02/11/2023 - Helix Energy Solutions Group Inc.: 2023 Corporate Sustainability Report

At Helix, our purpose is to enable energy transition through:

Maximizing	Lowering
Existing	Decommissioning
Reserves	Costs

Offshore

Renewables &

Wind Farms

Our Vision, Values and Strategy

At Helix, we pursue our business with integrity and respect for others and the communities in which we operate.

As a company, we believe that wherever we operate, not only should our activities generate economic benefits and opportunities, but also our conduct should be a source of positive influence, our relationships should be honest and open, and we should expect to be held accountable for our actions.

We value our strong commitment to health, safety and the environment; our innovative, technical and commercial approach to conducting business; our can-do work ethic; our excellent customer relationships; and our devotion to providing outstanding service and work.

Enhancing remaining production from existing oil and gas wells

Restoring the seabed in an environmentally safe manner

Transitioning our energy economy to a sustainable model

At Helix, we seek continual improvement both in our own performance and that of our business partners.

Introduction

Establish

Experience

Enrich

Evolve

Introduction

Establish

Experience

Enrich

Evolve

Introduction	6
2022 Highlights	7
Letter to Our Stakeholders	8
Our Sustainability Priorities	10
Establish	12
Our Company	13
Key Features of Helix Services	16
Maximizing Existing Reserves	17
Decommissioning Services	18
Case Study: Plug and Abandonment Campaign...	19
Renewable Energy Support Services	21
Collaboration and Conferences	22
Global Operations Map	24
Experience	26
Our People	27
Human Capital Snapshot	28
Our Leadership and Governance	31
Board Oversight	32
Board of Directors	33
Board Committees	34
Our Leadership Team	35
Key Policies and Practices	36
Helix's Stakeholder Engagement	41

Enrich	42
Our Resources and Benefits	43
Employee Spotlight	46
Our Community Initiatives	47
2022 Safety Snapshot	49
4 Pillars of Safety	50
Helix Wins	53
Security	54
Evolve	56
Our Environmental Impact	57
Climate Change Snapshot	58
Our Sustainability Strategy to Meet
our Targets	60
Q7000 Vessel Hull Cleaning	61
Biodiversity	62
SASB Performance Table	67
TCFD Performance Table	69
About this Report	73
Assurance and Review	73
Forward-Looking Statements	73
Appendix	74

Introduction

Establish

Experience

Enrich

Evolve

Introduction

Establish

Experience

Enrich

Evolve

Introduction

2022 Highlights1

Our People

0

Lost Time Incidents

(LTIs)

4,409

Helix Producer I Days

Without an LTI

0

Work-Related

Fatalities

34

Nationalities Represented in our Global Workforce

Safety First

Protect Your Hands

Safety Campaign

57%

Employees employed

5+ years

34%

Onshore employees

are Female

Our Environment

12%

Scope 1 Reduction in

CO2e Per Day Under Charter2

29%

Scope 2

Reduction2

11%

Scope 3

Reduction2

0

Significant Environmental

Spills

53%

Renewable Energy

Trenching Projects

55%

Renewable Energy

ROV Projects

427

Total wells plugged and

abandoned globally

Our Leadership

38%

Female Board

Members

88%

of our Board is

Independent

100%

Independent Board

Committees

Separate

Board Chairman and

Chief Executive Officer

100%

Executive Leadership Team

Promoted from Within

22 Years

Average Tenure of

Executive Leadership Team

40%

Corporate and subsidary

management from

underrepresented groups

2023 Helix ESG Corporate Sustainability Report

6

1. Metrics disclosed throughout this Report are for Helix legacy employees and operations and do not include the employees or operations from the mid-year 2022 acquisition of the Alliance group of companies, unless expressly notated.
2. From 2019 baseline.

2023 Helix ESG Corporate Sustainability Report

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Introduction Establish Experience

Letter to Our Stakeholders

Introduction

Establish

Experience

Enrich

Evolve

As the Chief Executive Officer of Helix Energy Solutions Group for over three decades, I have personally witnessed and directed the evolution of Helix from our predecessor Cal-Dive as an offshore diving services company to a multi-faceted energy services company supporting energy transition. Through the years, we have maintained incremental growth and a strong balance sheet with an overarching focus on our Safety, Sustainability and Value Creation. Recently, the COVID-19 pandemic and the invasion into Ukraine brought to light, on

a global stage, the realization that energy security is an essential component on the path to energy transition. The Company we have evolved into and the continued enhancement of our services are well suited to support both of these goals.

