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Helix Company UpdateMarch 2025
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22 This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause ourresults to differ materially from those expressed or implied by such forward-looking statements. All statements, other thanstatements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Actof 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; anyprojections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility andfuture utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; ourspending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; ourability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of theAlliance acquisition and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions bygovernmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; humancapital management issues; geologic risks; and other risks described from time to time in our filings with the Securities andExchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free ofcharge on the SEC's website atwww.sec.gov.We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. INTRODUCTIONForward-Looking Statements
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33 ABOUT HELIXHelix – An Energy TransitionMaximizing Existing ReservesReservoir ManagementProduction EnhancementTree Change OutWireline, Slickline & Coiled TubingScale Squeeze & StimulationDHSV LockoutInspection, Repair, Maintenance DecommissioningCement RemediationPipeline AbandonmentReclamation & RemediationWellhead RemovalSeabed Infrastructure RemovalThrough Tubing Abandonment & RemovalUpper Plug & Abandonment Offshore RenewablesCable Trenching and BurialUXO Survey & ClearanceBoulder RemovalMattress Installation & RemovalCable RepairAir DivingRoute Preparation 44%144%111%11Percentage of 2024 Revenue
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4$320M - $380M2025 EBITDA1,3 Company Snapshot 1EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below 2Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under the Company’s ABL facility and excludes restricted cash, if any3Revenue, EBITDA and Free Cash Flow based on current guidance4 Revenue percentages based on 2024 Revenues and net of intercompany eliminations Revenue by Market4ABOUT US2,313Global EmployeesDecember 31, 2024$1.36B - $1.50B2025 Revenue3$430MLiquidity2December 31, 2024$1.4BBacklogDecember 31, 202438Nationalities RepresentedDecember 31, 2024($53M)Net Debt1December 31, 2024NYSE: HLXCorporate Headquarters in Houston, Texas $175M - $225M2025 Free Cash Flow1,3ForecastRenewables11%Other1%Decommissioning -Deep Water31%Decommissioning -Shallow Water13%Production Maximization44%
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5 Business Segment OverviewABOUT USWell InterventionRoboticsShallow Water Abandonment2Production Facilities Key Services and AssetsTailwindsRevenue and Gross Profit Margin% by Segment ($MM) 1Major Customers Helix differentiates itself through a pure-play offshore business model anchored byseven world-class built-for-purpose well intervention vessels • Production enhancement• Decommissioning• Seven purpose-built Well Intervention vessels and 12 Subsea Intervention Systems• Subsea trenching• Offshore construction and inspection, repair and maintenance (IRM)• Six trenchers, two boulder grabs, 39 work-class ROVs and chartered vessel fleet• Well P&A• Structure decommissioning and platform removals• Fleet of 20 vessels (OSVs, lift boats, dive vessels, heavy lift barge) and 26 systems (P&A and coiled tubing)• Floating production unit• Offshore production• Emergency well control deployment • Purpose-built vessels with higher efficiency and lower operating costs vs. rigs; long-term contracts for four of seven vessels• Increasing global marine construction and renewables deployment• Greater complexity and water depths• Increased regulatory requirements• 2025 contract renewals1 Revenue by segment net of intercompany eliminations2 Shallow Water Abandonment includes the results of Helix Alliance acquired July 1, 2022 2020 2021 2022 202324% $524 $495 $508 $704 $823 $151 $110 $158 $223 $260 N/A N/A$125 $275 $187 $58 $69 $82 $88 $89 30%13%27%n/m
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6 Well Intervention Q4000 (US Gulf Coast / West Africa)Dynamically positioned class 3 (“DP3”) purpose-built semisubmersible well intervention vessel Q5000 (US Gulf Coast)DP3 purpose-built semisubmersible well intervention vessel Q7000 (West Africa / Asia Pacific / Brazil)DP3 purpose-built semisubmersible well intervention vessel Siem Helix 1 & Siem Helix 2 (Brazil)DP3 well intervention vessels contractedthrough at least 2027 (SH2) and 2028 (SH1) Seawell (North Sea)Dynamically positioned class 2 (“DP2”) light well intervention and saturation diving vessel Well Enhancer (North Sea)DP3 custom designed well intervention and saturation diving vessel Intervention Riser SystemsUtilized for wireline intervention, production logging, coiled-tubing operations, wellstimulation and full P&A operations Subsea Intervention LubricatorsEnable efficient and cost-effective riserless intervention and abandonment solutions forsubsea wells up to 1,500m water depth OPERATIONS• A global leader in rig-less intervention; lower costs, higher efficiency, and reduced carbon footprint compared to rigs• Fleet of seven purpose-built well intervention vessels and 12 well intervention systems operating globally• Vessels and systems perform both decommissioningand production maximization operations• Geographically diverse scope of operations and concentration of blue-chip customers
