Here are 1-3 brief analogies for Helix Energy Solutions (HLX):

• They are like the KONE or Otis for deepwater oil and gas wells, providing specialized maintenance, repair, and decommissioning services.
• Imagine IBM Global Services (now Kyndryl), but for maintaining and "retiring" complex deepwater oil and gas wells instead of IT systems.
• Like a highly specialized version of John Deere or Caterpillar, but they use their advanced subsea vessels to perform critical intervention, maintenance, and decommissioning services for the offshore energy industry.

• Well Intervention Services: Providing services to maintain, repair, and enhance the production of existing subsea oil and gas wells, often through riserless techniques.
• Robotics Services: Deploying remotely operated vehicles (ROVs) and specialized subsea tools for construction support, inspection, repair, and maintenance of offshore infrastructure.
• Decommissioning Services: Offering services for the safe and environmentally responsible removal of offshore oil and gas production facilities and infrastructure at the end of their operational life.

Helix Energy Solutions (HLX) sells primarily to other companies within the global energy industry.

While Helix Energy Solutions serves a diverse customer base, and its 2023 10-K filing indicates that one customer accounted for approximately 11% of its total revenues, the company does not publicly disclose the specific names of its major customers in its SEC filings. Therefore, individual customer companies exceeding a significant threshold are not named.

However, HLX does describe the categories of companies that constitute its customer base. These include:

• International, national, and independent oil and gas companies: These are the primary customers for Helix's well intervention, well abandonment, and decommissioning services globally.
• Wind farm developers: As the offshore wind industry expands, these companies require subsea services such as those provided by Helix's robotics division for installation, maintenance, and inspection.
• Cable installation companies and other subsea contractors: These companies may contract Helix for specialized subsea robotics services (ROVs, trenching, etc.) for various infrastructure projects, including power and communication cables.

Owen Kratz, President and Chief Executive Officer

Owen Kratz has served as President and Chief Executive Officer of Helix Energy Solutions since February 2008, having previously held the CEO position from April 1997 to October 2006. He has also been a Director of Helix since 1990. Prior to joining Cal Dive International, Inc. (now Helix) in 1984, Mr. Kratz owned an independent marine construction company operating in the Bay of Campeche from 1982 to 1983. He also worked as a superintendent for Santa Fe and various international diving companies, and as a diver in the North Sea. In 1990, a management team including Owen Kratz purchased Cal Dive International, and in 1995, sold 50% of the company to First Reserve Corporation, a private equity firm, to raise capital for deepwater expansion.

Erik Staffeldt, Executive Vice President and Chief Financial Officer

Erik Staffeldt is the Executive Vice President and Chief Financial Officer of Helix Energy Solutions. He oversees the company's finance, treasury, accounting, tax, information technology, and corporate planning functions. Mr. Staffeldt joined Helix in July 2009 as Assistant Corporate Controller and has held various finance and accounting roles within the company, including Director – Corporate Accounting, Director of Finance, Finance and Treasury Director, and Vice President – Finance and Accounting, before becoming Senior Vice President and Chief Financial Officer in June 2017 and then Executive Vice President and CFO. He has over 29 years of experience in the energy industry and is a Certified Public Accountant. He holds a Bachelor of Business Administration in Accounting from the University of Notre Dame and an MBA from Loyola University in New Orleans.

Scotty Sparks, Executive Vice President and Chief Operating Officer

Scotty Sparks serves as the Executive Vice President and Chief Operating Officer of Helix Energy Solutions. He previously held positions such as Executive Vice President of Operations and Vice President of Commercial & Strategic Development at Helix.

Ken Neikirk, Executive Vice President, General Counsel and Corporate Secretary

Ken Neikirk is the Executive Vice President, General Counsel, and Corporate Secretary for Helix Energy Solutions. He has been with Helix since 2007, serving as Corporate Counsel, Compliance Officer, and Assistant Secretary before his promotion in May 2019. Mr. Neikirk has 19 years of experience practicing law in the corporate and energy sectors, including private practice in New York and Houston. He earned a Bachelor of Arts degree from Duke University and a Juris Doctor from the University of Houston Law Center.

Brent Arriaga, Vice President – Finance & Accounting and Chief Accounting Officer

Brent Arriaga serves as the Vice President – Finance & Accounting and Chief Accounting Officer at Helix Energy Solutions.

The global energy transition away from fossil fuels, leading to reduced long-term demand for offshore oil and gas exploration, production, and associated services.

Helix Energy Solutions (HLX) operates in several key offshore energy service markets. The addressable market sizes for their main products and services are as follows:

Well Intervention Services

• The global well intervention market was valued at approximately USD 9.26 billion in 2024 and is projected to grow to USD 14.87 billion by 2032, at a compound annual growth rate (CAGR) of 6.12%. Other estimates place the global market at USD 8.7 billion in 2025, growing to USD 17.1 billion by 2035 at a CAGR of 7.0%.
• Specifically, the global subsea well intervention market is projected to reach a valuation of USD 6,495.3 million by 2033, from USD 4,370.7 million in 2024, growing at a CAGR of 4.5%.
• In North America, the well intervention market size stood at USD 3.47 billion in 2024. North America held the largest share of the global well intervention market in 2024.

