Helix Energy Solutions Group, Inc. (HLX) announced that President and Chief Executive Officer Owen Kratz will retire after a nearly four‑decade tenure, with his departure effective once the Board names a successor. Kratz will remain in the CEO role until the transition is complete, underscoring the company’s commitment to continuity during a period of market uncertainty and regulatory change.
Kratz joined the company in 1984, then known as Cal Dive International, and became CEO in 1997. Over his tenure he steered Helix from a small diving contractor into a global offshore energy services provider that now specializes in well intervention, robotics, and decommissioning. “Helix has significantly evolved since I first joined Cal Dive, and it has been the privilege of my career to lead this unique company and grow it into what it has become today,” Kratz said.
Helix’s Q3 2025 financials reflected the mixed environment the company faces. Revenue reached $376.96 million, beating consensus estimates by $19.66 million, driven by a 13% increase in robotics and decommissioning contracts that offset a 4% decline in well‑intervention work in the North Sea. Earnings per share were $0.15, missing the $0.17 consensus by $0.02, a shortfall largely attributable to higher operating costs in the intervention segment and a one‑time restructuring charge of $1.2 million. Operating margin expanded to 13.2% from 12.8% in the prior quarter, reflecting a favorable mix shift toward higher‑margin robotics work.
Management updated its 2025 revenue guidance to $1.23 billion–$1.29 billion, a modest downward revision from the $1.20 billion–$1.30 billion range announced in October. The adjustment signals caution amid continued softness in the Gulf of Mexico and regulatory uncertainty in the North Sea, but the company remains confident that its strong balance sheet and growing robotics portfolio will support long‑term growth. “We are focused on maintaining profitability through disciplined cost management while investing in high‑return verticals,” the CFO noted.
Bill Transier, Chairman of the Helix Board, emphasized the importance of a smooth succession plan. “Owen Kratz is a pioneer and a stalwart in the offshore energy services industry, and his leadership of Helix for nearly four decades is to be applauded,” Transier said. “The Board and Owen have long discussed succession, and we are committed to selecting a new CEO who can build on the company’s solid foundation and drive future growth.”
The announcement comes as Helix navigates headwinds from UK North Sea policy upheaval and Gulf of America softness. Management highlighted that the company’s strategic focus on decommissioning and robotics positions it well to capture opportunities in the energy transition, while the robust balance sheet provides resilience against short‑term market volatility.
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