Operational Update

August 25, 2009

2

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 butalso
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

•Oil & Gas Production

•Assets under Construction
Update

•Contracting Services

•Questions & Answers

Presentation Outline

Pipelineto PLET welding for ENI Longhorn

§Noonan Gas Production

§Sea Robin pipeline - additional hurricane damage discovered by operator

§Current estimate for Sea Robin pipeline return to service: November 1, 2009

§±40 mmcfe/day (net) of production curtailed

§Q3 GOM production rates affected by a variety of mechanical issues:

§East Cameron 339/346 (±14mmcfe/d) pipeline leak

§High Island 557 (±5 mmcfe/d) HIOS compressor fire (production resumed)

§East Cameron 346 (±11 mmcfe/d) due to a production tubing failure

§Main Pass 233 (±5 mmcfe/d) subsea flow line plug

§These issues expected to be resolved by the beginning of Q4

§Current Q3 production estimate: 8.5-9.5 bcfe (assuming no hurricane disruption)

§Current 2009 production estimate: 43-47 bcfe (assuming no hurricane disruption)

Oil & Gas Production

§Danny production

§Pipeline welding underway at our new
Ingleside spool base

§Express pipelay vessel to install pipeline -
estimated start date of Oct. 1, 2009

§Estimated first production expected
to occur Q1, 2010

§Phoenix production

§Helix Producer 1: installation of production
modules - expected completion Q1, 2010

§Remaining subsea infrastructure to be
performed by internal assets

§Estimated first production to occur Q2, 2010

Oil & Gas Production

Combined initial flow rates of ±100 mmcfe/day with ~80% oil

Vessels Under Construction

Caesar

•Thrusters and engines have been
commissioned.

•Living quarters being used

•Commissioning of cranes and
pipelay systems is progressing well

•Incline test completed successfully

•Sea trials in China scheduled for
September

•Transits to Gulf of Mexico in Q4

Well Enhancer

•All marine tests have been
completed

•Vessel to leave Rotterdam this
week for offshore well intervention
tower operational tests

•Vessel expected to start work as
well intervention vessel in UK North
Sea sector in September

Progressing as planned

Vessels Under Construction - Continued

Helix Producer I

•Fabrication of production modules foundation
and installation of external thrusters and turret
porches and supports ongoing

•Review of engineering and plans by Lloyds and
USGC is continuing

•Installation of 2,500 te. production modules to
start in October when foundations in place and
yard heavy cranes and access available

•Expect deployment in Phoenix field
in second quarter of 2010

Progressing as planned

Production Modules

DTS

Contracting Services

Aerial view of Ingleside Shore Base

Helix Danny pipe welding

Automated pipe tension system

§Market conditions have softened, as expected

§Some reallocation of vessels to internal use

§Express - installation of Danny pipeline (Q4)

§Intrepid -installation of Phoenix subsea
infrastructure (2009, 2010)

§Q4000, Intrepid - some usage for ERT P & A
activity

§Express presently in shipyard in Spain for30
- months regulatory dry-dock, and as scheduled,
will transit to GOM in early September for Danny
pipeline installation

Contracting Services - Continued

Canyon Trencher ROV mobilization