Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Merger or Acquisition (June 2026)
21 slides from Helix Energy Solutions's merger presentation, June 2026
Slide 1: Creating a Premier Integrated Offshore Services Company
Creating a Premier Integrated Offshore Services Company June 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. All statements, other than statements of present or historical fact included in this presentation, regarding Helix Energy Solutions Group, Inc.’s (“Helix”) proposed merger with Hornbeck Offshore Services, In
Slide 3: Combination Rationale
Combination Rationale Combines Two Market Leaders Into an Integrated Deepwater Offshore Services Platform + Complementary Businesses Expanded Service Offerings and Customer Diversification Growth Platform with Scale Significant Revenue and Cost Well Intervention, Subsea Synergies High-Specification
Slide 4: Transaction Summary
Transaction Summary Select Combination Highlights All-stock transaction Transaction Pre-merger Helix shareholders will own 45% and pre- Structure merger Hornbeck securityholders will own 55% of the combined company1 85+(2) $2.0bn Total Vessels Total Backlog YE 2025 Todd Hornbeck will serve as
Slide 5: Post-Merger Executive Leadership
Post-Merger Executive Leadership Todd M. Hornbeck Potter Adams President, Chief Executive Officer EVP & Chief Financial Officer & Director Scotty Sparks Brian Cook EVP & Chief Operating Officer, EVP & Chief Accounting Officer Subsea Services and Well Intervention Ben Todd Sam Giberga EVP & Chief Ope
Slide 6: Global Presence in Key Offshore Markets
Global Presence in Key Offshore Markets Transaction Merges Two Industry Leaders with Complementary Businesses and Geographic Presence providing Diversified Services to the Full Deepwater Life Cycle Hornbeck Helix Asia Pacific Other Mexico Other Other West 5% <1% 5% 6% 7% West Africa Africa 7% 5% Bra
Slide 7: Complementary Businesses Providing Diversified Service Offerings
Complementary Businesses Providing Diversified Service Offerings Oil and Gas Non – Oil and Gas 20% 80% Non-O&G O&G Operational logistics for submarine fleet Submarine rescue, training & support Drilling Support Defense Long range acoustic survey support 2025 Combined Revenue Mix Autonomous v
Slide 8: World Class Deepwater Fleet
World Class Deepwater Fleet Combined Company Forms an Expanded and Enhanced High-Specification Fleet with a Focus on Well Intervention, Subsea & Specialty Services, Robotics, Marine Transportation, and Emerging Technologies to Support the Energy, Defense and Renewable Markets Well Intervention Multi
Slide 9: Differentiated Integrated Services Offering
Differentiated Integrated Services Offering Before Merger Well Intervention Vessels Customers procured one or more discrete services MPSV & OSV Customers ROVs Vessels Procure Multiple vendors and fragmented margin pool Subsea Systems Engineering Less efficient asset deployment After Merger Ser
Slide 10: High Synergy Potential from Incremental Utilization and Margin Expansion
High Synergy Potential from Incremental Utilization and Margin Expansion Increase in Margin1 2025A Incremental Utilization2 Asset ~ $ 100 Utilization HOS 65 % MPSVs ~ $ 75 Incremental Adj. EBITDA3 $ 60 HOS 75 % OSVs ~ $ 50 $ 45 HLX Well Intervention 75 % Vessels ~ $ 40 $ 30 HLX 60 % $ 25 ROVs $ 40 $
Slide 11: The Premier Integrated Offshore Services Company
The Premier Integrated Offshore Services Company Complementary Innovative Marine Solutions Global Presence with Strong Exposure to Key Deepwater and Specialty Offshore Markets Growth Platform with Scale Value Creation via Organic Growth, Operational Efficiencies and Strategic M&A Aligned Cultures wi
Slide 12: Appendix
Appendix Helix ENERGY SOLUTIONS
Slide 13: Supplemental Updates
Supplemental Updates Transaction Synergies At least ~$75 million of annual synergies within three years of closing consisting of: - At least ~$45 million of annual revenue synergies driven by increased asset utilization and margin expansion - At least ~$30 million of cost synergies Alliance Divest
Slide 14: Transaction Process Update
Transaction Process Update Item / Event Date Signing of Merger Agreement April 22 Sale of Alliance May 1 Helix Annual Meeting of Shareholders May 13 Completed File HSR Notification May 20 File ex-US regulatory filings in UK, Brazil and Poland May 20 File Form S-4 and Proxy Statement / Prospectus Jun
Slide 15: Combined Historical Financials
Hornbeck Combined Historical Financials Helix ($ in millions) Q1 2026 Balance Sheet | Revenue | (Excludes Alliance) Pro Forma for Alliance Sale Funded Debt $ 778 $ 1,812 $ 1,850 $ 720 $ 753 $ 439 $ 1,092 $ 1,097 $ 173 Cash (570) $ 267 FY2025 Q1 2026 LTM Q1 2026 Adj. EBITDA1 | (Excludes Alliance) All
Slide 16: Scale and Growth Platform
Hornbeck Scale and Growth Platform Helix Well-Positioned for Future Growth and Sustained Shareholder Value Supported by Increased Scale, Balance Sheet Strength and Robust Free Cash Flow Generation Active Organic Growth | (Excludes Alliance) Key Growth Expectations Potential well intervention vessel
Slide 17: Pre-Transaction Hornbeck
Pre-Transaction Hornbeck Company Overview Hornbeck by the Numbers Leading Deepwater High - and Ultra High-Spec 71 footprint across the U.S. GoA, Mexico, the Caribbean, Northern South America and Brazil Vessels in Current Fleet +2 = 73 58 Multi-class Offshore Support New MPSVs expected to Vessels (“O
Slide 18: Pro Forma Company is a Market Leader in Maritime Services for the Defense Industry
Pro Forma Company is a Market Leader in Maritime Services for the Defense Industry Defense Fleet and Representative Functions Emerging Technologies: Submarine Support Vessel Support Blocking Vessel Autonomy / AI Surveillance Towed Array Sensor System – Expeditionary Proof of concept design by HO
Slide 19: Helix | Non-GAAP Reconciliation
Helix | Non-GAAP Reconciliation ($ in thousands, unaudited) Three Months Ended Twelve Months Ended March 31, March 31, March 31, December 31, 3/31/2026 2026 3/31/2025 2025 3/31/2026 2026 12/31/2025 2025 Reconciliation from Net Income to EBITDA and Adjusted EBITDA: Net income (loss) $(5,242) $ 11,384
Slide 20: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation ($ in thousands, unaudited) Three Months Ended Twelve Months Ended March 31, March 31, March 31, December 31, 2026 2025 2026 2025 Reconciliation from Net Income to EBITDA and Adjusted EBITDA: Net income $ 19,103 $ 106 $ 192,387 $ 173,390 Interest, net Interest expe
Slide 21: Alliance Financials
Alliance Financials ($ in thousands, unaudited) Three Months Ended Twelve Months Ended March 31, March 31, March 31, December 31, 3/31/2026 2026 3/31/2025 2025 3/31/2026 2026 12/31/2025 2025 Revenue Helix (including Alliance) $ 287,946 $ 278,064 $ 1,301,356 $ 1,291,474 Alliance 21,236 16,818 204,051
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