For the transition period from__________ to__________ For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents 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 Commission file number 001-32936 HELIX ENERGY SOLUTIONS GROUP, INC. (Exact name of registrant as specified in its charter) Minnesota ...

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q4 2021 Earnings Conference Call February 22, 2022 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 James Schumm - Cowen & Company Operator Greetings and welcome to the Helix Energy Solutions Group 1 Fourth Quarter 2021 Earnings Conference Call. During the present ...

Table of Contents 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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___ ...

Helix Energy Solutions Group, Inc. (NYSE:HLX) Q3 2021 Earnings Conference Call October 21, 2021 10:00 AM ET Company Representatives Owen Kratz - Chief Executive Officer Erik Staffeldt - Chief Financial Officer Scotty Sparks - Chief Operating Officer Ken Neikirk - General Counsel Conference Call Participants James Schumm - Cowen Igor Levi - BTIG David Smith - Pickering Energy Partners Operator Greetings, and welcome to the Third Quarter 2021 Earnings Conference Call. During the presentation all participants ...

| --- | --- | --- | |------------------------------------|-------|-------| | | | | | October 21, 2021 | | | | | | | | Third Quarter 2021 Conference Call | | | | | | | FORWARD-LOOKING STATEMENTS 2 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" wit ...

Barclays CEO Energy-Power Conference September 8, 2021 FORWARD-LOOKING STATEMENTS 2 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 stat ...

Financial Performance - Consolidated net revenues for the three-month period ended June 30, 2021, decreased by 19% to $161.9 million compared to $199.1 million in the same period in 2020[133]. - Well Intervention revenues decreased by 9% to $132.3 million, primarily due to lower vessel utilization and rates[134]. - Robotics revenues decreased by 38% to $31.7 million, reflecting fewer vessel days and reduced trenching activities[135]. - Production Facilities revenues increased by 5% to $14.2 million, driven by higher revenues from a new agreement effective April 1, 2021[136]. - Gross profit decreased by $26.4 million to $3.1 million for the three-month period ended June 30, 2021, primarily due to lower gross profit in Well Intervention and Robotics segments[137]. - Consolidated net revenues for the six-month period ended June 30, 2021, decreased by 14% to $325.4 million compared to $380.2 million in the same period in 2020[146]. - Well Intervention revenues decreased by 7% to $266.1 million, primarily due to lower vessel utilization in the North Sea and Gulf of Mexico[147]. - Robotics revenues decreased by 38% to $53.8 million, attributed to fewer vessel days and decreased utilization of ROVs and ROVDrill[148]. - Production Facilities revenues increased by 5% to $30.7 million, driven by higher HFRS revenues and oil and gas production[149]. - Gross profit decreased by $13.8 million to $17.8 million, with significant declines in Well Intervention and Robotics segments[150]. Cash Flow and Liquidity - Free cash flow for the six months ended June 30, 2021, was $85.8 million, a significant improvement from a negative $11.0 million in the same period in 2020[130]. - Cash provided by operating activities was $92.5 million, a significant increase from $6.0 million in the same period in 2020[162]. - Operating cash flows increased to $92.5 million for the six-month period ended June 30, 2021, compared to $6.0 million for the same period in 2020, reflecting improvements in working capital and higher income tax refunds[167]. - Free cash flow rose by $96.8 million for the six-month period ended June 30, 2021, primarily due to increased operating cash flows and decreased capital expenditures[171]. - Liquidity as of June 30, 2021, was $416.2 million, down from $451.5 million at the end of 2020[160]. - Net cash outflows from financing activities were $62.8 million for the six-month period ended June 30, 2021, mainly due to the repayment of $59.1 million of scheduled maturities related to indebtedness[170]. - Capital expenditures for the six months ended June 30, 2021, totaled $(6,761) thousand, a decrease from $(17,081) thousand in the same period of 2020[168]. - As of June 30, 2021, the available borrowing capacity under the Revolving Credit Facility was $172.3 million, net of $2.7 million of letters of credit issued[166]. - Total cash obligations as of June 30, 2021, amounted to $646.4 million, with $190.6 million due within one year[172]. Market Conditions and Demand - The demand for services is influenced by the condition of the oil and gas and renewable energy markets, particularly the willingness of offshore energy companies to spend on operational activities and capital projects[117]. - The ongoing COVID-19 pandemic has resulted in a new period of market weakness, impacting the demand and rates for services offered to oil and gas customers[121]. - The company expects that oil and gas companies will increasingly focus on optimizing production of existing subsea wells rather than new exploration projects[122]. - The demand for services in the renewable energy market is affected by factors such as technological advancements and government subsidies for renewable energy projects[123]. Operational Insights - As of June 30, 2021, the company's consolidated backlog totaled $291 million, with $153 million expected to be performed over the remainder of 2021[124]. - Approximately 51% of the total backlog is represented by agreements with Petrobras for well intervention services offshore Brazil and a fixed fee agreement for the HP I[124]. - The company operates three reportable business segments: Well Intervention, Robotics, and Production Facilities[126]. - The company has a well intervention fleet that includes seven purpose-built vessels and 42 work-class ROVs, supporting operations globally[116]. - The performance of the business is largely affected by prevailing market prices for oil and natural gas, which are influenced by various economic and geopolitical factors[117]. - The company believes it has a competitive advantage in performing well intervention services efficiently, driven by the need to prolong well life and safely decommission end-of-life wells[122]. Expenses and Taxation - Selling, general and administrative expenses decreased to $13.4 million from $15.9 million, reflecting lower credit loss reserves[141]. - Net interest expense decreased to $5.9 million from $7.1 million, attributed to reduced overall debt levels[142]. - Net other income was $1.0 million for the three-month period ended June 30, 2021, compared to a net other expense of $2.1 million in the same period in 2020[143]. - Income tax benefit increased to $2.0 million from $0.3 million, with effective tax rates of 12.6% for 2021 and (5.2)% for 2020[144]. - Selling, general and administrative expenses decreased to $28.6 million from $32.2 million, reflecting lower credit loss reserves[154]. - Net interest expense decreased to $12.0 million from $12.8 million, due to lower overall debt levels[155]. Risks and Challenges - The ongoing COVID-19 pandemic continues to impact revenues and is expected to affect results in the foreseeable future[164]. - The company anticipates challenges in complying with debt covenants due to ongoing weak industry activity and potential decreases in revenues and EBITDA[166]. - Interest rate risk exposure includes $28.0 million of outstanding debt subject to floating rates, with a hypothetical increase of 100 basis points estimated to incur an additional $0.2 million in interest expense[178]. - The company does not anticipate borrowing under the Revolving Credit Facility other than for the issuance of letters of credit[166].

