August Helix Energy Solutions Group Dynamically Positioned

Transcription

1 August 2012 Helix Energy Slutins Grup Dynamically Psitined

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 frward-lking 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 Wh We Are Helix is a specialty deepwater service prvider t the ffshre energy industry, fcused n expanding ur dynamically psitined fleet and grwing ur subsea infrastructure services in Well Interventin and Rbtics. We utilize free cash flw frm ur Oil and Gas business t supprt expansin in the Well Interventin and Rbtics business units. 3

4 Cntracting Services Prvider Strategic Areas f Fcus Well Interventin: Entering a wellbre t initiate, enhance r restre prductin as part f the well s natural life cycle Rbtics: Prviding remtely perated vehicles (ROVs) t perfrm deepwater service tasks beynd the reach f dive crews Why fcus n these disciplines? Strng current demand with prjected sustained grwth Significant barriers t entry Capital-intensive at the tp end f the market, fr bth vessels and skilled crews Mastery f full range f services necessary t add value Strng track recrd critical t earning custmer trust Helix Light Well Interventin (LWI) vessels Well Enhancer and Seawell Trenching ROV preparing fr deplyment 4

5 WELL INTERVENTION Dynamically Psitined fr Grwth 5

6 Well Interventin Overview Well interventin invlves entering a wellbre in rder t initiate, maximize r abandn prductin acrss the life f a well. 6

7 Well Interventin Assets Seawell Q4000 Well Enhancer Helix 534 Skandi Cnstructr Q-Plus 7

8 What Sets Helix Apart in Well Interventin The Helix fleet pineered mdern deepwater well interventin techniques MSV Seawell, the industry s first dedicated mnhull light well interventin vessel MODU Q4000, the industry s first semi-submersible vessel dedicated t riserdeplyed well interventin MSV Well Enhancer, the industry s first LWI mnhull t deply ciled tubing fr well interventin Subsea Interventin Lubricatrs (SILs) make interventin pssible fr a brad range f applicatins, including cnnecting t the Macnd well in 2010 Only interventin cmpany with expertise in all interventin asset categries A significant track recrd f glbal interventin successes Primary peratins in the U.S. Gulf f Mexic, Nrth Sea, and Sutheast Asia Further grwth ptential in emerging glbal markets, including West Africa, Asia Pacific, and Brazil 8

9 ROBOTICS Expanding the Fleet t Meet Grwing Demand 9

10 Rbtics Overview Helix prvides ROVs and crews t perfrm subsea tasks, including: Umbilical and flwline trenching services Getechnical cring Cmprehensive wrkclass ROV services Dynamically psitined ROV supprt vessels Tling and interventin services Technical manpwer and prject management services As drilling peratins mve int deeper waters, mre pwerful, specialized ROVs will be required t perfrm subsea tasks State-f-the-art ROVs entering Rbtics fleet in

11 Rbtics Assets 45 Wrk-class ROVs the backbne f the fleet, capable f perfrming a brad array f subsea cnstructin and well interventin tasks 4 Trenching ROVs key t pipeline installatin in heavily-trafficked waters 2 Cring ROVs (ROVDrills) prvide seabed cmpsitin intelligence fr subsea cnstructin and subsea mining peratins 4 Chartered vessels multifunctinal dynamically psitined supprt vessels used t deply assets and services; spt vessels utilized as the market demands Tritn XLS Wrk-class ROV itrencher Seabed Trenching ROV ROVDrill Seabed Cring ROV 11

12 What Sets Helix Apart in Rbtics Helix charters its ROV supprt vessels, ensuring a mdern fleet that can expand and cntract based n reginal requirments A fleet f advanced vehicles, including several units custm-built t ur specificatins The industry leader in subsea trenching and cring capabilities 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) Deep Cygnus perfrming trenching and cable burial peratins at the Greater Gabbard Offshre Wind Farm in the Nrth Sea 12

