	(19,366)
Income (loss) from operations	(13,315)	8,172
Net interest expense	(5,229)	(5,706)
Other income (expense), net	298	(357)
Royalty income and other	1,688	1,416
Income (loss) before income taxes	(16,558)	3,525
Income tax provision (benefit)	(3,152)	453
Net income (loss)	$ (13,406)	$ 3,072
Earnings (loss) per share of common stock:
Basic (in dollars per share)	$ (0.09)	$ 0.02
Diluted (in dollars per share)	$ (0.09)	$ 0.02
Weighted average common shares outstanding:
Basic (in shares)	147,163	151,039
Diluted (in shares)	147,163	152,174

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Note 8 — Revenue from Contracts with Customers

Disaggregation of Revenue

Our service contracts generally contain provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) but we occasionally contract on a lump sum basis (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities.

We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following table provides information about disaggregated revenue by market strategy (in thousands):


		Well						Shallow Water			Production			Intercompany			Total
		Intervention			Robotics			Abandonment			Facilities			Eliminations			Revenue
Three months ended March 31, 2026
Production maximization		$	67,167		$	9,399		$	1,783		$	18,736		$	(17,545)		$	79,540
Decommissioning			140,870			8,932			19,453			—			(6,297)			162,958
Renewables			—			36,757			—			—			—			36,757
Other			1,406			7,285			—			—			—			8,691
Total		$	209,443		$	62,373		$	21,236		$	18,736		$	(23,842)		$	287,946

Three months ended March 31, 2025
Production maximization		$	96,962		$	24,726		$	1,076		$	19,837		$	(3,972)		$	138,629
Decommissioning			100,683			4,016			15,666			—			(4,035)			116,330
Renewables			—			16,774			76			—			—			16,850
Other			729			5,526			—			—			—			6,255
Total		$	198,374		$	51,042		$	16,818		$	19,837		$	(8,007)		$	278,064

Contract Balances

Net contract assets were $9.7 million as of March 31, 2026 and $10.9 million as of December 31, 2025 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3). The decrease in net contract assets was primarily attributable to the completion of a lump sum contract that had a contract asset balance as of December 31, 2025. We had no credit losses on our contract assets for the three-month periods ended March 31, 2026 and 2025.

Net contract liabilities totaled $13.8 million as of March 31, 2026 and $17.1 million as of December 31, 2025 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” in the accompanying condensed consolidated balance sheets (Note 3). The decrease was primarily attributable to the amortization of deferred mobilization fees for work that had not been completed as of both balance sheet dates. Revenue recognized for the three-month periods ended March 31, 2026 and 2025 included $13.6 million and $15.6 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of March 31, 2026, $1.2 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $550.9 million, $421.2 million and $226.2 million in 2026, 2027 and 2028 and beyond, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at March 31, 2026.

For the three-month periods ended March 31, 2026 and 2025, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $20.8 million as of March 31, 2026 and $25.6 million as of December 31, 2025. For the three-month periods ended March 31, 2026 and 2025, we recorded $17.2 million and $16.4 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented.

For additional information regarding revenue recognition, see Notes 2 and 11 to our 2025 Form 10-K.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

Note 6 — Income Taxes

We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

For the three-month period ended March 31, 2026, we recorded income tax benefit of $3.2 million, resulting in an effective tax rate of 19.0%. The effective tax rate for the three-month period ended March 31, 2026 was affected by the jurisdictional mix of earnings and utilization of foreign tax credits. For the three-month period ended March 31, 2025, we recorded income tax provision of $0.5 million, resulting in an effective tax rate of 12.9%. The effective rate for the three-month period ended March 31, 2025 was impacted by a discrete non-U.S. tax benefit.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

Allowance Accounts

Allowance Accounts

Note 15 — Allowance for Credit Losses

We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. The following table sets forth the activity in our allowance for credit losses (in thousands):


	2026		2025
Balance at January 1,	$	3,529	$	3,682
Additions (reductions) ⁽¹⁾		25		(85)
Balance at March 31,	$	3,554	$	3,597

(1)	Additions (reductions) reflect reserves (releases) for expected credit losses during the respective periods.

