Helix Company Update
March 2025
ABOUT HELIX
Helix - An Energy Transition
|
Maximizing Existing |
Decommissioning |
Offshore Renewables |
|
Reserves |
Cable Trenching and Burial |
|
|
Cement Remediation |
||
|
Reservoir Management |
UXO Survey & Clearance |
|
|
Pipeline Abandonment |
||
|
Boulder Removal |
||
|
Production Enhancement |
Reclamation & Remediation |
|
|
Mattress Installation & Removal |
||
|
Tree Change Out |
||
|
Wellhead Removal |
||
|
Cable Repair |
||
|
Wireline, Slickline & Coiled Tubing |
Seabed Infrastructure Removal |
|
|
Air Diving |
||
|
Scale Squeeze & Stimulation |
Through Tubing Abandonment & Removal |
|
|
Route Preparation |
||
|
DHSV Lockout |
||
|
Upper Plug & Abandonment |
||
|
Inspection, Repair, Maintenance |
||
|
44%1 |
44%1 |
11%1 |
- Percentage of 2024 Revenue
|
3 |
3 |
ABOUT US
Company Snapshot
NYSE: HLX
Revenue by Market4
Corporate Headquarters in Houston, Texas
|
($53M) |
$1.4B |
$430M |
|
Net Debt1 |
Backlog |
Liquidity2 |
|
December 31, 2024 |
December 31, 2024 |
December 31, 2024 |
|
2,313 |
38 |
|
|
Global Employees |
Nationalities Represented |
|
|
December 31, 2024 |
December 31, 2024 |
Forecast
$1.36B - $1.50B $320M - $380M
|
2025 Revenue3 |
2025 EBITDA1,3 |
$175M - $225M
2025 Free Cash Flow1,3
Other
Renewables 1%
11%
Production
Maximization
44%
Decommissioning -
Deep Water
31%
Decommissioning -
Shallow Water
13%
- EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below
-
Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under the Company's ABL facility and excludes restricted cash, if any
3 Revenue, EBITDA and Free Cash Flow based on current guidance
4 Revenue percentages based on 2024 Revenues and net of intercompany eliminations
4
ABOUT US
Business Segment Overview
|
Key Services and |
Major Customers |
Revenue and Gross Profit |
||||||||||||||||||||
|
Assets |
Tailwinds |
Margin% by Segment ($MM) 1 |
||||||||||||||||||||
|
• |
Production enhancement |
• |
Purpose-built vessels with |
2020 |
2021 |
2022 |
2023 |
|||||||||||||||
|
Well |
||||||||||||||||||||||
|
• |
Decommissioning |
higher efficiency and |
$823 |
|||||||||||||||||||
|
Intervention |
• |
Seven purpose-built Well |
lower operating costs vs. |
$524 |
$495 |
$508 |
$704 |
|||||||||||||||
|
Intervention vessels and 12 Subsea |
rigs; long-term contracts |
13% |
||||||||||||||||||||
|
Intervention Systems |
for four of seven vessels |
|||||||||||||||||||||
|
• |
Subsea trenching |
• |
Increasing global marine |
|||||||||||||||||||
|
• Offshore construction and inspection, |
||||||||||||||||||||||
|
construction and |
||||||||||||||||||||||
|
Robotics |
repair and maintenance (IRM) |
$260 |
||||||||||||||||||||
|
renewables deployment |
$223 |
|||||||||||||||||||||
|
• Six trenchers, two boulder grabs, 39 |
$151 |
$158 |
||||||||||||||||||||
|
• |
Greater complexity and |
$110 |
||||||||||||||||||||
|
work-class ROVs and chartered |
30% |
|||||||||||||||||||||
|
water depths |
||||||||||||||||||||||
|
vessel fleet |
||||||||||||||||||||||
|
• |
Well P&A |
|||||||||||||||||||||
|
Shallow Water |
• |
Structure decommissioning and |
$275 |
|||||||||||||||||||
|
platform removals |
• |
Increased regulatory |
||||||||||||||||||||
|
$187 |
||||||||||||||||||||||
|
Abandonment2 |
• |
Fleet of 20 vessels (OSVs, lift boats, |
requirements |
$125 |
||||||||||||||||||
|
dive vessels, heavy lift barge) and 26 |
n/m |
|||||||||||||||||||||
|
systems (P&A and coiled tubing) |
N/A |
N/A |
||||||||||||||||||||
|
Production |
• |
Floating production unit |
$69 |
$82 |
$88 |
$89 |
||||||||||||||||
|
$58 |
||||||||||||||||||||||
