exh992.htm

Second Quarter 2009
Earnings Conference Call

July 30, 2009

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All such statements, other than statements of
historical fact, are statements that could be deemed “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin,
expenses, earnings or losses from operations, or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of
property or wells; any statements of the plans, strategies and objectives of management for future operations; any
statements concerning developments, performance or industry rankings; and any statements of assumptions
underlying any of the foregoing. Although we believe that the expectations set forth in these forward-looking
statements are reasonable, they do involve risks, uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking statements. The risks, uncertainties and
assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee
management issues; complexities of global political and economic developments; geologic risks and other risks
described from time to time in our reports filed with the Securities and Exchange Commission (“SEC”), including the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports
on Form 10-Q. You should not place undue reliance on these forward-looking statements which speak only as of the
date of this presentation and the associated press release. We assume no obligation or duty and do not intend to
update these forward-looking statements except as required by the securities laws.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC,
to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and operating conditions. Statements of
proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this presentation that
are not specifically designated as being estimates of proved reserves may include not only proved reserves but also
other categories of reserves that the SEC’s guidelines strictly prohibit the Company from including in filings with the
SEC. Investors are urged to consider closely the disclosure in the Company’s 2008 Form 10-K.

Forward-Looking Statements

• Executive Summary

Summary of Q2 2009 Results (pg. 4)

2009 Outlook (pg. 7)

Liquidity and Capital Resources (pg. 11)

• Operational Highlights by Segment

Contracting Services (pg. 17)

Oil & Gas (pg. 25)

• Non-GAAP Reconciliations (pg. 28)

• Questions & Answers

Presentation Outline

Subsea Intervention Lubricator access tower
installed on Well Enhancer deck

Executive Summary

Second quarter results reflect the following matters on a pre-tax basis:

• $59.4 million gain on the sale of 24.2 million shares of Cal Dive stock

• $8.8 million gain on the sale of Helix RDS

• $43.0 million gain associated with insurance recoveries received in connection with
damage caused by Hurricane Ike ($102.6 million), offset by hurricane-related
expenses, and additional hurricane-related asset retirement and impairment costs
accrued during the quarter.

•A reduction of $11.5 million in the carrying values of certain oil and gas properties
due to reserve revisions

•Q2 results excluded realized hedge gains of $34.7 million for natural gas hedge mark
-to-market adjustments previously recognized in Q1of 2009

Executive Summary

The after-tax effect of the above four items on EPS totaled $0.63 / diluted
share.

Executive Summary (continued)

• Net debt balance decreased by $703 million year-to-date

• Oil and gas production totaled 12.4 Bcfe for Q2 2009 versus 11.9 Bcfe in Q1 2009

• Avg realized price for oil $72.29 / bbl ($57.82 / bbl in Q1 2009), including effect of
settled hedges

• Avg realized price for gas $7.62 / Mcf ($6.26 / Mcf in Q1 2009), including the effect of
settled hedges

• Contracting Services demand in 2H 2009
expected to soften

• Express dry-dock, transit and utilization on
Danny pipeline will impact external revenues

• Capital expenditures of approximately $370
million

• $200 million relates to completion of three
major vessel projects (Well Enhancer, Caesar
and Helix Producer I)

• $60 million relates to development of Danny
and Phoenix oil fields

• Most of remaining CAPEX is regulatory
maintenance

• Improved liquidity and debt levels (see slide 12)

2009 Outlook

2009 Outlook (continued)

Independence Hub production platform

• Continued focus on strengthening balance
sheet and debt reduction

• No major new capex projects planned

• Capex levels significantly below 2009 level
as major vessel programs are completed

• 2010 capex range $150 - $200 million
(preliminary estimate)

• Phoenix and Danny PUD conversions in early
2010 should yield significant production
increases

Moving Forward

Subsea Intervention Lubricator system on board Q4000

Liquidity and
Capital
Resources

Significant Balance Sheet Improvements

Debt

Liquidity (A)

(A) Liquidity defined as Helix cash and cash equivalents on hand
plus Helix revolver availability.

• Company continues to take a measured approach on its efforts to monetize non
-core assets and businesses

• Oil and gas assets

• Bass Lite sale December 08 & January 09 ($49 million)

• EC 316 sale in February 09 ($18 million)

• Cal Dive (approximate 26% owned subsidiary)

• Sold a total of 15.2 million shares of Cal Dive common stock to Cal Dive
in January and June 2009 for aggregate proceeds of $100 million

• Sold 22.6 million Cal Dive shares in secondary offering for proceeds of
≈ $183 million (net of offering costs) in June 2009

• Sold Helix RDS for $25 million in April 2009

• Approximately 63% of remaining 2009 oil and gas production hedged
(see slide 27)

Liquidity and Capital Resources

Monetization of some or all remaining non-core assets would further
accelerate debt reduction and increase liquidity

Company is in compliance as of 6/30/2009, and forecasts
continuing compliance throughout 2009

Liquidity and Capital Resources

Covenant	Test	Explanation
Collateral Coverage Ratio	> 1.75 : 1	Basket of collateral to Senior Secured Debt
Fixed Charge Coverage Ratio	> 2.75 : 1	Consolidated EBITDA to consolidated interest charges
Consolidated Leverage Ratio	< 3.5 : 1	Consolidated EBITDA to consolidated debt

Key Credit Facility Covenants

Liquidity and Capital Resources

Credit Facilities, Commitments and Amortization

– $420 Million Revolving Credit Facility - Committed facility through June 2011. No
required amortization. Fully paid down as of 6/30/2009. $408 million of revolver
availability ($12 million of LCs outstanding) at 6/30/09.