Business Segment Information - Measure of segment profit or loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total Revenue	$ 287,946	$ 278,064
Less:
Direct cost of revenues	(279,118)	(250,526)
Selling, general and administrative expenses	(22,143)	(19,366)
Income (loss) from operations	(13,315)	8,172
Reportable Segments
Less:
Income (loss) from operations	(9)	18,820
Intercompany Eliminations
Segment Reporting Information [Line Items]
Total Revenue	(23,842)	(8,007)
Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Total Revenue	287,946	278,064
Reportable Segment, Aggregation before Other Operating Segment \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenue	311,788	286,071
Reportable Segment, Aggregation before Other Operating Segment \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Total Revenue	23,842	8,007
Well Intervention
Segment Reporting Information [Line Items]
Total Revenue	195,959	198,374
Well Intervention \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenue	209,443	198,374
Less:
Direct cost of revenues	(190,034)	(170,033)
Operations support	(4,206)	(4,019)
Selling, general and administrative expenses	(4,346)	(4,352)
Income (loss) from operations	10,857	19,970
Well Intervention \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Total Revenue	13,484
Robotics
Segment Reporting Information [Line Items]
Total Revenue	52,015	43,087
Robotics \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenue	62,373	51,042
Less:
Direct cost of revenues	(50,191)	(41,635)
Operations support	(1,589)	(1,391)
Selling, general and administrative expenses	(2,820)	(2,669)
Income (loss) from operations	7,773	5,347
Robotics \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Total Revenue	10,358	7,955
Shallow Water Abandonment
Segment Reporting Information [Line Items]
Total Revenue	21,236	16,766
Shallow Water Abandonment \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenue	21,236	16,818
Less:
Direct cost of revenues	(27,442)	(25,539)
Operations support	(2,645)	(2,861)
Selling, general and administrative expenses	(1,879)	(1,859)
Income (loss) from operations	(10,730)	(13,441)
Shallow Water Abandonment \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Total Revenue		52
Production Facilities
Segment Reporting Information [Line Items]
Total Revenue	18,736	19,837
Production Facilities \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenue	18,736	19,837
Less:
Direct cost of revenues	(25,905)	(12,264)
Operations support	(282)	(113)
Selling, general and administrative expenses	(458)	(516)
Income (loss) from operations	$ (7,909)	$ 6,944

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of principal amount and estimated fair value of long-term debt

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):


	March 31, 2026				December 31, 2025
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	9,882	$	9,856	$	14,645	$	14,611
2029 Notes (mature March 2029)		300,000		314,250		300,000		317,250
Total debt	$	309,882	$	324,106	$	314,645	$	331,861

(1)	Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 for additional disclosures on our long-term debt.

(2)	The estimated fair value was determined using Level 2 fair value inputs under the market approach, which was determined using quotes in inactive markets.

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Business Segment Information

Schedule of financial data by reportable segment

Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands):


	Well						Shallow Water			Production
	Intervention			Robotics			Abandonment			Facilities		Total
Three months ended March 31, 2026
External revenues	$	195,959		$	52,015		$	21,236		$	18,736	$	287,946
Intersegment revenues ⁽¹⁾		13,484			10,358			—			—		23,842
Segment revenues		209,443			62,373			21,236			18,736		311,788
Elimination of intersegment revenues													(23,842)
Total consolidated net revenues												$	287,946

Less ⁽²⁾:
Direct cost of revenues		(190,034)			(50,191)			(27,442)			(25,905)
Operations support		(4,206)			(1,589)			(2,645)			(282)
Selling, general and administrative expenses		(4,346)			(2,820)			(1,879)			(458)
Segment operating income (loss)	$	10,857		$	7,773		$	(10,730)		$	(7,909)	$	(9)

