Helix Energy Solutions (HLX) 8-K Entry into a Material Definitive Agreement

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February 24, 2010

Fourth Quarter 2009 Conference Call

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Forward-Looking Statements

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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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, any projections of financial items; future production volumes, results of exploration,
exploitation, development, acquisition and operations expenditures, and prospective reserve levels of properties 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.These statements involve certain assumptions we made based on our experience and perception of
historical trends, current conditions, expected future developments and other factors we believe are reasonable and
appropriate under the circumstances.The forward-looking statements are subject to a number of known and
unknown risks, uncertainties and other factors that could cause our actual results to differ materially.The risks,
uncertainties and assumptions referred to above include the performance of contracts by suppliers, customers and
partners; employee management issues; uncertainties inherent in the exploration for and development of oil and gas
and in estimating reserves; complexities of global political and economic developments; geologic risks, volatility of oil
and gas prices 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.

References to quantities of oil or gas may include amounts we believe will ultimately be produced, but that are not
classified as “proved reserves” under SEC definitions.Statements of oil and gas reserves are estimates based on
assumptions and may be imprecise.Investors are urged to consider closely the disclosure regarding reserves in our
2008 Form 10-K.

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Presentation Outline

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•Executive Summary

Summary of Q4 2009 Results (pg. 4)

Liquidity and Capital Resources (pg. 8)

2010 Outlook (pg. 9)

•Operational Highlights by Segment

Contracting Services (pg. 13)

Oil & Gas (pg. 21)

•Non-GAAP Reconciliations (pg. 26)

•Questions & Answers

Phoenix Project DTS buoy loadout

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Executive Summary

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($ in millions, except per share data)

(A)Results of Cal Dive, our former Shelf Contracting business, were consolidated through June 10, 2009, at which time our ownership interest dropped below 50%; thereafter, our remaining
interest was accounted for under the equity method of accounting until September 23, 2009, when we reduced our holdings with the sale of the substantial majority of our remaining interest
in Cal Dive.First half revenues from our Shelf Contracting business totaled $405 million.

(B)See non-GAAP reconciliations on slides 25-27.

(C)Excludes Cal Dive contribution in all periods presented.

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Executive Summary

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Fourth quarter results reflect the following matters on a pre-tax basis:

• $55.9 million of “non-cash” impairment charges due to reserve-related revisions on
oil and gas properties

• $22.6 million of other “non-cash” charges primarily due to the write-off of the
book value associated with certain exploration leases

• Q4 results excluded realized hedge gains of approximately $15 million for natural
gas hedge mark-to-market adjustments previously recognized as unrealized gains in
the first three quarters of 2009

The after-tax effect of the above two items on EPS totaled $0.49 per diluted
share.

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Executive Summary

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•Contracting Services

•Continued weak activity levels in general

•Subsea Construction capacity diverted to internal oil and gas field development
projects - - as a result, significant intercompany eliminations

•Well Enhancer entered fleet in Q4

•Oil and Gas

•Continued delay in start up of transmission line for Noonan gas (January 2010
start up vs. mid-Q4 expectation) reduced expected Q4 production

•Exit year end production rate of 94 Mmcfe/d

•Current production rate of 145 Mmcfe/d

•Danny oil production start-up in early February, 2010

•Noonan gas rates ≈37 Mmcf/d

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Executive Summary

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•Oil and gas production totaled 9.7 Bcfe for Q4 2009 versus 9.8 Bcfe in Q3 2009; 43.8
Bcfe in total for 2009

•Avg realized price for oil of $71.48 / bbl ($68.86 / bbl in Q3 2009), including effect of
settled hedges

•Avg realized price for gas of $7.97/ Mcf ($8.02 / Mcf in Q3 2009), including the
effect of settled hedges

•Balance sheet remains strong

•Net debt balance decreased by $713 million in 2009

•Liquidity* of $657 million at year end

•Credit facility covenants in compliance

• Q4 2009:Credit facility extended to November 2012 along with increased
commitments of $435 million through June 2011

• Q1 2010:Additional amendments put into place revising leverage ratio and
adding additional senior secured leverage covenant ratio

*Liquidity is equal to cash and cash equivalents ($271 million), plus available capacity under our revolving credit facility ($386 million).

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Significant Balance Sheet Improvements

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Debt (A)

Liquidity (B) of $657 million at 12/31/09

(A) Includes impact of debt discount under our Convertible Senior Notes.