|
• |
Offshore production |
• |
2025 contract renewals |
27% |
||||||||||||||||||
|
Facilities |
||||||||||||||||||||||
|
• |
Emergency well control deployment |
|||||||||||||||||||||
Helix differentiates itself through a pure-play offshore business model anchored by
seven world-class built-for-purpose well intervention vessels
- Revenue by segment net of intercompany eliminations
|
2 |
Shallow Water Abandonment includes the results of Helix Alliance acquired July 1, 2022 |
|
5 |
OPERATIONS
Well Intervention
- A global leader in rig-less intervention; lower costs, higher efficiency, and reduced carbon footprint compared to rigs
- Vessels and systems perform both decommissioning and production maximization operations
• Fleet of seven purpose-built well intervention vessels and 12 • well intervention systems operating globally
Geographically diverse scope of operations and concentration of blue-chip customers
|
Q4000 (US Gulf Coast / West Africa) |
Q7000 (West Africa / Asia Pacific / Brazil) |
Seawell (North Sea) |
Well Enhancer (North Sea) |
|
Dynamically positioned class 3 ("DP3") purpose- |
DP3 purpose-built semisubmersible well |
Dynamically positioned class 2 ("DP2") light |
DP3 custom designed well intervention and |
|
built semisubmersible well intervention vessel |
intervention vessel |
well intervention and saturation diving vessel |
saturation diving vessel |
|
Q5000 (US Gulf Coast) |
Siem Helix 1 & Siem Helix 2 (Brazil) |
Intervention Riser Systems |
Subsea Intervention Lubricators |
|
DP3 purpose-built semisubmersible |
DP3 well intervention vessels contracted |
Utilized for wireline intervention, production |
Enable efficient and cost-effective riserless |
|
well intervention vessel |
through at least 2027 (SH2) and 2028 (SH1) |
logging, coiled-tubing operations, well |
intervention and abandonment solutions for |
|
stimulation and full P&A operations |
subsea wells up to 1,500m water depth |
6
OPERATIONS
Robotics
- We serve both the Renewable Energy and Oil and Gas markets
- Global leader in trenching windfarm subsea cables
- A fleet of advanced subsea trenchers, work-class ROVs and chartered support vessels
- Globally diversified operations and broad customer base
|
Subsea Trenchers (6 units) |
ROV Fleet (39 units) |
IROV Boulder Grabs |
ROV Support Vessels (Global) |
|
Highly maneuverable underwater robots |
Remotely operated robotic grabs specially |
Chartered fleet of DP2 and DP3 subsea |
|
|
Four jet trenchers, one cutting trencher and one |
|||
|
capable of performing subsea construction |
developed to relocate seabed boulders to prepare |
support vessels |
|
|
plough trencher that provide subsea power |
|||
|
and well intervention tasks |
an offshore wind farm site for construction |
||
|
cable, umbilical, pipeline and flowline trenching |
|||
|
up to 3,000m water depth |
|
7 |
7 |
OPERATIONS
Shallow Water Abandonment
- Leading provider of decommissioning services in the US Gulf Coast Shelf
- P&A and Coiled Tubing systems, Heavy Lift Barge and fleet of liftboats, OSVs and Diving Vessels
- Only company capable of providing all facets of decommissioning services in the U.S. Gulf Coast shelf
-
- Well P&A
- Sub-seaarchitecture removal
- Facility decommissioning and structure removal
Commercial Diving: Three dive support vessels
Marine Services: Six OSVs ranging from 150' to 170' and one crewboat
Marine Services: Nine liftboats ranging in size up to 265'
Well Services:
20 P&A spreads, six coiled tubing units and one snubbing unit
Heavy Lift: Epic Hedron 1,763-tonderrick barge
|
8 |
8 |
OPERATIONS
