Dynamically Positioned. Morgan Stanley Spring Houston Energy Summit

Transcription

1 Dynamically Psitined Mrgan Stanley Spring Hustn Energy Summit May 1, 2012

2 Frward-Lking Statements This presentatin cntains frward-lking statements within the meaning f Sectin 27A f the Securities Act f 1933 and Sectin 21E f the Securities Exchange Act f All such statements, ther than statements f histrical fact, are frward-lking statements within the meaning f the Private Securities Litigatin Refrm Act f 1995, including, withut limitatin, any prjectins f financial items; prjectins f cntracting services activity; future prductin vlumes, results f explratin, explitatin, develpment, acquisitin and peratins expenditures, and prspective reserve levels f prperties r wells; prjectins f utilizatin; any statements f the plans, strategies and bjectives f management fr future peratins; any statements cncerning develpments; and any statements f assumptins underlying any f the freging. These statements invlve certain assumptins we made based n ur experience and perceptin f histrical trends, current cnditins, expected future develpments and ther factrs we believe are reasnable and apprpriate under the circumstances. The frward-lking statements are subject t a number f knwn and unknwn risks, uncertainties and ther factrs that culd cause ur actual results t differ materially. The risks, uncertainties and assumptins referred t abve include the perfrmance f cntracts by suppliers, custmers and partners; actins by gvernmental and regulatry authrities; perating hazards and delays; emplyee management issues; lcal, natinal and wrldwide ecnmic cnditins; uncertainties inherent in the explratin fr and develpment f il and gas and in estimating reserves; cmplexities f glbal plitical and ecnmic develpments; gelgic risks, vlatility f il and gas prices and ther risks described frm time t time in ur reprts filed with the Securities and Exchange Cmmissin ( SEC ), including the Cmpany s mst recently filed Annual Reprt n Frm 10-K and in the Cmpany s ther filings with the SEC. Free cpies f the reprts can be fund at the SEC s website, Yu shuld nt place undue reliance n these frwardlking statements which speak nly as f the date f this presentatin and the assciated press release. We assume n bligatin r duty and d nt intend t update these frward-lking statements except as required by the securities laws. References t quantities f il r gas include amunts we believe will ultimately be prduced, and may include prved reserves and quantities f il r gas that are nt yet classified as prved reserves under SEC definitins. Statements f il and gas reserves are estimates based n assumptins and may be imprecise. Investrs are urged t cnsider clsely the disclsure regarding reserves in ur mst recently filed Annual Reprt n Frm 10-K and any subsequent Quarterly Reprts n Frm 10-Q. 2

3 WHO IS HELIX ESG? Deepwater service prvider t the ffshre energy industry Fcused n subsea infrastructure services with Entirely dynamically psitined fleet plus An emerging ffshre renewable energy services capability and Gulf f Mexic il and gas explratin and prductin 3

4 Business Segments Well Interventin Q4000 Seawell Well Enhancer Mbile VDS/SILs Oil and Gas Prductin GOM shelf and deepwater Pre-tax PV-10 $1.5 billin ($1.3 billin il)* Estimated prved reserves 38,860 Mbe* Estimated prbable reserves 19,951 Mbe* * Reserve data as f 12/31/2011 Deepwater Cntracting Rbtics 45 ROVs 2 ROV Drill Units 4 Trenchers ( hp) 5 Chartered Vessels (variable) Offshre Prductin Facilities Helix Prducer I Helix Fast Respnse System Independence Hub Semi (20%) Marc Pl TLP (50%) Pipelay Intrepid Express Caesar 4

5 CONTRACTING SERVICES Dynamically Psitined fr Grwth 5

6 Strategically Differentiated Fleet itrencher is ne f the wrld s largest trenchers ROV fleet plays rle in ffshre windfarms HPI is the Gulf f Mexic s first DP Flating Prductin Unit HFRS backstps 60+ Gulf f Mexic drilling permits Full spread f assets in APAC market Q4000 is wrld s nly Cat B Semi n pen market Express deplys glbally fr field develpments Well Enhancer sets interventin depth recrds 6

7 Psitined fr Grwth Q-Plus Semi-sub Wrk-class ROVs T1200 Trenching ROV Grand Canyn 7

8 Well Interventin Assets MSV DP3 Well Enhancer MSV DP2 Seawell MODU DP3 Q4000 8

9 Rbtics The Helix ROV fleet cnsists f 50+ vehicles, cvering the spectrum f subsea cnstructin services. The state f the art itrencher system trenches, lays pipe up t 16 in diameter, and backfills in a single peratin. Chartered vessels such as the Deep Cygnus are being utilized t supprt the grwing alternative energy industry in the Nrth Sea. 9

