Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Capital One Securities 20th Annual Energy Conference (December 2025)
32 slides from Helix Energy Solutions's conference presentation, Dec 9, 2025
Slide 1: Helix Energy Solutions
Helix Energy Solutions Capital One Securities 20th Annual Energy Conference December 9, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical
Slide 3: Company Snapshot
Company Snapshot Revenue by Market4 NYSE: HLX Corporate Headquarters in Houston, Texas Other Renewables 2% ($31M) $1.3B $430M 11% Net Debt1 Backlog Liquidity2 September 30, 2025 September 30, 2025 September 30, 2025 Production 2,252 37 Maximization 34% Global Employees Nationalities Represented Sept
Slide 4: Helix – An Energy Transition
Helix – An Energy Transition Maximizing Existing Decommissioning Offshore Reserves Renewables Reservoir Management Cement Remediation Cable Trenching and Burial Production Enhancement Pipeline Abandonment UXO Survey & Clearance Tree Change Out Reclamation & Remediation Boulder Removal Wireline, Slic
Slide 5: Business Segment Overview
Business Segment Overview Key Services and Revenue and Gross Profit Assets Major Customers Tailwinds Margin% by Segment ($MM) 1 2020 2021 2022 2023 2024 • Production enhancement • Purpose-built vessels with Well • Decommissioning higher efficiency and lower operating costs vs. $704 $823 • Seven purp
Slide 6: Well Intervention
Well Intervention • Leader in rig-less intervention; lower costs, higher • Vessels and systems perform both decommissioning efficiency and reduced carbon footprint compared to rigs and production maximization operations • Fleet of seven purpose-built well intervention vessels and • Geographically di
Slide 7: Subsea Robotics
Subsea Robotics • We serve both the Renewable Energy and Oil and Gas • A fleet of advanced subsea trenchers, work-class ROVs markets and chartered support vessels • Global leader in trenching windfarm subsea cables • Globally diversified operations and broad customer base Subsea Trenchers (6 units)
Slide 8: Shallow Water Abandonment
Shallow Water Well Services: Abandonment 20 P&A spreads, six coiled tubing units and Commercial Diving: one snubbing unit Three dive support • Provider of decommissioning services vessels in the Gulf of America shelf • P&A and coiled tubing systems, heavy lift barge and fleet of liftboats, OSVs and
Slide 9: Helix Production Facilities
Helix Production Facilities • Helix Producer I floating production unit (FPU) • Helix Fast Response System (HFRS); one of only two providers in the Gulf of America • Our ownership of the Droshky and Thunder Hawk fields in the Gulf of America Page 9 9
Slide 10: Financial Results and Outlook
Financial Results and Outlook
Slide 11: Revenue, Earnings, and Cash Flow Trend
Revenue, Earnings, and Cash Flow Trend1 ($ in millions) $1,600 $100 $303 $1,400 $1,359 $75 $300 $1,290 $1,260 $273 $1,200 $50 $255 $58 $56 $22 $1,000 $25 $873 $200 $180 Revenue $752 $163 $800 $734 $675 $0 $155 $(11) $132 $134 $600 ($25) $121 $120 $96 $400 ($50) $100 $80 $(88) $200 $(62) ($75) $31 $1
Slide 12: Company Financial Highlights
Company Financial Highlights Revenue Dispersion ($ in millions) By Segment1 By Geography1 $1,600 $1,600 $1,400 $1,400 6% 6% 7% 6% 5% $1,200 14% $1,200 7% 13% 14% 16% 6% 21% $1,000 $1,000 14% 19% 23% 15% 28% $800 10% 17% 10% $800 21% 14% 5% 9% 18% $600 18% $600 21% 24% $400 61% $400 55% 57% 50% 58% 4
Slide 13: Historical Quarterly Revenue & Earnings
Historical Quarterly Revenue & Earnings • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention and Robotic
Slide 14: Key Financial Metrics - Debt Instrument Profile
Key Financial Metrics - Debt Instrument Profile Principal Payment Schedule at 9/30/25 Debt and Liquidity Profile at 9/30/25 ($ in millions) ($ in millions) $300 $500 $431 $430 $430 $250 $400 $285 $368 $300 $332 $338 $200 $300 $200 $150 $189 $100 $53 $31 $100 $0 $(30) ($100) $50 $(75) $10 $5 ($200) (
Slide 15: 2025 Forecast
2025 Forecast Key Forecast Drivers Key Financial Metrics ($ in millions) 2025 2024 Our outlook for the remainder of 2025 will be affected by, among other things, the following expected drivers: Outlook Actual Well Intervention Revenues $ 1,230 - 1,290 $ 1,359 • Well Enhancer – utilization during the
Slide 16: Key Financial Metrics – Capital Allocation
Key Financial Metrics – Capital Allocation Maintenance Return to Balance Sheet Strategic Capital Capital Shareholders • Maintain sufficient • Regulatory • Build cash to deploy for • $200M share liquidity, low net debt certification of growth repurchase plan • Strong, conventional vessels and systems
Slide 17: Beyond 2025
Beyond 2025 Strong Balance Sheet Well Intervention • Negative Net Debt1 of $31 million on September 30, 2025, Gulf of America – Expect soft 2026 production enhancement projected to be > $100 million on entering 2026 market and improving P&A market • Low financial leverage, currently approximately 1.