Three months ended March 31, 2025
External revenues	$	198,374		$	43,087		$	16,766		$	19,837	$	278,064
Intersegment revenues ⁽¹⁾		—			7,955			52			—		8,007
Segment revenues		198,374			51,042			16,818			19,837		286,071
Elimination of intersegment revenues													(8,007)
Total consolidated net revenues												$	278,064

Less ⁽²⁾:
Direct cost of revenues		(170,033)			(41,635)			(25,539)			(12,264)
Operations support		(4,019)			(1,391)			(2,861)			(113)
Selling, general and administrative expenses		(4,352)			(2,669)			(1,859)			(516)
Segment operating income (loss)	$	19,970		$	5,347		$	(13,441)		$	6,944	$	18,820

(1)	Intersegment amounts are derived primarily from equipment and services provided to other business segments.

(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

Schedule of reconciliation of segment profit or loss to income (loss) before income taxes

The table below provides a reconciliation of segment profit or loss to income (loss) before income taxes (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Reconciliation of segment profit or loss —
Segment operating income (loss)	$	(9)	$	18,820
Corporate, eliminations and other		(13,306)		(10,648)
Net interest expense		(5,229)		(5,706)
Other non-operating income, net		1,986		1,059
Income (loss) before income taxes	$	(16,558)	$	3,525

Schedule of other items regularly provided to the CODM

The following items are also regularly provided to the CODM (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Capital expenditures ⁽¹⁾ —
Well Intervention	$	2,172	$	2,968
Robotics		635		1,199
Shallow Water Abandonment		—		214
Production Facilities		—		—
Corporate, eliminations and other		4		107
Total	$	2,811	$	4,488

Depreciation and amortization ⁽²⁾ —
Well Intervention	$	32,373	$	30,591
Robotics		1,185		1,369
Shallow Water Abandonment		5,455		5,678
Production Facilities		4,813		4,749
Corporate and eliminations		38		95
Total	$	43,864	$	42,482

(1)	Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment.

(2)

Represents an aggregate of depreciation and amortization expense related to property and equipment and deferred certification and dry dock costs, which is included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above.

Business Segment Information - Narrative (Details)	3 Months Ended
Business Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Business Segment Information
Number of reportable segments	4

Leases

3 Months Ended

Mar. 31, 2026

Leases

Leases

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034.

The following table details the components of our lease cost (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Operating lease cost		$	22,781		$	21,230
Variable lease cost			476			2,346
Short-term lease cost			8,862			8,943
Sublease income			(30)			(29)
Net lease cost		$	32,089		$	32,490

Maturities of our operating lease liabilities as of March 31, 2026 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	80,588		$	4,032		$	84,620
One to two years			81,049			4,793			85,842
Two to three years			64,259			3,610			67,869
Three to four years			56,205			4,303			60,508
Four to five years			51,183			4,235			55,418
Over five years			22,067			11,092			33,159
Total lease payments		$	355,351		$	32,065		$	387,416
Less: imputed interest			(57,281)			(8,134)			(65,415)
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Current operating lease liabilities		$	60,759		$	3,353		$	64,112
Non-current operating lease liabilities			237,311			20,578			257,889
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	77,129		$	4,267		$	81,396
One to two years			76,334			4,328			80,662
Two to three years			65,278			4,088			69,366
Three to four years			53,006			3,869			56,875
Four to five years			59,020			4,636			63,656
Over five years			27,237			11,950			39,187
Total lease payments		$	358,004		$	33,138		$	391,142
Less: imputed interest			(60,774)			(8,613)			(69,387)
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

Current operating lease liabilities		$	57,240		$	3,556		$	60,796
Non-current operating lease liabilities			239,990			20,969			260,959
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

The following table presents the weighted average remaining lease term and discount rate:


		March 31,		December 31,
		2026		2025
Weighted average remaining lease term		4.8	years	5.0	years
Weighted average discount rate		7.62	%	7.68	%

The following table presents other information related to our operating leases (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Cash paid for operating lease liabilities		$	22,648		$	20,428
Right-of-use assets related to new operating lease liabilities ⁽¹⁾			16,932			12,073

(1)	Our operating lease additions are primarily related to the charter for the Patriot during the three-month period ended March 31, 2026, and the charter for the Trym during the three-month period ended March 31, 2025.