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77 • We serve both the RenewableEnergy and Oil and Gas markets• Global leader in trenching windfarm subsea cables • A fleet of advanced subsea trenchers, work-class ROVs and chartered support vessels • Globally diversified operations and broad customer baseRobotics ROV Fleet (39 units)Highly maneuverable underwater robots capable of performing subsea construction and well intervention tasks Subsea Trenchers (6 units)Four jet trenchers, one cutting trencher and one plough trencher that provide subsea power cable, umbilical, pipeline and flowline trenching up to 3,000m water depth IROVBoulder GrabsRemotely operated robotic grabs specially developed to relocate seabed boulders to prepare an offshore wind farm site for construction ROV Support Vessels (Global)Chartered fleet of DP2 and DP3 subsea support vessels OPERATIONS
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88 • Leading provider of decommissioningservices in the US Gulf Coast Shelf • P&A and Coiled Tubing systems, Heavy Lift Barge and fleet of liftboats, OSVs and Diving Vessels• Only company capable of providing all facets of decommissioning services in the U.S. Gulf Coast shelf• Well P&A • Sub-sea architecture removal • Facility decommissioning and structure removal OPERATIONSShallow Water AbandonmentCommercial Diving:Three dive support vesselsWell Services:20 P&A spreads, six coiled tubing units and one snubbing unitMarine Services:Six OSVs ranging from 150’ to 170’ and one crewboatHeavy Lift:Epic Hedron1,763-ton derrick bargeMarine Services:Nine liftboats ranging in size up to 265’
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9 •Helix Producer I floating production unit (FPU)• Helix Fast Response System (HFRS); one of only two providers in the US Gulf Coast• Our ownership of the Droshky and Thunder Hawk wells and related infrastructure in the US Gulf CoastHelix Production Facilities OPERATIONS
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1010 2025 OUTLOOKForecast($ in millions)2025 2024Outlook ActualRevenues $ 1,360 - 1,500 1,359$ Adjusted EBITDA1 320 - 380 303 Free Cash Flow1,2175 - 225 163 Capital Additions370 - 90 59 Revenue Split:Well Intervention $ 850 - 890 830$ Robotics 290 - 340 298 Shallow Water Abandonment 190 - 230 187 Production Facilities 70 - 80 89 Eliminations (40) (45) Total Revenue $ 1,360 - 1,500 1,359$ 1Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below2Free Cash Flow in 2024 included $58 million related to the Alliance acquisition earn out 3Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures Key Financial MetricsKey Forecast DriversOur 2025 outlook will be affected, among other things, by the timing and extent of the winter weather seasonal impact to our utilization and the following expected key drivers: Well Intervention •Q4000– length of Nigeria campaign and utilization on return to the U.S. Gulf Coast•Q5000– operating efficiency North Sea; seasonal utilization on Well Enhancer and Seawell• Brazil –Siem Helix 1 transition from Trident to new Petrobras contract; Siem Helix 2 operating efficiency•Q7000– transition to Brazil Shell contract and operating efficiencyRobotics• Seasonal utilization in the North Sea and Asia Pacific on chartered vessels Shallow Water Abandonment • Strength of contracting for oil and gas properties in bankruptcies reverting to former owners; seasonal utilization of shallow water operations on the U.S. Gulf Coast shelf Production Facilities• Thunder Hawk duration of well shut-ins; timing of remediation efforts
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1111Total funded debt†of $324 million at 12/31/24• $300 million Senior Notes due 2029 – 9.75%• $24 million MARAD Debt – 4.93%• Semi-annual amortization payments through maturity in Q1 2027 KEY FINANCIAL METRICSDebt Instrument Profile †Excludes $9 million of remaining unamortized debt discount and issuance costs$9 $10 $5 $300 $0$50$100$150$200$250$3002025 2026 2027 2028 2029Principal Payment Schedule at 12/31/24($ in millions)MARAD2029 Senior Notes$256$187$335$368$(305)$(264)$(362)$(315)$305 $285 $431 $430 $22 $(75)$(30)$53 ($400)($300)($200)($100)$0$100$200$300$400$500CashLong-term debt Liquidity Net Debt12/31/21 12/31/22 12/31/23 12/31/24Debt and Liquidity Profile at 12/31/24($ in millions)1Cash includes cash and cash equivalents but excludes restricted cash of $71 million, at December 31, 20212 Long-term debt net of debt issuance costs3Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix’s ABL facility but excludes cash pledged to the ABL facility 4 Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below1234Amounts may not add due to rounding
