Helix Energy Solutions (HLX) 8-K 31st Annual Institutional Investors Conference

Changing the way you succeed.

Raymond James

31st Annual Institutional Investors Conference

March 9, 2010

Changing the way you succeed.

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, 2009.
You should not place undue reliance on these forward-looking statements which speak only as of the date of this
presentation.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
2009 Form 10-K.

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

• Offshore production facilities

The result:A company focused on
deepwater activities and a conservative balance sheet

Helix ESG: Transforming the Business Model

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Global CAPEX Growth Forecast

Source: Quest Offshore Resources Subsea Database, February 2010

US$26.6bn

US$80.2bn

201% Increase

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Production Facilities

Marco Polo TLP (50%)

Independence Hub Semi (20%)

Helix Producer I (~82%) (2010)

Subsea
Construction

Pipelay
Intrepid
Express

Caesar- new to fleet

ROV
40 ROVs
2 ROV Drill Units
6 Chartered Vessels

5 Trenchers (200 - 2000hp)

Well Intervention

Q4000

Seawell

Well Enhancer

Normand Clough (JV)

Mobile VDS/SILs

Helix Oil & Gas

GOM shelf and deepwater

PV-10 $1.3 billion @
12/31/2009 (SEC pricing)

Proved reserves = 578 bcfe
(12/31/2009)

2010 projected production
50-60 bcfe

Helix ESG Business Segments

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Services For Each Stage of the Field Life Cycle

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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 Normand Clough (JV) with our Subsea Intervention
Lubricator and Vessel Deployment systems.

MSV DP2 Normand Clough

MSV DP2 Seawell

Well Intervention Assets

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DP Reel Lay Vessel
Express

DP S-Lay Vessel
Caesar

DP Reel Lay Vessel
Intrepid

Caesar’s onboard pipe welding and testing
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.

Intrepid has the flexibility to be deployed as a
pipelay, installation or saturation diving vessel.

Subsea Construction Vessels

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Contracting Services Facilities

Ingleside, Texas shore base facility

–Pipe stalk length 5,230 feet

–Onsite subsea component fabrication

–300’ x 700’slip can accommodate two
Helix Subsea Construction vessels side
by side

–Constructed Helix’s Danny 36-mile
8 x 12-inch pipe-in-pipe, including
jumpers and manifolds

Aerial view of Ingleside Shore Base

Helix Danny pipe-in-pipe welding

On-site fabrication capabilities

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Helix is an industry leading provider of ROV and subsea trenching services
to deepwater operators worldwide.

The Helix ROV fleet consists
of 40 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.

The state of the art I-Trencher
system trenches, lays pipe up
to 16” in diameter, and backfills
in a single operation.

Helix ROV Systems

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Island Pioneer

Olympic Triton

Olympic Canyon

Seacor Canyon

Normand Fortress

Chartered support vessels allows Helix to adjust the size and capability of its
fleet to cost-effectively meet industry demands.

ROV/Construction Support Vessel Fleet

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Normand Clough
as part of CloughHelix JV

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•Vessel is mechanically complete; commissioning and USCG acceptance are well advanced

•Sea trials scheduled March 2010

•DTS buoy installed on location by Q4000

•Expect deployment in Phoenix field in Q2 2010

Helix Producer I FPU

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Oil & Gas

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Helix Oil and Gas

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12/31/2009 Reserve Profile:

•578 Bcfe

•≈ 60% Deepwater GOM

•≈ 40% proved developed

•≈30% Oil

•PV-10 $1.3 billion (SEC)

•PV-10 $2.7 billion (forward strip price)

Production Profile:

•Current production of 145 mmcfe/d*

•45% of production is oil

•>50% of production is deepwater, and growing

New 2010 Production (net)

•Danny oil- 5,000 boe/d

•Noonan- 30 mmcfe/d, increasing to 50+ mmcfe/d

•Phoenix- >10,000 boe/d

* As of 2/25/2010

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Oil and Gas Deepwater Profile

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•Internal Prospect Generation via Large,
In-House 3-D Seismic Library

•Large, Recent Long Offset 3-D Seismic
Database,+1,500 Blocks

•Experienced Exploration/Drilling/Operations
Team - 25+ years avg.

•22 Defined Prospects, Helix is operator of 21

•2.3 TCFENet Un-Risked Reserve Potential,
>800 BCFE Net Risked

•Majority of Prospects, if successful, are Sub
Sea Tie-Backs

•Multiple, low risk prospects on or near
existing Helix operated infrastructure

Helix Oil and Gas specializes in prospect
generation, acquisition, exploration, development
and production, employing its own key services
and methodologies and working to lower finding
and development costs relative to industry norms.

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Caesar departing for sea trials, Nantong, China

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2010 Outlook

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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 21)

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

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

Changing the way you succeed.

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

Changing the way you succeed.

Helix Summary

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Significant Balance Sheet Improvements

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Debt

•Liquidity of $657 million at 12/31/2009

•Completed approximately $600 million of non-core asset sales in 2009

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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 $410 million.

•$50 million of LCs in place.

–$415 Million Term Loan B - Committed facility through June 2013.$4.3 million
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.

–$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).

–$119 Million MARAD - Original 25 year term; matures February 2027.$4.4 million
principal payments annually.

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Financial Information

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Express spooling pipe at Ingleside Shore Base, Gulf of Mexico

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Note: Excludes Cal Dive and Helix RDS revenues from 2005-2009.
See Non-GAAP reconciliations on slides 28-30.

($ amounts in millions)

$575

$840

$1,071

$1,337

$1,152

Consistent Top-Line Growth

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- 2006 results exclude the impact 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.

-2008 results exclude non-cash
charges of $964 million for
reduction in carrying values of
goodwill and certain oil and gas
properties.

-2009 results exclude the impact of
Cal Dive gains, impairments and
other unusual items.

(a) See Non-GAAP reconciliations on slides 28-30.

Earnings Per Share (a)

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-2006 results exclude the impact
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.

-2008 results exclude non-cash
impairments.

-2009 results exclude non-cash
impairments and impact of Cal
Dive gains.

(a) See Non-GAAP reconciliations on slides 28-30.

($ amounts in millions)

$278

$449

$490

$575

$609

Significant Cash Generation - EBITDAX

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Non-GAAP
Reconciliations

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Non-GAAP Reconciliations

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Non-GAAP Reconciliations

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Non-GAAP Reconciliations

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