DivestmentAug 11, 2026, 05:22 PM
Helix Energy Recasts 2025 10-K Financials After Helix Alliance Divestment
AI Summary
Helix Energy Solutions Group Inc. filed an 8-K to revise and recast certain financial information in its 2025 Form 10-K. This action follows the sale of Helix Alliance, its former Shallow Water Abandonment segment, on May 1, 2026. As a result, Helix Alliance's historical financial results are now presented as discontinued operations for all periods, a reclassification required by SEC rules due to an S-4 registration statement for a pending merger.
Key Highlights
- Helix Alliance, the Shallow Water Abandonment segment, was sold on May 1, 2026.
- Financial results of Helix Alliance are now presented as discontinued operations for all periods.
- The recasting affects Part II, Item 7 (MD&A) and Item 8 (Financial Statements) of the 2025 Form 10-K.
- Net income from discontinued operations was $12.9 million in 2025 compared to a net loss of $8.3 million in 2024.
- Adjusted EBITDA from discontinued operations was $33.9 million in 2025 compared to $11.3 million in 2024.
- Free Cash Flow from discontinued operations was $17.9 million in 2025 compared to $(52.4) million in 2024.
- The recasting was required by SEC rules due to an effective S-4 registration statement for a merger with Hornbeck Offshore Services, Inc.
Price Impact
More from HLX