Helix Production Facilities
- Helix Producer I floating production unit (FPU)
- Helix Fast Response System (HFRS); one of only two providers in the US Gulf Coast
- Our ownership of the Droshky and Thunder Hawk wells and related infrastructure in the US Gulf Coast
9
2025 OUTLOOK
Forecast
Key Financial Metrics
|
($ in millions) |
2025 |
2024 |
||||
|
Outlook |
Actual |
|||||
|
Revenues |
$ |
1,360 - 1,500 |
$ |
1,359 |
||
|
Adjusted EBITDA1 |
320 |
- 380 |
303 |
|||
|
Free Cash Flow1,2 |
175 |
- 225 |
163 |
|||
|
Capital Additions3 |
70 - 90 |
59 |
||||
|
Revenue Split: |
||||||
|
Well Intervention |
$ |
850 - 890 |
$ |
830 |
||
|
Robotics |
290 |
- 340 |
298 |
|||
|
Shallow Water Abandonment |
190 |
- 230 |
187 |
|||
|
Production Facilities |
70 - 80 |
89 |
||||
|
Eliminations |
(40) |
(45) |
||||
|
Total Revenue |
$ |
1,360 - 1,500 |
$ |
1,359 |
||
- Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below
- Free Cash Flow in 2024 included $58 million related to the Alliance acquisition earn out
- Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures
Key Forecast Drivers
Our 2025 outlook will be affected, among other things, by the timing and extent of the winter weather seasonal impact to our utilization and the following expected key drivers:
Well Intervention
- Q4000 - length of Nigeria campaign and utilization on return to the U.S. Gulf Coast
- Q5000 - operating efficiency North Sea; seasonal utilization on Well Enhancer and Seawell
- Brazil - Siem Helix 1 transition from Trident to new Petrobras contract; Siem Helix 2 operating efficiency
- Q7000 - transition to Brazil Shell contract and operating efficiency
Robotics
- Seasonal utilization in the North Sea and Asia Pacific on chartered vessels
Shallow Water Abandonment
- Strength of contracting for oil and gas properties in bankruptcies reverting to former owners; seasonal utilization of shallow water operations on the U.S. Gulf Coast shelf
Production Facilities
- Thunder Hawk duration of well shut-ins; timing of remediation efforts
|
10 |
10 |
KEY FINANCIAL METRICS
Debt Instrument Profile
|
Principal Payment Schedule at 12/31/24 |
Debt and Liquidity Profile at 12/31/24 |
|
($ in millions) |
($ in millions) |
$300 $250
$200
$300
$150 $100
|
$50 |
|||||
|
$9 |
$10 |
$5 |
|||
|
$0 |
|||||
|
2025 |
2026 |
2027 |
2028 |
2029 |
|
|
MARAD |
2029 Senior Notes |
|
$500 |
$431 |
$430 |
||||
|
$400 |
$305 |
$285 |
||||
|
$300 |
$368 |
|||||
|
$335 |
||||||
|
$200 |
$256 |
$187 |
||||
|
$100 |
$53 |
|||||
|
$22 |
||||||
|
$0 |
||||||
|
($100) |
$(75) |
$(30) |
||||
|
($200) |
$(264) |
|||||
|
$(305) |
$(315) |
|||||
|
($300) |
$(362) |
|||||
|
($400) |
||||||
|
12/31/21 |
12/31/22 |
12/31/23 |
12/31/24 |
|||
|
Cash |
1 |
Long-term debt |
2 |
Liquidity |
3 |
Net Debt 4 |
Total funded debt† of $324 million at 12/31/24
-
- $300 million Senior Notes due 2029 - 9.75%
- $24 million MARAD Debt - 4.93%
-
- Semi-annualamortization payments through maturity in Q1 2027
- Excludes $9 million of remaining unamortized debt discount and issuance costs
- Cash includes cash and cash equivalents but excludes restricted cash of $71 million, at December 31, 2021
- Long-termdebt net of debt issuance costs
- Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix's ABL facility but excludes cash pledged to the ABL facility
- Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below
Amounts may not add due to rounding
|
11 |
11 |
Attachments
Disclaimer
Helix Energy Solutions Group Inc. published this content on March 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 04, 2025 at 04:00:28.672.