(B) Defined as available revolver capacity ($386 million) plus cash ($271 million).

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2010 Outlook

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•Contracting Services demand in 1H 2010 will continue to be soft, with a rebound
anticipated in 2H 2010

•Contracting Services asset utilization on Danny oil pipeline and Phoenix field
development will continue to impact financial results in Q1

•Capital expenditures of approximately $200 million planned for 2010

• $85 million relates to completion of major vessel projects

• Oil and Gas capital expenditures of approximately $86 million, excluding P&A of
approximately $61 million

•Improved liquidity and debt levels (see slide 8)

•Expect to reduce net debt levels further by 12/31/2010

•Expect to increase liquidity further by 12/31/2010

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2010 Outlook

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Broad Metrics	2010 Higher End	2010 Lower End	2009
Production Range	60 Bcfe	50 Bcfe	44 Bcfe
EBITDA	$550 million	$450 million	$490 million
CAPEX	$200 million	$200 million	$328 million (A)

Commodity Price Deck		2010 Higher End	2010 Lower End	2009 (B)
Hedged	Oil	$74.75 / bbl	$74.59 / bbl	$67.11 / bbl
	Gas	$5.87 / mcf	$6.00 / mcf	$7.75 / mcf

(A)Inclusive of capitalized interest of $48 million.

(B)Including effect ofsettled natural gas hedge contracts.

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2010 Outlook

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Key Oil and Gas Assumptions	Production Rates
	2010 Higher End	2010 Lower End	2009
Noonan gas (well performance)	55 Mmcfe/d by March 1, 2010	35 Mmcfe/d all year	20 Mmcfe/d
Phoenix expected start-up	Mid- Q2 >70 Mmcfe/d	Mid-year >70 Mmcfe/d	0
Hurricanes	No Significant Disruption	Significant Disruption	Lingering 2008 Hurricane Effects

Note: 2009 year end reserve estimate reductions for Noonan gas wells to increase DD&A rates in 2010 vs. prior expectations

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Caesar departing for sea trials, Nantong, China

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Operations
Highlights

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Caesar superintendent
inspecting pipelay stinger

Contracting Services

Subsea Construction

•High utilization, but significant portion used for internal E&P
development

•Express installed the 36-mile Danny pipe-in-pipe (8x12
-inch) in the GOM for Helix Oil & Gas

•Intrepid worked on Helix Phoenix project and various
other projects as DSV

•Caesar in transit to GOM from China in 4Q2009 (arrived in
Ingleside on 1/31/2010)

•Initial internal project to install 7 mile, 12-inch gas
pipeline on OCS in Gulf of Mexico in April 2010

•Awarded 46 mile, 20-inch gas pipeline installation
project in Gulf of Mexico for summer 2010

•Outlook for 2010 expected to improve by mid year

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Olympic Triton underway to begin
Anadarko Jubilee project in Ghana

Contracting Services

ROV - - Robotics

•Seasonal low utilization

•Island Pioneer with deepwater trenching spread
transiting from North Sea to GOM and Olympic Triton
transiting from GOM to Ghana

•Olympic Canyon continues to operate for Reliance
offshore India on long term IRM contract

•Northern Canyon (North Sea) and Seacor Canyon (SEA)
were idle for the majority of the quarter

•Northern Canyon charter not extended

•Outlook for 2010 is improving

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Testing WOAPAC’s Subsea Intervention
Lubricator System

Contracting Services

Well Operations

North America

•Q4000 installed production buoy for Phoenix field

•Started 100-day deepwater well Intervention / P&A campaign for Shell

•Outlook for 2010 looks positive

North Sea

•Seasonal low utilization

•Seawell worked for BP, Total and Talisman in the NorthSea . Vessel
dry-dock in January / February 2010

•Well Enhancer worked approx. 53 days in the quarter for Nexen and
Shell with good operating performance

•Outlook for 2010 expected to improve by end of Q1

Asia Pacific

•Operationsstill being impacted by refurbishment of the Subsea
Intervention Lubricator and Vessel Deployment System

•Entered into JV with Clough Ltd. to provide subsea services in the
Asia Pacific region, using the Normand Clough vessel

•Outlook for 2010 is expected to improve

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Caesar in Ingleside

Marine Capital Projects

HPI in Ingleside

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Phoenix Green Canyon Block 237