| --- | --- | --- | |----------------------|-------|-------| | | | | | July 27, 2021 | | | | | | | | Second Quarter 2021 | | | | Conference Call | | | | | | | FORWARD-LOOKING STATEMENTS 2 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 ...

Financial Data and Key Metrics Changes - For Q2 2021, the company reported revenues of $162 million, a slight decrease from $163 million in Q1 2021, with a net loss of $14 million and EBITDA of $25 million [7][12][28] - The gross profit was $3 million, representing a gross profit margin of 2% [7][12] - The cash balance at the end of the quarter was $244 million, with an additional $71 million in temporarily restricted cash [8][26] - Year-to-date, the company generated $93 million of operating cash flow and $86 million of free cash flow [8] Business Line Data and Key Metrics Changes - The Well Intervention fleet achieved global utilization of 72%, with 100% utilization in Brazil, 58% in the Gulf of Mexico, and 63% in the North Sea and West Africa [12][16] - The Robotics chartered vessel fleet achieved 93% global utilization, with significant activity in trenching and renewable projects [12][20] - In Brazil, both vessels achieved 100% utilization, completing abandonment work on multiple wells [19] Market Data and Key Metrics Changes - The Gulf of Mexico market showed signs of increased activity, with 15 projects awarded since the last earnings call, totaling over 400 days of utilization [52] - The North Sea market has been slower to recover, but there is anticipation of increased work in 2022 and 2023 due to aging wells [52][40] - West Africa has been a positive market for the company, with the Q7000 vessel expected to remain utilized into November 2021 [42] Company Strategy and Development Direction - The company is focusing on enhancing its service offerings in the renewable sector and is seeing increased demand for trenching services [46][47] - There is a strategic shift towards pursuing opportunities outside of Brazil, with potential markets identified in West Africa and Australia [64] - The company aims to maintain a modern fleet and is planning for a potential return to shareholder value once market conditions improve [55][56] Management's Comments on Operating Environment and Future Outlook - Management characterized 2021 as a challenging year but noted signs of an economic recovery, particularly in the Gulf of Mexico [36][40] - There is cautious optimism regarding the recovery of the rig market, which is expected to drive demand for intervention services [37][40] - The company anticipates a stronger market in 2022 and 2023, particularly in the North Sea and Gulf of Mexico [40][44] Other Important Information - The company has a capital expenditure forecast range of $20 million to $35 million, primarily for maintenance and project-related expenses [34] - The company expects to benefit from the new HWCG agreement for production enhancement services [30] Q&A Session Summary Question: Demand recovery in the Gulf of Mexico - Management noted increased discussions with clients and awarded 15 projects since the last earnings call, indicating a potential recovery in demand [52] Question: Balance sheet and capital allocation for 2022 - The company aims to achieve net debt zero by next year and is holding cash to settle convertible notes, with plans to return value to shareholders once market conditions improve [55][56] Question: Is 2021 the bottom for EBITDA? - Management indicated uncertainty regarding whether 2021 or 2022 is the bottom year, but expects a significant recovery by 2023 [59] Question: Competitive positioning of Siem vessels outside Brazil - Management stated that Siem vessels are competitive in other markets, with similar capabilities and cost bases to other vessels [75] Question: Outlook for larger projects in site clearance - Management expects an increase in larger projects in 2023, with ongoing discussions for additional contracts [77]

| --- | --- | --- | --- | --- | |-------|-----------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | Tudor, Pickering, Holt & Co. Hotter 'N Hell | | | | | | Conference | | | | | | June 10, 2021 | | | | | | | | | | FORWARD-LOOKING STATEMENTS 2 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 st ...