Attachment: 8-K


EXHIBIT 99.1

 

Graphic

PRESSRELEASE

www.HelixESG.com 

Helix Energy Solutions Group, Inc.

3505 W. Sam Houston Parkway N., Suite 400

Houston, TX 77043

281-618-0400

fax: 281-618-0505

For Immediate Release

21-010

Date: July 26, 2021

Contact:

Erik Staffeldt

Executive Vice President & CFO

Helix Reports Second Quarter 2021 Results

HOUSTON, TX – Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported a net loss1 of $13.7 million, or $(0.09) per diluted share, for the second quarter 2021 compared to net income of $5.5 million, or $0.04 per diluted share, for the second quarter 2020 and a net loss of $2.9 million, or $(0.02) per diluted share, for the first quarter 2021.  Helix reported Adjusted EBITDA2 of $24.8 million for the second quarter 2021 compared to $47.9 million for the second quarter 2020 and $36.2 million for the first quarter 2021.

For the six months ended June 30, 2021, Helix reported a net loss of $16.6 million, or $(0.11) per diluted share, compared to a net loss of $6.5 million, or $(0.06) per diluted share, for the six months ended June 30, 2020.  Adjusted EBITDA for the six months ended June 30, 2021 was $61.0 million compared to $67.3 million for the six months ended June 30, 2020.  The table below summarizes our results of operations:

Summary of Results

($ in thousands, except per share amounts, unaudited)

    

Three Months Ended

    

Six Months Ended

 

6/30/2021

6/30/2020

3/31/2021

6/30/2021

6/30/2020

 

Revenues

$

161,941

$

199,147

$

163,415

$

325,356

$

380,168

Gross Profit

$

3,130

$

29,576

$

14,624

$

17,754

$

31,586

 

2

%  

 

15

%  

 

9

%  

 

5

%  

 

8

%

Net Income (Loss) 1

$

(13,709)

$

5,450

$

(2,878)

$

(16,587)

$

(6,488)

Diluted Earnings (Loss) Per Share

$

(0.09)

$

0.04

$

(0.02)

$

(0.11)

$

(0.06)

Adjusted EBITDA 2

$

24,812

$

47,915

$

36,168

$

60,980

$

67,258

Cash and Cash Equivalents 3

$

243,911

$

178,367

$

204,802

$

243,911

$

178,367

Cash Flows from Operating Activities 4

$

52,671

$

23,264

$

39,869

$

92,540

$

6,042

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our performance in the second quarter 2021 reflected the seasonal increased activity in the North Sea in both our Well Intervention and Robotics segments as well as continued steady performance by the Q7000 in Nigeria.  Also evident in our performance is the challenged utilization and rates in the Gulf of Mexico as the Q5000 rolled off its long-term contract and the impact of lower rates on our short-term contract extension on the Siem Helix 1 in Brazil.  Despite these challenges, we nonetheless generated strong cash flows due to improvements in working capital and disciplined capital spending.  As expected, 2021 remains a challenging year.  The relative strength and stability of oil prices continues to be a positive development that could yield benefits in 2022 and beyond.  We remain committed to operational excellence and executing in this challenging market.”

(

1 Net income (loss) attributable to common shareholders

2 Adjusted EBITDA is a non-GAAP measure. See reconciliations below

3 Excludes restricted cash of $71.3 million, $42.1 million and $65.6 million as of 6/30/21, 6/30/20 and 3/31/21, respectively

4 Cash flows from operating activities during the six months ended 6/30/20 include $18.2 million of regulatory certification costs for our vessels and systems


Segment Information, Operational and Financial Highlights

($ in thousands, unaudited)

    

Three Months Ended

    

Six Months Ended

6/30/2021

6/30/2020

3/31/2021

6/30/2021

6/30/2020

Revenues:

 

  

 

  

 

  

 

  

 

  

Well Intervention

$

132,305

$

145,841

$

133,768

$

266,073

$

286,493

Robotics

 

31,651

 

50,836

 

22,156

 

53,807

 

86,094

Production Facilities

 

14,218

 

13,593

 

16,447

 

30,665

 

29,134

Intercompany Eliminations

 

(16,233)

 

(11,123)

 

(8,956)

 

(25,189)

 

(21,553)

Total

$

161,941

$

199,147

$

163,415

$

325,356

$

380,168

Income (Loss) from Operations:

Well Intervention

$

(6,719)

$

11,758

$

5,243

$

(1,476)

$

6,066

Robotics

 

255

 

7,781

 

(2,934)

 

(2,679)

 

4,957

Production Facilities

 

4,682

 

3,365

 

6,514

 

11,196

 

7,008

Goodwill Impairment

 

 

 

 

 

(6,689)

