01/11/2024 - Helix Energy Solutions Group Inc.: 2024 Corporate Sustainability Report

Corporate Headquarters

Houston, Texas, USA

Global Offices

Houston, Texas; Houma, Louisiana; Aberdeen, United Kingdom;

Rio de Janeiro, Brazil; Singapore

30+ Vessels

Global fleet of Well Intervention,

Robotics and Shallow Water

Abandonment Vessels

Total Decommissioning

57%

Market Segment Highlights

Total Production Maximization

33%

Renewables

8%

In 2023, revenues derived from

offshore renewable energy contracts accounted for 42% of our global Robotics segment revenues.

Other

2%

Owen Kratz, President and Chief Executive Officer Helix Energy Solutions Group, Inc.

This Sustainability Report offers an excellent opportunity to not only reflect on our 2023 initiatives, but also to describe our strategy and business model in the context of Sustainability. Helix had strong operating performance in 2023, as we continued

to reap the benefits of our Energy Transition strategy. Since 2012, the Helix business model has been focused on the late life aspects of the Oil & Gas market and providing specialty support to the development of offshore wind Renewables and energy. Through the years, we have maintained incremental growth and a strong balance sheet with an overarching focus on our Safety, Sustainability and Value Creation. We offer services in three areas key to our Energy Transition strategy:

First is maximizing existing reserves, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas. This incorporates a variety of services including subsea access for production enhancement, well intervention, marginal field production processing, blowout containment, contingency services and end of life operating and reservoir management with the potential for owning and operating end of life fields. This market is growing as the number of mature deepwater fields grows, and we have decades of experience in technology-enhancingefficiencies.

Second is offshore abandonment and

decommissioning. This includes shallow-water, full field abandonment of wells, pipelines and facilities and deepwater subsea decommissioning,

including well P&A. Our acquisition of Alliance in 2022 bolstered our offshore abandonment and decommissioning services by adding shallow water assets to our fleet. In 2023 we continued integrating Alliance to align practices and protocols with Helix's methodologies.

We believe the Gulf of Mexico shelf will be a strong demand-driven market. Full-field abandonment utilizes a variety of assets, resources and capabilities, and we are well positioned with a meaningful share of all classes of assets enabling us to work under multiple contracting methods. We are the only contractor capable of offering a truly integrated service thereby enhancing efficiencies for our customers in which we can align our strategic goals including those related to decreasing emissions and preserving the biodiversity of the environments where we operate. This capability and expertise

is scalable as we see strong markets developing globally, especially in Brazil and Australia.

The third area includes specialty support services for the development of renewable energy projects, namely offshore wind farms, which includes jet and cutter trenching of cables, boulder site clearance and unexploded ordnance (UXO) clearance. Helix is the global leader for jet and cutter trenching

of cables, and we see continuing demand in this space. Our suite of trenchers and ROVs are actively renewed to maintain quality, operational credibility and continued strong performance. We've entered the boulder removal market and recently added in- house capability for UXO removal. We've leveraged our expertise and established our credibility in this

market, where we foresee an increasing number of opportunities for further growth.

Critically, each of these areas is grounded in the spirit of Sustainability. Sustainability initiatives remain important factors in assessing a company's outlook, and we recognize that investors look to identify factors that they believe inform a company's ability to create long-term value. Executing on our Energy Transition strategy, our 2023 results showed significant improvements as compared to 2022,

as utilization and rates improved across all of our operating segments, we benefitted from a strong oil and gas market, customers continued to demand our renewables offerings, and there was robust decommissioning demand globally. In 2024 we are building on our 2023 performance as we continue to execute on our strategy of becoming the preeminent offshore Energy Transition company.

These areas remain the foundation for our business, and each one shows promise for sustainable growth. We always explore opportunities that prioritize shareholder return, and we believe we're being patient and selective with these opportunities.

This Report will provide insight into the progress we are making with respect to our Sustainability initiatives, specifically human capital management and climate change. Most importantly, we recognize these initiatives as foundations of our business, and drivers of our model and our success.

Robotics

BRAZIL

297 EMPLOYEES