HLX has dropped from 9 in Feb to 1.50 today. There aren't many offshore service companies I'm interested in, but HLX is one of them. On their recent fireside chat, Owen Kratz, their long time CEO (who left and came back when needed), said they would be FCF positive in 2020 and 2021. They have enough cash on hand to pay 2020 and 2021 debt maturities. In a normal market environment they would be debt free in a few years. They were estimating FCF of over 100 for 2020, but I think they fall short. Even so, the market cap is 200 million and I think they generate at least 50 million in FCF. Their bookvalue is 11.50 and doesn't include any goodwill.
Their business is offshore well intervention, robotics, and subsea construction. Much of their work is maintenance and does need an increase in offshore production to prosper. Most of their business is split between the GOM, Brazil and the North Sea.