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- Asset Impairment (new) — Helix recorded an $18.1 million impairment charge on the Thunder Hawk field in 2025, writing down the remaining net book value after the field was shut in.
Helix recasts 2025 financials for Helix Alliance sale, discloses $18M Thunder Hawk impairment
Filed August 11, 2026 · Period ending August 11, 2026 · ~1 min read
Key Changes
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Helix sold its entire Shallow Water Abandonment segment (Helix Alliance) on May 1, 2026, and is recasting all prior-period financials to reflect the divested business as discontinued operations, improving comparability for the ongoing business.
Item 8.01 verify on EDGAR → -
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The recast is required for the pending merger with Hornbeck Offshore Services; the S-4 registration statement was declared effective July 31, 2026, representing a significant strategic combination in offshore services.
Item 8.01 verify on EDGAR → -
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Helix recorded an $18.1 million non-cash impairment charge in 2025, writing down the remaining net book value of the Thunder Hawk field after it was shut in during the year.
Exhibit 99.1 view on EDGAR → -
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For continuing operations in 2025, consolidated revenues fell 7% to $1.09 billion and gross profit dropped 36% to $141 million, with Well Intervention gross profit down 63% to $41 million on lower utilization.
Exhibit 99.1 view on EDGAR →
Summary
Helix Energy Solutions filed an 8-K to recast its 2025 Form 10-K financials, reflecting the May 1, 2026 sale of Helix Alliance (the entire Shallow Water Abandonment segment) as discontinued operations.
The recast is required because the company's S-4 registration statement for a pending merger with Hornbeck Offshore Services was declared effective July 31, 2026, and SEC rules mandate that discontinued operations be reflected in financials incorporated into active registrations.
This is a presentation change only, not a restatement, designed to improve comparability by separating the divested business from continuing operations. The recast financials reveal material operational challenges in 2025. Continuing operations saw consolidated revenues fall 7% to $1.09 billion and gross profit drop 36% to $141 million, with Well Intervention gross profit down 63% to $41 million on lower utilization. Helix also recorded an $18.1 million impairment charge on the Thunder Hawk field, which was shut in during 2025 after approximately $676 million seven months of production in 2024. The impairment and shut-in contributed to an 18% revenue decline in the Production Facilities segment. Meanwhile, the discontinued Helix Alliance business swung to $12.9 million net income in 2025 from an $8.3 million loss in 2024, reflecting higher utilization and better contract margins. Looking ahead, Helix ended 2025 with $1.3 billion in backlog, including $676 million scheduled for 2026. The pending Hornbeck merger represents a significant strategic combination in the offshore services sector.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Company filed on June 4, 2026, a Registration Statement on Form S-4 in connection with the pending merger with Hornbeck Offshore Services, Inc., which was declared effective on July 31, 2026. The rules of the SEC require a registrant to recast prior period financial statements to reflect accounting changes such as discontinued operations when such financial statements are incorporated by reference into an active registration statement.
Helix filed an S-4 registration statement for a pending merger with Hornbeck Offshore Services, declared effective July 31, 2026. SEC rules require recasting prior financials for discontinued operations when incorporated into an active registration, which is why this 8-K updates the 2025 Form 10-K. The merger represents a significant strategic combination in the offshore services sector.
Added in current filing · verify on EDGAR →
The following items of the 2025 Form 10-K are being recast as reflected in Exhibit 99.1: ● Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and ● Part II, Item 8. Financial Statements and Supplementary Data.
The recast affects MD&A and the full financial statements in the 2025 10-K. This is a presentation change only — not a restatement — to reclassify Helix Alliance results as discontinued operations. No other updates to the 2025 10-K are made; events after February 26, 2026 are not reflected.
Event · Exhibit 99.1
Helix recasts 2025 10-K to reflect Helix Alliance sale as discontinued operations; Thunder Hawk field impaired $18.1M.
Added in current filing · view on EDGAR →
On May 1, 2026, we completed the sale of Helix Alliance, which comprised our former Shallow Water Abandonment reportable segment. Because the disposition represents a strategic shift that has a major effect on our operations and financial results, the historical results of Helix Alliance are presented as discontinued operations for all periods presented.
Helix sold Helix Alliance (the entire Shallow Water Abandonment segment) on May 1, 2026. The sale is treated as a strategic shift with a major effect on operations, so the company is recasting its 2025 Form 10-K to present Helix Alliance's historical results as discontinued operations for all periods. This 8-K filing provides the recast financials; it is not an amendment or restatement of the original 10-K, only a discontinued-operations presentation change.
Added in current filing · view on EDGAR → · paraphrased
Net revenues — Well Intervention $729,371 $829,862 $(100,491) (12)% Robotics 323,353 297,678 25,675 9% Production Facilities 72,693 88,709 (16,016) (18)% ... Gross profit — Well Intervention $40,594 $110,612 $(70,018) (63)% Robotics 81,781 88,287 (6,506) (7)% Production Facilities 21,147 23,766 (2,619) (11)%
For continuing operations in 2025 vs. 2024, consolidated net revenues fell 7% to $0.8M. Well Intervention revenues dropped 12% to $729 million (lower utilization, offset partly by higher rates); Robotics revenues rose 9% to $323 million (more third-party trenching, higher project rates, but lower vessel/ROV utilization); Production Facilities revenues fell 18% to $73 million (Thunder Hawk shut-in, lower Droshky production, 12% lower oil prices). Consolidated gross profit fell 36% to $141 million, with Well Intervention gross profit down 63% to $41 million (lower revenues, offset by cost deferrals and lower Seawell warm-stack costs), Robotics down 7% to $82 million (lower margins on certain projects), and Production Facilities down 11% to $21 million (lower revenues, offset by lower workover costs).
Added in current filing · view on EDGAR → · paraphrased
Income (loss) from discontinued operations, net of tax. Net income from discontinued operations was $12.9 million in 2025 as compared to a net loss of $8.3 million in 2024, primarily reflecting higher utilization on Helix Alliance's systems and on the Epic Hedron heavy lift barge as well as higher margin contracting during 2025.
Helix Alliance (the discontinued Shallow Water Abandonment segment) generated net income of $12.9 million in 2025, a swing from an $8.3 million net loss in 2024. The improvement reflects higher utilization on Helix Alliance's plug-and-abandonment systems and the Epic Hedron heavy lift barge, plus higher-margin contracts in 2025.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 12, 2026 · How we verify