Helix Energy Solutions (HLX) 8-K Results of Operations and Financial Condition

February 23, 2012

Fourth Quarter 2011 Conference Call

2

Forward-Looking Statements

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; projections of contracting services activity; future
production volumes, results of exploration, exploitation, development, acquisition and operations expenditures, and
prospective reserve levels of properties or wells; projections of utilization; any statements of the plans, strategies and
objectives of management for future operations; any statements concerning developments; 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; actions by governmental and regulatory authorities; operating hazards and
delays; employee management issues; local, national and worldwide economic conditions; 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 most recently filed
Annual Report on Form 10-K and in the Company’s other filings with the SEC.Free copies of the reports can be
found at the SEC’s website, www.SEC.gov.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 include amounts we believe will ultimately be produced, and may include
“proved reserves” and quantities of oil or gas that are not yet 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 most recently filed Annual Report on Form 10-K and any
subsequent Quarterly Reports on Form 10-Q.

3

Presentation Outline

•Executive Summary

Summary of Q4 2011 Results (pg. 4)

•Operational Highlights by Segment

Contracting Services (pg. 9)

Oil & Gas (pg. 15)

•Key Balance Sheet Metrics (pg. 20)

•2012 Outlook (pg. 22)

•Non-GAAP Reconciliations (pg. 27)

•Questions & Answers

Express installing suction piles in the Walker Ridge
block of the Gulf of Mexico

4

Executive
Summary

5

Executive Summary

($ in millions, except per share data)

(A)Included a $16.7 million non-cash charge to write off goodwill associated with our Southeast Asia well operations subsidiary in fourth quarter 2010.

(B)Included a $7.1 million deferred tax asset valuation allowance associated with our Southeast Asia well operations subsidiary in fourth quarter 2010.

(C)Included a $17.5 million ($11.5 million after income taxes) charge related to settlement of litigation regarding a 2007 international construction contract in first quarter 2010 as well as a $7.1
million deferred tax asset valuation allowance associated with our Southeast Asia well operations subsidiary in fourth quarter 2010.

(D)See non-GAAP reconciliations on slides 28-29.

6

Executive Summary

•Q4 2011 EPS of $0.16 per diluted share

oImpairment charges totaling $107.5 million ($69.9 million after-tax) primarily associated with a
reduction in carrying values of certain U.S. oil and gas properties and increases in U.S. and U.K.
asset retirement obligations

oTax benefit of $31.3 million related to a reorganization of our Australian subsidiaries, offset by
impairment charges of $17.1 million associated with the reduction in the fair value of certain
Australian assets ($14.2 million after-tax)

oGain on sale of an oil and gas property of $4.5 million ($2.9 million after-tax)

oAbove three items totaled $120.1 million pre-tax ($52.7 million after-tax), or an impact of $(0.50)
per share

•Contracting Services

o98% utilization in well intervention business

oImproved utilization in subsea construction with Express and Intrepid achieving 100% utilization
in the fourth quarter

•Oil and Gas

oFourth quarter average production rate of 24 Mboe/d or 146 MMcfe/d (67% oil)

oProduction year-to-date through February 21 averaged approximately 24 Mboe/d (~68% oil)

7

Executive Summary

•Oil and Gas (continued)

oOil and gas production totaled 2.24 MMboe (13.4 Bcfe) in Q4 2011 versus 1.95 MMboe (11.7
Bcfe) in Q3 2011 (year-to-date production of 8.7 MMboe / 52.2 Bcfe)

§Avg realized price for oil of $110.75 / bbl ($100.93 / bbl in Q3 2011), inclusive of hedges

§Avg realized price for natural gas and natural gas liquids (NGLs) of $6.16 / Mcf ($6.15 / Mcf
in Q3 2011), inclusive of hedges

•Gas price realizations benefited from sales of natural gas liquids

•NGL production of 0.22 MMboe (1.3 Bcfe) Q4 2011 and 0.14 MMboe (0.8 Bcfe) in
Q3 2011

•Balance sheet continues to strengthen

oRepaid $18 million of Term Loan from proceeds of sale of an oil and gas property

oCash increased to $546 million at 12/31/2011 from $375 million at 9/30/2011

oLiquidity* increased to $1.1 billion at 12/31/2011 from $933 million at 9/30/2011

oGross debt decreased to $1.16 billion at 12/31/2011 from $1.17 billion at 9/30/2011

oNet debt decreased to $609 million at 12/31/2011 from $796 million at 9/30/2011

*Liquidity as we define it is equal to cash and cash equivalents ($546 million), plus available capacity under our revolving credit facility ($559 million).