See Note 13 for additional information on our significant leases.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (13,406)	$ 3,072
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, excluding amortization of deferred certification and dry dock costs	33,622	33,248
Amortization of deferred certification and dry dock costs	10,242	9,234
Deferred certification and dry dock costs	(8,870)	(17,855)
Amortization of debt discount	64	57
Amortization of debt issuance costs	535	502
Share-based compensation	1,363	1,651
Deferred income taxes	(586)	(400)
Unrealized foreign currency losses	(552)	(572)
Changes in operating assets and liabilities:
Accounts receivable, net	75,849	(1,116)
Other current assets	(1,038)	(16,835)
Income tax receivable	(11,071)	(2,702)
Accounts payable and accrued liabilities	(23,835)	4,518
Other, net	(531)	3,640
Net cash provided by operating activities	61,786	16,442
Cash flows from investing activities:
Capital expenditures	(2,811)	(4,488)
Net cash used in investing activities	(2,811)	(4,488)
Cash flows from financing activities:
Repayment of MARAD Debt	(4,763)	(4,537)
Payments related to tax withholding for share-based compensation	(71)	(7,266)
Proceeds from issuance of ESPP shares	491	728
Net cash used in financing activities	(4,343)	(11,075)
Effect of exchange rate changes on cash and cash equivalents	1,444	1,078
Net increase in cash and cash equivalents	56,076	1,957
Cash and cash equivalents:
Balance, beginning of year	445,196	368,030
Balance, end of period	$ 501,272	$ 369,987

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance, beginning of period at Dec. 31, 2024	$ 1,252,253	$ 368,087	$ (100,575)	$ 1,519,765
Balance, beginning of period (in shares) at Dec. 31, 2024	150,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		3,072		3,072
Foreign currency translation adjustments			27,185	27,185
Activity in company stock plans, net and other	$ (6,279)			(6,279)
Activity in company stock plans, net and other (in shares)	1,287
Share-based compensation	$ 1,522			1,522
Balance, end of period at Mar. 31, 2025	$ 1,247,496	371,159	(73,390)	1,545,265
Balance, end of period (in shares) at Mar. 31, 2025	151,530
Balance, beginning of period at Dec. 31, 2025	$ 1,218,494	398,914	(37,496)	1,579,912
Balance, beginning of period (in shares) at Dec. 31, 2025	147,186
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(13,406)		(13,406)
Foreign currency translation adjustments			(11,617)	(11,617)
Activity in company stock plans, net and other	$ 699			699
Activity in company stock plans, net and other (in shares)	110
Share-based compensation	$ 1,268			1,268
Balance, end of period at Mar. 31, 2026	$ 1,220,461	$ 385,508	$ (49,113)	$ 1,556,856
Balance, end of period (in shares) at Mar. 31, 2026	147,296

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Allowance for credit losses	$ 3,554	$ 3,529
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000	240,000
Common stock, shares issued	147,296	147,186

Details of Certain Accounts (Tables)

3 Months Ended

Mar. 31, 2026

Details of Certain Accounts

Schedule of other current assets

Other current assets consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Prepaids		$	33,116		$	29,345
Income tax receivable			18,302			7,383
Contract assets (Note 8)			9,696			10,871
Deferred costs (Note 8)			13,420			18,678
Other			13,373			9,580
Total other current assets		$	87,907		$	75,857

Schedule of other assets, net

Other assets, net consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Prepaid charter ⁽¹⁾		$	12,544		$	12,544
Deferred costs (Note 8)			7,380			6,910
Other receivable ⁽²⁾			27,945			27,291
Intangible assets with finite lives, net			3,131			3,262
Other			1,301			1,411
Total other assets, net		$	52,301		$	51,418

(1)	Represents prepayments to the owner of the Sea Helix 1 and the Siem Helix 2, which may be used to offset certain payment obligations associated with the vessels at the end of their respective charter term.