Corporate / Other / Eliminations

 

(9,159)

 

(8,710)

 

(9,378)

 

(18,537)

 

(18,175)

Total

$

(10,941)

$

14,194

$

(555)

$

(11,496)

$

(6,833)

Segment Results

Well Intervention

Well Intervention revenues decreased $1.5 million, or 1%, in the second quarter 2021 compared to the previous quarter.  The decrease was primarily due to lower utilization and rates in the Gulf of Mexico and lower rates in Brazil during the second quarter 2021, offset in part by seasonally higher utilization in the North Sea and a full quarter of activity on the Q7000, which resumed operations in Nigeria January 2021.  Our revenues were negatively impacted by the completion of our long-term contract on the Q5000 in the Gulf of Mexico and our short-term extension at lower rates on the Siem Helix 1 in Brazil.  Overall Well Intervention vessel utilization increased to 72% in the second quarter 2021 from 70% in the previous quarter.  Well Intervention incurred a net loss from operations of $6.7 million in the second quarter 2021, a decrease of $12.0 million compared to operating income of $5.2 million in the previous quarter.  The decrease was due to higher costs associated with increased activity in the North Sea and West Africa as well as marginally lower revenues during the second quarter.

Well Intervention revenues decreased $13.5 million, or 9%, in the second quarter 2021 compared to the second quarter 2020.  The decrease in revenues was primarily due to lower vessel utilization and rates in the Gulf of Mexico and lower rates in Brazil during the second quarter 2021, offset in part by higher utilization on the Q7000 in Nigeria.  Well Intervention vessel utilization was 72% in the second quarter of both 2021 and 2020.  Well Intervention incurred a net loss from operations of $6.7 million in the second quarter 2021, a decrease of $18.5 million compared to operating income of $11.8 million in the second quarter 2020.  The decrease was due to lower revenues as well as higher costs associated with our increased activity in the North Sea and West Africa, offset in part by cost reduction efforts in the Gulf of Mexico associated with lower utilization during the second quarter 2021.

Robotics

Robotics revenues increased $9.5 million, or 43%, in the second quarter 2021 compared to the previous quarter.  The increase in revenues was due to the seasonal increase in activity with increased vessel days and ROV and trenching activity during the second quarter.  Vessel days during the second quarter 2021 included 61 spot vessel days performing follow-on seabed clearance work compared to three spot vessel days during the first quarter 2021.  Chartered vessel utilization increased to 93% in the second quarter 2021, which included 236 total vessel days, compared to 90% in the first quarter 2021, which included 165 total vessel days.  ROV, trencher and ROVDrill utilization increased to 36% in the second quarter 2021 from 24% in the previous quarter, and trenching days in the second quarter 2021 increased to 84 days compared to 72 days in the previous quarter.  Robotics generated operating income of $0.3 million during the second quarter 2021 compared to an operating loss of $2.9 million during the previous quarter due to higher revenues quarter over quarter.


Robotics revenues decreased $19.2 million, or 38%, in the second quarter 2021 compared to the second quarter 2020.  The decrease in revenues year over year was due to fewer vessel days as well as a reduction in trenching activity compared to the second quarter 2020.  Vessel days during the second quarter 2021 decreased to 236 compared to 499 during the second quarter 2020, with fewer days working seabed clearance.  Vessel days during the second quarter 2020 included 342 spot vessel days primarily attributable to the seabed clearance project in the North Sea and utilization on the Ross Candies in the Gulf of Mexico compared to 61 spot vessel days during the second quarter 2021 performing follow-on seabed clearance work.  Chartered vessel utilization decreased to 93% during the second quarter 2021 compared to 95% during the second quarter 2020.  Total ROV, trencher and ROVDrill utilization was 36% in the second quarter 2021 compared to 34% in the second quarter 2020; however, trenching days in the second quarter 2021 decreased to 84 days compared to 119 days in the second quarter 2020, which included 69 days of trenching operations on third-party vessels offshore Virginia.  Robotics income from operations declined $7.5 million in the second quarter 2021 compared to the second quarter 2020 due to lower revenues year over year.

Production Facilities

During the second quarter 2021, Production Facilities revenues decreased $2.2 million, or 14%, compared to the previous quarter due to lower oil and gas production revenues, offset in part by higher revenues associated with the Helix Fast Response System (HFRS).  Production Facilities revenues increased $0.6 million, or 5%, in the second quarter 2021 due to higher revenues associated with the HFRS, offset in part by lower oil and gas production compared to the second quarter 2020.  Helix amended the contract with HWCG for the HFRS effective April 1, 2021.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $13.4 million, or 8.3% of revenue, in the second quarter 2021 compared to $15.2 million, or 9.3% of revenue, in the previous quarter.  The decrease was primarily due to lower employee compensation costs during the second quarter.

