Helix Energy Solutions Group (NYSE:HLX) reported fourth-quarter net income of $8.3 million, or $0.06 per diluted share, reflecting a sharp decline from both the previous quarter and the year-ago period.
The results were heavily impacted by an $18.1 million pre-tax non-cash impairment charge related to certain oil and gas properties.
Without the charge, the company’s performance would have aligned more closely with the $22.1 million net income reported in the third quarter of 2025 and the $20.1 million earned in the fourth quarter of 2024.
Despite the bottom-line pressure, operational cash flow remained steady.
Adjusted EBITDA for the quarter was $73.9 million, a slight increase over the $71.6 million reported in the same period last year, though it fell from the $103.7 million achieved in the sequential third quarter.
For the full year 2025, the Houston-based offshore contractor recorded net income of $30.8 million ($0.21 per diluted share), a significant retreat from the $55.6 million ($0.36 per diluted share) posted in 2024.
Full-year adjusted EBITDA also softened, coming in at $272 million compared to $303.1 million in the previous year.
The transition reflects a volatile year for offshore services, where Helix has sought to balance its well intervention and robotics units against fluctuating demand in its production enhancement segment.