Helix Energy : Company Update IR Presentation September 2022

SEPTEMBER 2022

Helix Energy Solutions

Company Update

FORWARD-LOOKING STATEMENTS

References in this presentation to "our" or "Helix" means Helix Energy Solutions Group, Inc., together with our subsidiaries. References in this presentation to "Alliance" means Helix Alliance Decom, LLC, a wholly-owned subsidiary of Helix. 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 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 ability to identify, effect, and integrate acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition; any statements regarding the Thunder Hawk transaction; 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 including projections as to guidance and other outlook information; any statements regarding future operations expenditures; any statements regarding our plans, strategies and objectives for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding our environmental, social and governance ("ESG") initiatives; 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; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ability to secure and realize backlog; the effectiveness of our ESG initiatives and disclosures; human capital 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 law.

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HELIX COMPANY OVERVIEW

Helix Energy Solutions provides specialty services to the offshore energy industry with a focus on well intervention and robotics operations. Our services are centered toward and well positioned to facilitate global energy transition by maximizing production of remaining oil and gas reserves, decommissioning end-of-life oil and gas fields, and supporting renewable energy developments

• Oil & Gas services cover the lifecycle of a field and are critical to maximizing production economics and safely decommissioning end-of-lifewells and infrastructure
• Expanding Renewables services where we currently offer trenching, site clearance, and subsea support
• Expansion into full-field shallow water decommissioning in the Gulf of Mexico with the Alliance acquisition on July 1, 2022

Four reportable business segments: Well Intervention, Robotics, Production Facilities and Helix Alliance

Liquidity1 of $321 million, net debt2 of $4 million and contract backlog of $552 million as of June 30, 2022

Subsea Services Alliance with Schlumberger provides integrated equipment and services for subsea well intervention

		Business Mix3
	Revenue
	10%				Well Intervention
	$675				Robotics
29%	million				Production Facilities
	61%

Helix Alliance5

	1	Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under the Company's ABL
		facility excludes restricted cash, if any; does not reflect the Alliance acquisition that closed July 1, 2022
	2	Net debt is calculated as long-term debt, including current maturities of long-term debt, less cash and cash
		equivalents and restricted cash
	3	Based on the twelve months ended December 31, 2021; Percentages exclude eliminations
	4 As of June 30, 2022
3	5	Helix Alliance revenue will be included for periods beginning July 1, 2022

Global Operations4

1,522 Helix employees worldwide primarily operating in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions

667 Helix Alliance employees in the Gulf of Mexico

7	Well Intervention	4	ROV Support	40	Remotely Operated
Vessels	Vessels	Vehicles (ROV)
	Seven dedicated well		Four ROV support vessels		40 work class ROVs
	intervention vessels		on term charters
10	Intervention	5	Robotics Assets	5	Regional Offices
Systems	Four trenching systems	Houston, Texas, USA (HQ)
	Six intervention riser		and one ROVDrill system		Aberdeen, United Kingdom
	systems, three subsea				Rio de Janeiro, Brazil
	intervention lubricators,
				Singapore
	and one riserless
	openwater abandonment				Houma, Louisiana
	module

Helix Alliance Systems	21	Helix Alliance Vessels
26 20 P&A systems and	Ten liftboats, six OSV's,
three diving vessels, one heavy
six coiled tubing systems		lift barge and one crew boat

HELIX COMPANY OVERVIEW

• World's leading provider of both well intervention and subsea robotics technologies to offshore energy industry
• Pioneer and established leading provider of well intervention solutions with a competitive advantage
• Track record of 1,610 subsea wells1 and over 30 years of global experience
• Large and growing addressable market in both well intervention (including production enhancement and decommissioning) and robotics
• Industry-leading,built-for-purpose fleet that can be mobilized worldwide
• Experienced and highly skilled workforce

• Strong robotics franchise with deepwater ROV track record in oil & gas, renewable energy, subsea mining, and specialty services that spans over 25 years
• Strong culture of innovation, with best-in-class operations and technology portfolio
• Core Health, Safety and Environment (HSE) values with proven track record
• Comprehensive array of solutions offered via strategic alliance with Schlumberger
• Our core offerings represent sustainable solutions, and our ability to help our customers achieve ESG successes provides long-term value to Helix shareholders

1 Does not include Helix Alliance

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ENERGY TRANSITION

The three legs to our model establish Helix as a meaningful Energy Transition company with significant potential:

Maximizing Remaining Reserves

• Production Enhancement - continue assisting oil and gas producers maximize the recovery of existing fields, mitigating need for new drilling, using our methodologies and purpose-built assets
• Alternative solutions - extending end-of-life fields prior to our provision of abandonment solutions

Abandonment and Decommissioning

• Historical success as full-field abandonment contractor
• Expansion into Gulf of Mexico shallow water full-field abandonment with Alliance acquisition in 2022
• Believe regulators' renewed push for accelerated plug and abandonment (P&A) will accelerate growth of abandonment

Offshore Renewables and Wind Farms

• Cable trenching and site preparation services, with opportunities to expand
• Ability to offer further specialty support services and geographic expansion

Maximizing Remaining Reserves

Abandonment and Decommissioning

Offshore

Renewables and

Wind Farms

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