Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q2 2017 Earnings Presentation
26 slides from Helix Energy Solutions's earnings presentation, Jul 24, 2017
Slide 1: Second Quarter 2017 Conference Call
HELIX ENERGY SOLUTIONS Second Quarter 2017 | poe eee Call
Slide 2: Forward Looking Statements
ENERGY SOLUTIONS a HELIX — Forward Looking Statements ! This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could Y/ Private Securities Litigation Refor f 1995, including, without limitation, any statements regarding our strategy; any statemen
Slide 3: Presentation Outline
ENERGY SOLUTIONS em HELIX Presentation Outline ao e Executive Summary (pg. 4) e Operational Highlights by Segment (pg. 8) e Key Financial Metrics (pg. 15) 2017 Outlook (pg. 18) e Non-GAAP Reconciliations (pg. 24) e Questions & Answers OV Operations on Grand Canyon II Navigating the present, focusing
Slide 4: Executive Summary
HELIX Executive Summary
Slide 5: Executive Summary
ENERGY SOLUTIONS Am HELIX Executive Summar Pe ore ( ($in millions, except per share data) Three Months Ended Six Months Ended 6/30/2017 6/30/2016 3/31/2017 6/30/2017 6/30/2016 Revenues $ 150 § 107 $ 105 $ 25 ¢$ 198 Gross profit (loss) $ 18 $ 6 ¢$ M$ 7 $ (11) 2% 5% 1% 1% 6% Net loss $ © $ (a (16) $ (
Slide 6: Executive Summary: Operations
ENERGY SOLUTIONS em HELIX Executive Summar a J Operations Q2 2017 net loss of $6 million, $(0.04) per diluted share, compared to Q1 2017 net loss of $16 million, $(0.11) per diluted share Q2 2017 Adjusted EBITDA’ of $30 million compared to Adjusted EBITDA of $15 million in Q1 2017 Q2 2017 non-cash t
Slide 7: Executive Summary: Balance Sheet
eam HELIX Executive Summary al ENERGY SOLUTIONS Balance Sheet e Cash and cash equivalents totaled $390 million at 6/30/17 © $100 million of cash proceeds from amended and restated term loan and $80 million of cash on hand used for repayment of outstanding term loan prior to its amendment and restate
Slide 8: Operational Highlights
Bm HELIX Operational Highlights Navigating the present, focusing on the future
Slide 9: Business Segment Results
HELIX ENERGY SOLUTIONS = Business Segment Results Second Quarter 2017 (Sin millions) ‘ ’ ‘Three Months Ended + 90% utilization across the well intervention fleet 6/30/2017 6/30/2016 3/31/2017 + Q4000 63% utilization; Q5000 91% utilization a nn 7 he Well Enhancer \ 00% utilization; Seawell 100% utili
Slide 10: Well Intervention - GOM
ENERGY SOLUTIONS em HELIX Well Intervention - GOM a Gulf of Mexico e Q5000 had 91% utilization in Q2 2017; the vessel completed contracted work with BP in early June; the vessel completed 37 days of work with two customers in early July and has contracted work through early August; the vessel is sch
Slide 11: Well Intervention - North Sea
ENERGY SOLUTIONS Ae HELIX Well Intervention — North Sea \! North Sea e Well Enhancer was 100% utilized in Q2 2017; the vessel primarily worked onan 11-well P&A program well ion activities e Seawellwas 100% utilized in Q2 2017; the vessel commenced a 150-day campaign performing P&A, diving operations
Slide 12: Well Intervention - Brazil
ENERGY SOLUTIONS em HELIX Well Intervention - Brazil co Brazil e Siem Helix 1 commenced operations mid-April; 95% utilized in the quarter; vessel continued to work through items identified in the vessel acceptance process e Siem Helix 1 performed successful operations on 3 wells during Q2 2017; the
Slide 13: Robotics
1 ENERGY SOLUTIONS em HELIX Robotics ao | e 57% chartered vessel fleet utilization in Q2 2017; 42% utilization for ROVs, trenchers and ROVDrills Grand Canyon (North Sea) had 63 days of utilization during Q2 2017 including 51 days trenching and 12 days on short term IRM and ROV support projects e Gra