(2)	Represents the present value of receivables for P&A work to be performed by us on Droshky field oil and gas properties we acquired from Marathon Oil Corporation in 2019.

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Accrued payroll and related benefits		$	34,700		$	45,463
Accrued interest			2,570			10,102
Deferred revenue (Note 8)			13,793			17,115
Other			18,074			22,271
Total accrued liabilities		$	69,137		$	94,951

Schedule of other non-current liabilities

Other non-current liabilities consist of the following (in thousands):


		March 31,			December 31,
		2026			2025
Asset retirement obligations (Note 12)		$	70,309		$	68,770
Other			2,641			2,663
Total other non-current liabilities		$	72,950		$	71,433

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Segment Information

3 Months Ended

Mar. 31, 2026

Business Segment Information

Business Segment Information

Note 11 — Business Segment Information

We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. These reportable segments are strategic business units that utilize different mix of vessels and/or equipment to perform different types of services. All material intercompany transactions between the segments have been eliminated. See Note 2 for more information on our business segments.

Our chief operating decision maker (“CODM”) is the chief operating officer. The CODM uses segment operating income or loss as the measure of segment profit or loss to evaluate segment performance by comparing the results of each segment with its annual budgeted amounts and monthly forecasts as well as the results of other segments. The CODM also uses segment operating income or loss to allocate company resources (including employees, property, and financial resources) to each segment. Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands):


	Well						Shallow Water			Production
	Intervention			Robotics			Abandonment			Facilities		Total
Three months ended March 31, 2026
External revenues	$	195,959		$	52,015		$	21,236		$	18,736	$	287,946
Intersegment revenues ⁽¹⁾		13,484			10,358			—			—		23,842
Segment revenues		209,443			62,373			21,236			18,736		311,788
Elimination of intersegment revenues													(23,842)
Total consolidated net revenues												$	287,946

Less ⁽²⁾:
Direct cost of revenues		(190,034)			(50,191)			(27,442)			(25,905)
Operations support		(4,206)			(1,589)			(2,645)			(282)
Selling, general and administrative expenses		(4,346)			(2,820)			(1,879)			(458)
Segment operating income (loss)	$	10,857		$	7,773		$	(10,730)		$	(7,909)	$	(9)

Three months ended March 31, 2025
External revenues	$	198,374		$	43,087		$	16,766		$	19,837	$	278,064
Intersegment revenues ⁽¹⁾		—			7,955			52			—		8,007
Segment revenues		198,374			51,042			16,818			19,837		286,071
Elimination of intersegment revenues													(8,007)
Total consolidated net revenues												$	278,064

Less ⁽²⁾:
Direct cost of revenues		(170,033)			(41,635)			(25,539)			(12,264)
Operations support		(4,019)			(1,391)			(2,861)			(113)
Selling, general and administrative expenses		(4,352)			(2,669)			(1,859)			(516)
Segment operating income (loss)	$	19,970		$	5,347		$	(13,441)		$	6,944	$	18,820

(1)	Intersegment amounts are derived primarily from equipment and services provided to other business segments.

