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Helix Energy’s Big Break: Hornbeck Merger Builds A 73-Vessel Powerhouse!

Helix Energy Solutions Group reported first quarter 2026 results in line with seasonal expectations, reflecting typical winter slowdowns in key regions such as the North Sea and Gulf of America shelf. The company posted revenues of $288 million, a gross profit of $9 million, and a net loss of $13 million for the quarter. Adjusted EBITDA stood at $32 million, while operating cash flow was $62 million, leading to free cash flow generation of $59 million. Utilization of key assets like the Q4000 vessel was strong, operating at improved rates, and the successful workover and production restart at the Thunder Hawk field were notable achievements during the period. The cash position remained robust with $501 million on hand and $612 million in total liquidity. Looking ahead, Helix maintained its full-year 2026 guidance with revenues expected between $1.2 billion and $1.