Other Income and Expenses

Other income, net was $1.0 million in the second quarter 2021 compared to $1.6 million in the previous quarter.  Other income, net includes unrealized foreign currency translation gains related to the British pound, which strengthened approximately 1% during both the first and second quarters 2021.

Cash Flows

Operating cash flows were $52.7 million in the second quarter 2021 compared to $39.9 million in the previous quarter and $23.3 million in the second quarter 2020.  The increase in operating cash flows year over year was due to improvements in working capital, offset in part by lower earnings during the second quarter 2021.

Capital expenditures totaled $5.4 million in the second quarter 2021 compared to $1.3 million in the previous quarter and $5.2 million in the second quarter 2020.  Regulatory certification costs for our vessels and systems, which are included in operating cash flows, were $4.4 million in the second quarter 2021 compared to $1.8 million in the previous quarter and $0.4 million in the second quarter 2020.

Free cash flow was $47.2 million in the second quarter 2021 compared to $38.5 million in the previous quarter and $18.6 million in the second quarter 2020.  The increase in free cash flow year over year was due primarily to higher operating cash flows in the second quarter 2021.  (Free cash flow is a non-GAAP measure.  See reconciliation below.)


Financial Condition and Liquidity

Cash and cash equivalents were $243.9 million at June 30, 2021 and excluded $71.3 million of restricted cash pledged as collateral on a short-term project-related letter of credit.  Available capacity under our revolving credit facility was $172.3 million at June 30, 2021.  Consolidated long-term debt decreased to $335.7 million at June 30, 2021 from $336.0 million at March 31, 2021.  Consolidated net debt at June 30, 2021 was $20.5 million.  Net debt to book capitalization at June 30, 2021 was 1%.  (Net debt and net debt to book capitalization are non-GAAP measures. See reconciliations below.)

* * * * *

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly teleconference to review its second quarter 2021 results (see the “For the Investor” page of Helix’s website, www.HelixESG.com).  The teleconference, scheduled for Tuesday, July 27, 2021 at 9:00 a.m. Central Time, will be audio webcast live from the “For the Investor” page of Helix’s website.  Investors and other interested parties wishing to participate in the teleconference may join by dialing 1-800-954-0656 for participants in the United States and 1-212-231-2919 for international participants.  The passcode is “Staffeldt.”  A replay of the webcast will be available on the “For the Investor” page of Helix’s website by selecting the “Audio Archives” link beginning approximately two hours after the completion of the event.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.  For more information about Helix, please visit our website at www.HelixESG.com.

Non-GAAP Financial Measures

Management evaluates performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, net debt, net debt to book capitalization and free cash flow.  We define EBITDA as earnings before income taxes, net interest expense, gain or loss on extinguishment of long-term debt, net other income or expense, and depreciation and amortization expense.  Non-cash impairment losses on goodwill and other long-lived assets and gains and losses on equity investments are also added back if applicable.  To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets and the general provision for current expected credit losses, if any.  In addition, we include realized losses from foreign currency exchange contracts not designated as hedging instruments, which are excluded from EBITDA as a component of net other income or expense.  Net debt is calculated as total long-term debt less cash and cash equivalents and restricted cash.  Net debt to book capitalization is calculated by dividing net debt by the sum of net debt and shareholders’ equity.  We define free cash flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets.

We use EBITDA and free cash flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA and free cash flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures.  Other companies may calculate their measures of EBITDA, Adjusted EBITDA and free cash flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and free cash flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP.  Users of this financial information should consider the types of events and transactions that are excluded from these measures.  See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP.


Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the ongoing COVID-19 pandemic and oil price volatility and their respective effects and results, our protocols and plans, our current work continuing, the spot market, our spending and cost reduction plans and our ability to manage changes; our strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding the plans, strategies and objectives of management for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding future economic conditions or performance; 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 the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities including recent regulatory initiatives by the new U.S. administration; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC’s website at www.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 the securities laws.

Social Media

From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group),Facebook (www.facebook.com/HelixEnergySolutionsGroup) and Instagram (www.instagram.com/helixenergysolutions).


HELIX ENERGY SOLUTIONS GROUP, INC.