10 Offshre Renewable Energy Supprt 2011 nn-ilfield revenues f $42 millin n pwer cable burial prjects Prvide trenching, cable burial and ROV supprt fr ffshre wind farm develpment Current fcus n exprt lines (field t shre) Future pprtunities in-field (inter-array cable installatin) Adding additinal capacity t meet shrt- and lngterm grwth pprtunities New chartered vessel, Grand Canyn, under cnstructin with 2012 delivery Building new trencher, T1200, t be paired with the Grand Canyn Deep Cygnus perfrming trenching and cable burial peratins at the Greater Gabbard Offshre Wind Farm in the Nrth Sea 10

11 Subsea Cnstructin Vessels DP Reel Lay Vessel Express Helix s dual-reel pipelay and subsea cnstructin vessel has established an extensive track recrd f field installatin prjects arund the wrld. DP Reel Lay Vessel Intrepid Intrepid has the flexibility t be deplyed as a pipelay, installatin r saturatin diving vessel. DP S-Lay Vessel Caesar Caesar s nbard pipe welding and testing capability allws the vessel t lay large diameter pipe. 11

12 Prductin Facilities Independence Hub Semi (20%) Lcatin: Mississippi Canyn 920 Depth: 8,000 ft. Prductin capacity: 1 BCFD Marc Pl TLP (50%) Lcatin: Green Canyn 608 Depth: 4,300 ft. Prductin capacity: 120,000 BOPD 300 MMCFD Helix Prducer I FPU Lcatin: Helix s Phenix field (GC 237) Prductin capacity: 45,000 BOPD 55,000 BLPD 80 MMCFD 12

13 Helix Fast Respnse System (HFRS) Utilizes vessels and subsea systems prven in Gulf f Mexic spill respnse and cntainment effrts 24 independent E&P peratrs have signed n t include HFRS in drilling permit applicatins Capability t capture and prcess up t 55,000 bpd in water depths t 10,000 feet at 15,000 psi Cited as spill respnse and cntainment plan in 60+ apprved deepwater permits as f February

14 OIL & GAS Gulf f Mexic Oil and Gas Prducer 14

15 Oil and Gas 12/31/2011 Reserve Prfile 38,860 Mbe Estimated Prved Reserves 19,951 Mbe Estimated Prbable Reserves 44% Deepwater Gulf f Mexic (Prved) 58% Oil (Prved) 58% prved develped Pre-tax PV-10 $1.5 billin ($1.3 billin il) Year-t-Date Average Prductin Prfile * ~22 Mbe/d* ~71% f prductin is il ~72% f prductin is deepwater * As f April 20,

16 Oil and Gas Reserve Highlights At December 31, 2011 Prved Develped Prved Undevelped Ttal Ttal Estimated Reserves (Mbe) 22,731 16,129 38,860 Shelf 12,881 8,687 21,568 Deepwater 9,850 7,441 17,291 Oil (Mbbls) 12,754 9,935 22,689 Gas (MMcf) 59,859 37,162 97,021 SEC Case PV-10 (pre-tax, in millins) $ 964 $ 508 $ 1,472 16

17 KEY BALANCE SHEET METRICS Strng Financial Cnditin 17

18 Debt Liquidity Debt and Liquidity Prfile ($ amunts in millins) $2,000 $2,027 $1,803 $1,100 $1,500 $1,000 $1,361 $1,358 $1,090 $967 $1,155 $1,180 $825 $550 $500 $609 $560 $275 $0 12/31/ /31/ /31/ /31/2011 3/31/2012 $0 Grss Debt Net Debt Liquidity Liquidity f apprximately $1.1 billin at 3/31/2012 Liquidity, as we define it, is equal t cash and cash equivalents ($620 millin), plus available capacity under ur revlving credit facility ($454 millin). 18

19 Debt Maturity Prfile Ttal funded debt f $1.2 billin at end f Q cnsisting f: $358 millin Cnvertible Ntes 3.25% (A) ($319 millin net f unamrtized debt discunt) $500 Maturity Prfile $ amunts in millins $479 $379 millin Term Lans LIBOR % n $279 millin, and LIBOR % n $100 millin $400 $100 millin Revlver brrwings LIBOR % $454 millin f availability (including ~$46 millin f LC s in place as f Q1 2012) $300 $200 $158 $275 $200 $275 millin Senir Unsecured Ntes - 9.5% $100 $108 $108 millin MARAD Debt 4.93% $ (A) $158 millin stated maturity First put / call date in December $200 millin stated maturity First put / call date in March Cnvertible Ntes Term Lans / Revlver Senir Unsecured Ntes MARAD Debt 19

