Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Investor Presentation (March 2012)
26 slides from Helix Energy Solutions's investor presentation, March 2012
Slide 1: Dynamically Positioned
Dynamically Positioned March 2012 Company Update
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? Deepwater service provider to the offshore energy industry Focused on subsea infrastructure services with Entirely dynamically positioned fleet plus An emerging offshore renewable energy services capability and Gulf of Mexico oil and gas exploration and production 3
Slide 4: Business Segments
Business Segments Well Intervention Oil and Gas Production Q4000 GOM shelf and deepwater Seawell PV-10 $1.5 billion ($1.3 billion oil)* Well Enhancer Estimated proved reserves – 38,860 Mboe* Normand Clough (JV) Estimated probable reserves – 19,951 Mboe* Mobile VDS/SILs * Reserve data as of 12/31/201
Slide 5: Contracting Services: Dynamically Positioned for Growth
CONTRACTING SERVICES Dynamically Positioned for Growth 5
Slide 6: Strategically Differentiated Fleet
Strategically Differentiated Fleet iTrencher is one of the ROV fleet plays role in world’s largest trenchers offshore windfarms HPI is the Gulf of Mexico’s first DP Floating Production Unit Full spread of assets in HFRS backstops 60+ APAC market Gulf of Mexico drilling permits Q4000 is world’s only
Slide 7: Positioned for Growth
Positioned for Growth Cat B Semisub Work-class ROVs T1200 Trenching ROV Grand Canyon 7
Slide 8: Well Intervention Assets
Well Intervention Assets MSV DP3 Well Enhancer MSV DP2 Normand Clough MSV DP2 Seawell MODU DP3 Q4000 8
Slide 9: Robotics
Robotics The Helix ROV fleet consists of The state of the art iTrencher system Chartered vessels such as the 50+ vehicles, covering the trenches, lays pipe up to 16” in Deep Cygnus are being utilized to spectrum of subsea construction diameter, and backfills in a single support the growing alternati
Slide 10: Subsea Construction Vessels
Subsea Construction Vessels DP Reel Lay Vessel Express Helix’s dual-reel pipelay and subsea construction vessel has established an extensive track record of field installation projects around the world. DP Reel Lay Vessel Intrepid Intrepid has the flexibility to be deployed as a pipelay, installatio
Slide 11: Offshore Renewable Energy Support
Offshore Renewable Energy Support 2012 non-oilfield revenues of $42 million on power cable burial projects 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)
Helix Fast Response System (HFRS) Utilizes vessels and subsea systems 24 independent E&P operators have signed on to include HFRS in proven in Gulf of Mexico spill response drilling permit applications and containment efforts Capability to capture and process up to Cited as spill response an
Slide 13: Production Facilities
Production Facilities Independence Hub Semi (20%) Location: Mississippi Canyon 920 Depth: 8,000 ft. Production capacity: o 1 BCFD Marco Polo TLP (50%) Location: Green Canyon 608 Depth: 4,300 ft. Production capacity: o 120,000 BOPD o 300 MMCFD Helix Producer I FPU Location: Helix’s Phoe
Slide 14: Oil & Gas: Gulf of Mexico Oil and Gas Producer
OIL & GAS Gulf of Mexico Oil and Gas Producer 14
Slide 15: Oil and Gas
Oil and Gas 12/31/2011 Reserve Profile 38,860 Mboe Estimated Proved Reserves 19,951 Mboe Estimated Probable Reserves 44% Deepwater Gulf of Mexico (Proved) 58% Oil (Proved) 58% proved developed PV-10 $1.5 billion ($1.3 billion oil) Year-to-Date Average Production Profile ~24 Mboe/d* ~
Slide 16: Oil and Gas – Reserve Highlights
Oil and Gas – Reserve Highlights At December 31, 2011 Proved Proved Total Developed Undeveloped 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 $ 964 $ 5
Slide 17: Strong Financial Condition
KEY BALANCE SHEET METRICS Strong Financial Condition 17
Slide 18: Debt and Liquidity Profile
Debt and Liquidity Profile ($ amounts in millions) $2,027 $2,000 $1,100 $1,803 $1,500 $825 $1,361 $1,358 $1,155 $1,090 Liquidity Debt $967 $1,000 $550 $609 $500 $275 $0 $0 12/31/2008 12/31/2009 12/31/2010 12/31/2011 Gross Debt Net Debt Liquidity Liquidity of approximately $1.1 billion at 12/31/2011
Slide 19: Pro Forma Debt Maturity Profile
Pro Forma Debt Maturity Profile Pro forma total debt of approximately $1.2 billion Maturity Profile at end of Q1 2012 consisting of: $ Millions o $300 million Convertible Notes – 3.25% (1) $500 $479 o $379 million Term Loans – LIBOR + 3.50% on $279 million, and LIBOR + 2.75% on $100 million (used
Slide 20: Positive Market Outlook
2012 OUTLOOK Positive Market Outlook 20
Slide 21: 2012 Outlook
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 Oil $104.80 / Bbl $100.91
Slide 22: 2012 Outlook
2012 Outlook 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 pr
Slide 23: 2012 Outlook
2012 Outlook 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
Slide 24: 2012 Outlook - CAPEX
2012 Outlook - CAPEX 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
Slide 25: Summary of Hedging Positions
Summary of Hedging Positions * Total Volume Pricing Swap Average Collar Price Oil (Bbls) Collars Swaps Hedged Basis Pricing Floor Ceiling 2012 900,000 - 900,000 WTI $ - $ 96.67 $ 118.57 2012 1,667,500 192,500 1,860,000 Brent $ 103.20 $ 99.42 $ 117.59 2013 600,000 500,000 1,100,000 Brent $ 99.15 $ 95
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 26
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