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]

Financial Performance and Key Metrics - The company generated revenues of $661 million, gross profits of $95 million, and net income of $6 million for the second quarter of 2024, with adjusted EBITDA of $144 million [7][66] - Year-to-date net income increased by $21 million, despite pre-tax losses related to the redemption of convertible notes [7] - Adjusted EBITDA for the quarter was $97 million, with negative operating cash flow of $12 million, resulting in negative free cash flow of $16 million [16][71] Business Segment Performance - The Well Intervention segment achieved strong utilization across the Gulf of Mexico, North Sea, Europe, Brazil, and Australia, with overall uptime efficiency of 98.9% [8][66] - Robotics had an exceptional quarter, operating six vessels with strong utilization, particularly in renewable energy projects [18][66] - The shallow-water abandonment business faced challenges due to a late start to the season and unexpected weather conditions, impacting utilization [68][91] Market Data and Key Metrics - In Brazil, a 40% increase in rates year-over-year is expected going into 2025, with utilization projected to extend into 2028 [12] - The Gulf of Mexico market remains strong, supporting improving rates and expected high utilization for the Q4000 and Q5000 vessels [20][66] - The company anticipates a rebound in demand for shallow water decommissioning in 2025, despite a soft market in 2024 [24][101] Company Strategy and Industry Competition - The company is focused on securing long-term contracts at market rates for its well intervention assets, with expectations of significant EBITDA growth in 2025 [33][103] - The robotics segment is benefiting from a tight market, with strong demand in both oil and gas and renewables [100][104] - The company plans to continue share repurchases and explore bolt-on acquisitions to enhance value creation for shareholders [80] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, expecting it to be on par or slightly stronger than the first half [73] - The company is adjusting its guidance for free cash flow to $90 million to $125 million, reflecting anticipated working capital inflows [71] - Management noted that the shallow water abandonment market is difficult to forecast but believes in a solid long-term foundation due to ongoing customer needs [43][101] Other Important Information - Funded debt stands at $328 million, with cash and cash equivalents of $275 million, resulting in a liquidity position of $370 million [19][95] - The company is targeting $20 million to $30 million in share repurchases for 2024, with $10 million completed year-to-date [19] Q&A Session Summary Question: Can you discuss the typical seasonal cycle for robotics? - Management indicated that ROVs are on longer-term contracts, with trenching being more affected by seasonality, but they expect a strong winter season [30][31] Question: How is the shallow water abandonment business being managed? - Management acknowledged the current soft market but is maintaining capacity to respond to a potential rebound in 2025, incurring additional costs in the process [34][35] Question: What is the outlook for well intervention contracts? - Management is in negotiations for longer-term contracts at higher rates, with expectations to announce details before the end of the year [33][110]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Q2 2024 Performance Summary](index=1&type=section&id=Q2%202024%20Performance%20Summary) Helix reported a significant turnaround in Q2 2024 with a net income of $32.3 million, compared to a net loss of $26.3 million in Q1 2024 and net income of $7.1 million in Q2 2023, with the Q1 2024 loss impacted by a $20.9 million pre-tax loss from debt retirement, and Adjusted EBITDA more than doubled quarter-over-quarter to $96.9 million, showing strong year-over-year growth Q2 2024 Key Financial Metrics ($ in millions) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Income (Loss) | $32.3 | $(26.3) | $7.1 | | Diluted EPS | $0.21 | $(0.17) | $0.05 | | Adjusted EBITDA | $96.9 | $47.0 | $71.3 | First Half (H1) 2024 vs 2023 Performance ($ in millions) | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Income | $6.0 | $1.9 | | Diluted EPS | $0.04 | $0.01 | | Adjusted EBITDA | $143.9 | $106.4 | - The net loss in Q1 2024 included a significant pre-tax loss of approximately **$20.9 million**, or **$(0.14)** per diluted share, related to the retirement of Convertible Senior Notes due 2026[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted strong Q2 2024 performance driven by seasonal activity increases and improvements across all segments, with a particularly strong showing from the Robotics segment, while acknowledging near-term softness in the Shallow Water Abandonment market, noting that recent financial clean-ups, such as the Alliance earn-out settlement and convertible note retirement, provide a clearer view of the company's performance, with the focus remaining on executing the Energy Transition strategy with expectations for further improvements in 2025 - Performance benefitted from a seasonal pick-up in activity in the North Sea and Gulf of Mexico shelf[22](index=22&type=chunk) - The Robotics segment outperformed with strong results from trenching and renewables operations in the North Sea and Asia Pacific[22](index=22&type=chunk) - The settlement of the Alliance earn-out and retirement of 2026 convertible notes are expected to provide clearer financial results and cash flows going forward[22](index=22&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) [Well Intervention](index=3&type=section&id=Well%20Intervention) The Well Intervention segment saw revenue increase 4% quarter-over-quarter to $224.7 million, driven by higher utilization and rates in the North Sea, and year-over-year, revenue surged 46% due to improved utilization and rates in the Gulf of Mexico and higher contributions from the Seawell and Q7000 vessels, with overall vessel utilization standing at 94% for the quarter Well Intervention Performance ($ in thousands) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Revenues | $224,679 | $216,459 | $154,221 | | Operating Income | $29,299 | $18,679 | $3,380 | - QoQ revenue growth was driven by higher utilization and rates for the Well Enhancer in the North Sea following its Q1 dry dock, and higher rates in the Gulf of Mexico[5](index=5&type=chunk) - YoY revenue growth was primarily due to higher utilization and rates in the Gulf of Mexico (as Q4000 was in dry dock in Q2 2023) and a full quarter of utilization from the Q7000[12](index=12&type=chunk) - Overall vessel utilization was **94%** in Q2 2024, compared to **90%** in Q1 2024 and **84%** in Q2 2023[5](index=5&type=chunk)[12](index=12&type=chunk) [Robotics](index=3&type=section&id=Robotics) The Robotics segment delivered strong growth, with revenues increasing 61% quarter-over-quarter and 16% year-over-year to $81.2 million, driven by seasonally higher vessel, trenching, and ROV activities, and utilization for ROV and trenchers reached 76%, a significant increase from both the prior quarter and the previous year Robotics Performance ($ in thousands) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Revenues | $81,249 | $50,309 | $70,050 | | Operating Income | $28,400 | $5,450 | $17,467 | - QoQ revenue surged **61%** due to seasonally higher activity, with chartered vessel utilization at **97%** and integrated vessel trenching days increasing to **232** from **85** in Q1[25](index=25&type=chunk) - YoY revenue grew **16%** due to higher chartered vessel days, trenching, and ROV activities[13](index=13&type=chunk) - ROV and trencher utilization increased to **76%** in Q2 2024, up from **58%** in both Q1 2024 and Q2 2023[13](index=13&type=chunk)[25](index=25&type=chunk) [Shallow Water Abandonment](index=5&type=section&id=Shallow%20Water%20Abandonment) This segment's performance reflected market softness, with revenues increasing 89% quarter-over-quarter to $50.8 million due to seasonal activity, but falling 33% year-over-year, attributed to lower activity and a softer Gulf of Mexico shelf market, leading to a significant drop in operating income from $19.8 million in Q2 2023 to a loss of $0.3 million in Q2 2024 Shallow Water Abandonment Performance ($ in thousands) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Revenues | $50,841 | $26,853 | $76,306 | | Operating Income (Loss) | $(281) | $(12,428) | $19,762 | - YoY