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12 Capital AllocationStrategic Capital• Build cash surplus to deploy opportunisticallyReturn to Shareholders•$200M share repurchase plan • $42M of repurchases to date under planMaintenance Capital• Regulatory certification of vessels and systems Balance Sheet• Simplified capital structure• Maintain sufficient liquidity, low net debt$430MLiquidity at 12/31/24($53M)Net Debt1at 12/31/24Targeting minimum 25% FCF$70-90MForecasted in 2025Opportunistic KEY FINANCIAL METRICS 1Net Debt is a non-GAAP financial measure; see non-GAAP reconciliation below
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Non-GAAP Reconciliationsand Supplemental Information
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1414 NON-GAAP RECONCILIATIONSNon-GAAP Reconciliations($ in thousands, unaudited)12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024Reconciliation from Net Income (Loss) to Adjusted EBITDA:Net income (loss) 20,084$ (61,684)$ (87,784)$ (10,838)$ 53,482$ Adjustments:Income tax provision (benefit) (18,701) (8,958) 12,603 18,352 28,582 Net interest expense 28,531 23,201 18,950 17,338 22,629 Other (income) expense, net (4,724) 1,490 23,330 3,590 3,922 Depreciation and amortization 133,709 141,514 142,686 164,116 173,292 Goodwill impairment 6,689 - - - - Non-cash gain on equity investment (264) - (8,262) - - EBITDA 165,324 95,563 101,523 192,558 281,907 Adjustments:(Gain) loss on disposition of assets, net (889) 631 - (367) 479 Acquisition and integration costs - - 2,664 540 - General provision (release) for current expected credit losses 746 (54) 781 1,149 (161) (Gain) loss on extinguishment of long-term debt (9,239) 136 - 37,277 20,922 Change in fair value of contingent consideration - - 16,054 42,246 - Realized losses from foreign exchange contracts not designated as hedging instruments (682) - - - - Adjusted EBITDA 155,260$ 96,276$ 121,022$ 273,403$ 303,147$ Free Cash Flow:Cash flows from operating activities 98,800$ 140,117$ 51,108$ 152,457$ 186,028$ Less: Capital expenditures, net of proceeds from sale of assets (19,281) (8,271) (33,504) (18,659) (22,840) Free cash flow 79,519$ 131,846$ 17,604$ 133,798$ 163,188$ Net Debt:Long-term debt and current maturities of long-term debt 349,563$ 305,010$ 264,075$ 361,722$ 315,157$ Less: Cash and cash equivalents and restricted cash (291,320) (327,127) (189,111) (332,191) (368,030) Net Debt 58,243$ (22,117)$ 74,964$ 29,531$ (52,873)$
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1515 NON-GAAP RECONCILIATIONSNon-GAAP DefinitionsNon-GAAP Financial MeasuresWe define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation andamortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. Toarrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, acquisition and integration costs, gainsor losses related to convertible senior notes, the change in fair value of contingent consideration and the general provision (release) forcurrent expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, netof proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net debt is calculated as long-termdebt including current maturities of long-term debt less cash and cash equivalents and restricted cash.We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance ofour business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze andevaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operatingbudgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that ourmeasures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operatingperformance and ability to service debt and fund capital expenditures and may help our investors understand and compare our resultsto other companies that have different financing, capital and tax structures. Other companies may calculate their measures ofEBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness ascomparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as asubstitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or otherincome or cash flow data prepared in accordance with GAAP . Users of this financial information should consider the types of eventsand transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in thispress release to the most directly comparable financial information presented in accordance with GAAP . We have not providedreconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges andimpracticability with estimating some of the items without unreasonable effort, which amounts could be significant.
