Helix Energy posts Q1 net loss on seasonal slowdown

Hornbeck Offshore Services

22/04/2026 23:25

Overview

Offshore energy services firm's Q1 revenue rose year-over-year, beating analyst expectations

Company posted a Q1 net loss, citing seasonal slowdown and Thunder Hawk field workover costs

Q1 free cash flow rose sharply from a year earlier, with cash exceeding $500 mln

Outlook

Company expects offshore market momentum to build in H2 2026 and into 2027

Company sees improved demand for services due to recent commodity price increases

Recent government actions in the North Sea seen as regulatory catalyst for decommissioning activities

Result Drivers

SEASONAL SLOWDOWN - Co said Q1 results reflected expected seasonal slowdown in the North Sea and Gulf of America shelf

THUNDER HAWK WORKOVER COSTS - Co cited costs of Thunder Hawk field workover as a factor weighing on profitability

SEGMENT UTILIZATION MIX - Well Intervention revenues rose on higher utilization in Gulf of America and Brazil, but margins were pressured by project and reactivation costs; Robotics and Shallow Water Abandonment revenues fell sequentially due to lower seasonal activity

Company press release: ID:nBwbZcKSga

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$287.95 mln
$262.49 mln (4 Analysts)
Q1 EPS
-$0.09
Q1 Net Income
-$13.41 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy"

Wall Street's median 12-month price target for Helix Energy Solutions Group Inc is $13.00, about 35% above its April 22 closing price of $9.63

The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 19 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)