– $417 Million Term Loan B - Committed facility through June 2013. $4.3 million
amortization annually.

– $550 Million High Yield Notes - Interest only until maturity (2016) or called by Helix.
First Helix call date is 2012.

– $300 Million Convertible Notes - Interest only until put by noteholders or called by
Helix. First put/call date is 2012, although noteholders have the right to convert prior
to that date if certain stock price triggers are met ($38.56).

– $121 Million MARAD - Original 25 year term; matures February 2027. $4.3 million
principal payments annually.

Operations
Highlights

Contracting Services

Aerial view of Ingleside Spoolbase, with slip dredging
project underway

Subsea Construction

• New spoolbase facility in Ingleside,
Texas under construction

– Pipe stalk length 5,230 feet

– 32-foot slip can accommodate entire
Helix fleet in the Gulf of Mexico

• Welding of Helix Danny 36-mile
8 x 12-inch pipe-in-pipe begins in early
August

• Second project at the facility will be
welding of 25 miles of pipe for
Deep Gulf’s Sargent project

Contracting Services

Northern Canyon burying power cables for North Sea wind farm

Contracting Services

Coiled tubing operations for Marubeni on a
deepwater well in the Gulf of Mexico

Well Ops

• Seawell is working for Shell in the
North Sea

• Q4000 is operational in the Gulf of
Mexico:

– Finished a 21-day drilling project in
the Gulf of Mexico in support of a
U.S. government-sponsored joint
industry project to locate gas hydrate
deposits in the Gulf. Seven wells
were drilled in waters ranging from
4,800 to 6,600 feet deep

– Coiled Tubing well intervention
operations performed for Marubeni in
the western Gulf

– Completed well intervention job for
Chevron, and is currently working
for ENI

Assets Under Construction

Caesar

• Conversion 99% complete

• Stinger has been installed

• Commissioning of marine and pipelay systems ongoing

• Transits to Gulf of Mexico following conversion and sea
trials scheduled for fourth quarter 2009

Well Enhancer

• Final incline test completed

• Installation of skidding systems, dive systems and
mezzanine decks/tankage being completed

• Vessel expected to start work in late Q3 2009

Helix Producer I

• Vessel arrived in Ingleside, TX in May

• Engineering for installation of production modules
underway

• Expect deployment to Phoenix field in first half of 2010

Contracting Services

(A) Results of Cal Dive, our Shelf Contracting business, were consolidated through June 10, 2009, at which time our ownership interest dropped below 50%;
thereafter, our remaining interest is accounted for under the equity method of accounting.

(B) See non-GAAP reconciliation on slides 29-30. Amounts are prior to intercompany eliminations.

(D) Amounts primarily represent equity in earnings of Marco Polo and Independence Hub investments and equity in earnings from Cal Dive from June 11
forward (date which our ownership in Cal Dive was below 50%).

Contracting Services

(A) Amounts are before intercompany eliminations. See non-GAAP reconciliation on slides 29-30.

Revenue and Gross Profit by Division ($ in millions)

Contracting Services

Oil & Gas

(A) Reflects reversal in first
quarter 2009 of $73.5 million
in previously disputed
accrued royalties.

(B) Reflects hurricane proceeds
less related costs. In Q2
2009 proceeds totaled $97.7
million, offset by $7.4 million
of hurricane-related repair
costs and $51.5 million of
additional hurricane-related
impairment charges,
including an estimated $43.8
million increase to our asset
retirement obligations for
hurricane-affected properties.

(C) Reflects $11.5 million of
impairments related to
reduction in carrying values
of certain oil and gas
properties due to reserve
revisions.

(D) Includes UK production of 0.2
Bcfe in Q2 2009, 0.2 Bcfe in
Q2 2008, and 0.1 Bcfe in Q1
2009.

(E) Including effect of settled
hedges.

Oil & Gas

(A) Includes accretion expense.

(B) Excludes hurricane-related repairs of $7.4 and $12.7 million, net of insurance recoveries of $97.7 and $3.1 million, for the quarters
ended June 30, 2009 and March 31, 2009, respectively.

(C) Excludes exploration expenses of $1.5, $1.5 and $0.5 million, and abandonment of $0.8, $2.8 and $0.7 million for the quarters
ended June 30, 2009, June 30, 2008 and March 31, 2009, respectively.

Operating Costs ($ in millions, except per Mcfe data)

Summary of July 2009-Dec 2010 Hedging Positions

Non-GAAP
Reconciliations

Non GAAP Reconciliations

Revenue and Gross Profit As Reported ($ in millions)