Helix Energy Solutions 8K Regulation FD Disclosure | HLX 28 Feb 12

March 2012 Company Update

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.

WHO IS HELIX ESG?

v Deepwater service provider to
the offshore energy industry

v Focused on subsea
infrastructure services
with

v Entirely dynamically positioned
fleet

plus

v An emerging offshore
renewable energy services
capability

and

v Gulf of Mexico oil and gas
exploration and production

Offshore Production Facilities

Helix Producer I

Helix Fast Response System

Independence Hub Semi (20%)

Marco Polo TLP (50%)

Deepwater Contracting
Robotics
45 ROVs
2 ROV Drill Units
4 Trenchers (200 - 2000hp)
5 Chartered Vessels (variable)

Pipelay
Intrepid
Express
Caesar

Well Intervention

Q4000

Seawell

Well Enhancer

Normand Clough (JV)

Mobile VDS/SILs

Business Segments

Oil and Gas Production

GOM shelf and deepwater

PV-10 $1.5 billion ($1.3 billion oil)*

Estimated proved reserves - 38,860 Mboe*

Estimated probable reserves - 19,951 Mboe*

* Reserve data as of 12/31/2011

CONTRACTING
SERVICES

Dynamically
Positioned for
Growth

Strategically Differentiated Fleet

HFRS backstops 60+
Gulf of Mexico
drilling permits

Q4000 is world’s only

Cat B Semi on open market

HPI is the Gulf of
Mexico’s first DP Floating
Production Unit

iTrencher is one of the
world’s largest trenchers

ROV fleet plays role in
offshore windfarms

Well Enhancer sets
intervention depth records

Express deploys globally
for field developments

Full spread of assets in
APAC market

Positioned for Growth

Grand Canyon

T1200 Trenching ROV

Work-class ROVs

Cat B Semisub

Well Intervention Assets

MODU DP3 Q4000

MSV DP3 Well Enhancer

MSV DP2 Normand Clough

MSV DP2 Seawell

The Helix ROV fleet consists of
50+ vehicles, covering the
spectrum of subsea construction
services.

Chartered vessels such as the
Deep Cygnus are being utilized to
support the growing alternative
energy industry in the North Sea.

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

Robotics

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 large diameter pipe.

Helix’s dual-reel 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

Offshore Renewable Energy Support

v 2012 non-oilfield revenues of $42 million on power
cable burial projects

v Provide trenching, cable burial and ROV support for
offshore wind farm development

o Current focus on export lines (field to shore)

o Future opportunities in-field (inter-array cable
installation)

v Adding additional capacity to meet short- and long-
term growth opportunities

o New chartered vessel, Grand Canyon, under
construction with 2012 delivery

o Building new trencher, T1200, to be paired with the
Grand Canyon

Deep Cygnus performing trenching and cable burial operations at
the Greater Gabbard Offshore Wind Farm in the North Sea

v Utilizes vessels and subsea systems
proven in Gulf of Mexico spill response
and containment efforts

v Capability to capture and process up to
55,000 bpd in water depths to 10,000
feet at 15,000 psi

Helix Fast Response System (HFRS)

v 24 independent E&P operators have signed on to include HFRS in
drilling permit applications

v Cited as spill response and containment plan in 60+ approved
deepwater permits as of February 2012

Production Facilities

Independence Hub Semi (20%)

v Location: Mississippi Canyon 920

v Depth: 8,000 ft.

v Production capacity:

o 1 BCFD

Marco Polo TLP (50%)

v Location: Green Canyon 608

v Depth: 4,300 ft.

v Production capacity:

o 120,000 BOPD

o 300 MMCFD

Helix Producer I FPU

v Location: Helix’s Phoenix field (GC 237)

v Production capacity:

o 45,000 BOPD

o 55,000 BLPD

o 72 MMCFD

OIL & GAS

Gulf of Mexico
Oil and Gas
Producer

12/31/2011 Reserve Profile

v 38,860 Mboe Estimated Proved Reserves

v 19,951 Mboe Estimated Probable Reserves

v 44% Deepwater Gulf of Mexico (Proved)

v 58% Oil (Proved)

v 58% proved developed

v PV-10 $1.5 billion ($1.3 billion oil)

Year-to-Date Average Production Profile

v ~24 Mboe/d*

v ~68% of production is oil

v ~71% of production is deepwater

* As of February 21, 2012

Oil and Gas

Oil and Gas - Reserve Highlights

	Proved Developed	Proved Undeveloped	Total
Total Estimated Reserves (Mboe)	22,731	16,129	38,860
− Shelf	12,881	8,687	21,568
− Deepwater	9,850	7,441	17,291
− Oil (Mbbls)	12,754	9,935	22,689
− Gas (MMcf)	59,859	37,162	97,021
SEC Case PV-10 (pre-tax, in millions)	$ 964	$ 508	$ 1,472

At December 31, 2011

KEY BALANCE
SHEET METRICS

Strong Financial
Condition

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

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

Debt and Liquidity Profile

Pro Forma Debt Maturity Profile

v Pro forma total debt of approximately $1.2 billion
at end of Q1 2012 consisting of:

o $300 million Convertible Notes - 3.25% (1)

o $379 million Term Loans -

LIBOR + 3.50% on $279 million, and

LIBOR + 2.75% on $100 million (used to partially redeem
senior unsecured notes during Q1 2012)

o $275 million Senior Unsecured Notes - 9.5%

o $108 million MARAD Debt - 4.93%

v $600 million Revolving Credit Facility

o LIBOR + 2.75% on borrowings

o $100 million to be drawn during Q1 2012 to
partially redeem Senior Unsecured Notes

o Approximately $41 million of LCs in place

§ Convertible Notes

§ Term Loans / Revolver

§ Senior Unsecured Notes

§ MARAD Debt

(1) Stated maturity 2025. First put / call date in December 2012.

2012 OUTLOOK

Positive
Market Outlook

Broad Metrics	2012 Forecast	2011 Actual	2010 Actual
Oil and Gas Production	7,523 MBoe	8,694 MBoe	7,870 MBoe
EBITDAX	~$600 million	$669 million	$430 million
CAPEX	~$445 million	$229 million	$179 million

Commodity Price Deck		2012 Forecast	2011 Actual	2010 Actual
Hedged	Oil	$104.80 / Bbl	$100.91 / Bbl	$75.27 / Bbl
Hedged	Gas	$4.56 / Mcf	$6.04 / Mcf	$6.01 / Mcf

2012 Outlook

v Contracting Services

o Strong backlog for the Q4000, Well Enhancer and Seawell through 2012

• Q4000 building backlog into 2013

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

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

o Express 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

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

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

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

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

• Intrepid - April

• Q4000 - March

• Seawell - April

• Well Enhancer - August

2012 Outlook

v Oil and Gas

o Forecasted 2012 overall production of 7.5 MMboe, including Wang (Phoenix field) and Danny 2
(Bushwood field) exploration wells; or Head and Neck (Phoenix Field) PUD conversion

• Assumes Wang or Head and Neck production commences Q4

• Assumes Danny 2 production commences mid-year

o Approximately 90% of 2012 revenues from oil and NGLs

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

o 61% hedged for the year (76% of estimated PDP production)

o Assumes no significant storm disruptions

v Balance Sheet

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

o Terms and conditions same as revolving credit facility

o Proceeds 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

2012 Outlook

v Capital Expenditures

o Contracting 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

o Oil 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 or Head and Neck - 2H activity

2012 Outlook - CAPEX

Summary of Hedging Positions *

* As of February 22, 2012

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Helix Energy Solutions (HLX) 8-KRegulation FD Disclosure