Financial Analysis

Note 3 Business Combinations Alliance Acquisition We expanded our service capabilities to the Gulf of America shelf market with the acquisition of the Alliance group of companies (collectively Alliance) on July 1, 2022, which we re-branded as Helix Alliance. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earnout, which was paid in cash on April 3, 2024. For the year ended December 31, 2023, we recorded $42.2 million for the change in fair value of the earnout consideration, which is reported in the accompanying consolidated statement of operations. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 16 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 and the North Sea Enabler , whose charter terms expire in December 2030, May 2028, June 2026, and March 2026, respectively. In February 2025, our Robotics segment took delivery of the Trym with a three-year charter that expires in February 2028. On April 1, 2025, we extended the Trym charter by one year. In December 2025, we executed a new two-year charter agreement for the North Sea Enabler starting in July 2026. 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 Me …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 13 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). The 2005 Incentive Plan is administered by the Compensation Committee of our Board (the Compensation Committee). The Compensation Committee also determines the type of award to be made to each recipient and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant various forms of award in accordance with the 2005 Incentive Plan. Awards that have been granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest in amounts in accordance with their terms on the third anniversary date of the grant. On May 15, 2024, our shareholders approved an amendment to and restatement of the 2005 Incentive Plan, which, among other things, authorizes 7.0 million additional shares for issuance pursuant to our equity incentive compensation strategy. The 2005 Incentive Plan currently has 24.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2025, there were approximately 8.5 million shares of our common stock available for issuance under the 2005 Incentive Plan, assuming outstanding equity classified PSUs vest in shares of our co …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

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 Year ended December 31, 2025 Production maximization $ 211,589 $ 111,006 $ 6,459 $ 72,693 $ (10,460) $ 391,287 Decommissioning 507,977 36,052 193,098 (22,042) 715,085 Renewables 157,226 76 157,302 Other 9,805 19,069 (1,074) 27,800 Total $ 729,371 $ 323,353 $ 199,633 $ 72,693 $ (33,576) $ 1,291,474 Year ended December 31, 2024 (1) Production maximization $ 408,791 $ 117,207 $ 8,469 $ 88,709 $ (29,678) $ 593,498 Decommissioning 416,057 17,717 178,462 (14,272) 597,964 Renewables 152,306 152,306 Other 5,014 10,448 48 (718) 14,792 Total $ 829,862 $ 297,678 $ 186,979 $ 88,709 $ (44,668) $ 1,358,560 Year ended December 31, 2023 (1) Production maximization $ 228,649 $ 103,692 $ 13,825 $ 87,885 $ (17,824) $ 416,227 Decommissioning 458,437 47,768 261,129 (18,690) 748,644 Renewables 99,861 99,861 Other 20,632 6,554 (2,190) 24,996 Total $ 707,718 $ 257,875 $ 274,954 $ 87,885 $ (38,704) $ 1,289,728 (1) For the years ended December 31, 2024 and 2023, $27.6 million and $25.0 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations. See Note 14 regarding this change in prior year reported segment information. …

