A helical corrugated coaxial cable possesses low cost of manufacture comparable to that of braided shield coaxial cable, electrical performance comparable to solid tubular shielded cable, flexibility of helical and annular corrugated cable, and fluid blockage comparable to annular shielded cable. The cable has an inner conductor surrounded by a foam dielectric insulator. A tubular shield surrounds the dielectric and has helical corrugations penetrating into and compressing the foam dielectric to effectively suppress the formation of fluid migration air gaps or passageways between the shield and the dielectric. The shield is preferably composed of aluminum or aluminum alloy. Alternatively, the shield may be annularly corrugated for improved water blocking performance. The manufacturing process employs high speed welding and multi-lead corrugating operations to reduce cost.