Comparative Condensed Consolidated Statements of Operations

    

Three Months Ended June 30,

    

Six Months Ended June 30,

(in thousands, except per share data)

2021

2020

2021

2020

(unaudited)

(unaudited)

Net revenues

$

161,941

$

199,147

$

325,356

$

380,168

Cost of sales

 

158,811

 

169,571

 

307,602

 

348,582

Gross profit

 

3,130

 

29,576

 

17,754

 

31,586

Goodwill impairment

 

 

 

 

(6,689)

Gain (loss) on disposition of assets, net

 

(646)

 

473

 

(646)

 

473

Selling, general and administrative expenses

 

(13,425)

 

(15,855)

 

(28,604)

 

(32,203)

Income (loss) from operations

 

(10,941)

 

14,194

 

(11,496)

 

(6,833)

Net interest expense

 

(5,919)

 

(7,063)

 

(11,972)

 

(12,809)

Other income (expense), net

 

960

 

(2,069)

 

2,577

 

(12,496)

Royalty income and other

 

249

 

117

 

2,306

 

2,296

Income (loss) before income taxes

 

(15,651)

 

5,179

 

(18,585)

 

(29,842)

Income tax benefit

 

(1,968)

 

(271)

 

(1,852)

 

(21,364)

Net income (loss)

 

(13,683)

 

5,450

 

(16,733)

 

(8,478)

Net income (loss) attributable to redeemable noncontrolling interests

 

26

 

 

(146)

 

(1,990)

Net income (loss) attributable to common shareholders

$

(13,709)

$

5,450

$

(16,587)

$

(6,488)

Earnings (loss) per share of common stock:

Basic

$

(0.09)

$

0.04

$

(0.11)

$

(0.06)

Diluted

$

(0.09)

$

0.04

$

(0.11)

$

(0.06)

Weighted average common shares outstanding:

Basic

 

150,028

 

148,971

 

149,982

 

148,917

Diluted

 

150,028

 

149,691

 

149,982

 

148,917


Comparative Condensed Consolidated Balance Sheets

    

June 30, 2021

    

Dec. 31, 2020

(in thousands)

(unaudited)

ASSETS

 

  

 

  

Current Assets:

 

  

 

  

Cash and equivalents (1)

$

243,911

$

291,320

Restricted cash (1)

 

71,282

 

Accounts receivable, net

 

125,569

 

132,233

Other current assets

 

78,869

 

102,092

Total Current Assets

 

519,631

 

525,645

Property and equipment, net

 

1,735,177

 

1,782,964

Operating lease right-of-use assets

 

125,481

 

149,656

Other assets, net

 

37,418

 

40,013

Total Assets

$

2,417,707

$

2,498,278

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Accounts payable

$

70,105

$

50,022

Accrued liabilities

 

83,618

 

87,035

Current maturities of long-term debt (1)

 

70,492

 

90,651

Current operating lease liabilities

 

50,769

 

51,599

Total Current Liabilities

 

274,984

 

279,307

Long-term debt (1)

 

265,222

 

258,912

Operating lease liabilities

 

76,934

 

101,009

Deferred tax liabilities

 

97,906

 

110,821

Other non-current liabilities

 

2,601

 

3,878

Redeemable noncontrolling interests

 

 

3,855

Shareholders' equity (1)

 

1,700,060

 

1,740,496

Total Liabilities and Equity

$

2,417,707

$

2,498,278


(1)

Net debt to book capitalization 1% at June 30, 2021. Calculated as net debt (total long-term debt less cash and cash equivalents and restricted cash - $20,521) divided by the sum of net debt and shareholders' equity ($1,720,581).


Helix Energy Solutions Group, Inc.

Reconciliation of Non-GAAP Measures

    

Three Months Ended

    

Six Months Ended

(in thousands, unaudited)

6/30/2021

6/30/2020

3/31/2021

6/30/2021

6/30/2020

Reconciliation from Net Income (Loss) to Adjusted EBITDA:

 

  

 

  

 

  

 

  

 

  

Net income (loss)

$

(13,683)

$

5,450

$

(3,050)

$

(16,733)

$

(8,478)

Adjustments:

Income tax provision (benefit)

 

(1,968)

 

(271)

 

116

 

(1,852)

 

(21,364)

Net interest expense

 

5,919

 

7,063

 

6,053

 

11,972

 

12,809

Other (income) expense, net

 

(960)

 

2,069

 

(1,617)

 

(2,577)

 

12,496

Depreciation and amortization

 

34,941

 

33,969

 

34,566

 

69,507

 

65,567

Goodwill impairment

 

 

6,689

EBITDA

 

24,249

 

48,280

 

36,068

 

60,317

 

67,719

Adjustments:

(Gain) loss on disposition of assets, net

 

646

 

(473)

 

 

646

 

(473)

General provision (release) for current expected credit losses

 

(83)

 

108

 

100

 

17

 

694

Realized losses from foreign exchange contracts not designated as hedging instruments

 

 

 

 

 

(682)

Adjusted EBITDA

$

24,812

$

47,915

$

36,168

$

60,980

$

67,258

Free Cash Flow:

