螺旋能源 2025年度报告

Form10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to__________Commission file number 001-32936 HELIX ENERGY SOLUTIONS GROUP,INC.(Exact name of registrant as specified in its charter) 95-3409686 MinnesotaState or other jurisdiction of incorporation or organization(I.R.S. Employer Identification No.) Registrant’s telephone number, including area code(281)618-0400 Securities registered pursuant to Section12(b)of the Act: Name of each exchange on which registeredNew York Stock Exchange HLX Securities registered pursuant to Section12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.☑Yes☐No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)ofthe Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days.☑Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files).☑Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act.Large acceleratedNon-acceleratedSmaller reportingEmerging growth filer☑Accelerated filer☐filer☐company☐company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a)ofthe Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-OxleyAct (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysisof incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant asof June 30, 2025 was approximately $855.2 million based on the closing price of the registrant’s common stock as quotedon the New York Stock Exchange on June 30, 2025. The number of shares of the registrant’s common stock outstanding as of February 17, 2026 was 147,296,092. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 13, 2026 areincorporated by reference into PartIII hereof. HELIX ENERGY SOLUTIONS GROUP,INC. INDEX— FORM10-K PARTIItem1.Business5Item1A.Risk Factors16Item1B.Unresolved Staff Comments29Item1C.Cybersecurity29Item2.Properties30Item3.Legal Proceedings31Item4.Mine Safety Disclosures31UnnumberedItemInformation about our Executive Officers31PARTIIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities32Item6.[Reserved]34Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations34Item7A.Quantitative and Qualitative Disclosures About Market Risk44Item8.Financial Statements and Supplementary Data45Report of Independent Registered Public Accounting Firm(KPMG LLP, Houston,Texas, Auditor Firm ID 185)45Report of Independent Registered Public Accounting Firm on Internal ControlOver Financial Reporting47Consolidated Balance Sheets as of December31, 2025 and 202448Consolidated Statements of Operations for theYears Ended December31,2025, 2024 and 202349Consolidated Statements of Comprehensive Income (Loss) for theYears EndedDecember31, 2025, 2024 and 202349Consolidated Statements of Shareholders’ Equity for theYears EndedDecember31, 2025, 2024 and 202350Consolidated S