Slide 18: Why Choose Helix?
Why Choose Helix? Market Leader in Purpose-Built Well Intervention and Subsea Trenching • Fleet of seven purpose-built well intervention vessels with riser-based and riserless intervention capabilities, performing production enhancement and decommissioning operations • Diversified geographically ser
Slide 19: Non-GAAP Reconciliations and Supplemental Information
Non-GAAP Reconciliations and Supplemental Information
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ in thousands, unaudited) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (5,165) $ 7,100 $ 15,560 $ (28,333) $ (26,287) $ 32,289 $ 29
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATIONS Non-GAAP Reconciliation ($ in thousands, unaudited) 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ 20,084 $ (61,684) $ (87,784) $ (10,838) $ 53,482 Adjustments: Income tax provision (benefi
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Financial Measures We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. T
Slide 23: Well Intervention Utilization
Well Intervention Utilization Supplemental Schedule 1 Gulf of America utilization includes Q4000 utilization offshore Nigeria between Q4 2024 and Q2 2025 on a six-month contract 2 North Sea utilization includes Seawell utilization in the western Mediterranean during Q1 and Q2 2024 Page 23 3 Q7000 ut
Slide 24: Robotics Utilization
Robotics Utilization Supplemental Schedule 1 Integrated vessel trenching days represents trenching activities utilizing Helix trenchers on Helix-chartered vessels and excludes stand-alone trenching operations on third-party vessels of 49 days, 92 days, 26 days, 90 days, 91 days and 165 days during Q
Slide 25: Shallow Water Abandonment Utilization
Shallow Water Abandonment Utilization Supplemental Schedule Page 25 © 2025 Helix ESG
Slide 26: Corporate Sustainability
Corporate Sustainability Sustainability continues to impact our business strategy and decision-making with a focus on our commitment to energy security and participation in the world’s energy transition. Through maximizing existing reserves, decommissioning and renewable energy support, our services
Slide 27: Thank You
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Slide 28: Macro Outlook - Supports Upside Potential
Appendix Macro Outlook - Supports Upside Potential Oil & Gas Global Offshore Deepwater O&G OpEx1 ($ in billions) • Helix business lines are primarily production- 120 focused and activity-driven by Upstream OpEx 105 109 budgets 100 90 95 99 82 84 • Current high commodity pricing environment is 80 fav
Slide 29: Key Performance Indicators - Energy Service Market
Appendix Key Performance Indicators - Energy Service Market Rystad Energy | Oilfield Service Contract November 25, 2025 Page 29 © 2025 Helix ESG
Slide 30: North America Decommissioning Market: Outlook 2025-2029
Appendix North America Decommissioning Market: Outlook 2025-2029 Decommissioning Commitments Active Subsea Trees Decommissioning Expenditures Active Wells by Region in 2025 by Facility Group in 2025 North America Talos Energy Fixed Talos Energy Rest of the world Floater WT&T Offshore Occidental Petr
Slide 31: Global Decommissioning Market: Outlook 2025-2029
Appendix Global Decommissioning Market: Outlook 2025-2029 Page 31 Source: Rystad Energy ServiceCube as of November 2025 © 2025 Helix ESG
Slide 32: Offshore Wind Renewables Market
Appendix Offshore Wind Renewables Market: Cumulative Offshore Wind Cable Installations by Continent, 2020-2030 100 Export Aray Cable Cable Asia Europe Americas 90 47% 53% 80 79.0 79.0K 72.1 km 70 64.5 60 58.7 50.7 50 42.4 40 36.6 33.8 29.9 30 26.0 20 16.5 10 0 2020 2021 2022 2023 2024 2025 2026 2027