Cash flows from operating activities

$

52,671

$

23,264

$

39,869

$

92,540

$

6,042

Less: Capital expenditures, net of proceeds from sale of assets

 

(5,432)

 

(4,692)

 

(1,329)

 

(6,761)

 

(17,081)

Free cash flow

$

47,239

$

18,572

$

38,540

$

85,779

$

(11,039)



Exhibit 99.2

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July 27, 2021 Second Quarter 2021 Conference Call

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This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the ongoing COVID-19 pandemic and oil price volatility and their respective effects and results, our protocols and plans, our current work continuing, the spot market, our spending and cost reduction plans and our ability to manage changes; our strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding the plans, strategies and objectives of management for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding future economic conditions or performance; 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 the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities including recent regulatory initiatives by the new U.S. administration; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC’s website at www.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 the securities laws. Social Media From time to time we provide information about Helix on social media, including: Twitter: @Helix_ESG LinkedIn: www.linkedin.com/company/helix-energy-solutions-group Facebook: www.facebook.com/HelixEnergySolutionsGroup Instagram: www.instagram.com/helixenergysolutions FORWARD-LOOKING STATEMENTS 2

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• Executive Summary (pg. 4) • Operational Highlights by Segment (pg. 9) • Key Financial Metrics (pg. 17) • 2021 Outlook (pg. 20) • Non-GAAP Reconciliations (pg. 26) • Questions and Answers 3 PRESENTATION OUTLINE

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Executive Summary

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5 EXECUTIVE SUMMARY ($ in millions, except per share data, unaudited) Three Months Ended 6/30/21 6/30/20 3/31/21 6/30/21 6/30/20 Revenues 162 $ 199 $ 163 $ 325 $ 380 $ Gross profit 3 $ 30 $ 15 $ 18 $ 32 $ 2% 15% 9% 5% 8% Net income (loss)1 (14) $ 5 $ (3) $ (17) $ (6) $ Diluted earnings (loss) per share (0.09) $ 0.04 $ (0.02) $ (0.11) $ (0.06) $ Adjusted EBITDA2 Business segments 34 $ 56 $ 43 $ 77 $ 82 $ Corporate, eliminations and other (9) (8) (7) (16) (15) Adjusted EBITDA2 25 $ 48 $ 36 $ 61 $ 67 $ Cash and cash equivalents3 244 $ 178 $ 205 $ 244 $ 178 $ Cash flows from operating activities4 53 $ 23 $ 40 $ 93 $ 6 $ Six Months Ended 1 Net income (loss) attributable to common shareholders 2 Adjusted EBITDA is a non-GAAP financial measure; see non-GAAP reconciliations on slide 27 3 Excludes restricted cash of $71 million as of 6/30/21, $42 million as of 6/30/20 and $66 million as of 3/31/21 4 Cash flows from operating activities during the six months ended 6/30/20 include $18 million of regulatory certification costs for our vessels and systems

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6 Q2 2021 • Net loss1 of $(14) million, $(0.09) per diluted share • Adjusted EBITDA2 of $25 million • Operating cash flows of $53 million • Free Cash Flow2 of $47 million Q2 2021 Operations • Reactivated Seawell after 12 months in warm stack • Steady utilization and performance on Q7000 in West Africa campaign • Recommenced Robotics follow-on wind farm site clearance operations • Continued seasonal trenching in North Sea • Recompletion of Droshky well, production in Q3 Q2 2021 Year to Date • Net loss1 of $(17) million, $(0.11) per diluted share • Adjusted EBITDA2 of $61 million • Operating cash flows of $93 million • Free Cash Flow2 of $86 million EXECUTIVE SUMMARY – HIGHLIGHTS 1 Net loss attributable to common shareholders 2 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations on slide 27

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7 Well Intervention • Well intervention vessel fleet utilization 72% • 58% in the GOM • 63% in the North Sea and West Africa • 100% in Brazil • 15K IRS and 10K IRS idle during quarter Robotics • Robotics chartered vessels utilization 93% • 236 total vessel days (61 spot days) • 84 days trenching utilization on renewables projects • ROVs, trenchers and ROVDrill utilization of 36% Production Facilities • Helix Producer 1 operated at full rates during quarter • HWCG retainer reinstated • Recompletion of Droshky well during quarter EXECUTIVE SUMMARY – Q2 2021 SEGMENTS

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8 Q2 2021 • Cash and cash equivalents of $244 million • Excludes $71 million of restricted cash pledged as collateral for a short-term project-related letter of credit expected to be released upon completion of project • Liquidity1 of $416 million • Long-term debt2 of $336 million • Net debt3 of $21 million EXECUTIVE SUMMARY – BALANCE SHEET 1 Liquidity at 6/30/21 is calculated as the sum of cash and cash equivalents and available capacity under our revolving credit facility and excludes restricted cash 2 Net of unamortized issuance costs 3 Net debt at 6/30/21 is calculated as long-term debt less cash and cash equivalents and restricted cash