(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

The table below provides a reconciliation of segment profit or loss to income (loss) before income taxes (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Reconciliation of segment profit or loss —
Segment operating income (loss)	$	(9)	$	18,820
Corporate, eliminations and other		(13,306)		(10,648)
Net interest expense		(5,229)		(5,706)
Other non-operating income, net		1,986		1,059
Income (loss) before income taxes	$	(16,558)	$	3,525

The following items are also regularly provided to the CODM (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Capital expenditures ⁽¹⁾ —
Well Intervention	$	2,172	$	2,968
Robotics		635		1,199
Shallow Water Abandonment		—		214
Production Facilities		—		—
Corporate, eliminations and other		4		107
Total	$	2,811	$	4,488

Depreciation and amortization ⁽²⁾ —
Well Intervention	$	32,373	$	30,591
Robotics		1,185		1,369
Shallow Water Abandonment		5,455		5,678
Production Facilities		4,813		4,749
Corporate and eliminations		38		95
Total	$	43,864	$	42,482

(1)	Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment.

(2)

We have not included a disclosure of total assets by segment as management’s focus is on operating performance and cash flow generation and the CODM does not regularly review segment asset information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
Summary Of Significant Accounting Policies (Policy)	Mar. 31, 2026
Summary of Significant Accounting Policies
Basis of Presentation	The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Our balance sheet as of December 31, 2025 included herein has been derived from the audited balance sheet as of December 31, 2025 included in our 2025 Annual Report on Form 10-K (our “2025 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2025 Form 10-K.
Reclassifications	Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.
New Accounting Standards	New accounting standards In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Disaggregation of Income Statement Expenses,” which requires entities to disclose, on an annual and interim basis, specified information about certain costs and expenses: a) the amounts of (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption; b) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; c) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and d) the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU No. 2024-03 will be effective for us for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (13,406)	$ 3,072
Other comprehensive income (loss) - foreign currency translation gain (loss), net of tax	(11,617)	27,185
Comprehensive income (loss)	$ (25,023)	$ 30,257

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Employee Benefit Plans

Schedule of grants of share-based awards

During the three-month period ended March 31, 2026, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period/Vesting Date
January 1, 2026 ⁽¹⁾	RSU	719,298	$	6.27	33% per year over three years
January 1, 2026 ⁽²⁾	PSU	605,661	$	6.93	100% on December 31, 2028

(1)	Reflects grants to our executive officers and certain other employees.

(2)	Reflects grants to our executive officers.

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic:
Net income (loss)	$ (13,406)	$ 3,072
Less: Undistributed earnings allocated to participating securities		(2)
Net income (loss) available to common shareholders, basic	$ (13,406)	$ 3,070
Weighted average number of shares outstanding, basic (in shares)	147,163	151,039
Earnings (loss) per share, basic (in dollars per share)	$ (0.09)	$ 0.02
Diluted:
Net income (loss) available to common shareholders, basic	$ (13,406)	$ 3,070
Weighted average number of shares outstanding, basic (in shares)	147,163	151,039
Effect of dilutive securities:
Share-based awards other than participating securities (in shares)		1,135
Net income (loss) available to common shareholders, diluted	$ (13,406)	$ 3,070
Weighted average number of shares outstanding, diluted (in shares)	147,163	152,174
Earnings (loss) per share, diluted (in dollars per share)	$ (0.09)	$ 0.02

Allowance for Credit Losses - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allowance for credit losses
Balance at beginning of year	$ 3,529	$ 3,682
Additions (reductions)	25	(85)
Balance at end of period	$ 3,554	$ 3,597

Statement of Cash Flow Information

3 Months Ended

Mar. 31, 2026

Statement of Cash Flow Information

Statement of Cash Flow Information

Note 14 — Statement of Cash Flow Information

We define cash and cash equivalents as cash and all highly liquid financial instruments with original maturities of three months or less. The following table provides supplemental cash flow information (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Interest paid	$	15,134	$	15,324
Income taxes paid, net ⁽¹⁾		8,505		3,555

(1)	There were no income tax refunds during the three-month period ended March 31, 2026. Amount during the three-month period ended March 31, 2025 was net of income tax refunds of $0.9 million.

Our capital additions include the acquisition of property and equipment for which payment has not been made. These non-cash capital additions were $0.6 million at March 31, 2026 and $1.0 million at December 31, 2025.