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Note 19 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. We used Level 3 input to estimate the fair value of the Thunder Hawk field during our asset impairment assessment in 2025. See Note 5 for additional disclosures. The principal amount and estimated fair value of our long-term debt are as follows (in thousands): December 31, 2025 December 31, 2024 Principal Fair Principal Fair Amount (1) Value (2) Amount (1) Value (2) MARAD Debt (matures February 2027) $ 14,645 $ 14,611 $ 23,831 $ 23,505 2029 Notes (mature March 2029) 300,000 317,250 300,000 319,500 Total debt $ 314,645 $ 331,861 $ 323,831 $ 343,005 (1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 7 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. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 8 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 consolidated financial statements. On July 4, 2025, the One Big Beautiful Bill Act was passed into law. The legislation provides us with benefits that are temporary in nature with no material impact on our income tax expense or effective tax rate for the year ended December 31, 2025. Components of income tax provision reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2025 2024 2023 Current tax provision (benefit): Federal $ 1,673 $ (107) $ 1,452 State 53 10 58 Foreign 17,994 15,918 5,310 Total current $ 19,720 $ 15,821 $ 6,820 Deferred tax provision (benefit): Federal $ (11,993) $ 11,562 $ 8,990 State 46 76 (301) Foreign 3,880 (1,032) 2,843 Total deferred $ (8,067) $ 10,606 $ 11,532 Total income tax provision $ 11,653 $ 26,427 $ 18,352 Components of income before income taxes are as follows (in thousands): Year Ended December 31, 2025 2024 2023 Domestic $ (48,969) $ (32,980) $ (31,646) Foreign 91,449 115,044 39,160 Income before income taxes $ 42,480 $ 82,064 $ 7,514 Reconciling items between the U.S. statutory rate and our effective tax rate for the year ended December 31, 2025 are as follows (dollars in thousands): Year Ended December 31, 2025 U.S. federal statutory tax rate …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 6 Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2025, the minimum sublease income to be received in the future was minimal. The following table details the components of our lease cost (in thousands): Year Ended December 31, 2025 2024 2023 Operating lease cost $ 90,737 $ 87,569 $ 72,775 Variable lease cost 12,543 11,113 21,423 Short-term lease cost 48,318 55,879 54,613 Sublease income (117) (99) (1,113) Net lease cost $ 151,481 $ 154,462 $ 147,698 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 Maturities of our operating lease liabilities as of December 31, 2024 are as follows (in thousands): Facilities and Vessels Eq …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Note 7 Long-Term Debt Long-term debt consists of the following (in thousands): December 31, 2025 2024 MARAD Debt (matures February 2027) $ 14,645 $ 23,831 2029 Notes (mature March 2029) 300,000 300,000 Gross debt 314,645 323,831 Unamortized debt discount (946) (1,186) Unamortized debt issuance costs (5,704) (7,488) Total debt 307,995 315,157 Less current maturities (1) (9,644) (9,186) Long-term debt $ 298,351 $ 305,971 (1) Current maturities as of December 31, 2025 and 2024 both included the current portion of the MARAD Debt. 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 …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Standards New accounting standards adopted In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose, on an annual basis, specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that entities disclose on an annual basis: a) income taxes paid (net) disaggregated by federal, state and foreign taxes; b) income taxes paid (net) by individual jurisdiction; c) income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign; and d) income tax expense (or benefit) from continuing operations by federal, state and foreign. Certain previous disclosure requirements on unrecognized tax benefits and cumulative amount of temporary differences are eliminated. We adopted ASU No. 2023-09 prospectively starting with this Annual Report for the year ended December 31, 2025. The adoption of this ASU had no impact on our earnings or financial condition and did not have a material impact on our consolidated financial statements other than increased income tax disclosures which are reflected in Note 8. New accounting standards issued but not yet effective In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income St …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 11 Revenue from Contracts with Customers Disaggregation of Revenue 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 Year ended December 31, 2025 Production maximization $ 211,589 $ 111,006 $ 6,459 $ 72,693 $ (10,460) $ 391,287 Decommissioning 507,977 36,052 193,098 (22,042) 715,085 Renewables 157,226 76 157,302 Other 9,805 19,069 (1,074) 27,800 Total $ 729,371 $ 323,353 $ 199,633 $ 72,693 $ (33,576) $ 1,291,474 Year ended December 31, 2024 (1) Production maximization $ 408,791 $ 117,207 $ 8,469 $ 88,709 $ (29,678) $ 593,498 Decommissioning 416,057 17,717 178,462 (14,272) 597,964 Renewables 152,306 152,306 Other 5,014 10,448 48 (718) 14,792 Total $ 829,862 $ 297,678 $ 186,979 $ 88,709 $ (44,668) $ 1,358,560 Year ended December 31, 2023 (1) Production maximization $ 228,649 $ 103,692 $ 13,825 $ 87,885 $ (17,824) $ 416,227 Decommissioning 458,437 47,768 261,129 (18,690) 748,644 Renewables 99,861 99,861 Other 20,632 6,554 (2,190) 24,996 Total $ 707,718 $ 257,875 $ 274,954 $ 87,885 $ (38,704) $ 1,289,728 (1) For the years ended December 31, 2024 and 2023, $27.6 million and $25.0 million, respectively, have been removed from Well Intervention seg …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 14 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 1 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 Year ended December 31, 2025 External revenues $ 729,371 $ 289,841 $ 199,569 $ 72,693 $ 1,291,474 Intersegment revenues (1) 33,512 64 33,576 Segment revenues 729,371 323,353 199,633 72,693 1,325,050 Elimination of i …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 2 Summary of Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of our majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. Basis of Presentation Our consolidated financial statements have been prepared in U.S. dollars in conformity with accounting principles generally accepted in the U.S. (GAAP). 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. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. Cash includes amounts pledged toward our asset-based credit agreement (Note 7) unless our ability to withdraw those amounts is res …

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Note 9 Shareholders Equity Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share, issuable in one or more series. In connection with the 2026 Notes offering (Note 7), we entered into the 2026 Capped Calls with three separate option counterparties. The 2026 Capped Calls were intended to offset some or all of the potential dilution to Helix common shares or increases to the economic cost caused by any conversion of the 2026 Notes up to the cap price. Concurrent with the 2026 Notes Repurchases in December 2023, we terminated a proportionate amount of the 2026 Capped Calls and received $15.6 million in cash, recognizing an increase to Common stock of $14.2 million and a $1.4 million gain . Concurrent with the settlement of the 2026 Notes Redemptions in March 2024, we terminated the remaining 2026 Capped Calls and received $4.4 million in cash, recognizing an increase to Common stock in the shareholders equity section of the accompanying consolidated balance sheet. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

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 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

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 acr …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

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 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

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. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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 Facilit …

LongTermDebtTextBlock · excerpt; the full note is in the filing

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 entitys 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. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 refle …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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 th …

SubsequentEventsTextBlock · excerpt; the full note is in the filing