Financial Data and Key Metrics Changes - Revenues for Q3 2024 were $342 million, with a gross profit of $66 million and net income of $29.5 million, resulting in adjusted EBITDA of $88 million and positive operating cash flow of $56 million, leading to strong free cash flow of $53 million [6][8][13] - Year-to-date revenues reached $1 billion with a gross profit of $161 million and net income of $36 million, while adjusted EBITDA was $232 million, and positive free cash flow was $98 million [8][12] Business Line Data and Key Metrics Changes - The Well Interventions segment showed strong utilization in the North Sea, Gulf of Mexico, Brazil, and Australia, achieving a solid overall uptime efficiency of 99% for the quarter [9][10] - The Robotics segment performed well, operating 6 vessels with high utilization, particularly in renewables-related projects [11][12] - The Shallow Water Abandonment business faced challenges due to hurricanes, leading to lower-than-expected utilization [12][24] Market Data and Key Metrics Changes - The company operates globally with minimal disruption, with operations in Europe, Asia Pacific, Brazil, Africa, the Gulf of Mexico, and the U.S. East Coast [9] - The Gulf of Mexico remains a strong market for Helix, with contracts secured for the Q5000 and Q4000 [19][40] Company Strategy and Development Direction - The company is focusing on long-term contracts with Petrobras and Shell, which provide a strong backlog and improved market rates for 2025 [8][19] - The Robotics segment is expected to benefit from growth in the offshore wind market, while the Shallow Water Abandonment segment is anticipated to rebound in 2025 [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, highlighting strong EBITDA performance despite challenges in the Shallow Water Abandonment segment [24][26] - The company anticipates a $60 million to $100 million increase in EBITDA for well interventions in 2025, driven by new contracts and improved rates [26][57] Other Important Information - The company has a strong liquidity position with cash and cash equivalents of $324 million and total liquidity of $399 million [7][14] - Funded debt stands at $324 million with no significant maturities until 2029, and the company is targeting $20 million to $30 million in share repurchases for 2024 [18][19] Q&A Session Summary Question: Visibility on well intervention improvement for next year - Management indicated that budgeting shows improvement over the current year, with increased bidding activity [30][31] Question: Free cash flow expectations for next year - Management is bullish on free cash flow generation, expecting it to be in the $200 million range, with plans for capital allocation focused on growth and share repurchases [32][34] Question: Impact of hurricanes on revenue - Management confirmed that the $10 million revenue loss in Q3 due to hurricanes will not be recouped in Q4 [35] Question: EBITDA impact from shut-ins - Management expects minimal impact from the Droshky shut-in, while the Thunder Hawk shut-in is estimated to result in a couple of million dollars loss for the quarter [36] Question: ROV market pricing expectations - Management anticipates a tightening market with ROV rates expected to increase by at least 10% next year [66]

