Helix Energy Solutions Group announced that it has extended its strategic alliance with OneSubsea and Schlumberger through October 5, 2026, extending the partnership that began in 2015 and has been renewed multiple times. The amendment, signed on February 12, 2026, formalizes the continued collaboration on the design, development, manufacturing, marketing, and sales of integrated subsea well‑intervention systems.
The alliance brings together Helix’s rigless subsea intervention expertise, OneSubsea’s vessel capabilities, and Schlumberger’s technology assets. OneSubsea, a joint venture of SLB (Schlumberger), Aker Solutions, and Subsea7, provides the largest subsea technology platform in the world, while Schlumberger’s global reach and advanced tools add significant technical depth. Together, the partners can offer a more comprehensive solution set to customers, improving operational synergies and expanding Helix’s access to a broader client base.
Helix’s recent financial performance underscores the strategic value of the extension. The company turned a net loss of $28.3 million in Q4 2023 into a net income of $20.1 million in Q4 2024, and reported full‑year 2024 net income of $55.6 million versus a $10.8 million loss in 2023. Adjusted EBITDA rose from $70.6 million in Q4 2023 to $71.6 million in Q4 2024, and reached $303.1 million for the full year 2024, up from $273.4 million in 2023. These gains reflect disciplined cost management and a favorable mix of high‑margin robotics revenue, which increased significantly in Q4 2024, offsetting a decline in production‑facility operating income.
Management highlighted the alliance’s role in sustaining Helix’s growth trajectory. CEO Owen Kratz said, "Our full‑year results for 2024 reflect our third consecutive year of revenue and EBITDA growth, with our highest EBITDA since 2014, despite a pull‑back in our Shallow Water Abandonment segment. Our Free Cash Flow is the highest in two decades and would have been even higher absent the $58 million earnout payment included in our operating cash flows." The statement signals confidence that the partnership will support continued profitability and cash‑flow generation.
The extension positions Helix to capitalize on increasing demand for subsea well‑intervention services as mature fields seek to extend production life. By leveraging OneSubsea’s vessel fleet and Schlumberger’s advanced tools, Helix can deliver more integrated solutions, improve turnaround times, and reduce operational costs for customers. The partnership also strengthens Helix’s competitive stance against larger integrated service providers, potentially opening new market opportunities and reinforcing the company’s long‑term growth prospects.
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