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Operational Highlights By Segment

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• The ongoing COVID-19 pandemic and its impact on the global economy have resulted in volatility and significant disruption in the oil and gas market • The pandemic negatively affected the global economy and the oil and gas market; while the global economy as well as oil and gas prices have begun to recover, there is a lag in the recovery in the demand and pricing for our services to this sector, which is expected to remain weak in 2021 and possibly beyond • We have responded by responsibly reducing our cost base, including warm stacking our vessels during idle periods and cutting capital expenditures and targeted SG&A spending • We continue to take what we believe to be appropriate steps to protect our employees, customers and balance sheet COVID & MARKET EVENTS 10

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BUSINESS SEGMENT RESULTS 11 ($ in millions, unaudited) Three Months Ended Six Months Ended 6/30/21 6/30/20 3/31/21 6/30/21 6/30/20 Revenues Well Intervention 132 $ 146 $ 134 $ 266 $ 286 $ Robotics 32 51 22 54 86 Production Facilities 14 14 16 31 29 Intercompany eliminations (16) (11) (9) (25) (21) Total 162 $ 199 $ 163 $ 325 $ 380 $ Gross profit (loss) % Well Intervention (3) $ -2% 15 $ 10% 9 $ 7% 6 $ 2% 14 $ 5% Robotics 2 7% 11 22% (1) -4% 1 3% 11 12% Production Facilities 5 36% 4 27% 7 44% 12 40% 8 27% Eliminations and other (2) - - (2) (1) Total 3 $ 2% 30 $ 15% 15 $ 9% 18 $ 5% 32 $ 8% Utilization Well Intervention vessels 72% 72% 70% 82% 72% Robotics vessels 93% 95% 90% 92% 92% ROVs, trenchers and ROVDrill 36% 34% 24% 30% 34% Amounts may not add due to rounding

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• Q5000 – 72% utilized in Q2; completed demobilization of long-term contract with BP; performed recompletion work on Droshky well owned by Helix; subsequently performed ROV work scope for one customer and heavy lift work scope for another customer; commenced production enhancement work for another customer • Q4000 – 45% utilized in Q2; completed construction work for one customer; performed production enhancement work for another customer; commenced mobilization on two-well coiled tubing enhancement work scope for another customer; vessel incurred idle time between projects • 15K IRS rental unit – idle in Q2 • 10K IRS rental unit – idle in Q2 12 WELL INTERVENTION – GULF OF MEXICO

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• Well Enhancer – 83% utilized in Q2; performed production enhancement work scopes on four wells for one customer; subsequently commenced production enhancement work on one well for another customer • Seawell – 10% utilized in Q2 after reactivating from warm stack; performed production enhancement work on three wells for one customer; vessel idle at end of quarter • Q7000 – 96% utilized in Q2; performed well integrity work scopes on two wells for one customer; subsequently performed production enhancement work on one well for another customer 13 WELL INTERVENTION – NORTH SEA AND WEST AFRICA

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• Siem Helix 1 – 100% utilized in Q2; performed abandonment scopes on four wells • Siem Helix 2 – 100% utilized in Q2; performed abandonment scopes on three wells 14 WELL INTERVENTION – BRAZIL

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• Grand Canyon II (Asia Pacific) – 100% utilized in Q2; performed ROV support work offshore Taiwan • Grand Canyon III (North Sea) – 93% utilized in Q2; performed trenching operations for two customers • Spot Vessels – 61 days utilization during Q2; performed follow-on North Sea renewables seabed clearance boulder removal work • Trenching – 84 total days of trenching operations on the Grand Canyon III 15 ROBOTICS

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16 VESSEL UTILIZATION • Grand Canyon II1 • Grand Canyon III1 • Spot vessels1 • Q5000 • Q4000 • Seawell • Well Enhancer • Siem Helix 11 • Siem Helix 21 • Q7000 • 42 ROVs2 • 4 Trenchers • 1 ROVDrill unit 72% 93% 36% 70% 90% 24% 72% 95% 34% 0% 20% 40% 60% 80% 100% Well Intervention Vessels Robotics Support Vessels ROVs, Trenchers and ROVDrill Q2 2021 Q1 2021 Q2 2020 1 Chartered vessels 2 Two ROVs retired Q1 2021

