Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Hornbeck Offshore Services — Q3 2026 Earnings Presentation
37 slides from Helix Energy Solutions's earnings presentation, Nov 5, 2026
Slide 1: Hornbeck Offshore Services Third Quarter 2026 Earnings
Hornbeck Offshore Services Third Quarter 2026 Earnings A Premier Integrated Offshore Services Company November 5, 2026 Exhibit 99.2
Slide 2: Disclaimer: Cautionary Note Regarding Forward-Looking Statements
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of present or historical fact included in this presentation are forwa
Slide 3: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures, see Appendix for reconciliations. For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period and does not reflect Pro forma adjustments, in
Slide 4: Combination with Helix Creates an Integrated Offshore Services Leader in Deepwater
Combination with Helix Creates an Integrated Offshore Services Leader in Deepwater 4 Fleet of High-Specification Deepwater Vessels 56 OSVs, including 22 ultra high-spec 15 MPSVs, including two newbuilds to be completed in 2027 & 2028 56 U.S. Jones Act-qualified vessels United States and Latin Americ
Slide 5: Consolidated Summary Results
5 Consolidated Summary Results Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 ($ in millions, except for %) As Reported As Adjusted(1) As Reported As Adjusted(1) Revenue $ 293 $ 503 $ 183 $ 487 Adjusted EBITDA(2) 106 155 67 147 Adjusted EBITDA Margin(2) 36% 31% 36% 30% Adjust
Slide 6: 3Q2026 Balance Sheet and Liquidity
3Q2026 Balance Sheet and Liquidity Well-Capitalized Balance Sheet $731m Face Value of Debt Strong Adjusted Free Cash Flow and Conversion $536m 3Q2026 LTM Adj. EBITDA(1), as adjusted(2) Ample Liquidity $472m Cash Balance Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free
Slide 7: Disciplined Strategic Growth and Capital Allocation Plan
Disciplined Strategic Growth and Capital Allocation Plan Maintain asset base and execute on strategic priorities Maintain a solid asset base to ensure targeted returns and reinvest in existing business to preserve operating capability and long-term earnings potential Pursue strategic growth opportun
Slide 8: Marine Transportation & Specialty Segment
Marine Transportation & Specialty Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Active Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day For illustrative purposes only. As Adjusted reflects unaudited results
Slide 9: Subsea Services Segment
Subsea Services Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day Three months ended September 30, 2026 ($ in millions except for %, average vessel counts and am
Slide 10: Well Intervention Segment
Well Intervention Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day Well Intervention Avg. Dayrates and Utilization Well Intervention Backlog $760 million For il
Slide 11: Revenue and Cost Synergy Progress
Revenue and Cost Synergy Progress At announcement, $75m of revenue and cost synergies were targeted within three years of closing the merger Tracking towards $15m of revenue synergies within the first year of the combined company Additional opportunities to generate revenue synergies through: Integr
Slide 12: Fourth Quarter 2026 and Full Year 2027 Outlook
Fourth Quarter 2026 and Full Year 2027 Outlook FOURTH QUARTER 2026 $90–$100M ADJUSTED EBITDA(1) First full quarter of combined operations FULL-YEAR 2027 $500–$550M No material contribution from non-core operations Does not rely on a meaningful increase in U.S. GoA drilling activity ADJUSTED EBITDA(1
Slide 13: Update on Organic Growth Initiatives
Update on Organic Growth Initiatives Two U.S.-flagged, Jones Act-qualified HOS 400 class MPSVs under construction, with physical delivery expected in 2027. First vessel expected to enter commercial service in late 3Q2027; second vessel in 2Q2028, following post-delivery crane and other system instal
Slide 14: Recent Shell Contract
Recent Shell Contract Entered into multiple integrated deepwater services agreements with Shell in the U.S. Gulf of America Expect to deploy riser-based Well Intervention Vessel, a high-spec MPSV combined with ROVs and a Jones Act-compliant deepwater OSV Operations expected to commence in 2027, with
Slide 15: Key Investment Highlights
Key Investment Highlights Hornbeck benefits from its integrated end-to-end deepwater service offerings, diverse customer base and end markets, and strong balance sheet flexibility Diversified service offerings for a wide range of world-class customers across a variety of end markets, driving cash fl
Slide 16: Appendix
Appendix
Slide 17: Historical Segment Key Operating Statistics
Historical Segment Key Operating Statistics Historical Utilization, Dayrate, and Vessel Count Metrics Active Fleet Utilization
Slide 18: Marine Transportation & Specialty
Marine Transportation & Specialty Operates vessels primarily for the transportation of equipment, materials and supplies to the offshore energy and defense industries 56 Total OSVs, incl. 22 ultra-deepwater-high-spec 50 U.S. Jones Act- qualified vessels 24 Stacked vessels available ULTRA HIGH-SPEC F
Slide 19: Subsea Services
41 Work-class ROVs 6 Subsea trenching systems 9 MPSVs, incl. two newbuilds in 2027 and 2028 6 U.S. Jones Act- qualified vessels 3 IROV Boulder grabs Subsea Services TRENCHING AND ROV SPREAD As of November 4, 2026 9 Vessel MPSV Fleet(1) 5 Vessel Chartered ROV Fleet(1) Vessel Class Active / (Stacked)
Slide 20: Well Intervention
7 Well intervention vessels 8 Intervention riser systems (IRS) 3 Subsea intervention lubricator systems (SIL) 1 Riserless open-water abandonment system 1 Production facility vessel Well Intervention SEMI-SUBMERSIBLE INTERVENTION VESSEL 7 Vessel Well Intervention Fleet(1) Additional Asset Listing(1)
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 22: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 23: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 24: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 25: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 26: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 27: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 28: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 29: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 30: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 31: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 32: Unaudited Consolidated Statements of Operations - Well Intervention Segment
Hornbeck | Non-GAAP Reconciliation As Reported Adjustments 1 As Adjusted Well Intervention Revenue: Vessel revenue 76,612 $ 156,423 $ 233,035 $ Non-vessel revenue 1,388 2,327 3,715 Total revenue 78,000 158,750 236,750 Adjusted EBITDA 32,443 43,943 76,386 Adjusted EBITDA margin % 41.6 % 27.7 % 32.3 %
Slide 33: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 34: Hornbeck | Non-GAAP Reconciliation
Hornbeck | Non-GAAP Reconciliation
Slide 35: Well Intervention Reconciliation of Adjusted EBITDA
Hornbeck | Non-GAAP Reconciliation Well Intervention As Reported Adjustments 1 As Adjusted Reconciliation of Adjusted EBITDA: Operating income (loss) $ 26,022 $ 20,096 $ 46,118 Interest Income - - - Depreciation and amortization expense 6,421 23,847 30,268 Stock-based compensation expense - - - Merg
Slide 36: Credit Statistics and Reconciliation for Non-GAAP Debt Metrics
Hornbeck | Credit Statistics and Reconciliation for Non-GAAP Debt Metrics 36 Three Months Ended September 30, 2026 ($ in thousands, except for %) As Reported As Adjusted Cash and cash equivalents $ 471,551 $ 471,551 Total Debt, per GAAP $ 736,159 $ 736,159 Unamortized debt premium (7,239) (7,239) Un
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Hornbeck Offshore Services — Q3 2026 Earnings Presentation on 6ix