13 Future Rbtics Grwth Grand Canyn under cnstructin in Nrway T1200 trencher being deplyed Additinal wrk-class ROVs fr current and emerging markets Newbuild charter vessels ptimized fr renewable energy markets, as well as il and gas markets (3) Grand Canyn vessels t enter fleet ver the next 2 years Trenching ROVs fr burial peratins wrldwide ROVDrill seabed cring units fr energy and mining industries 13

14 SUBSEA CONSTRUCTION 14

15 Subsea Cnstructin Assets DP Reel Lay Vessel Express Dual-reel pipelay and subsea cnstructin vessel has an extensive track recrd f field installatin prjects arund the wrld. DP S-Lay Vessel Caesar Caesar s nbard pipe welding and testing capability allws the vessel t lay virtually unlimited lengths f pipe up t 30 in diameter. Ingleside Splbase Facilities Helix s full-service shre base facility was designed t fabricate varius subsea equipment, and serve as hme prt fr the Helix fleet f vessels. 15

16 PRODUCTION FACILITIES 16

17 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 A cmpnent f the well cntainment system, alng with the Q4000 Helix Prducer I preparing t re-enter service fllwing Macnd well cntainment respnse 17

18 OIL & GAS Gulf f Mexic Oil and Gas Prducer 18

19 Oil & Gas Business Our prven ability t explit reserves in a cst-effective manner leads us t believe there is additinal ptential in ur existing asset base Prven Explratry Current il & gas assets are expected t generate substantial free cash flw ver the next 5 years, helping fund planned cntracting services grwth HI A 557 EC 346 ST 63/86 SM 130 SP 86 Open t the mnetizatin f ur il & gas assets in rder t accelerate grwth in ur cntracting services fferings Gunnisn Bushwd Phenix Reserves by Categry (1) Reserves by Cmmdity (1) Reserves by Area (1) Current Prductin (1) 42% 58% 42% 58% 56% 44% 26% 74% Prved Develped Prved Undevelped Oil Gas Deep Shelf Oil Gas (1) 38,860 MBOE ttal estimated prved reserves at 12/31/2011; Q avg. prductin f 17.5 Mbe/d thrugh July 22 19

20 Helix is Nt a Traditinal E&P Cmpany Helix s il and gas prductin generates cash flw in supprt f its deepwater cntracting services business; ur fcus is nt n replacing reserves r adding t ur E&P prtfli. Traditinal E&P Cmpany Strategy Significant finding csts / lease sales Significant explratin csts and risk Helix E&P Strategy Acquired interests in established fields and basins Explitatin / well interventin Use f Helix service assets fr value creatin Significant develpment csts Free cash flw fcus Reserve replacement driven Opprtunistic nly Grwth is a driver Will sell dwn t minimize risk r accelerate cash flw 20

21 BALANCE SHEET METRICS / 2012 OUTLOOK Cnvertible Ntes Term Lans / Revlver Senir Unsecured Ntes MARAD Debt 21

22 Debt and Liquidity Prfile ($ amunts in millins) $2,000 $2,027 $1,803 $1,100 $1,500 $1,361 $1,358 $825 Debt $1,000 $1,090 $967 $1,155 $1,181 $550 Liquidity $500 $609 $531 $275 $0 12/31/ /31/ /31/ /31/2011 6/30/2012 $0 Grss Debt Net Debt Liquidity Liquidity f apprximately $1.1 billin at 6/30/2012 Liquidity, as we define it, is equal t cash and cash equivalents ($650 millin), plus available capacity under ur revlving credit facility ($454 millin). 22

23 Debt Maturity Prfile Ttal funded debt f $1.2 billin at end f Q cnsisting f: Maturity Prfile $ amunts in millins $358 millin Cnvertible Ntes 3.25% (A) ($321 millin net f unamrtized debt discunt) $500 $477 $377 millin Term Lans LIBOR % n $278 millin, and LIBOR % n $99 millin $400 $100 millin Revlver brrwings LIBOR % $454 millin f availability (including ~$46 millin f LC s in place as f Q2 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 (A) $200 millin stated maturity First put / call date in March Cnvertible Ntes Term Lans / Revlver Senir Unsecured Ntes MARAD Debt 23

