![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99133.jpg)
Changing the way you succeed.
December 2009
Capital One Southcoast
Energy Conference
Energy Conference
1
Well Enhancer and Seawell intervention vessels in Aberdeen, Scotland
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99134.jpg)
Changing the way you succeed.
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All such statements, other than statements of
historical fact, are statements that could be deemed “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin,
expenses, earnings or losses from operations, or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of
property or wells; any statements of the plans, strategies and objectives of management for future operations; any
statements concerning developments, performance or industry rankings; and any statements of assumptions
underlying any of the foregoing. Although we believe that the expectations set forth in these forward-looking
statements are reasonable, they do involve risks, uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking statements. The risks, uncertainties and
assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee
management issues; complexities of global political and economic developments; geologic risks and other risks
described from time to time in our reports filed with the Securities and Exchange Commission (“SEC”), including the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports
on Form 10-Q. You should not place undue reliance on these forward-looking statements which speak only as of the
date of this presentation and the associated press release. We assume no obligation or duty and do not intend to
update these forward-looking statements except as required by the securities laws.
1933 and Section 21E of the Securities Exchange Act of 1934. All such statements, other than statements of
historical fact, are statements that could be deemed “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin,
expenses, earnings or losses from operations, or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of
property or wells; any statements of the plans, strategies and objectives of management for future operations; any
statements concerning developments, performance or industry rankings; and any statements of assumptions
underlying any of the foregoing. Although we believe that the expectations set forth in these forward-looking
statements are reasonable, they do involve risks, uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking statements. The risks, uncertainties and
assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee
management issues; complexities of global political and economic developments; geologic risks and other risks
described from time to time in our reports filed with the Securities and Exchange Commission (“SEC”), including the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports
on Form 10-Q. You should not place undue reliance on these forward-looking statements which speak only as of the
date of this presentation and the associated press release. We assume no obligation or duty and do not intend to
update these forward-looking statements except as required by the securities laws.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC,
to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and operating conditions. Statements of
proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this presentation that
are not specifically designated as being estimates of proved reserves may include not only proved reserves but also
other categories of reserves that the SEC’s guidelines strictly prohibit the Company from including in filings with the
SEC. Investors are urged to consider closely the disclosure in the Company’s 2008 Form 10-K.
to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and operating conditions. Statements of
proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this presentation that
are not specifically designated as being estimates of proved reserves may include not only proved reserves but also
other categories of reserves that the SEC’s guidelines strictly prohibit the Company from including in filings with the
SEC. Investors are urged to consider closely the disclosure in the Company’s 2008 Form 10-K.
2
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99135.jpg)
Changing the way you succeed.
Helix Energy Solutions Group provides life-of-field
services and development solutions to offshore
energy producers worldwide. Helix actively reduces
finding and development costs through a unique mix
of offshore production assets, service
methodologies, and highly skilled personnel.
services and development solutions to offshore
energy producers worldwide. Helix actively reduces
finding and development costs through a unique mix
of offshore production assets, service
methodologies, and highly skilled personnel.
Anthony Tripodo
Executive Vice President and Chief Financial Officer
Presenters
3
Cameron Wallace
Director of Marketing and Investor Relations
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99136.jpg)
Changing the way you succeed.
Historical Profile
• Deepwater subsea contracting
• Deepwater well intervention
• Robotics
• Oil and gas
• Deepwater
• Shelf
• Offshore production facilities
• Shelf contracting (Cal Dive)
• Reservoir evaluation and consulting
The Future
• Deepwater contracting services
• Well Intervention
• Robotics
• Subsea Construction
• Deepwater oil and gas
• Minimize exploration capex
and risk
and risk
• Offshore production facilities
The result: A company focused on
deepwater activities and a conservative balance sheet
deepwater activities and a conservative balance sheet
Helix ESG: Transforming the Business Model
4
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99137.jpg)
Changing the way you succeed.
5
US$21.4bn
US$63.3bn
195% Increase
Global Subsea Capex Forecast
Source: Quest Offshore Resources Subsea Database, November 2009
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99138.jpg)
Changing the way you succeed.