Operational

Highlights

9

($ in millions, except percentages)

(A)See non-GAAP reconciliation on slides 28-29.Amounts are prior to intercompany
eliminations.

(B)Before gross profit impact of $6.6 million asset impairment charges in Australia.

Contracting Services

•98% utilization in Well Ops

•87% utilization in Subsea
Construction due to improved
utilization for the Caesar on
accommodations project in Mexico

•93% chartered vessel utilization in
Robotics due to continued strength
in trenching in the North Sea

Helix Producer I deployed on Helix’s Phoenix field

in Green Canyon 237 (Gulf of Mexico)

10

($ in millions)

Earnings in Equity Investments

11

Contracting Services - Well Ops

GOM

•Q4000 worked for Shell and Anadarko on multiple projects
throughout Q4

•100% utilization achieved in Q4

•Current backlog extends into 2013

North Sea

•Seawell and Well Enhancer posted a combined 96%
utilization in Q4

•Strong outlook anticipated for both vessels in 2012

Asia Pacific

•Normand Clough completed a day rate construction
project for COOEC offshore China for SapuraCrest Helix
JV

•70 day Normand Clough expected work in Malaysia
commencing in Q2

•Wellhead cutting system completed four wellhead
removals in Q4 2011 with eight scheduled in Q1 and three
in Q2

Well Enhancer, operating in the North Sea, is the

world’s only monohull well intervention vessel

capable of deploying coiled tubing

12

Contracting Services - Robotics

•93% chartered vessel utilization and 92% trencher
utilization

•ROV and trencher utilization up in the Gulf of
Mexico and North Sea

•Completed first ROVDrill project in the North Sea:
successfully completed 29 sites consisting of bore
holes and cone penetrometer testing (CPTs) to 40
metersthrough multiple subsea soil and bedrock
formations.

•Generated $17 million wind farm trenching
revenues during Q4 (approximately $42 million in
2011) utilizing the Island Pioneer and Deep
Cygnus vessels, and T600, T750 and iTrencher
trenchers

•Grand Canyon vessel and T1200 trencher
construction on target for delivery in Q2 2012, to
initially be paired for renewable energy market
contracts

Grand Canyon being prepared for transit from Turkey

to Norway for completion and mid-2Q12 delivery.

13

Contracting Services - Subsea Construction

Contracting Services - Subsea Construction

•Express and Intrepid were 100% utilized during Q4
(excluding the Caesar)

•Express worked on projects for Chevron, Apache and
Newfield

•Intrepid was deployed to California in October. Expected to
arrive back in the Gulf of Mexico in late Q1

•Caesarcompleted shipyard upgrades in mid-October and
currently on accommodations project in Mexico’s Bay of
Campeche with work extended to April 30

Intrepid performed pipelay and saturation

diving operations off the California coast
during the fourth quarter.

14

• Express

• Caesar (1)

• Island Pioneer (2)

• Deep Cygnus (2)

• Olympic Triton (2)

• Normand Clipper, Stril Explorer (2)

• Well Enhancer

• Q4000

• 2 ROVDrill Units

• 3 Trenchers

(1) Completed upgrades and sea trials on October 13. Caesar deployed to Mexico on accommodations project in Bay of Campeche.

(2) Chartered vessels.

Contracting Services Utilization

15

(A)Fourth quarter 2011 impairments
primarily associated with the
reduction in carrying values of
certain oil and gas properties
due to year-end revisions in
reserves. Further, fourth quarter
2011 impacted by increased
asset retirement obligations for
U.S. and U.K. end of life
properties.

(B)Including effect of settled hedges
and mark-to-market derivative
contracts.

Oil & Gas

16

Oil & Gas

(A)Included accretion expense.Q4 2011 DD&A rate positively affected by increased proved reserves at our Phoenix field as a result of better than expected
production rates (net of adjustments in other fields).

(B)Excluded exploration expense, hurricane-related repairs and abandonment cost.

(C)Included $2.0, $2.3, and $8.4 million related to a weather derivative contract for the quarters ended December 2011, December 2010 and September 2011
respectively.

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

Oil & Gas - Total Proved and Probable Reserves

17

	Oil Mbbls	Gas MMcf	Total Mboe
Total estimated proved reserves at 12/31/2010	24,818	227,264	62,695
Revision of previous oil and gas estimates	3,475	(108,947)	(14,683)
Production	(5,785)	(17,458)	(8,694)
Sales of reserves in place	(205)	(4,109)	(890)
Extensions and discoveries	386	271	431
Total estimated proved reserves at 12/31/2011	22,689	97,021	38,860
Total estimated probable reserves at 12/31/2011 (risked)	4,072	95,273	19,951
Total estimated proved and probable reserves at 12/31/2011	26,761	192,294	58,811

•87 Bcf of Bushwood proved gas reserves reclassified to probable reserves.