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1616 OPERATIONAL HIGHLIGHTSWell Intervention UtilizationSupplemental Schedule 1 U.S. Gulf Coast utilization includes Q4000utilization offshore West Africa during Q4 2024 on a six-month contract2North Sea utilization includes Seawellutilization in the western Mediterranean between Q4 2023 and Q2 2024 3Q7000utilization includes utilization in West Africa through Q4 2022, New Zealand in 2023 and Australia in 2024
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1717 OPERATIONAL HIGHLIGHTSRobotics UtilizationSupplemental Schedule 1 Integrated vessel trenching days represents trenching activities utilizing Helix trenchers on Helix-chartered vessels and excludes stand-alone trenching operations on the i-Plough on third-party vessels of 90 days, 58 days, 49 days, 92 days and 26 days during Q1 2023, Q2 2023, Q2 2024, Q3 2024 and Q4 2024, respectively2Total ROV utilization includes 42, 40 and 39 work class ROVs during 2021, 2022 and 2023-2024, respectively, and four trenchers during 2021; IROV boulder grabs placed into service end of Q3 2022 and Q1 2024; two trenchers placed into service late Q4 2022 and one trencher retired from service Q1 2024
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1818 OPERATIONAL HIGHLIGHTSShallow Water Abandonment UtilizationSupplemental Schedule 1 Systems utilization includes six CT systems; 15 P&A systems from Q4 2022 to August 2023 and 20 P&A systems beginning September 2023 2 Liftboat utilization includes ten liftboats during Q4 2022 and nine liftboats beginning Q1 2023
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1919 Revenue, Earnings and Cash Flow Trend1 Revenue Net income (loss)1 Helix Alliance revenue, earnings and cash flow have been included beginning July 1, 2022 (date of acquisition)2 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations above3 Net income in 2024 includes a loss of $21 million in related to the retirement of the 2026 Convertible Notes; net loss in 2023 includes losses of approximately $37 million related to the repurchase of $160 million principal amount of the 2026 Convertible Notes and $42 million for the change in the value of the Alliance earnout; net loss in 2022 includes a loss of $16 million for the change in the value of the Alliance earnout4 2025 amounts represent the mid-point of Helix’s current forecast 5 2024 Free Cash Flow includes $58 million of the earnout payment made April 3, 2024 KEY FINANCIAL METRICS($ in millions)$873 $1,290 $1,350 $1,430 $(88)$(11)$54 ($100)($75)($50)($25)$0$25$50$75$100$0$200$400$600$800$1,000$1,200$1,400$1,6002022³ 2023³ 2024³2025⁴RevenueNet Income (loss)$121 $273 $303 $350 $18$134$163$200$0$100$200$300$4002022 2023 20242025⁴Adjusted EBITDA²Free Cash Flow Supplemental Schedule 2, 5
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2020 Company HighlightsBy Geography1By Segment1 1 Revenue percentages net of intercompany eliminations 2 Helix Alliance revenue has been included in Shallow Water Abandonment segment and U.S. region beginning July 1, 2022 (date of acquisition)3 2025 amounts based on mid-point of current forecast ($ in millions)Revenue Dispersion58%55%61%61%18%17%19%19%14%21%14%15%10%7%7%5%$0$200$400$600$800$1,000$1,200$1,400$1,6002022 2023 2024³ 2025Well InterventionRoboticsShallow Water Abandonment²Production Facilities51%50%40%37%24%21%18%24%9%14%14%25%5%13%16%10%5%3%10%6%$0$200$400$600$800$1,000$1,200$1,400$1,6002022 2023 2024³ 2025United StatesNorth SeaBrazilAsia PacificWest AfricaOther2 Supplemental ScheduleKEY FINANCIAL METRICS