•DTS Buoy has been installed

•Subsea flowlines, export pipelines and
umbilicals have been installed

•Intrepid in DSV mode to pull-in the flexible
risers and umbilicals through DTS buoy late
February / early March

•Production scheduled to start mid-year

Helix Producer I (HPI)

•Vessel installation and hook-up of topside
modules, flare boom, external thrusters and
turret completed

•Commissioning of topside processing plant
ongoing

•Incline test successfully completed

•US Coast Guard Systems acceptance is
ongoing

•Expect the vessel to depart for sea trials
late 1Q 2010

DTS Buoy being installed by Q4000

Helix Producer I

HPI at Kiewit’s yard

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($ in millions, except percentages)

(A)Results of Cal Dive, our former Shelf Contracting business, were consolidated through June 10, 2009, at which time our ownership interest dropped below 50%; thereafter, our
remaining interest was accounted for under the equity method of accounting until September 23, 2009, when we reduced our holdings with the sale of the substantial majority of our
remaining interest in Cal Dive.

(B)See non-GAAP reconciliation on slides 25-27.Amounts are prior to intercompany eliminations.

(C)Includes corporate and operational support overheads.

(D)Amounts primarily represent equity in earnings of Marco Polo and Independence Hub investments and equity in earnings from Cal Dive from June 11 through September 23, 2009.

Contracting Services

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Revenue and Gross Profit by Division ($ in millions)

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(A)Amounts are before intercompany eliminations.See non-GAAP reconciliation on slides 25-27.

Contracting Services

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Contracting Services

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(A)Includes vessels on long-term charters.

*Utilization includes internal work.

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(A)Impairments related to
reduction in carrying values
of certain oil and gas
properties due to reserve
revisions, including $29.9
million of hurricane-related
impairments in Q4 2008.

(B)Includes $20.1 and $8.0
million of impairment charges
associated with certain
exploration leases for the
quarters ended December
31, 2009 and December 31,
2008, respectively.

(C)Including effect of settled
hedges and MTM derivative
contracts.

Oil & Gas

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Oil & Gas

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(A)Included accretion expense.

(B)Excluded hurricane-related repairs of $0.6, $15.9 and $5.1 million, net of insurance recoveries, for the quarters ended December 31, 2009, December 31, 2008
and September 30, 2009, respectively.

(C)Included $2.5 and $10.4 million related to a weather derivative contract for the quarters ended December 31, 2009 and September 30, 2009, respectively.
Excluded exploration expenses of $21.5, $27.1 and $0.9 million, and abandonment of $0.0, $6.0 and $2.9 million for the quarters ended December 31, 2009,
December 31, 2008 and September 30, 2009, respectively.

Operating Costs($ in millions, except per Mcfe data)

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Oil & Gas - Reserve Report Highlights

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	Proved Developed	Proved Undeveloped	Total
Total Reserves (Bcfe)	214	364	578
Shelf	112	125	237
Deepwater	102	239	341
Oil (mmbbls)	15	15	30
Gas (Bcf)	125	274	399
SEC Case PV-10 (pre-tax, in millions)	$546	$746	$1,292
PV-10 Forward Strip Price* (pre-tax, in millions)	$1,129	$1,574	$2,703

At December 31, 2009

* Based on NYMEX Henry Hub gas and WTI oil forward strip prices at December 31, 2009.

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Summary of Jan - Dec 2010 Hedging Positions*

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Non-GAAP
Reconciliations

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Non GAAP Reconciliations

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Adjusted EBITDAX ($ in millions)

We calculate adjusted EBITDAX as earnings before net interest expense, taxes, depreciation and amortization,

and exploration expense. Further, we do not include earnings from our former interest in Cal Dive in any periods presented in our adjusted
EBITDAX calculation. These non-GAAP measures are useful to investors and other internal and external users of our financial statements in
evaluating our operating performance because they are widely used by investors in our industry to measure a company's operating

performance without regard to items which can vary substantially from company to company and help investors meaningfully compare our results
from period to period.Adjusted EBITDAX should not be considered in isolation or as a substitute for, but instead is supplemental to, income from
operations, net income or other income data prepared in accordance with GAAP.Non-GAAP financial measures should be viewed in addition to,
and not as an alternative to our reported results prepared in accordance with GAAP.Users of this financial information should consider the types
of events and transactions which are excluded.

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Revenue and Gross Profit As Reported ($ in millions)

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Non GAAP Reconciliations

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