As I have previously noted, 2022 was planned to be a transitional year for Helix, a year of progress and growth in a market that was improving. We focused heavily on human capital management and employee engagement initiatives that are coming to fruition in 2023. We continued to evolve from our origins as an oilfield services company to being identified by all the services we provide - services that support energy security, energy transition and sustainability.

While our assets and capabilities can be used in fossil fuel development, our business model does not focus on the upstream portion of the oil and gas market; our greatest value add comes from services supporting the later life cycle of oil and

gas wells and the early phases of offshore wind development. Our services promote both energy security and energy transition through the three legs of our business model: maximizing existing reserves; lowering decommissioning costs; and supporting the offshore renewables and wind markets. Going forward, we will be emphasizing these services and focusing our future returns to stakeholders from these elements.

2022 was an exciting year with our acquisition of the Alliance group of companies at a time when we anticipated real growth in the abandonment market. We wanted to position Helix as a full field abandonment service provider, and this acquisition expanded our offerings and market, diversified our revenue stream and further positioned us to benefit from the improving economic environment. The acquisition complements our existing offerings and enhances our services in the Gulf of Mexico.

We see demand continuing to build for the three legs of our business model. Our Well Intervention assets are currently highly utilized and are naturally hedged between maximizing existing reserves and decommissioning depending on commodity price and the political climate.

We continue to seek to maximize the operating leverage that our services can make possible, and as demand grows we'll look to add incremental capacity within our current niches while managing our balance sheet and building our cash position. We're not looking for growth for the sake of growth, but to add sustainably and accretively to our free cash flow generation while staying healthy financially.

We believe the markets we are in are the correct ones that fit a true energy transition story and we're dedicated to continuing

to improve our Environmental, Social and Governance ("ESG") efforts. Advancing our ESG program remains a priority.

The implementation of ESG programs throughout our organization is not to check a box, but rather a strategic alignment

of programs, policies and disclosures that we believe bring value to all of our stakeholders-employees, the communities in which we operate, and our shareholders- alike. We aim to balance the opportunities to achieve what we feel is the greatest value to our shareholders all the while focusing

"These three legs establish Helix as a meaningful energy transition company with significant potential. There's a lot to do, but a very bright future."

Owen Kratz

President and Chief Executive Officer

Helix Energy Solutions Group, Inc.

Q1 Earnings Call, April 26, 2022

on our safety goals and sustainability efforts throughout our business. The market and Helix are evolving rapidly, and there are surely variables that will become more clear over time. We remain ready for the challenges and opportunities that are to come.

I am proud of the Company we have bulit together, and hope you enjoy this Report.

Owen Kratz

President and Chief Executive Officer

Helix Energy Solutions Group, Inc.

2023 Helix ESG

2023 Helix ESG Corporate Sustainability Report

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Introduction

Establish

Experience

Enrich

Evolve

Establish

Introduction

Establish

Experience

Enrich

Evolve

Our Company

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 existing oil and gas reserves, decommissioning end-of-life oil and gas fields, and supporting renewable energy developments.

Helix was originally established in 1983 as a diving and plugging and abandonment company servicing offshore wells in the Gulf of Mexico and California. Over the course of almost 4 decades of operation, Helix has evolved into a company whose service segments not only support offshore oil and gas producers but also support energy security and energy transition. These services can be broken into three primary segments including (i) maximizing existing reserves, (ii) abandonment and decommissioning, and (iii) offshore renewables and windfarms. Helix is not an offshore drilling company. We provide a lower cost and environmentally responsible solution for enhancing production and the eventual decommissioning of offshore wells, as well as supporting renewable energy developments. Each of our business segments supports the other allowing efficiencies and innovation across our Company.

Regional Offices

Houston, Texas, U.S.A. (HQ)

Houma, Louisiana, U.S.A.