Production Facilities
Marco Polo TLP (50%)
Independence Hub Semi (20%)
Helix Producer I (~87%) (2010)
Subsea
Construction
Construction
Pipelay
Intrepid
Express
Intrepid
Express
Caesar- new to fleet
ROV
39 ROVs
2 ROV Drill Units
5 Chartered Vessels
39 ROVs
2 ROV Drill Units
5 Chartered Vessels
5 Trenchers (200 - 2000hp)
Well Intervention
Q4000
Seawell
Well Enhancer- new to fleet
Mobile VDS/SILs
Helix Oil & Gas / ERT
GOM shelf and deepwater
PV-10 $1.9 billion @
12/31/2008
12/31/2008
Proved reserves = 665 bcfe
(12/31/2008)
(12/31/2008)
2009 projected production
43 - 47 bcfe
43 - 47 bcfe
Helix ESG Business Segments
6
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99139.jpg)
Changing the way you succeed.
Helix ESG
Contracting
Services
Contracting
Services
7
Caesar departing for sea trials, Nantong, China
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99140.jpg)
Changing the way you succeed.
Services For Each Stage of the Field Life Cycle
8
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99141.jpg)
Changing the way you succeed.
MODU DP3 Q4000
MSV DP3 Well Enhancer
Helix provides well operation and decommissioning services with the Seawell riserless well
intervention vessel, the flagship Q4000 semisubmersible, the Well Enhancer wireline / slickline /
coiled tubing intervention vessel, and the Subsea Intervention Lubricator system.
intervention vessel, the flagship Q4000 semisubmersible, the Well Enhancer wireline / slickline /
coiled tubing intervention vessel, and the Subsea Intervention Lubricator system.
SIL System
MSV DP2 Seawell
Well Intervention Assets
9
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99142.jpg)
Changing the way you succeed.
DP Reel Lay Vessel
Express
Express
DP S-Lay Vessel
Caesar
Caesar
DP Reel Lay Vessel
Intrepid
Intrepid
Caesar’s onboard pipe welding and testing
capability allows the vessel to lay virtually
unlimited lengths of pipe up to 36” in diameter.
capability allows the vessel to lay virtually
unlimited lengths of pipe up to 36” in diameter.
Helix’s flagship pipelay and subsea construction
vessel has established an extensive track record
of field installation projects around the world.
vessel has established an extensive track record
of field installation projects around the world.
Intrepid has the flexibility to be deployed as a
pipelay, installation or saturation diving vessel.
pipelay, installation or saturation diving vessel.
Subsea Construction Vessels
10
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99143.jpg)
Changing the way you succeed.
Contracting Services Facilities
Ingleside, Texas shore base facility
– Pipe stalk length 5,230 feet
– Onsite jumper and manifold fabrication
– 300’ x 700’slip can accommodate two
Helix Subsea Construction vessels side
by side
Helix Subsea Construction vessels side
by side
– Welding of Helix Danny 36-mile
8 x 12-inch pipe-in-pipe began early
August
8 x 12-inch pipe-in-pipe began early
August
Aerial view of Ingleside Shore Base
Helix Danny pipe welding
Automated pipe tension system
11
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99144.jpg)
Changing the way you succeed.
Helix is an industry leading provider of ROV and subsea trenching services
to deepwater operators worldwide.
to deepwater operators worldwide.
The Helix ROV fleet consists
of 39 vehicles, covering the
spectrum of deepwater
construction services.
of 39 vehicles, covering the
spectrum of deepwater
construction services.
The 600 hp Supertrencher II
system is designed to
operate at water depths in
excess of 6,500 feet.
system is designed to
operate at water depths in
excess of 6,500 feet.
The state of the art I-Trencher
system trenches, lays pipe up
to 16” in diameter, and backfills
in a single operation.
system trenches, lays pipe up
to 16” in diameter, and backfills
in a single operation.
Helix ROV Systems
12
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99145.jpg)
Changing the way you succeed.
Island Pioneer
Olympic Triton
Olympic Canyon
Seacor Canyon
Northern Canyon
Chartered support vessels allows Helix to adjust the size and capability of its
fleet to cost-effectively meet industry demands.
fleet to cost-effectively meet industry demands.
ROV/Construction Support Vessel Fleet
13
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99146.jpg)
Changing the way you succeed.