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Key Financial Metrics

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DEBT INSTRUMENT PROFILE Total funded debt1 of $346 million at 6/30/21 • $35 million Convertible Senior Notes due 2022 – 4.25% • $30 million Convertible Senior Notes due 2023 – 4.125% • $200 million Convertible Senior Notes due 2026 – 6.75% • $28 million Term Loan – LIBOR + 3.25% • Quarterly amortization payments of approximately $0.9 million with a final balloon payment of $27 million due at maturity in Q4 2021 • $53 million MARAD Debt – 4.93% • Semi-annual amortization payments through maturity in Q1 2027 $0 $50 $100 $150 $200 $250 $9 $215 Principal Payment Schedule at 6/30/21 ($ in millions) Term Loan CSN 2022 MARAD CSN 2023 CSN 2026 $43 $32 $9 $38 1 Excludes $10 million of remaining unamortized debt issuance costs 18

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19 DEBT & LIQUIDITY PROFILE ($ in millions) $496 $440 $406 $350 $394 $336 $229 $161 $143 $58 $102 $21 $348 $426 $380 $452 $452 $416 $0 $100 $200 $300 $400 $500 12/31/17 12/31/18 12/31/19 12/31/20 1/1/21 6/30/21 Long-term Debt¹ Net Debt² Liquidity³ $44 $44 Impact of the adoption of ASU 2020-061 as of 1/1/21 Liquidity3 of approximately $416 million at 6/30/21 1 Long-term debt through 12/31/20 was net of unamortized discounts and issuance costs; as of January 1, 2021, with the adoption of ASU 2020-06, the discounts on our convertible senior notes due 2022, 2023 and 2026 were eliminated, increasing the carrying value of long-term debt by $44 million; beginning Q1 2021 long-term debt is net of issuance costs only 2 Net debt is calculated as long-term debt less cash and cash equivalents and restricted cash 3 Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under our revolving credit facility and excludes restricted cash; liquidity on December 31, 2019 and June 30, 2021 excluded approximately $54 million and $71 million, respectively, of restricted cash on a short-term project-related letter of credit

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2021 Outlook

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21 2021 OUTLOOK: FORECAST ($ in millions) 2021 2020 Outlook Actual Revenues $ 600 - 670 734 $ Adjusted EBITDA1 75 - 100 155 Free Cash Flow1 45 - 90 80 Capital Additions2 20 - 35 32 Revenue Split: Well Intervention $ 455 - 515 539 $ Robotics 120 - 130 178 Production Facilities 65 - 70 58 Eliminations3 (40) - (45) (42) Total $ 600 - 670 734 $ 1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See non-GAAP reconciliations on slide 27 2 2021 Outlook and 2020 Actual include regulatory certification costs for our vessels and systems 3 2021 Outlook includes approximately $6 million of intercompany revenue associated with the recompletion work on one Droshky well Amounts may not add due to rounding

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22 The ongoing COVID pandemic and its effect on the offshore oil and gas market, combined with sector uncertainty relating to regulatory changes by the new U.S. administration, suggest a year that will be more challenging than 2020. Our customers’ spending levels currently remain low, providing even more challenges in a year in which three of our long-term Well Intervention contracts expire. Key expectations / assumptions for 2021 include the following: • Total backlog at June 30, 2021 of approximately $291 million; $153 million expected to be realized during remainder of 2021 • North Sea – prioritizing work and expecting good seasonal utilization on the Well Enhancer, balancing customer requirements and scheduling needs; targeted opportunities on the Seawell in Q3, • Gulf of Mexico – prioritizing utilization on the Q5000, balancing customer requirements and scheduling needs, with expected gaps in schedule on both vessels • Brazil – 120-day contract extension on the Siem Helix 1 with Petrobras into mid-August at reduced rates; Siem Helix 2 on contract into mid-December • Robotics – intermittent renewables work with expected fewer site clearance days compared to 2020 2021 OUTLOOK

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23 2021 OUTLOOK – WELL INTERVENTION • Q4000 (Gulf of Mexico) – vessel has contracted backlog during Q3 with intermittent scheduling gaps and expected utilization into Q4; identified opportunities thereafter on various work scopes • Q5000 (Gulf of Mexico) – vessel has contracted work through mid-August with identified opportunities thereafter with expected scheduling gaps • IRS rental units (Gulf of Mexico) – 15K IRS opportunities identified in Q4; 10K IRS expected to remain idle • Well Enhancer (North Sea) – vessel has contracted backlog through mid-August with opportunities identified into Q4 • Seawell (North Sea) – vessel idle during July with scheduled backlog beginning August and into September; subsequently available in the spot market with identified opportunities into Q4 • Q7000 (West Africa) – vessel operational in Nigeria with contracted work expected into October; subsequent West Africa opportunities identified • Siem Helix 1 (Brazil) – under contract with Petrobras through mid-August; regulatory dry dock expected following the end of the contract extension • Siem Helix 2 (Brazil) – under contract for Petrobras through mid-December