Aberdeen, United Kingdom

Rio de Janeiro, Brazil

Singapore

Abandonment and Decommissioning:

• Shallow and deepwater well abandonment;
• Properly plugging and abandoning wells to prevent future uncontrolled releases;
• Asset retirement obligation (ARO) solution; and
• Operations that are quicker and more efficient than a conventional drilling vessel (drillship).

See highlights from the 2020 study which we commissioned by avieco, a sustainability consultant, to compare a Helix vessel to a conventional drillship (available on p. 14-15).

The avieco study found that a Helix vessel is able to accomplish a well intervention more efficiently and with less carbon footprint than a traditional drillship. These services, including removal of equipment, promote returning the seabed to a state that is conducive for sea life. Any items remaining on the sea floor may act as an artificial reef allowing marine life and the biodiversity of the habitat to flourish.

Offshore Renewables and Windfarms:

• Assisting with the implementation of alternative energy sources; and
• Applying techniques and technologies proven in offshore oil and gas fields in the renewables space.

We are committed to supporting energy security throughout the world through our services and the responsible transition from a fully carbon-based economy.

Employees1

(as of 12/31/22)

1,564 global employees

Representing 34 nationalities

Financial Highlights2

(as of 12/31/22)

$873 million revenue $285 million liquidity

NYSE: HLX

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1. Employee metrics disclosed throughout this Report are for Helix legacy employees and do not include any employees from the mid-year 2022 acquisition of the Alliance group of companies, unless expressed notated.
2. The full year financial highlights are consolidated to include Alliance's revenue and liquidity.

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Introduction

Establish

Experience

Enrich

Evolve

Introduction

Establish

Experience

Enrich

Evolve

Helix built-for-purpose well intervention vessels are faster, more efficient and emit less CO2e than a drilling ship according to the avieco study.

avieco Study Highlights

Helix vessel on average carries out a typical well intervention

 in 17.5 days, compared to a conventional drillship which on

average takes 33.65 days

Almost 50% reduction in time for Helix vessel to complete the

 same task as a conventional drillship

Helix vessel emits 87 metric tons of CO2e per day, while a

 conventional drillship emits 114 metric tons of CO2e per day

Helix vessel operation on average shows a 31% decrease per

 day in emissions in comparison to a conventional drillship

Activity Stage	Helix Q5000	Drillship
Helicopter Travel	16	32
Supply Boat Support	95	190
Well Intervention Operations	1,411	3,618
Total metric tons CO2e	1,522	3,840

Helix Q5000 performed the services almost 50% faster than a conventional drillship, emitting ~31% fewer emissions per day resulting in ~60% fewer emissions over the life of the project.

With lower per day emissions and significantly fewer days to

 complete the same scope, use of a Helix vessel results in ~60%

fewer emissions over the life of a project in comparison to

120

Daily Carbon Emissions



utilizing a conventional drillship

Source: avieco Helix ESG Well Intervention Carbon Footprint Analysis, November 18, 2020. avieco works with a broad range of organizations in a variety of sectors, including financial services, retail, food and beverage, construction, manufacturing, transport, media and technology, the public sector and the third sector. avieco

Metric tCO e/day in operation 2

100

80

60

40

20

0

87

114

Decrease of 2,318 metric

tons of CO2e

was selected based on their experience in GHG reporting to WRI GHG protocol and ISO 14064:1 standards and their extensive experience using ISO 14064:3 and PAS 2050:2011 for product carbon footprints.

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Helix Q5000

Conventional Drillship

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Introduction

Establish

Experience

Enrich

Evolve

Key Features of Helix Services

Reservoir

Management

Services

Renewables

Offshore



What We Do

Production Enhancement

Field Development

Deepwater Decommissioning

Shallow Water Decommissioning

Oil and Natural Gas Processing

Well Control Response

Inter-Array Cable Burial

Unexploded Ordnance

Survey & Clearance

Subsea Trenching

x

What We Don't Do

NO - Ownership of Onshore Wells

NO - Hydraulic Fracturing

NO - Drilling

Water Shut

Off

Inspection,

Repair &

Maintenance

(IRM)

Reperforation

Production

Enhancement

Tree

Change

Out

Wireline,

Slickline &

Coiled Tubing

Workover

Life Cycle of Offshore Oil & Gas Well

Exploration,	Construction and	Production	Decommissioning	Salvage	Reclamation
Appraisal and	Enhancement/	Plugging and	Recycling
Drilling	Site Clearance
Development	Maximization	Abandonment

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Scale	DHSV
Squeeze &
Lockout
Stimulation

Maximizing Existing Reserves

Maximizing Existing Reserves Through Well Intervention

We provide rigless subsea well intervention throughout the world to enhance production from deepwater and shallow water subsea wells through wireline, coiled tubing intervention, hydraulic stimulation and dry tree intervention.