Backlog and Demand - As of September 30, 2024, the company's consolidated backlog totaled approximately $1.6 billion, with $261 million expected to be performed over the remainder of 2024[107]. - Approximately 86% of the total backlog is represented by contracts with Shell, ExxonMobil, Trident Energy, Petrobras, and Talos[107]. - The company expects continued strong performance driven by increasing demand for decommissioning services internationally and growth in the offshore renewables trenching market[108]. - The demand for shallow water decommissioning services in the Gulf of Mexico is expected to remain soft in the near term but should grow over the mid- to long-term[108]. - The demand for P&A services is expected to grow over the mid- to long-term due to regulatory pressures and a shift towards renewable energy[105]. Financial Performance - Net income for the three months ended September 30, 2024, was $29,514 thousand, compared to $15,560 thousand for the same period in 2023, representing an increase of 90%[113]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $231,506 thousand, up from $202,771 thousand in the same period of 2023, reflecting a growth of 14.2%[113]. - Free Cash Flow for the nine months ended September 30, 2024, was $97,734 thousand, significantly higher than $41,920 thousand for the same period in 2023, indicating an increase of 132.8%[114]. - Consolidated net revenues for the nine-month period ended September 30, 2024, increased by 5% to $1,003.4 million from $954.6 million in the same period in 2023[130]. - Gross profit for the nine-month period ended September 30, 2024, increased by $9.6 million to $160.7 million compared to $151.1 million in the same period in 2023[136]. Revenue Breakdown - Net revenues for the three months ended September 30, 2024, decreased by 13% to $342,419 thousand from $395,670 thousand in the same period in 2023[117]. - Well Intervention revenues decreased by 19% to $182,667 thousand for the three months ended September 30, 2024, compared to $225,367 thousand in the same period in 2023[116]. - Robotics revenues increased by 12% to $84,526 thousand for the three months ended September 30, 2024, up from $75,646 thousand in the same period in 2023[119]. - Shallow Water Abandonment revenues decreased by 18% to $71,595 thousand for the three months ended September 30, 2024, compared to $87,272 thousand in the same period in 2023[120]. - Production Facilities revenues decreased by 15% to $20,695 thousand for the three months ended September 30, 2024, down from $24,469 thousand in the same period in 2023[121]. Expenses and Cash Flow - Selling, general and administrative expenses decreased to $21.1 million for Q3 2024 from $27.8 million in Q3 2023, primarily due to lower employee compensation costs[126]. - Net interest expense increased to $5.7 million for Q3 2024 compared to $4.2 million in Q3 2023, reflecting higher debt levels and rates[126]. - Operating cash flows for the nine-month period ended September 30, 2024, were $108.1 million, significantly up from $57.7 million in the same period of 2023, driven by higher operating income and lower working capital outflows[149]. - Cash flows used in investing activities decreased to $(10.3) million for the nine-month period ended September 30, 2024, compared to $(15.8) million in the same period of 2023, indicating reduced capital expenditures[148]. - Net cash outflows from financing activities for the nine-month period ended September 30, 2024, were $(105.6) million, primarily due to the retirement of the 2026 Notes and earn-out payments[150]. Debt and Liquidity - Long-term debt, excluding current maturities, was $305.5 million as of September 30, 2024, down from $313.4 million on December 31, 2023[141]. - Liquidity at September 30, 2024, was $398.8 million, down from $431.5 million at December 31, 2023, primarily due to higher letter of credit usage related to the Nigeria project[144]. - The company expects sufficient cash on hand and internally generated cash flows to fund operations and capital spending for at least the next 12 months[145]. Tax and Other Financial Metrics - Income tax provision increased to $22.5 million for the nine-month period ended September 30, 2024, compared to $9.6 million in the same period in 2023, with effective tax rates of 38.8% and 35.5% respectively[139]. - Net other expense decreased to $2.6 million for the nine-month period ended September 30, 2024, down from $10.6 million in the same period in 2023[138]. - The company recorded foreign currency translation gains of $35.3 million for the nine-month period ended September 30, 2024, impacting accumulated other comprehensive loss[160]. Operational Capacity - The company operates a well intervention fleet that includes seven purpose-built vessels and 12 subsea intervention systems, along with 39 work-class ROVs and six trenchers[100]. - The change in fair value of contingent consideration reflects an improvement in Helix Alliance's results during the third quarter 2023, with the final earn-out paid on April 3, 2024[125]. - The company anticipates lower availability under the Amended ABL Facility due to fewer eligible receivables while the Q4000 performs work in Nigeria[145].

分组1 - Helix Energy reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.21 per share, representing an earnings surprise of -9.52% [1] - The company posted revenues of $342.42 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.47%, compared to year-ago revenues of $395.67 million [1] - Over the last four quarters, Helix Energy has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [1] 分组2 - Helix Energy shares have declined approximately 5.5% since the beginning of the year, contrasting with the S&P 500's gain of 22.7% [2] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $0.04 on revenues of $303.11 million, and $0.29 on revenues of $1.32 billion for the current fiscal year [4] - The Zacks Industry Rank for Oil and Gas - Field Services is currently in the bottom 41% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [5]

