HELIX ENERGY SOLUTIONS GROUP, INC. March 2024
Helix Energy Solutions
Company Update
INTRODUCTION
Forward-Looking Statements
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; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and the earn-out payable in connection therewith and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; future economic conditions or performance; our share repurchase program or execution; 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 market conditions and the demand for our services; volatility of oil and natural gas prices; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; 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; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; complexities of global political and economic developments; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, 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.
2 | 2 |
At Helix, our purpose
is to enable energy transition through:
Maximizing Existing | Lowering Decommissioning | Offshore Renewables & |
Reserves | Costs | Wind Farms |
Enhancing remaining production | Restoring the seabed in an | Transitioning our energy economy |
from existing oil and gas wells | environmentally safe manner | to a sustainable model |
ABOUT US
2024 Helix At A Glance
We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full-field decommissioning operations.
Our services are key in supporting a Global energy transition by:
- Maximizing production of existing oil and gas reserves
- Decommissioning end-of-life oil and gas fields and
- Supporting renewable energy developments
We provide our specialty services through our four business segments:
- Well Intervention
- Robotics
- Shallow Water Abandonment
- Production Facilities
7
12
20
Well Intervention Vessels
Seven dedicated well intervention vessels
Intervention Systems
Eight intervention riser systems, three subsea intervention lubricators, and one riserless openwater abandonment module
Shallow Water Abandonment Vessels
Nine liftboats, six OSVs, three diving vessels, one heavy lift barge and one crewboat
5
47
27
ROV Support Vessels
Five ROV support vessels on term charters
Robotics Assets
Six trenching systems, two IROV boulder grabs and 39 work class ROVs
Shallow Water Abandonment Systems
20 P&A systems, six coiled tubing systems and one snubbing unit
4
Regional Offices | |
5 | Houston, Texas, USA (HQ) |
Aberdeen, United Kingdom |
Rio de Janeiro, Brazil
Singapore
Houma, Louisiana
4
ABOUT US
Company Highlights
HLX
Revenue by Market4
Corporate Headquarters in Houston, Texas | Other | Other | ||||
Renewables 3% | Renewables 2% | |||||
As of Year Ended December 31, 2023 | 10% | 8% | ||||
Production | ||||||
Maximization | ||||||
2022 | 52% | Production | 2023 | |||
Maximization | ||||||
33% | ||||||
Revenue | EBITDA2 | Decommissioning | ||||
Upcoming | Decommissioning | |||||
Deposits | 35% | |||||
57% | ||||||
Liquidity1 | Net Debt2 | Revenue by Segment4 | ||||
Production | Production | |||||
Facilities | ||||||
Facilities | 7% | |||||
10% | ||||||
Shallow Water | ||||||
Shallow Water | Abandonment3 | |||||
Backlog | Free Cash Flow2 | Abandonment3 | 2022 | 21% | 2023 | |
14% | $873 | |||||
$1.29 | ||||||
Robotics | million | Robotics | billion | |||
18% | ||||||
17% | ||||||
Well Intervention | Well Intervention | |||||
58% | 55% | |||||
Global | Different Nationalities | |||||
Employees | Represented | |||||
1 Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under the Company's ABL facility and excludes restricted cash, if any | ||||||
5 | 2 EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below | |||||
3 Shallow Water Abandonment includes the results of Helix Alliance beginning July 1, 2022 (date of acquisition) |
- Revenue percentages net of intercompany eliminations
ABOUT US | |
Company Highlights | |
Revenue Dispersion | |
By Segment1 | By Geography1 |
$1,400 | $1,400 | ||||||
7% | |||||||
$1,200 | $1,200 | ||||||
21% | |||||||
$1,000 | $1,000 | ||||||
10% | 17% | ||||||
$800 | $800 | ||||||
8% | 8% | 14% | |||||
$600 | 19% | 21% | 10% | 18% | $600 | ||
16% | |||||||
$400 | $400 | ||||||
55% | |||||||
$200 | 73% | 71% | 74% | 58% | $200 | ||
$0 | $0 | ||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||
Well Intervention | Robotics | ||||||
Shallow Water Abandonment² | Production Facilities |
($ in millions)
13%
14%
10% | ||||
5% | 21% | |||
6% | ||||
9% | ||||
29% | 28% | 19% | 24% | |
2% | ||||
28% | 21% | 23% | ||
50% | ||||
19% | ||||
51% | ||||
40% | 42% | 34% | ||
2019 | 2020 | 2021 | 2022 | 2023 |
United States2 | North Sea | Brazil | ||
Asia Pacific | West Africa | Other |
6 | 1 | Revenue percentages net of intercompany eliminations | 6 |