Offshore Decommissioning Services

• The global offshore decommissioning market was valued at USD 6.1 billion in 2024 and is projected to expand to USD 13.6 billion by 2035, at a CAGR of 7.10% from 2025 to 2035. Other figures show the market at USD 6.3 billion in 2023, expected to reach USD 9.7 billion by 2030, with a CAGR of 6.3%.
• Europe is expected to be the largest market for offshore decommissioning. North America is also a dominant region, accounting for over 35% of the total market share in 2023, with the Gulf of Mexico being a key area for activities.

Robotics Services (including ROVs for offshore construction, inspection, repair, and maintenance)

• The global offshore robotics market is projected to grow from USD 4.2 billion in 2025 to USD 7.6 billion by 2035, at a CAGR of 6.1%.
• More broadly, the global ocean robotics market is projected to reach USD 9.43 billion by 2034, up from USD 3.32 billion in 2024, registering a CAGR of 11% during 2025–2034.
• North America held a dominant position in the global ocean robotics market in 2024, capturing over 40% share with USD 1.32 billion in revenue, and the United States alone accounted for approximately USD 1.23 billion.

Offshore Renewables Support (Offshore Wind)

• The global offshore wind energy market size was estimated at USD 39.97 billion in 2024 and is projected to reach USD 65.04 billion by 2030, growing at a CAGR of 8.9% from 2025 to 2030. Another estimate values the global market at USD 46.42 billion in 2025, expecting it to reach around USD 215.5 billion by 2034, expanding at a CAGR of 18.6% from 2025 to 2034.
• Europe dominated the offshore wind market with the largest revenue share of 47.71% in 2024.

Helix Energy Solutions (HLX) is anticipated to drive future revenue growth over the next two to three years through several key areas:

1. Increased Decommissioning and Well Abandonment Services: Helix expects significant plug and abandonment (P&A) work to commence in the UK North Sea starting in 2026, with further improvements projected in 2027. Additionally, the company has secured a new multi-year contract for well abandonment services in the U.S. Gulf of America, set to begin in 2026, and a three-year Exxon decommissioning agreement. This regulatory-driven work provides a stable and growing revenue stream.

2. Expansion of Robotics and Offshore Wind Services: The Robotics segment has demonstrated strong performance, with expectations for continued growth. The company is also benefiting from robust global demand in the offshore wind trenching and site clearance markets, which remains a strong focus for diversification and growth.

3. Recovery and Sustained Demand in Well Intervention: Helix benefits from a strong three-vessel market in Brazil for well intervention, maintaining high utilization rates near 99% in its Brazil operations. While some regions like the U.S. Gulf of America well intervention market experienced softer conditions in 2025, management anticipates a recovery in activity in both the U.S. Gulf and the North Sea by 2027, signaling an approaching "production enhancement cycle."

Share Repurchases

• A share repurchase program was completed in 2025, totaling approximately 9.1 million shares for US$71.49 million.
• In 2024, Helix repurchased 2.9 million shares for approximately $29.6 million, and in the second quarter of 2024, $5 million in share repurchases were completed with an anticipation of $20-30 million for the full year.
• Helix authorized a share repurchase program for up to $200 million on February 21, 2023, and repurchased approximately 1.6 million shares for $12.0 million in 2023.

Share Issuance

• In 2023, Helix issued $300 million in unsecured senior notes (2029 Notes), receiving proceeds of $291.1 million net of discounts and issuance costs, and used this to extinguish its 2026 convertible notes, eliminating potential future share dilution.

Outbound Investments

• In 2023, Helix completed an acquisition that expanded its workforce and added Plug & Abandonment (P&A) systems for its Shallow Water Abandonment segment, related to the Helix Alliance acquisition, which also saw an increase in its earnout during the year.
• In 2022, the company acquired three subsea trenchers and an interest in two subsea intervention systems, which contributed to higher capital expenditures for the year.

Capital Expenditures

• Expected capital expenditures for 2025 are forecast to be between $70 million and $80 million.
• Capital expenditures were $23.3 million in 2024 and $19.6 million in 2023, with significant regulatory certification costs, which are considered part of capital spending, of $35.4 million and $62.5 million respectively for those years.
• In 2022, capital expenditures increased to $33.5 million, primarily driven by the acquisition of three subsea trenchers and an interest in two subsea intervention systems.
• Capital expenditures declined to $8.3 million in 2021, following the completion of the Q7000 vessel in early 2020 and reductions in spending due to the COVID-19 pandemic, compared to $20.2 million in 2020.