• Installation completed of Disconnectable Turret
System (DTS) receptacle, external thruster
porches, cranes and all production modules
System (DTS) receptacle, external thruster
porches, cranes and all production modules
• DTS buoy installed on location by Q4000
• Installation of 2,500-ton production modules
completed; module interconnection underway
completed; module interconnection underway
• Expect deployment in Phoenix field
in Q2 2010
in Q2 2010
HPI production module installation
Disconnectable
Transfer System
Transfer System
Helix Producer I FPU
14
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99147.jpg)
Changing the way you succeed.
Helix Oil & Gas
15
Gunnison platform, Gulf of Mexico
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99148.jpg)
Changing the way you succeed.
ERT Deepwater Portfolio
16
Legend:
Producing Field
Under Development
Discovery
Prospect
Gunnison
Bushwood
Phoenix
Interests in 47 Deepwater Blocks -13 Developed, 34 Undeveloped
379 BCFE Proved Reserves- 32 MMCFE Net Daily Production
2.7 Net TCFE Un-Risked Reserve Potential, 1.0 TCFE Risked
Internal Prospect Generation via Large, In-House 3-D Seismic Library Large,
Recent Long Offset 3-D Seismic Database,+1,500 Blocks
Recent Long Offset 3-D Seismic Database,+1,500 Blocks
Experienced Exploration/Drilling/Operations Team - 25+ years avg.
Jake
Danny
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99149.jpg)
Changing the way you succeed.
• Proven Reserve, Undiscounted
Future Net Revenues: $2.6 billion
Undiscounted, Discounted PV-10:
$1.9 billion (pre-tax)
Future Net Revenues: $2.6 billion
Undiscounted, Discounted PV-10:
$1.9 billion (pre-tax)
• 665 Bcfe Proved Reserves
– 379 Bcfe deepwater,
273 Bcfe shelf, 13 North Sea
273 Bcfe shelf, 13 North Sea
– Proved Developed / PUD Ratio -
50/50
50/50
– Natural Gas / Oil Mix - 70/30
• Discoveries and Extensions
resulted in 176 Bcfe of reserve
additions
resulted in 176 Bcfe of reserve
additions
– 371% production replacement rate
– 2008 F&D costs - $2.44 / mcfe*
*2008 Exploration + Development + Proved Property Acquisition / Exploratory Additions (U.S. Only)
O&G - - 2008 Reserve Report Highlights
17
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99150.jpg)
Changing the way you succeed.
Helix Outlook
Helix Producer I topside module installation progress at Kiewit Offshore Services fabrication yard
18
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99151.jpg)
Changing the way you succeed.
2009 Outlook
19
• Contracting Services demand in 2H 2009 has
softened, as expected
softened, as expected
• Express dry-dock, transit and utilization on Helix
Danny pipeline is impacting external revenues
Danny pipeline is impacting external revenues
• Capital expenditures of approximately $340 to
$360 million for 2009, $209 million spent
year-to-date
$360 million for 2009, $209 million spent
year-to-date
• $205 million relates to completion of three
major vessel projects (Well Enhancer, Caesar
and Helix Producer I)
major vessel projects (Well Enhancer, Caesar
and Helix Producer I)
• $55 million relates to development of Danny
and Phoenix oil fields
and Phoenix oil fields
• Improved liquidity and debt levels (see slide 20)
Express spooling pipe for Helix Danny project
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99152.jpg)
Changing the way you succeed.
2009 Outlook (continued)
20
Oil and Gas
• Production range: 43 - 47 Bcfe
• Oil and gas prices
• Without hedges: $4.37 /mcfe;
$66.41 /bbl
$66.41 /bbl
• With realized hedges and mark-to-
market adjustments (gas only):
$7.45 /mcfe; $70.91 /bbl
market adjustments (gas only):
$7.45 /mcfe; $70.91 /bbl
HPI transfer buoy transit template
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99153.jpg)
Changing the way you succeed.
Significant Balance Sheet Improvements
Debt
Liquidity* of $781 million at 9/30/09
* Defined as available revolver capacity plus cash
21
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99154.jpg)
Changing the way you succeed.