Financial Performance - Helix reported net income of $29.5 million, or $0.19 per diluted share, for Q3 2024, a decrease from $32.3 million, or $0.21 per diluted share, in Q2 2024[2]. - Adjusted EBITDA for Q3 2024 was $87.6 million, down from $96.9 million in Q2 2024[2]. - For the nine months ended September 30, 2024, net income was $35.5 million, or $0.23 per diluted share, compared to $17.5 million, or $0.11 per diluted share, for the same period in 2023[3]. - Net revenues for the three months ended September 30, 2024, were $342,419 thousand, a decrease of 13.4% compared to $395,670 thousand for the same period in 2023[25]. - Gross profit for the three months ended September 30, 2024, was $65,665 thousand, down 18.4% from $80,545 thousand in the prior year[25]. - Net income for the three months ended September 30, 2024, was $29,514 thousand, representing an increase of 89.6% compared to $15,560 thousand for the same period in 2023[25]. - Adjusted EBITDA for the three months ended September 30, 2024, was $87,621 thousand, compared to $96,385 thousand in the same period last year, reflecting a decrease of 9.1%[27]. - Free cash flow for the three months ended September 30, 2024, was $52,645 thousand, an increase from $23,366 thousand in the prior year[27]. - The company reported a basic earnings per share of $0.19 for the three months ended September 30, 2024, compared to $0.10 for the same period in 2023, an increase of 90%[25]. Revenue Breakdown - Well Intervention revenues decreased by $42.0 million, or 19%, in Q3 2024 due to increased transit and mobilization days[6]. - Robotics revenues increased by $3.3 million, or 4%, in Q3 2024, attributed to higher vessel, trenching, and ROV activities[8]. - Shallow Water Abandonment revenues increased by $20.8 million, or 41%, in Q3 2024, driven by increased vessel and heavy lift activity[10]. - Shallow Water Abandonment revenues decreased by $15.7 million, or 18%, in Q3 2024 compared to Q3 2023, primarily due to lower vessel and system utilization[11]. - Production Facilities revenues decreased by $4.7 million, or 19%, in Q3 2024 compared to the prior quarter, attributed to lower oil and gas production and prices[12]. Cash Flow and Liquidity - Cash flows from operating activities for Q3 2024 were $55.7 million, compared to $31.6 million in Q2 2024[3]. - Free cash flow for Q3 2024 was $52.6 million, an increase from $23.4 million in Q2 2024[3]. - Operating cash flows were $55.7 million in Q3 2024, a significant increase from $(12.2) million in the prior quarter and $31.6 million in Q3 2023[18]. - Free Cash Flow was $52.6 million in Q3 2024, compared to $(16.2) million in the prior quarter and $23.4 million in Q3 2023, driven by higher operating cash flows[19]. - Cash and cash equivalents totaled $324.1 million as of September 30, 2024, with total liquidity of $398.8 million[19]. - Cash and cash equivalents as of September 30, 2024, were $324,120 thousand, a slight decrease from $332,191 thousand at the end of 2023[26]. Debt and Liabilities - Consolidated long-term debt was $314.7 million on September 30, 2024, resulting in negative Net Debt of $9.4 million[19]. - Long-term debt, including current maturities, was $314,673 thousand as of September 30, 2024, compared to $227,257 thousand in the prior year, indicating an increase of 38.5%[27]. - Current liabilities decreased to $303,219 thousand as of September 30, 2024, down from $448,618 thousand at the end of 2023, a reduction of 32.4%[26]. Operational Metrics - Overall Well Intervention vessel utilization was 97% in Q3 2024, up from 94% in Q2 2024[6]. - Vessel utilization (excluding heavy lift) was 76% in Q3 2024, down from 89% in Q3 2023, while P&A and Coiled Tubing systems utilization declined to 607 days, or 25%[11]. - The company entered into three well intervention contracts, increasing its backlog by over $800 million[4]. Expenses - Selling, general and administrative expenses were $21.1 million, or 6.2% of revenue, in Q3 2024, down from $22.3 million, or 6.1% of revenue, in the prior quarter[14]. - Regulatory certifications for vessels and systems were $8.9 million in Q3 2024, down from $10.7 million in the prior quarter and $17.9 million in Q3 2023[18]. - Other expense, net was $0.0 million in Q3 2024, compared to $0.4 million in the prior quarter, primarily due to a charge related to incentive credits[15]. Assets - Total assets as of September 30, 2024, were $2,661,149 thousand, an increase of 4.1% from $2,556,036 thousand at the end of 2023[26].

