Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Investor Presentation (February 2012)
26 slides from Helix Energy Solutions's investor presentation, Feb 28, 2012
Slide 1: Dynamically Positioned
“SD : Dynamically Positioned
Slide 2: Forward-Looking Statements
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” wit
Slide 3: Who is Helix ESG?
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
Slide 4: Offshore Production Facilities and Business Segments
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 Seawe
Slide 5: Contracting Services: Dynamically Positioned for Growth
5 CONTRACTING SERVICES Dynamically Positioned for Growth
Slide 6: 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
Slide 7: Positioned for Growth
Positioned for Growth Grand Canyon T1200 Trenching ROV Work-class ROVs Cat B Semisub
Slide 8: Well Intervention Assets
MODU DP3 Q4000 MSV DP2 Normand Clough Well Intervention Assets MSV DP3 Well Enhancer MSV DP2 Seawell
Slide 9: Robotics
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” i
Slide 10: Subsea Construction Vessels
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 p
Slide 11: Offshore Renewable Energy Support
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 instal
Slide 12: Helix Fast Response System (HFRS)
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 d
Slide 13: Production Facilities
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 Phoe
Slide 14: Oil & Gas
14 OIL & GAS Gulf of Mexico Oil and Gas Producer
Slide 15: 12/31/2011 Reserve Profile
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 produ
Slide 16: 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 Oil and Gas - Reserv
Slide 17: Key Balance Sheet Metrics
17 KEY BALANCE SHEET METRICS Strong Financial Condition
Slide 18: Debt and Liquidity Profile
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
Slide 19: Pro Forma Debt Maturity 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 n
Slide 20: 2012 Outlook: Positive Market Outlook
20 2012 OUTLOOK Positive Market Outlook
Slide 21: 2012 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
Slide 22: 2012 Outlook: Contracting Services
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 ex
Slide 23: 2012 Outlook: Oil and Gas
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 Ap
Slide 24: 2012 Outlook - CAPEX
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 spre
Slide 25: Summary of Hedging Positions
Summary of Hedging Positions * * As of February 22, 2012
Slide 26: Follow Helix ESG on Twitter and LinkedIn
Follow Helix ESG on Twitter: www.twitter.com/Helix_ESG Join the discussion on LinkedIn: www.linkedin.com/company/helix
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