revenue decreased **33%** due to lower activity levels and a softer Gulf of Mexico shelf market, with overall vessel utilization dropping to **58%** from **78%** in Q2 2023[14](index=14&type=chunk) - QoQ revenue increased **89%** reflecting seasonally higher activity levels on the Gulf of Mexico shelf, with vessel utilization up from **41%** in Q1 2024[26](index=26&type=chunk) [Production Facilities](index=5&type=section&id=Production%20Facilities) The Production Facilities segment's revenue grew 5% quarter-over-quarter and 10% year-over-year to $25.4 million, swinging to an operating income of $9.1 million from a loss of $1.5 million in the prior quarter, primarily because Q1 was impacted by $8.6 million in workover costs Production Facilities Performance ($ in thousands) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Revenues | $25,400 | $24,152 | $23,128 | | Operating Income (Loss) | $9,097 | $(1,543) | $7,774 | - The significant QoQ improvement in operating income was mainly due to the absence of approximately **$8.6 million** in workover costs incurred on the Thunder Hawk wells during Q1 2024[19](index=19&type=chunk) - YoY revenue increased **10%** due to higher oil and gas production, as both fields had been shut-in for maintenance during parts of Q2 2023[27](index=27&type=chunk) [Other Financial Details](index=5&type=section&id=Other%20Financial%20Details) [Selling, General and Administrative (SG&A)](index=5&type=section&id=Selling%2C%20General%20and%20Administrative%20%28SG%26A%29) SG&A expenses were $22.3 million in Q2 2024, a slight increase from $21.0 million in the prior quarter due to higher compensation costs, and as a percentage of revenue, SG&A improved to 6.1% from 7.0% in Q1 2024 SG&A Expenses ($ in millions) | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | SG&A Expense | $22.3 | $21.0 | | SG&A as % of Revenue | 6.1% | 7.0% | [Other Income and Expenses](index=5&type=section&id=Other%20Income%20and%20Expenses) Other expense, net, was $0.4 million in Q2 2024, a significant decrease from $2.2 million in Q1 2024, with the prior quarter's expense primarily driven by foreign currency losses related to the depreciation of the British pound, which had an inconsequential impact in the current quarter - Other expense, net was **$0.4 million** in Q2 2024, down from **$2.2 million** in Q1 2024[6](index=6&type=chunk) - The higher expense in Q1 2024 was mainly due to foreign currency losses from the depreciation of the British pound against the U.S. dollar[6](index=6&type=chunk) [Share Repurchases](index=5&type=section&id=Share%20Repurchases) During the second quarter of 2024, the company repurchased approximately 0.5 million shares of its stock for a total of $5.2 million - The company repurchased **0.5 million** shares for **$5.2 million** in Q2 2024[28](index=28&type=chunk) [Financial Condition and Liquidity](index=7&type=section&id=Financial%20Condition%20and%20Liquidity) [Cash Flow Analysis](index=7&type=section&id=Cash%20Flow%20Analysis) Operating cash flow was an outflow of $12.2 million in Q2 2024, heavily impacted by a $58.3 million Alliance earn-out payment, compared to an inflow of $64.5 million in Q1 2024, consequently, Free Cash Flow was negative at $16.2 million for the quarter, with capital expenditures remaining low at $4.0 million Cash Flow Summary ($ in millions) | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Operating Cash Flow | $(12.2) | $64.5 | $31.5 | | Capital Expenditures | $4.0 | $3.6 | $1.3 | | Free Cash Flow | $(16.2) | $61.2 | $30.2 | - Q2 2024 operating cash flow included a **$58.3 million** payment for the Alliance earn-out[16](index=16&type=chunk) [Liquidity and Debt Position](index=7&type=section&id=Liquidity%20and%20Debt%20Position) As of June 30, 2024, Helix maintained a solid liquidity position of $370.1 million, consisting of $275.1 million in cash and $95.1 million available under its ABL facility, with consolidated long-term debt standing at $318.6 million, resulting in a Net Debt of $43.6 million Liquidity and Debt as of June 30, 2024 ($ in millions) | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $275.1 | | ABL Facility Capacity | $95.1 | | **Total Liquidity** | **$370.1** | | Long-term Debt | $318.6 | | **Net