Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q2 2015 Earnings Presentation
23 slides from Helix Energy Solutions's earnings presentation, Jul 21, 2015
Slide 1: Second Quarter 2015 Conference Call
focusing on the future. Oe IELIX ENERGY SOLUTIONS Second Quarter 2015 Conference Call July 21, 2015
Slide 2: Forward-looking statements
re eset contains forward-looking statements that involve risks, uncertainties and assumptions that could sults to differ materially from th ed or implied by such nae eae senate All Siatemenis, other than statements of historical fact, are "forward-looking statements" within the meaning of the Privat
Slide 3: Agenda
= Executive Summary (pg. 4) = OF i Highli by Si (pg. 8) = Key Balance Sheet Metrics (pg. 13) = 2015 Outlook (pg. 16) = Non-GAAP Reconciliations (pg. 21) = Questions & Answers Work class ROV XLX - 88 Navigating the present, focusing on the future. 3
Slide 4: Executive Summary
Executive Summary focusing on the future
Slide 5: Executive Summary
Executive Summary ($ in millions, except per share data) ‘Three Months Ended Six Months Ended 6/30/2015 «6/30/2014 _—_—«3/31/2015 6/30/2015 6/30/2014 Revenues $ 16 $ 36 $ 120 $ 2356 $ 559 Gross profit $ 2aas eS c0e es: 35 $ 59 $185 15% 36% 18% 17% 33% Net income (loss) applicable to common sharehold
Slide 6: Executive Summary
Executive Summary + 22015 loss of $(0.03) per diluted share compared to earnings of $0.19 per diluted share in Q1 2015 + Well Intervention — Q2 2015 * 63% utilization of active well intervention vessels * Gulf of Mexico 42% utilization (2 vessels) + North Sea 84% utilization (2 vessels) = Q4000 in d
Slide 7: Executive Summary - Balance Sheet
Executive Summary Balance Sheet Liquidity” of approximately $1.0 billion at 6/30/2015 Funding of $250 million of Q5000 Term Loan on delivery of vessel Cash and cash equivalents totaled $500 million at 06/30/2015 Net debt of $294 million at 06/30/2015. See updated debt instrument profile on slide 14
Slide 8: Operational Highlights
Operational Highlights eo HELIX
Slide 9: Business Segment Results
n Business Segment Results - gala® ENERGY SOLUTIONS 63% utilization across the active well intervention fleet Three Months Ended é Sve 6/30/2015 6/30/2014 3/31/2015 utilized 55%, (8 in millions) Well Enhancer tully utilized = Skanai Constructor utilization improved Walt intenenion . is s by § 18 io
Slide 10: Gulf of Mexico and North Sea
Gulf of Mexico 4000/n dry dock most of Q2; vessel returned to work in early June, worked 26 days in the quarter + Helix 534was ee utilized during the quarter; vessel was idle for 41 days + IRS no. 2 rental unit remained on hire for the entire quarter + IRS no. 1 commenced 210 day rental contract in
Slide 11: 81% chartered vessel fleet utilization in Q2
81% chartered vessel fleet utilization in Q2 61% utilization for ROVs, trenchers and ROVDrills Grand Canyon, T1200 and meats utilized on a cable burial project offshore Qatar during Grand Canyon Il entered fleet in late April and was utilized on a cable burial project in the Baltic Sea with T750 or
Slide 12: Vessel and ROV utilization
100% 988 89% 86% 81% 80% GR Se ieee 68% 63% 60% _—_ Q2 2015 12015, 40% 922014 20% 0% ROVSs and Trenchers + Skandl Consinctor' + Olympic Canyon +54 ROVs: jeawell? eep Cygnus | +2 ROVDill Units + Weil Enhancer + Olympic Triton "2 +5 Trenchers +Q4000 * Grand Canyon’ Ee * Grand Canyon Il" + REM Installe
Slide 13: Key Balance Sheet Metrics
Navigating the present, focusing on the future.
Slide 14: Debt Instrument Profile
n Debt Instrument Profile er HELIX ENERGY SOLUTIONS Total funded debt of $812 million at end of Q2 2015: Debt Instrument Profle at 6/30/2015 = $200 million Convertible Senior Notes — 3.25% ' he ($182 million net of unamortized debt discount) ae = $270 million Term Loan — LIBOR + 2.50% 2 + Annual amo
Slide 15: Debt and liquidity
Debt? $2,000 $1,500 $1,000 $2,027 (Sin millions) $1,803, $2361 $1,358, $1,155 $1,050] age $1019 $798 609 bs $582 $566 $551. 294 S88 $75 12/31/2008 12/31/2009 12/31/2010 12/31/2011. 12/33/2012 12/33/2013 12/31/2014 06/30/2015 Gross Debi Net D« Liquidity $1,200 $900 $600 $300 focusing on the future.
Slide 16: focusing on the future.
focusing on the future.
Slide 17: 2015 Outlook
2015 Outlook ($ in millions, except per share data) 2015 Outlook Revenues $ 752 EBITDA ~160- 190 CAPEX ~ 365 Earnings per share ‘” ~ $0.24 Revenue Split: Well intervention $ 394 Robotics 308 Production Facilities, 78 Elimination (28) Total $ 752 >sent, focusing on the future. 2014 Actual $ 1,107 ESE
Slide 18: 2015 Outlook
n 2015 Outlook er HELIX ENERGY SOLUTIONS Total backlog as of June 30, 2015 was approximately $2.1 billion The Q4000 is expected to have good utilization for the remainder of 2015 The H534 is scheduled to enter dry dock in Q3 of 2015 for an estimated 45 days; vessel warm stack under consideration me
Slide 19: 2015 Outlook
n 2015 Outlook er HELIX ENERGY SOLUTIONS REM Installer utilization bolstered by customer preferred contractor status in the Gulf of Mexico Olympic Canyon to continue operations offshore India under firm commitment through early September; competitive bid submitted for new contract Deep Cygnus with T
Slide 20: 2015 Outlook — Capex
2015 Outlook — Capex oe HELIX ENERGY SOLUTIONS 2015 capex is currently forecasted at approximately $365 million, consisting of the following: $256 million in growth capital; primarily for newbuilds currently underway, including: + $154 million for Q5000 + $28 million for Q7000 $54 million for Siem H
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations focusing on the future.
Slide 22: Non-GAAP Reconciliations
n Non-GAAP Reconciliations Ge EL ENERGY SOLUTIONS (Sin millions) Three Months Ended Six Months Ended 6/30/2015 6/30/2014—_-3/31/2015 6/30/2015 6/30/2014 Net income (loss) applicable to common shareholders $ @ $ 58 20 $ et ee Adjustments: Income tax provision 1 7 : 1 38 Net interest expense and other
Slide 23: Helix Energy Solutions contact
focusing on the future. ENERGY SOLUTIONS Oe IELIX HLX Listed NYSE® Follow Helix on Twitter - @Helix_ESG ; rae 9g p www.linkedin Pp: gy
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