20 2012 OUTLOOK Psitive Market Outlk 20

21 2012 Outlk Brad Metrics Oil and Gas Prductin 2012 Outlk (revised) 2012 Outlk (riginal) 2011 Actual 7.5 MMBe 7.5 MMBe 8.7 MMBe EBITDAX > $600 millin ~$600 millin $669 millin CAPEX ~$450 millin ~$445 millin $229 millin Cmmdity Price Deck 2012 Outlk (revised) 2012 Outlk (riginal) 2011 Actual Hedged Oil $ / Bbl $ / Bbl $ / Bbl Gas $5.00 / Mcf $4.50 / Mcf $6.04 / Mcf 21

22 2012 Outlk Cntracting Services Strng backlg fr the Q4000, Well Enhancer and Seawell thrugh 2013 Q4000 building backlg int 2014 Intrepid cmpleting repairs and wrking n LLOG and Nexen prjects befre entering dry dck Express transiting t wrk in the Mediterranean and Nrth Sea in Q2 and Q3 f 2012 befre returning back t the Gulf f Mexic Caesar deplyed t Mexic s Bay f Campeche fr accmmdatins prject thrugh August Strng grwth in glbal ilfield and renewable energy rbtics markets Chartered tw new-build vessels similar t the Grand Canyn vessel with deliveries expected late 2013 and early 2014, respectively Fur vessels cmpleting r scheduled fr regulatry dry dcks fr remainder f 2012, apprximately $25 millin impact n EBITDA Q4000 March / April Seawell April Intrepid Q2 Well Enhancer Q3 22

23 2012 Outlk Oil and Gas Frecasted 2012 verall prductin f 7.5 MMbe, including Danny 2 (Bushwd field) explratin well Danny 2 prductin cmmences Q4 Well expected t spud late April Wang (Phenix field) expected t be drilled in Q3 Rig and drilling permit secured Prductin nw frecasted fr early 2013 Apprximately 90% f 2012 revenues frm il and NGLs Anticipated 70% f prductin vlume is il and 65% f ttal prductin frm deepwater 62% hedged fr the year (74% f estimated PDP prductin) Assumes n significant strm disruptins Balance Sheet Funded new $100 millin term lan in late March Terms and cnditins same as revlving credit facility Prceeds frm new term lan tgether with $100 millin f revlver brrwings used t repay $200 millin in principal f 9.5% senir unsecured ntes n March 30 th Cmpleted new $200 millin, 3.25% cnvertible senir ntes ffering (due 2032) using $142 millin f the prceeds t repurchase existing 3.25% cnvertible senir ntes (due 2025) 23

24 2012 Outlk - CAPEX Capital Expenditures Cntracting Services ($260 millin) Annunced new build semi submersible interventin vessel (apprximately $130 millin f capex in 2012) $60 millin incurred in Q1 Regulatry dry dcks fr fur vessels (ne in prcess) Cntinued incremental investment in rbtics business, with a fcus n adding trenching spread capacity Oil and Gas ($190 millin) Fcus capital investment n shelf il develpments/pprtunistic wrkvers with relatively fast payback Tw majr deepwater well prjects planned this year Danny 2 Q2 drill, Q3 cmpletin Wang Q3 drill, Q4 cmpletin 24

25 Summary f Hedging Psitins * Ttal Vlume Pricing Swap Average Cllar Price Oil (Bbls) Cllars Swaps Hedged Basis Pricing Flr Ceiling , ,000 WTI $ - $ $ ,067, ,500 1,170,000 Brent $ $ $ ,600, ,000 2,100,000 Brent $ $ $ Natural Gas (Mcf) ,460,000 6,940,000 8,400,000 Henry Hub $ 4.32 $ 4.75 $ ,000,000 6,000,000 Henry Hub $ 4.09 Subttals (Be) ,985,833 1,259,167 3,245, ,600,000 1,500,000 3,100,000 Grand Ttals 3,585,833 2,759,167 6,345,000 * As f April 20,

26 Fllw Helix ESG n Twitter: Jin the discussin n LinkedIn: 26