•SEC PV-10 case increased from $1.3 billion at December 31, 2010 to $1.5 billion at December 31, 2011 primarily due to the increase in oil prices.

Oil & Gas - Reserve Report Highlights

18

	Proved Developed	Proved Undeveloped	Total
Total Estimated Reserves (MMboe)	23	16	39
Shelf	13	9	22
Deepwater	10	7	17
Oil (MMbbls)	13	10	23
Gas (Bcf)	60	37	97
SEC Case PV-10 (A) (pre-tax, in millions)	$ 964	$ 508	$ 1,472
PV-10 Forward Strip Price (A), (B) (pre-tax, in millions)	$ 949	$ 503	$ 1,452

At December 31, 2011

(A)PV-10 of oil and gas of approximately $1.3 billion and $0.2 billion, respectively (both under SEC-case and Forward Strip Price case).

(B)Based on NYMEX Henry Hub gas and WTI oil forward strip prices at December 31, 2011.

19

Summary of Jan 2012 - Dec 2013 Hedging Positions *

* As of February 22, 2012

Key Balance
Sheet Metrics

21

Debt and Liquidity Profile

Liquidity of approximately $1.1 billion at 12/31/2011

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

(B) Liquidity, as we define it, is equal to cash and cash equivalents ($546 million), plus available
capacity under our revolving credit facility ($559 million).

2012 Outlook

23

2012 Outlook

Broad Metrics	2012 Forecast	2011 Actual
Oil and Gas Production	7.5 MMboe	8.7 MMboe
EBITDAX	~$600 million	$669 million
CAPEX	~$445 million	$229 million

Commodity Price Deck		2012 Forecast	2011 Actual
Hedged	Oil	$104.80 / Bbl	$100.91 / Bbl
	Gas	$4.56 / Mcf	$6.04 / Mcf

24

2012 Outlook

•Contracting Services

oStrong backlog for the Q4000, Well Enhancer and Seawellthrough 2012

§Q4000 building backlog into 2013

oWell Enhancer working in West Africa and transits back to the North Sea late first quarter

oIntrepid deployed to California performing field development projects and expected to arrive
back in the Gulf of Mexico end of Q1

oExpress working through a full backlog in Gulf of Mexico for Q1 and is scheduled to work in the
Mediterranean and North Sea in Q2 and Q3 of 2012 before returning back to the Gulf of Mexico

oCaesar deployed to Mexico’s Bay of Campeche for accommodations project through April

oContinued focus on trenching and cable burial business with non-oilfield projects growing

oContinued recovery anticipated in global Robotics market, particularly in the Gulf of Mexico

oFour vessels scheduled for regulatory drydocks in 2012, approximately $25 million impact on
EBITDA

§Intrepid - April

§Q4000 - March

§Seawell - April

§Well Enhancer - August

25

2012 Outlook

•Oil and Gas

oForecasted 2012 overall production of 7.5 MMboe, including Wang (Phoenix field) and Danny 2
(Bushwood field) exploration wells

§Assumes Wang production commences Q4

§Assumes Danny 2 production commences mid-year

oApproximately 90% of 2012 revenues from oil and NGLs

oAnticipated 67% of production volume is oil and 64% of total production from deepwater

o61% hedged for the year (76% of estimated PDP production)

oAssumes no significant storm disruptions

•Balance Sheet

oAmended credit agreement to allow for new $100 million term loan expected to fund late March

oTerms and conditions same as revolving credit facility

oProceeds from new term loan together with $100 million of existing liquidity will be used to repay
$200 million in principal of senior unsecured notes in late March

26

2012 Outlook - Capex

•Capital Expenditures

oContracting Services ($250 million)

§Announced new build semi submersible intervention vessel (approximately $130 million of
capex in 2012)

§Regulatory dry docks for four vessels

§Continued incremental investment in robotics business, with a focus on adding trenching
spread capacity

oOil and Gas ($195 million)

§Focus capital investment on shelf oil developments/opportunistic workovers with relatively
fast payback

§Two major deepwater well projects planned this year

§Danny 2 - 1H activity

§Wang - 2H activity

Non-GAAP
Reconciliations

28

Non-GAAP Reconciliations

Adjusted EBITDAX ($ in millions)

We calculate Adjusted EBITDAX as earnings before net interest expense, taxes, depreciation and amortization and exploration expense. 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.

Revenue and Gross Profit As Reported ($ in millions)

Non-GAAP Reconciliations