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24 • Grand Canyon II (Asia Pacific) – vessel expected to perform ROV support work for decommissioning project offshore Thailand through the remainder of 2021 • Grand Canyon III (North Sea) – vessel expected to continue performing trenching work in the North Sea into December with good utilization expected during the remainder of 2021 • Renewables site clearance – site clearance work (boulder removal) on North Sea wind farm utilizing one vessel of opportunity expected to continue into Q4; follow-on site clearance work expected into December • Spot vessels – cable installation project in Guyana beginning August; other spot vessel opportunities including UXO work identified during second half 2021 2021 OUTLOOK - ROBOTICS

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25 2021 Capital additions are currently forecasted at $20-$35 million, consisting of the following: • Maintenance Capex – $15-30 million related to regulatory inspection costs of our systems and equipment and other maintenance capital • Recompletion Capex – $5 million of recompletion costs on one of our Droshky wells • Capital additions during remainder of 2021 expected to be $10-$25 million Balance Sheet • Our total funded debt1 level is expected to decrease by $32 million (from $346 million at June 30, 2021 to $314 million at December 31, 2021) as a result of scheduled principal payments • Credit Facility expiration and $28 million Term Loan maturity date December 31, 2021 • Tax refund related to the CARES Act of $12 million expected in the next 12 months ($7 million collected during Q1 2021) 2021 OUTLOOK: CAPITAL ADDITIONS & BALANCE SHEET 1 Excludes unamortized issuance costs

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Non-GAAP Reconciliations

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27 NON-GAAP RECONCILIATIONS ($ in thousands, unaudited) Three Months Ended Year Ended 6/30/21 6/30/20 3/31/21 6/30/21 6/30/20 12/31/20 Adjusted EBITDA: Net income (loss) (13,683) $ 5,450 $ (3,050) $ (16,733) $ (8,478) $ 20,084 $ Adjustments: Income tax provision (benefit) (1,968) (271) 116 (1,852) (21,364) (18,701) Net interest expense 5,919 7,063 6,053 11,972 12,809 28,531 Gain on extinguishment of long-term debt - - - - - (9,239) Other (income) expense, net (960) 2,069 (1,617) (2,577) 12,496 (4,724) Depreciation and amortization 34,941 33,969 34,566 69,507 65,567 133,709 Goodwill impairment - - - - 6,689 6,689 Non-cash gain on equity investment - - - - - (264) EBITDA 24,249 $ 48,280 $ 36,068 $ 60,317 $ 67,719 $ 156,085 $ Adjustments: (Gain) loss on disposition of assets, net 646 $ (473) $ - $ 646 $ (473) $ (889) $ General provision (release) for current expected credit losses (83) 108 100 17 694 746 Realized losses from FX contracts not designated as hedging instruments - - - - (682) (682) Adjusted EBITDA 24,812 $ 47,915 $ 36,168 $ 60,980 $ 67,258 $ 155,260 $ Free cash flow: Cash flows from operating activities 52,671 $ 23,264 $ 39,869 $ 92,540 $ 6,042 $ 98,800 $ Less: Capital expenditures, net of proceeds from sale of assets (5,432) (4,692) (1,329) (6,761) (17,081) (19,281) Free cash flow 47,239 $ 18,572 $ 38,540 $ 85,779 $ (11,039) $ 79,519 $ Six Months Ended We define EBITDA as earnings before income taxes, net interest expense, gain or loss on extinguishment of long-term debt, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets and gains and losses on equity investments are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets and the general provision for current expected credit losses, if any. In addition, we include realized losses from foreign currency exchange contracts not designated as hedging instruments, which are excluded from EBITDA as a component of net other income or expense. We define free cash flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. We use EBITDA and free cash flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA and free cash flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA and free cash flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and free cash flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures.

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We continue to implement and improve Environmental, Social and Governance (“ESG”) initiatives and disclosures throughout our business. We understand we have an important role to play as a steward of the people, communities and environments we serve, and we regularly look for ways to emphasize and improve our own ESG record. We incorporate ESG initiatives into our core business values and priorities of safety, sustainability and value creation with a top-down approach led by management and our Board of Directors. We emphasize constant improvement by continually striving to improve our safety record, reducing our environmental impact, and increasing transparency. In 2020, we maintained a low Total Recordable Incident Rate and expanded our business with renewable energy customers. Our efforts are published in our Corporate Sustainability Report and Corporate Sustainability Summary Update, copies of which are available on our website at www.HelixESG.com/about- helix/corporate-sustainability. Thank you


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