Slide 14: Utilization
A HELIX Utilization ERGY SOLUTIONS. 100% 80% 60% =Q2 2017 QI 2017 40% 022016 20% 0% 1OV and ROVs and Trenchers + 4000 + Deep Cygnus! + 53 ROVs + Skandi Constructor!:? + Grand Canyon’ 2 geetinietis + Seawell + Grand Canyon Il! +5 Tre + Well Enhancer * Grand Canyon Illi + 5000 + REM Installer’® + Siem
Slide 15: Key Financial Metrics
¢ = W ENERGY SOLUTIONS Key Financial Metrics
Slide 16: Debt Instrument Profile
ENERGY SOLUTIONS em HELIX Debt Instrument Profile OAM acrsraos Total funded debt! of $544 million at end of Debt Instrument Profile at 6/30/17 Q2 2017 Principal Payment Schedule in millions) © $60 million Convertible Senior Notes due 2032 — 3.25%? — © $125 million Convertible Senior Notes due 2022 —
Slide 17: Debt & Liquidity Profile
A HELIX Debt & Liquidity Profile 1 ENERGY SOLUTIONS $2,000 $1,200 @ — Sinmilions) $1,500 - $900 $1,338 3 8 $1,000 $600 $500 $300 $0 $0 42/31/2008 12/31/2009 12/31/2010 1231/2011 123172012 12312013 1231/2014 1231/2015 1213172016 0613072017 mmLT Debt mmmINet Debt -©- Liquidity Liquidity of approximate
Slide 18: 2017 Outlook
Ae HELIX 2017 Outlook ———— SSS SSS Ne SS = = Navigating the present, focusing on the future
Slide 19: 2017 Outlook: Forecast
ENERGY SOLUTIONS em HELIX 2017 Outlook: Forecast OAM acrsraos (Sinmitions) 2016 Outlook Actual Revenues ~590 $ 488 EBITDA ~ 105-125 90 CAPEX ~ 235 189 Revenue Split: Well Intervention $ 400 $ 294 Robotics 160 161 Production Facilities 65 72 Elimination (35) (39) Total ~590 $ 488 Navigating the prese
Slide 20: 2017 Outlook: Well Intervention
Ae LIELIX 2017 Outlook: Well Intervention 1 ENERGY SOLUTIONS Total backlog as of June 30, 2017 was approximately $1.8 billion Q4000 contracted backlog continues into Q4 2017; vessel has committed work into Q1 2018 Q5000 has contracted backlog with BP; BP has elected to utilize 270 days on the vessel
Slide 21: 2017 Outlook: Robotics
em HELIX 2017 Outlook: Robotics al ENERGY SOLUTIONS Grand Canyon is expected to have high utilization in Q3 2017 performing various trenching projects in North Sea; the vessel has good visibility for work continuing well into Q4 2017 Grand Canyon II continues to bid for spot market opportunities in
Slide 22: 2017 Outlook: Capital Expenditures
oa HELIX 2017 Outlook: Capital Expenditures ! ENERGY SOLUTIONS 2017 Capital Expendi Tis yf J at approximately $235 million, isting of the ig e Growth Capex - $220 million in growth capital, primarily for newbuilds currently underway, including: © $95 million for Q7000 o $105 million for Siem Helix 1
Slide 23: 2017 Outlook: Balance Sheet
em HELIX 2017 Outlook a ENERGY SOLUTIONS Balance Sheet e Entered into amended and restated credit agreement on June 30, 2017, which is comprised of a $150 million revolving credit facility and $100 million term loan; proceeds from the term loan and cash on hand used to re pay approximately $180 mill
Slide 24: Non-GAAP Reconciliations
wacrsounors NON-GAAP Reconciliations Ae HELIX Navigating the present, focusing on the future
Slide 25: Non-GAAP Reconciliations
HELIX Non-GAAP Reconciliations 1 ENERGY SOLUTIONS (Sin millions) Three Months Ended Six Months Ended Twelve Months Ended 6/90/2017 6/90/2016 3/91/2017 6/30/2017 6/90/2016 12/31/2016 Netloss $ 6) $ (1) $ (18) $ (23) $ (38) $ (81) Adjustments: income taxprovision (benefit) 5 (4) 3) : (14) (12) Netinte
Slide 26: HLX Listed NYSE
ENERGY SOLUTIONS Oe HELIX HLX Listed NYSE® Follow Helix on Twitter - @Helix_ESG www.linkedin.com/company/helix-energy-solutions-group
Helix Energy Solutions Group — Q2 2017 Earnings Presentation on 6ix