Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q1 2015 Earnings Presentation
23 slides from Helix Energy Solutions's earnings presentation, Apr 21, 2015
Slide 1: First Quarter 2015 Conference Call
focusing on the future. Be HELIX ENERGY SOLUTIONS First Quarter 2015 Conference Call April 21, 2015
Slide 2: Forward Looking Statements
Forward Looking Statements e= HELIX This presentation corte forward-looking seen | feet pres, risks, uncertainties and assumptions that could cause our results to differ materially from t sed or implied by such forward-looking statements. All statements, other then selerpen a historical ay ice ookin
Slide 3: Agenda
= Executive Summary (pg. 4) * Operational Highlights by Seg) (pg. 8) = Key Balance Sheet Metrics (pg. 13) = 2015 Outlook (pg. 16) = Non-GAAP Reconciliations (pg. 21) = Questions & Answers Navigating the present, focusing on the future. Work class ROV XLX - 88
Slide 4: Executive Summary
Executive Summary sent, focusing on the future.
Slide 5: Executive Summary
Executive Summary (S in millions, except per share data) ‘Three Months Ended 37312015 _—_—«ai3/2014_—«412/31/2014 Revenues $ 190 $ 254 $ 207 Gross profit: $ 3S %e § 33 18% 30% 16% Net income applicable to common shareholders $ 2 § 54 $ 8 Diluted earnings per share $ 019 $ 051 $ 0.08 Adjusted EBITDA
Slide 6: Executive Summary
Executive Summary Q1 201 of $0.19 per diluted sh: pared to $0.08 per diluted share in Q4 2014 68% utilization of well intervention vessels in the first quarter Q4000 on-hire for the entire quarter; 91% utilization in Q1 H534 utilized 71% during Q1 Cc ir ili 54% North well intervention fleet during t
Slide 7: Executive Summary: Balance Sheet
Executive Summary Balance Sheet Liquidity* of approximately $1 billion at 3/31/2015 Cash and cash equivalents totaled $415 million at 3/31/2015 Net debt of $131 million at 3/31/2015 See updated debt instrument profile on slide 14 Navigati ng th ent, focusing on the future. eo HELIX
Slide 8: Operational Highlights by Segment
Navigating the present, focusing on the future. 8
Slide 9: Business Segment Results
Business Segment Results (Sin millions) Revenues Well Intervention Robotics Production Facilities Intercompany elimination fotal Gross profit Well Intervention Robotics Production Facilities Elimination and other Total Three Months Ended 3/31/2015, 3131/2014 7213472014 8 160 8 122 88 at 2 2 «ry (8)
Slide 10: Well Intervention
Well Intervention ae HELIX ZT NEGYSOLUTIONS Gulf of Mexico i] = Q4000 was 91% ee during Q1; IRS mechanical issues encountered in Jan = Helix 534 was ue iss during the quarter; vessel was idle for 26 days = IRS no. 2 remained on hire for the entire quarter Q50¢ ing completion and expected to depart S
Slide 11: 86% chartered vessel fleet utilization in Q1
86% chartered vessel fleet utilization in Q1 lized on a sp. the REM d Installer 61% utilization for ROVs, trenchers and ROVDrill + Grand Canyon fully utilized on a cable burial project offshore Qatar utilizing T1200 and /-Trencher Deep Cygnus performed 45 days of cable burial Scopes with T7500, comp
Slide 12: Vessel utilization chart
91% 86% 79% _ 80% 20% |}—______ — 73% 68% 67% 61% 60% mai 2015 1Q4 2014 40% Qi 2014 20% — 0% + Skandi Constructor! + Olympic Canyon * +52 ROVs + Soawell? + Doop Cygnus! + 2ROVDiil Units + Wel + Olympic Triton 2 +5 Trenchers 4 + Grand Canyon * REM instalier? * Spot ves: Chartered vessel. Vessel retum
Slide 13: Key Balance Sheet Metrics
Navigating the present, focusing on the future.
Slide 14: Debt Instrument Profile
Debt Instrument Profile er HELIX ZT NEGYSOLUTIONS Total funded debt of $566 million at end of Q1 2015: = $200 million Convertible Senior Notes — 3.25% * ($181 million net of unamortized debt discount) Debt Instrument Profile at 3/31/2015 ($ s) ss00 1 * $274 million Term Loan — LIBOR + 2.25% 2 + Annu
Slide 15: Debt & Liquidity Profile
Debt & Liquidity Profile $2,027 (Sin mitons) $2,000 $1,200 1.803 a ® e e $1,500 we $900 $1361 $1ase $155 « $1,090) 8 $1,019 8 $1,000 $600 $509 BME SSe2 ss6sgssx ssa $500 $300 $88 $75 Be so so 12/21/2008 12/31/2009 32/33/2010 12/33/2031 12/31/2012. 12/31/2012 12/31/2014 03/21/2015 MMEGrossDebt mmmNet
Slide 16: 2015 Outlook
Navigating the present, focusing on the future. 16
Slide 17: Outlook
15 Outlook eo HELIX ($ in millions, except per share data) 2015 Outlook Revenues EBITDA ~ 200 - 240 CAPEX ~360 Eamings per share ~ $0.55 - $0.70 Revenue Split: Well Intervention $ 475 Robotics 320 Production Facilities 80 Elimination (35) Total $ 840 ent, focusing on the future. $ $ 2014 Actual 1,10
Slide 18: Outlook
15 Outlook ee HELIX ZT NEGYSOLUTIONS Total backlog as of March 31, 2015 was approximately $2.1 billion The Q4000 (currently in dry dock for an estimated 45 days) is expected to have good utilization in 2015; new three year contract award commences in 2015 = Acustomer cancellation (with penalty) for
Slide 19: Outlook
15 Outlook ee HELIX ZT NEGYSOLUTIONS Robotics market impacted by the same macro conditions affecting energy markets REM Installer to continue serving GOM market in 2015; recently awarded preferred contractor itus with major subsea construction client, which is expected to provide healthy baseline ut
Slide 20: 2015 Outlook — Capex
2015 Outlook — Capex e= HELIX ENERGY SOLUTIONS. 2015 capex is currently forecasted at approximately $360 million, consisting of the following: $260 million in growth capital; primarily for newbuilds currently underway, including: + $155 million for Q5000 + $40 million for Q7000 + $45 million for Sie
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations ~~ : - focusing on the future.
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations ee HEL ZT EGYSOLUTIONS (Sin millions) ‘Three Months Ended 3/31/2015 «3/34/2014 12/31/2014 Net income applicable to common shareholders $ 2 $ mS 8 Adjustments: Net income applicable to noncontrolling interests $ Ses eG Income tax provision (benefit) : 20 ©) Net interest expen
Slide 23: Helix Energy Solutions
focusing on the future. ENERGY SOLUTIONS Be HELIX HLX Listed NYSE® Follow Helix on Twitter - @Helix_ESG www.linkedin.com/company/helix
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