Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combinations

Business Combinations

Note 3 — Business Combinations

Alliance Acquisition

We expanded our service capabilities to the U.S. Gulf Coast shelf market with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022, which we re-branded as Helix Alliance. The aggregate purchase price of the Alliance acquisition was $145.7 million, consisting of $119.0 million of cash on hand and the acquisition-date estimated fair value of $26.7 million related to the post-closing earnout consideration. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earnout, which was reported at $85.0 million in “Accrued liabilities” in the accompanying consolidated balance sheet as of December 31, 2023 and paid in cash on April 3, 2024 (Note 4).

The pro forma summary table below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2022 (in thousands). The unaudited pro forma summary includes certain transaction accounting adjustments as necessary and uses estimates and assumptions based on information available at the time. The pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations.

	Year Ended
	December 31,
	2022
Revenues	$	952,837
Net loss		(79,686)