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2024 Corporate Sustainability Report Sustainability continues to drive our business strategy and decision-makingwith a renewed focus on our commitment to energy security andparticipation in the world’s energy transition. Through maximizing existingreserves, decommissioning and renewable energy support, our services laythe foundation for this transformation.Our 2024 Corporate Sustainability Report details our Greenhouse GasEmissions and reduction targets and is designed to align and be guided bythe Task Force for Climate-Related Financial Disclosure (TCFD) voluntaryreporting framework, the Applicable Value Reporting Foundation’sSustainability Accounting Standards Board (SASB) - Oil and Gas ServicesStandard, Institutional Shareholder Services (ISS), Sustainalytics and theGlobal Reporting Initiative (GRI).Our 2024 Corporate Sustainability Report can be found on our website atwww.helixesg.com21
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2323 Oil & Gas• Helix business lines are primarily production focused and activity driven by Upstream OpEx budgets• Current high commodity pricing environment favorable for offshore spending on both enhancement and decommissioning activitiesRenewable Energy • Robotics segment continues to expand into the Renewables market • Market leading position in Europe for trenching services • Expanded geographic mix into U.S. and Asia Pacific• Expanded services beyond trenching MACRO OUTLOOKSupports Upside PotentialGlobal Offshore Deepwater O&G OpEx1($ in billions)Global Offshore Wind Additions2(Turbines / Foundations)1Rystad Energy | Service Demand Cube February 20252Rystad Energy | Offshore Vessel Analysis Dashboard February 2025 Appendix 1,2571,1658341,8672,0171,87605001,0001,5002,0002,5002022A 2023A 2024A 2025E 2026E 2027E 72798488931000204060801001202022A 2023A 2024A 2025E 2026E 2027E
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2424 KEY PERFORMANCE INDICATORSIn The Energy Service Market Rystad Energy | Oilfield Service Contract February 21, 2025 Appendix
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2525 DECOMMISSIONING MARKETNorth America: Market Outlook 2024-2028 Source: Rystad Energy ServiceCube, SubseaCube, WellCube as of February 2025 AppendixDecommissioning Commitments by RegionNorth America Rest of the worldDecommissioning Expenditures by Facility GroupFixedFloaterSubsea tie back$5.1 billion 2025-2029Active subsea trees in 2024 Active wells in 2024Talos EnergyOccidental PetroleumMarubeniWalterShellOtherTalos EnergyW&T OffshoreCox OilPemexArena OffshoreOther
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2626 DECOMMISSIONING MARKET Global: Market Outlook 2024-2028 Source: Rystad Energy ServiceCube as of February 2025 AppendixGlobal: Summary
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2727 OFFSHORE WIND RENEWABLES MARKETCumulative Offshore Wind Cable Installations by Continent, 2020-2030Appendix Source: Rystad Energy OffshoreWindCube; Rystad Energy research and analysis– February 21, 202516.526.029.933.737.444.953.661.669.881.095.7 0102030405060708090100 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 AsiaEuropeAmericasAray Cable55%Export Cable45%95.7Kkm