24 Financial Outlk Brad Metrics Oil and Gas Prductin 2012 Outlk (revised) 2012 Outlk (riginal) 2011 Actual 7.0 MMBe 7.5 MMBe 8.7 MMBe EBITDAX >$600 millin ~$600 millin $669 millin CAPEX ~$635 millin ~$445 millin $229 millin Cmmdity Price Deck 2012 Outlk (revised) 2012 Outlk (riginal) 2011 Actual Hedged Oil $ / Bbl (A) $ / Bbl $ / Bbl Gas $5.30 / Mcfe (A) $4.50 / Mcfe $6.04 / Mcfe (A) 2H 2012 utlk fr realized il and natural gas prices (including hedges) is estimated t be $98.00 / Bbl and $5.00 / Mcfe, respectively. Our unhedged pricing assumptins fr il and natural gas (including NGLs) prices is estimated t be $98.00 / Bbl and $3.50 / Mcfe, respectively. 24

25 Summary f July 2012 Dec 2013 Hedging Psitins * Ttal Vlume Pricing Swap Average Cllar Price Oil (Bbls) Cllars Swaps Hedged Basis Pricing Flr Ceiling , ,000 WTI $ - $ $ , ,500 1,174,000 Brent $ $ $ ,600,000 1,067,000 2,667,000 Brent $ $ $ Natural Gas (Mcf) ,000 4,665,000 5,605,000 Henry Hub $ 4.29 $ 4.75 $ ,000,000 6,000,000 Henry Hub $ 4.09 Subttals (Be) ,201,167 1,357,000 2,558, ,600,000 2,067,000 3,667,000 Grand Ttals 2,801,167 3,424,000 6,225,167 *As f July 20,

26 2012 Outlk Cntracting Services Strng backlg fr the Q4000, Well Enhancer and Seawell thrugh 2013 Q4000 building backlg int 2014 Intrepid is nw cld stacked, thus freging its scheduled regulatry dry dck in 2012 Express wrking in the Nrth Sea in Q3, returns t the Gulf f Mexic end f Q3 fr cntracted backlg Caesar accmmdatins prject ffshre Mexic extended thrugh July 2013 Anticipate strng grwth in glbal ilfield and renewable energy rbtics markets Cntinue t add ROV systems t supprt cmmercial grwth in ur Rbtics business in 2012 Well Enhancer scheduled fr regulatry dry dck in Q3, apprximately $4 millin impact n grss prfit 26

27 2012 Outlk Oil and Gas Frecasted 2012 verall prductin f apprximately 7.0 MMbe, including Danny II (Bushwd field) expected t cmmence in Q4 (il / liquids) Previusly drilled Nancy gas well (Bushwd field) nw cmpleted and expected t cmmence prductin in Q4 Wang (Phenix field) expected t cmmence drilling in Q4 Rig and drilling permit secured If successful, prductin frecasted fr Q Apprximately 90% f 2012 revenues frm il and NGLs Anticipated 70% f prductin vlume is il and 70% f ttal prductin frm deepwater 74% hedged fr the year (78% f estimated PDP prductin) Assumes n significant strm disruptins 27

28 2012 Outlk - Capex Capital Expenditures Cntracting Services (~$435 millin) Annunced new build semi submersible interventin vessel (apprximately $130 millin f capex in 2012) Apprximately $63 millin incurred thru Q2 Acquired the Transcean drillship, Discverer 534 Drillship t underg cnversin int a well interventin vessel in Singapre Estimated $180 millin fr vessel, cnversin and interventin riser system Expect t initially deply vessel t Gulf f Mexic in the first half f 2013 Regulatry dry dcks fr five vessels: 1 n-hld, 3 cmpleted, 1 mre remaining (Well Enhancer) Cntinued incremental investment in Rbtics business, with a fcus n adding trenching spread capacity Oil and Gas (~$200 millin) Tw majr deepwater well prjects planned this year Danny II explratry success; Q3 cmpletin and prductin expected in Q4 Wang expect Q4 drill, Q4 cmpletin and prductin in Q

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