Company Overview - Helix Energy (HLX) shares increased by 5.5% to $10.80, following a period of 10.7% loss over the past four weeks, indicating a significant recovery in stock performance [1] - The company specializes in oilfield services, particularly in Well Intervention, which extends the life of existing wells and optimizes production [2] Market Demand and Performance - There is a rising demand for Helix Energy's services in offshore markets, including the U.S. Gulf of Mexico, U.S. East Coast, and Brazil, contributing to the company's growth [2] - Despite favorable commodity pricing, there is a slowdown in drilling activities as upstream players focus on stockholder returns rather than increasing output [2] Earnings Expectations - Helix Energy is projected to report quarterly earnings of $0.21 per share, reflecting a year-over-year increase of 10.5%, while revenues are expected to be $343.74 million, down 13.1% from the previous year [3] - The consensus EPS estimate has been revised 16.7% higher in the last 30 days, indicating a positive trend that may lead to price appreciation [4] Industry Context - Helix Energy operates within the Zacks Oil and Gas - Field Services industry, which includes other companies like Subsea 7 SA (SUBCY), that has also experienced stock fluctuations [4] - Subsea 7's EPS estimate remains unchanged at $0.29, representing a significant year-over-year increase of 163.6% [5]

Petrobras (PBR) , a leading energy company in Brazil, and Helix Energy Solutions Group, Inc. (HLX) , a Houston-based provider of oil and gas equipment and services, signed new three-year charter and service contracts for the Siem Helix 1 and Siem Helix 2 vessels. These advanced, riser-based well-intervention vessels will operate in offshore Brazil, with the contracts valued at approximately $786 million. This move continues the companies' longstanding partnership, ensuring that the energy needs in the Santo ...