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Cement

Remediation

Abandonment

of Temporarily

Suspended

Pipeline

Abandonment

Services

Introduction

Establish

Experience

Enrich

Evolve

Case Study

Trident Energy Permanent Plug and Abandonment Campaign

Wells

Production

Tubing Recovery

Upper Plug &

Abandonment

Through Tubing

Abandonment

& Removal

Reclamation

& Remediation

Services

Wellhead

Removal

Seabed

Infrastructure

Removal

Dates: November 23, 2022 - Ongoing

Location: Campos Basin, offshore Brazil

Assets: Siem Helix 1, ROVs, Intervention Riser System 3

Water Depth: 94m - 396m

Project Overview:

Helix do Brasil safely completed a comprehensive 12-well decommissioning campaign for Trident Energy in the Campos Basin off the coast of Brazil with Subsea Services Alliance's partner, SLB.

The Subsea Services Alliance, a partnership between Helix and SLB established in 2015, combines decades of experience in surface, subsea and subsurface aspects of well intervention and decommissioning to provide a suite of integrated services to the client with a "one down all down" contracting structure. For this campaign, Helix utilized the DP3 well intervention vessel Siem Helix 1, two work class ROVs and the Intervention Riser System 3. In addition, Helix managed all campaign engineering, project management, and the coordination of all operations conducted onboard. SLB provided a comprehensive suite of downhole services, including coiled tubing, digital slickline, wireline, cementing, well testing, and fluid management.

Helix utilized an innovative shallow water tethering system during operations to provide a safe decommissioning process that mitigated the need for a slower and less fuel- efficient moored drilling rig, avoiding the associated increased operational time and CO2e emissions.

By implementing an integrated project management approach and leveraging Helix's specially designed, fuel-efficient resources, the project achieved an estimated 40% reduction in vessel time compared to similar campaigns in the same region.

Project Challenges:

• Trident Energy (the Operator) was new to the region after acquiring fields from the original licensee and had no well-access tooling. All subsea tooling needed to be acquired.
• Aggressive starting execution date, only nine months from contract signature to mobilization, including initial concept engineering through detailed engineering, equipment procurement, procedure development and mobilization.
• Newly acquired tooling would land on 40-year-old subsea trees with (i) diminished connections and valve integrity, (ii) small OD re-entry hubs, (iii) multiple clash risks, (iv) dozens of tree configurations and types and (v) occasionally, no well status information available.

Project Successes:

• Zero LTIs.
• Time savings of up to an estimated 40% per well were achieved compared to similar campaigns.
• Shallowest riser based well intervention from a DP vessel/rig in Brazil (94m).
• Shallowest open water tubing recovery from a DP vessel/rig in Brazil (116m).
• A and B annulus perforation and cementing avoided the need for a rig intervention to perform casing recovery.
• 12 subsea wells permanently abandoned.
• 20 days per well versus 36 days per well on similar campaigns.
• Rapid changeovers between services were critical to enable flexibility in the operation when downhole challenges occurred.
• Intervention Tension Frame integrated pre-tested pressure control equipment of Coiled Tubing, Wireline and Digital Slickline and facilitated changeovers between services in as little as 1 hour.
• Partial tubing recovery method developed by Helix significantly reduced personnel and environmental risk, as well as operating time. This methodology avoided standard tubing and the handling and offloading
  of associated Naturally Occurring Radioactive Material (NORM).

Decommissioning Services

Decommissioning

We provide full-field abandonment services in both shallow and deepwater delivering comprehensive services to end of life wells including temporary well suspension, cement remediation, well plugging, reclamation and/or remediation services. Our Helix Alliance business furthers our services allowing for the removal, salvage and recycling of surface infrastructure.

2023 Helix ESG Corporate Sustainability Report

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