2 | Helix Alliance revenue has been included in Shallow Water Abandonment segment and U.S. region beginning July 1, 2022 (date of acquisition) |
ABOUT HELIX
Energy Transition
Maximizing Existing | Lowering | Offshore Renewables |
Reserves | Decommissioning | & Wind Farms |
Costs | ||
Reservoir Management | Cable Trenching and Burial | |
Production Enhancement | Cement Remediation | UXO Survey & Clearance |
Tree Change Out | Boulder Removal | |
Pipeline Abandonment | ||
Wireline, Slickline & Coiled Tubing | Mattress Installation & Removal | |
Reclamation & Remediation | ||
Scale Squeeze & Stimulation | Cable Repair | |
Wellhead Removal | ||
DHSV Lockout | Air Diving | |
Seabed Infrastructure Removal | ||
Inspection, Repair, Maintenance | Route Preparation | |
Through Tubing Abandonment & Removal | ||
Upper Plug & Abandonment |
7 | 7 |
OPERATIONS
Well Intervention
- Global leader in rig-less intervention
Lower costs and reduced carbon footprint - Fleet of seven purpose-built well intervention vessels
- Both riser-based and riserless intervention systems
- Approximately 2,000 subsea well intervention operations performed worldwide
- Geographically diverse scope of operations
- Large concentration of blue-chip customers
- Fully integrated intervention services through our Subsea Services Alliance with SLB
Q4000 | Q5000 |
(Gulf of Mexico) | (Gulf of Mexico) |
Dynamically positioned class 3 ("DP3") purpose-built | DP3 purpose-built well intervention |
well intervention semisubmersible vessel | semisubmersible vessel |
Q7000 | Siem Helix 1 & Siem Helix 2 |
(West Africa / Asia Pacific / Brazil) | (Brazil) |
DP3 purpose-built semisubmersible well | DP3 well intervention vessels under charter agreements through |
intervention vessel | February 2025 (SH1) and February 2027 (SH2) |
Seawell | Well Enhancer |
(North Sea) | (North Sea) |
DP2 light well intervention and saturation | DP3 custom designed well intervention and |
diving vessel | saturation diving vessel |
8 | Intervention Riser Systems | Subsea Intervention Lubricators |
Utilized for wireline intervention, production logging, coiled- | Enable efficient and cost-effective riserless intervention or | |
tubing operations, well stimulation and full P&A operations | abandonment solutions for all subsea wells up to 1,500m water depth |
OPERATIONS
Well Intervention Utilization
99% | 99% | ||||||||
100% | 100% | 97% | 99% | 97% | 97% | ||||
100% | 97% | ||||||||
89% | |||||||||
88% | |||||||||
90% | 86% | 97% | 97% | 95% | |||||
92% | |||||||||
88% | 88% | 79% | 89% | ||||||
74% | 87% | ||||||||
80% | |||||||||
72% | 82% | ||||||||
80% | 79% | ||||||||
71% | |||||||||
70% | |||||||||
63% | |||||||||
60% | 68% | 53% | |||||||
50% | 58% | 52% | |||||||
40% | 42% | 44% |
30% | 38% | 38% |
20%
10%
0%
Q1 21 | Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 |
Gulf of Mexico¹ | North Sea & West Africa / Asia Pacific² | Brazil³ | All Well Intervention Vessels | ||||||||
1 Gulf of Mexico includes the Q4000 and Q5000 | ||
2 North Sea & West Africa / Asia Pacific includes the Seawell, Well Enhancer and Q7000 | ||
9 | 3 Brazil includes the Siem Helix 1 and Siem Helix 2 | 9 |
OPERATIONS
Robotics
- We serve both the Renewable Energy and Oil and Gas markets
- A fleet of advanced work-class ROVs and trenchers
- Leading provider for water jetting and mechanical cutting trenching solutions
- Continued expansion of Renewables offerings and locations
- Helix charters ROV support vessels, providing a modern fleet that can expand and contract based on regional requirements and market conditions
10
Subsea Trenchers (6 units)
Provide subsea power cable, umbilical, pipeline and flowline trenching in water depths up to 3,000 meters
Glomar Wave
(North Sea)
DP2 subsea support vessel
under charter through December 2025
Siem Topaz
(Asia Pacific)
DP2 Subsea support vessel
under charter through November 2024
ROV Fleet (39 units)
Highly maneuverable underwater robots
capable of performing subsea
construction and well intervention tasks
Grand Canyon II
(Asia Pacific)
DP3 multi-role construction support vessel under charter through December 2027
Shelia Bordelon
(Gulf of Mexico)
A Jones Act Compliant DP2 ultra-light
intervention vessel
under charter through June 2026
IROV Boulder Grabs
Remotely operated robotic grabs
specially developed to relocate seabed boulders to prepare an Offshore Wind Farm site for construction
Grand Canyon III
(North Sea)
DP3 multi-role construction support vessel
under charter through May 2028
Horizon Enabler
(North Sea)
DP2 multi-purpose ROV and light
construction vessel
under flexible charter through December 2025
10
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Disclaimer
Helix Energy Solutions Group Inc. published this content on 18 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2024 21:13:02 UTC.