Financial Performance - Net revenues for the Well Intervention segment were $224.7 million and $441.1 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $154.2 million and $296.7 million for the same periods in 2023[156] - Income from operations for the Robotics segment was $28.4 million and $33.9 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $17.5 million and $22.6 million for the same periods in 2023[156] - The company's total net revenues were $364.8 million and $661.0 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $308.8 million and $558.9 million for the same periods in 2023[156] - Income before income taxes was $47.0 million and $19.0 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $10.4 million and $3.2 million for the same periods in 2023[156] - Consolidated net revenues for Q2 2024 increased by 18% compared to Q2 2023, driven by higher revenues in Well Intervention, Robotics, and Production Facilities segments[181] - Consolidated net revenues increased by 18% to $661.0 million for the six-month period ended June 30, 2024, compared to $558.9 million in the same period in 2023[192] - Well Intervention segment revenues grew by 49% to $441.1 million, driven by higher activity levels[192][194] - Robotics segment revenues increased by 10% to $131.6 million, reflecting steady growth in demand[192] - Well Intervention segment gross profit surged by 2,073% to $56.8 million, primarily due to higher revenues and increased activity[194] - Shallow Water Abandonment segment reported a gross loss of $8.1 million, compared to a gross profit of $28.5 million in the prior year[195] - Free Cash Flow improved to $45.1 million in 2024, up from $18.6 million in 2023, driven by stronger operating cash flows[208] - Well Intervention segment revenues increased by 46% to $224.7 million in Q2 2024 compared to $154.2 million in Q2 2023[209] - Robotics segment revenues grew by 16% to $81.2 million in Q2 2024 from $70.1 million in Q2 2023, driven by higher chartered vessel days and ROV activities[211] - Production Facilities revenues increased by 10% to $25.4 million in Q2 2024 compared to $23.1 million in Q2 2023, reflecting higher oil and gas production[212] - Gross profit for Well Intervention surged by 382% to $33.6 million in Q2 2024 from $7.0 million in Q2 2023[209] - Robotics gross profit increased by 58% to $30.9 million in Q2 2024 from $19.5 million in Q2 2023[209] - Shallow Water Abandonment gross profit declined by 92% to $1.7 million in Q2 2024 from $21.0 million in Q2 2023[215] Segment Performance - Shallow Water Abandonment revenues decreased by 33% in Q2 2024 compared to Q2 2023, with vessel utilization dropping to 58% from 78%[182] - Robotics gross profit increased by $11.4 million in Q2 2024 compared to Q2 2023, driven by higher revenues and profit margin projects[186] - Production Facilities gross profit increased by $1.2 million in Q2 2024 compared to Q2 2023, primarily due to higher segment revenues[187] - Shallow Water Abandonment segment revenues decreased by 38% to $77.7 million due to lower activity levels and softer Gulf of Mexico shelf market conditions[192][193] - Vessel utilization for Shallow Water Abandonment declined to 49% in 2024 from 68% in 2023, reflecting reduced market activity[193] - Shallow Water Abandonment revenues decreased by 33% to $50.8 million in Q2 2024 from $76.3 million in Q2 2023[209] - Chartered vessel days for Robotics increased to 528 days in Q2 2024 from 435 days in Q2 2023[211] - ROV and trencher utilization rose to 76% in Q2 2024 from 58% in Q2 2023[211] Expenses and Costs - Deferred contract costs totaled $24.1 million as of June 30, 2024, compared to $36.6 million as of December 31, 2023, with amortization of $11.0 million and $31.3 million for the three- and six-month periods ended June 30, 2024, respectively[146] - Share-based compensation related to PSUs was $1.5 million and $2.8 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $1.2 million and $2.4 million for the same periods in 2023[151] - Contributions to defined contribution plans totaled $1.4 million and $2.8 million for the three- and six-month periods ended June 30, 2024, respectively, compared to $1.0 million and $2.1 million for the same periods in 2023[154] - Selling, general, and administrative expenses decreased to $22.3 million in Q2 2024 from $24.0 million in Q2 2023, mainly due to lower employee compensation costs[188] - Net other expense was $0.4 million in Q2 2024, compared to $5.7 million in Q2 2023, which included an $11.7 million foreign currency loss related to the devaluation of the Nigerian naira[189] - Net interest expense increased to $5.9 million in Q2 2024 from $4.2 million in Q2 2023, primarily due to interest on 2029 Notes[217] - Foreign currency translation losses of $6.4 million recorded for the six-month period ended June 30, 2024[242] Backlog and Contracts - Consolidated backlog as of June 30, 2024 totaled approximately $873 million, with $443 million expected to be performed in the remainder of 2024[173] - Contracts with Shell, ExxonMobil, Subsea 7, Trident Energy, Petrobras, and the HP I agreement represented 73% of the total backlog as of June 30, 2024[173] - The company's Robotics segment has vessel charters with expiration dates ranging from 2025 to 2030, including the Grand Canyon II (December 2030) and the Grand Canyon III (May 2028)[159] Long-Term Incentives and Share Issuance - The company's 2005 Long-Term Incentive Plan was amended to authorize 7.0 million additional shares for issuance, with approximately 9.5 million shares available as of June 30, 2024[150] Asset Retirement Obligations - Asset retirement obligations (AROs) increased to $64.2 million as of June 30, 2024, from $61.4 million at the beginning of the year, with accretion expense of $2.8 million for the six-month period[159] Market and Growth Outlook - The company expects strong performance in 2024, driven by international demand for decommissioning services and growth in offshore renewables trenching markets[203] - Mid- to long-term growth is anticipated in shallow water decommissioning services in the Gulf of Mexico, despite near-term softness[203] Adjusted EBITDA and Net Debt - Adjusted EBITDA for Q2 2024 was $96.9 million, up from $71.3 million in Q2 2023[176] - Net debt as of June 30, 2024 was $43.6 million, compared to $29.5 million as of December 31, 2023[178] Market Risks - Exposure to market price risks related to oil and natural gas in offshore production facilities[243]

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q2 2024 Earnings Conference Call July 25, 2024 8:30 AM ET Company Participants Brent Arriaga - Chief Accounting Officer, Corporate Controller Kenneth Neikirk - EVP, General Counsel, Corporate Secretary Scotty Sparks - EVP & COO Erik Staffeldt - CFO & EVP Owen Kratz - President, CEO & Director Conference Call Participants Sherif Elmaghrabi - BTIG Josh Jayne - Daniel Energy Partners Operator Thank you for standing by. My name is John, and I'll be your conference o ...

EXHIBIT 99.1 E 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 | | | 24-011 | | Date: July 24, 2024 | | Contact:Erik Staffeldt Executive Vice President & CFO | | He ...

Oil prices dropped like a rock this week and that hit oil-related stocks hard. Ironically, it was OPEC+ extending production cuts that sent oil lower, which seems a little backward. You can see the change in Brent crude's price below, which is what pushed energy stocks lower. And the oil production and service companies are leveraged plays on oil, so it's no surprise they were heavily impacted. A cut in production, although already in place, should push a commodity like oil higher, but it was the economic w ...