Liquidity and Capital Resources
22
• Company remains focused on its efforts to monetize non-core assets and
businesses
businesses
• Completed (≈ $600 million pre-tax):
•Oil and gas assets
• Bass Lite sale December 08 & January 09 ($49 million)
• EC 316 sale in February 09 ($18 million)
• Cal Dive
• Sold a total of 15.2 million shares of Cal Dive common stock to Cal Dive
in January and June 2009 for aggregate proceeds of $100 million
in January and June 2009 for aggregate proceeds of $100 million
• Sold 45.8 million Cal Dive shares in secondary offerings for proceeds of
≈ $405 million (net of offering costs) in June and September 2009
≈ $405 million (net of offering costs) in June and September 2009
• Sold Helix RDS for $25 million in April 2009
Company will continue to seek a sale of its shelf oil and gas properties
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99155.jpg)
Changing the way you succeed.
Liquidity and Capital Resources
Credit Facilities, Commitments and Amortization
– $435 Million Revolving Credit Facility - UNDRAWN.
• Facility extended to November 2012.
• In July 2011, commitments reduced to $407 million.
• $50 million of LCs in place.
– $416 Million Term Loan B - Committed facility through June 2013. $4.3 million
principal payments annually.
principal payments annually.
– $550 Million High Yield Notes - Interest only until maturity (January 2016) or called
by Helix. First Helix call date is January 2012.
by Helix. First Helix call date is January 2012.
– $300 Million Convertible Notes - Interest only until put by noteholders or called by
Helix. First put/call date is December 2012, although noteholders have the right to
convert prior to that date if certain stock price triggers are met ($38.56).
Helix. First put/call date is December 2012, although noteholders have the right to
convert prior to that date if certain stock price triggers are met ($38.56).
– $119 Million MARAD - Original 25 year term; matures February 2027. $4.4 million
principal payments annually.
principal payments annually.
23
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99156.jpg)
Changing the way you succeed.
Financial Information
24
Express spooling pipe at Ingleside Shore Base, Gulf of Mexico
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99157.jpg)
Changing the way you succeed.
Note: Excludes Cal Dive and Helix RDS revenues from 2005-2009.
See Non-GAAP reconciliations on slides 28-30.
See Non-GAAP reconciliations on slides 28-30.
($ amounts in millions)
$575
$840
$891
$1,337
$1,152
Consistent Top-Line Growth
25
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99158.jpg)
Changing the way you succeed.
- 2006 results exclude the impact of
the gain on sale in the Cal Dive IPO
and estimated incremental
overhead costs during the year.
the gain on sale in the Cal Dive IPO
and estimated incremental
overhead costs during the year.
- 2007 results exclude the impact of
the Cal Dive gain, impairments and
other unusual items.
the Cal Dive gain, impairments and
other unusual items.
- 2008 results exclude non-cash
charges of $964 million for
reduction in carrying values of
goodwill and certain oil and gas
properties.
charges of $964 million for
reduction in carrying values of
goodwill and certain oil and gas
properties.
- YTD 9/30/2009 results exclude the
impact of Cal Dive gains,
impairments and other unusual
items.
impact of Cal Dive gains,
impairments and other unusual
items.
(a) See Non-GAAP reconciliations on slides 28-30.
Earnings Per Share (a)
26
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99159.jpg)
Changing the way you succeed.
-2006 results exclude the impact
of the gain on sale in the Cal
Dive IPO and estimated
incremental overhead costs
during the year.
of the gain on sale in the Cal
Dive IPO and estimated
incremental overhead costs
during the year.
-2007 results exclude the impact
of the Cal Dive gain,
impairments and other unusual
items.
of the Cal Dive gain,
impairments and other unusual
items.
-2008 results exclude non-cash
impairments.
impairments.
-Excludes Cal Dive contribution.
(a) See Non-GAAP reconciliations on slides 28-30.
($ amounts in millions)
$278
$449
$432
$575
$609
Significant Cash Generation - EBITDAX
27
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99160.jpg)
Changing the way you succeed.
Non-GAAP
Reconciliations
Reconciliations
28
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99161.jpg)
Changing the way you succeed.
Non-GAAP Reconciliations
29
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99162.jpg)
Changing the way you succeed.
Non-GAAP Reconciliations
30
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99163.jpg)
Changing the way you succeed.
Non-GAAP Reconciliations
31
![](https://capedge.com/proxy/8-K/0000866829-09-000055/exh99164.jpg)
Changing the way you succeed.
32