Helix Energy Solutions Group, Inc. (NYSE:HLX) Q4 2023 Earnings Conference Call February 27, 2024 10:00 AM ET Company Participants Brent Arriaga - Chief Accounting Officer Owen Kratz - Chief Executive Officer Scotty Sparks - Chief Operating Officer Erik Staffeldt - Chief Financial Officer Ken Neikirk - General Counsel Conference Call Participants James Schumm - TD Cowen David Smith - Pickering Energy Operator Greetings. And welcome to the Helix Energy Solutions Fourth Quarter and Year End 2023 Earnings Confe ...

Financial Performance - Helix reported a net loss of $28.3 million for Q4 2023, compared to net income of $15.6 million in Q3 2023 and $2.7 million in Q4 2022[1] - Full-year 2023 net loss was $10.8 million, an improvement from the $87.8 million net loss in 2022[2] - The company reported a net loss of $28.333 million for Q4 2023, compared to a net income of $2.709 million in Q4 2022[47] Adjusted EBITDA - Adjusted EBITDA for Q4 2023 was $70.6 million, down from $96.4 million in Q3 2023 but up from $49.2 million in Q4 2022[1] - Full-year 2023 adjusted EBITDA was $273.4 million, more than double the $121.0 million in 2022[2] - Adjusted EBITDA for Q4 2023 was $70.632 million, up 43.6% from $49.169 million in Q4 2022[51] Revenue and Profit - Net revenues for Q4 2023 increased to $335.157 million, up 16.5% from $287.816 million in Q4 2022[47] - Full-year 2023 net revenues reached $1.289 billion, a 47.7% increase from $873.1 million in 2022[47] - Gross profit for Q4 2023 was $49.278 million, a 57.1% increase from $31.364 million in Q4 2022[47] Cash Flow and Liquidity - Cash and cash equivalents increased to $332.2 million at year-end 2023, up from $186.6 million in 2022[4] - Free cash flow for 2023 was $133.8 million, a significant increase from $17.6 million in 2022[4] - Operating cash flows increased to $94.7 million in Q4 2023 from $31.6 million in the prior quarter, driven by strong working capital inflows and lower capital spending[23] - Free Cash Flow rose to $91.9 million in Q4 2023 from $23.4 million in the prior quarter, supported by higher operating cash flows and lower capital expenditures[25] - Helix generated operating cash flows of $152.5 million in 2023, compared to $51.1 million in 2022, driven by higher operating income[36] - Free Cash Flow for 2023 was $133.8 million, up from $17.6 million in 2022, due to higher operating cash flows and lower capital expenditures[37] - Free cash flow for Q4 2023 was $91.878 million, a significant increase from $21.198 million in Q4 2022[51] - Cash and cash equivalents increased to $332.191 million at the end of 2023, up from $186.604 million in 2022[49] Debt and Capital Structure - Helix repurchased $159.8 million principal amount of its 2026 Convertible Senior Notes, resulting in a $37.3 million pre-tax loss[1][2] - Net debt decreased to $29.531 million as of Dec 31, 2023, down from $74.964 million at the end of 2022[51] - Long-term debt including current maturities increased to $361.722 million as of Dec 31, 2023, up from $264.075 million in 2022[51] Segment Performance - Well Intervention segment revenues increased 26% YoY to $210.7 million in Q4 2023, with vessel utilization at 95%[10][12] - Robotics segment revenues decreased 17% QoQ to $63.0 million in Q4 2023 due to seasonally lower rates and activity[13] - Shallow Water Abandonment revenues decreased 29% QoQ to $62.0 million in Q4 2023, with vessel utilization at 72%[15] - Production Facilities revenues decreased by $5.1 million (21%) in Q4 2023 compared to the prior quarter due to lower oil and gas production from Thunder Hawk wells being shut-in[17] - Production Facilities incurred operating losses of $1.0 million in Q4 2023, compared to operating income of $8.9 million in the previous quarter[17] - Well Intervention revenues increased by $208.5 million (40%) in 2023 compared to 2022, driven by higher vessel utilization and rates in the North Sea, Brazil, and Gulf of Mexico[26] - Robotics revenues grew by $66.0 million (34%) in 2023, with ROV and trencher utilization increasing to 62% from 53% in 2022[28] - Shallow Water Abandonment revenues reached $275.0 million in 2023, up from $124.8 million in 2022, following the Alliance acquisition[29] Operating Expenses - Selling, general and administrative expenses decreased to $23.0 million (6.9% of revenue) in Q4 2023 from $27.8 million (7.0% of revenue) in the prior quarter[19] Asset and Liability Position - Total assets grew to $2.556 billion as of Dec 31, 2023, compared to $2.389 billion at the end of 2022[49]

Table of Contents For the transition period from__________ to__________ Commission File Number: 001-32936 HELIX ENERGY SOLUTIONS GROUP, INC. (Exact name of registrant as specified in its charter) Minnesota 95-3409686 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

– vessel expected to – spot vessel Diving & Heavy Lift C • Grand Canyon II (Asia Pacific) – 100% utilized in Q3 performing long-term decommissioning project offshore Thailand • Grand Canyon III (North Sea) – 100% utilized in Q3 performing two separate renewables trenching projects for one customer and an oil and gas trenching project for another customer • Shelia Bordelon (GOM) – 85% utilized in Q3 performing primarily ROV seismic node installation services for one customer • Horizon Enabler (North Sea) – 1 ...

Helix Energy Solutions Group, Inc (NYSE:HLX) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET Company Participants Brent Arriaga - Chief Accounting Officer Owen Kratz - Chief Executive Officer Scotty Sparks - Chief Operating Officer Erik Staffeldt - Chief Financial Officer Ken Neikirk - General Counsel Conference Call Participants James Schumm - TD Cowen Luke Lemoine - Piper Sandler Greg Lewis - BTIG Don Crist - Johnson Rice Operator Greetings and welcome to the Third Quarter Helix Energy Solut ...

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: our plans, strategies and objectives for future operations; visibi ...

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Brent Arriaga - Chief Accounting Officer Ken Neikirk - General Counsel Owen Kratz - Chief Executive Officer Scotty Sparks - Chief Operating Officer Erik Staffeldt - Chief Financial Officer Conference Call Participants Greg Lewis – BTIG James Schumm - Cowen David Smith - Pickering Energy Operator Greetings, and welcome to the second quarter Helix Energy Solutions 2023 Earnings Confere ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to__________ Commission File Number: 001-32936 HELIX ENERGY SOLUTIONS GROUP, INC. (Exact name of registrant as specified in its charter) (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to__________ Commission File Number: 001-32936 HELIX ENERGY SOLUTIONS GROUP, INC. (Exact name of registrant as specified in its charter) (Sta ...

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q1 2023 Earnings Conference Call April 25, 2023 10:00 AM ET Company Participants Brent Arriaga – Chief Accounting Officer Owen Kratz – Chief Executive Officer Scotty Sparks – Chief Operating Officer Erik Staffeldt – Chief Financial Officer Ken Neikirk – General Counsel Conference Call Participants Greg Lewis – BTIG David Smith – Pickering Energy James Schumm – Cowen Don Crist – Johnson Rice & Company Samantha Hoh – Evercore Operator Greetings, and welcome to the ...