Debt** | **$43.6** | [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2024, the company reported total revenues of $364.8 million, leading to a gross profit of $75.5 million, and after accounting for all operating and non-operating expenses, including a $14.7 million tax provision, net income was $32.3 million, or $0.21 per diluted share Q2 2024 Statement of Operations Highlights ($ in thousands) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net revenues | $364,797 | $308,817 | | Gross profit | $75,486 | $55,349 | | Income from operations | $53,193 | $20,205 | | Net income | $32,289 | $7,100 | | Diluted EPS | $0.21 | $0.05 | [Comparative Condensed Consolidated Balance Sheets](index=10&type=section&id=Comparative%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, Helix had total assets of $2.60 billion, compared to $2.56 billion at year-end 2023, with total liabilities standing at $1.10 billion, and shareholders' equity at $1.50 billion, while cash and cash equivalents decreased to $275.1 million from $332.2 million at the end of 2023 Balance Sheet Highlights ($ in thousands) | Line Item | June 30, 2024 | Dec. 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $275,066 | $332,191 | | Total Current Assets | $623,915 | $697,841 | | Total Assets | $2,596,937 | $2,556,036 | | Total Current Liabilities | $300,174 | $448,618 | | Total Liabilities | $1,100,149 | $1,054,036 | | Shareholders' equity | $1,496,788 | $1,501,000 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like Adjusted EBITDA, Free Cash Flow, and Net Debt for performance evaluation, and for Q2 2024, Net Income of $32.3 million was reconciled to Adjusted EBITDA of $96.9 million by adjusting for taxes, interest, D&A, and other items, with Free Cash Flow calculated as $(16.2) million from operating cash flows of $(12.2) million less capital expenditures, and Net Debt confirmed at $43.6 million - Management uses EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt to monitor performance, compare with industry peers, and for strategic planning[34](index=34&type=chunk)[48](index=48&type=chunk) Q2 2024 Reconciliation of Net Income to Adjusted EBITDA ($ in thousands) | Line Item | Amount | | :--- | :--- | | Net income | $32,289 | | Income tax provision | $14,725 | | Net interest expense | $5,891 | | Other expense, net | $382 | | Depreciation and amortization | $43,471 | | **EBITDA** | **$96,758** | | Other adjustments | $137 | | **Adjusted EBITDA** | **$96,895** | Q2 2024 Free Cash Flow & Net Debt Calculation ($ in thousands) | Metric | Calculation | Result | | :--- | :--- | :--- | | **Free Cash Flow** | | **$(16,153)** | | Cash flows from operating activities | | $(12,164) | | Less: Capital expenditures, net | | $(3,989) | | **Net Debt** | | **$43,563** | | Long-term debt | | $318,629 | | Less: Cash and cash equivalents | | $(275,066) |

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 ...

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, 2024 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 ...

E EXHIBIT 99.1 www.helixesg.com Date: April 24, 2024 Contact:Erik Staffeldt Helix Energy Solutions Group, Inc. ● Executive Vice President & CFO Helix Reports First Quarter 2024 Results HOUSTON, TX – Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss of $26.3 million, or $(0.17) per diluted share, for the first quarter 2024 compared to a net loss of $28.3 million, or $(0.19) per diluted share, for the fourth quarter 2023 and a net loss of $5.2 million, or $(0.03) per diluted share, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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__________ Table of Contents Commission file number 001-32936 HELIX ENERGY SOLUTIONS GROUP, INC. (Exact name of registrant as specified in its charter) State or o ...

February 27, 2024 Forward-Looking Statements 2 2 PRESENTATION OUTLINE Agenda Executive Summary (pg. 5) • Operational Highlights (pg. 12) • 2024 Outlook (pg. 27) • Questions and Answers 4 4 Executive Summary 5 EXECUTIVE SUMMARY 12/31/22 9/30/23 12/31/23 12/31/22 49 11% 20% 16% 6% (0.19) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-------|------------------|-------|----------------------------|-------|----------|------- ...

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 ...