Helix Energy Solutions Group (HLX) Investor Presentation summary

Business overview and strategy

• Focuses on production maximization, decommissioning, and renewables, with 2023 revenue split: 33% production, 57% decommissioning, 8% renewables.

• Operates globally with 2,531 employees and a diverse fleet for well intervention, robotics, and shallow water abandonment.

• Differentiates through a pure-play offshore model and purpose-built well intervention vessels.

• Expanding renewables presence, especially in subsea cable trenching and offshore wind support.

• Sustainability initiatives align with TCFD, SASB, ISS, and GRI frameworks.

Financial performance and outlook

• 2024 revenue forecast: $1.25B–$1.4B; adjusted EBITDA: $270M–$330M; free cash flow: $90M–$125M.

• Backlog of $1.7B as of June 30, 2024, including new contracts with Petrobras and Shell.

• Net debt at $44M and liquidity at $370M as of June 30, 2024.

• No significant debt maturities until 2029; $120M revolving credit facility in place.

• $200M share repurchase plan approved, with $22M repurchased through Q2 2024.

Operations and segment highlights

• Well intervention: global leader with seven vessels, strong utilization in Brazil and Gulf of Mexico, and improved rates expected in 2025.

• Robotics: leading subsea trenching and ROV services for renewables and oil & gas, with strong market demand.

• Shallow water abandonment: top provider in Gulf of Mexico, offering integrated decommissioning services.

• Production facilities: operates Helix Producer 1 FPU and owns key Gulf of Mexico wells.

• Utilization rates remain high across core segments, supporting revenue stability.