After his playing career came to an end, Helgi went into coaching and led Grindavík to the Icelandic Cup in 2011 and the national championship in 2012.
[1] After retiring in 2006, he returned during the 2008–09 season and helped Grindavík to the Úrvalsdeild finals where the team lost against KR 3–2.
While serving as the head coach of Grindavík, Helgi appeared in a few games during the 2010–11 season due to injuries on the roster.
[1] He last played for ÍG in 2011 in the second-tier 1. deild karla, appearing two games where he averaged 31.0 points, 9.0 rebounds and 6.0 assists.
[5] In April 2014, he signed a two-year contract as the head coach of rival Úrvalsdeild club Keflavík.