exh99-2.htm

July 26, 2011

Second Quarter 2011 Conference Call

Deep Cygnus performing trenching and cable burial operations at the Greater Gabbard Offshore Wind Farm in the North Sea

Forward-Looking Statements

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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, any projections of financial items; projections of contracting services activity; future
production volumes, results of exploration, exploitation, development, acquisition and operations expenditures, and
prospective reserve levels of properties or wells; projections of utilization; any statements of the plans, strategies and
objectives of management for future operations; any statements concerning developments; and any statements of
assumptions underlying any of the foregoing. These statements involve certain assumptions we made based on our
experience and perception of historical trends, current conditions, expected future developments and other factors
we believe are reasonable and appropriate under the circumstances. The forward-looking statements are subject to
a number of known and unknown risks, uncertainties and other factors that could cause our actual results to differ
materially. The risks, uncertainties and assumptions referred to above include the performance of contracts by
suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and
delays; employee management issues; local, national and worldwide economic conditions; uncertainties inherent in
the exploration for and development of oil and gas and in estimating reserves; complexities of global political and
economic developments; geologic risks, volatility of oil and gas prices and other risks described from time to time in
our reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s most recently filed
Annual Report on Form 10-K and in the Company’s other filings with the SEC. Free copies of the reports can be
found at the SEC’s website, www.SEC.gov. 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.

References to quantities of oil or gas include amounts we believe will ultimately be produced, and may include
“proved reserves” and quantities of oil or gas that are not yet classified as “proved reserves” under SEC definitions.
Statements of oil and gas reserves are estimates based on assumptions and may be imprecise. Investors are urged
to consider closely the disclosure regarding reserves in our most recently filed Annual Report on Form 10-K and any
subsequent Quarterly Reports on Form 10-Q.

Presentation Outline

• Executive Summary

Summary of Q2 2011 Results (pg. 4)

• Operational Highlights by Segment

Contracting Services (pg. 9)

Oil & Gas (pg. 16)

• Key Balance Sheet Metrics (pg. 19)

• 2011 Outlook (pg. 21)

• Non-GAAP Reconciliations (pg. 25)

• Questions & Answers

Executive
Summary

Executive Summary

($ in millions, except per share data)

(A) See non-GAAP reconciliations on slides 26-27.

Executive Summary

• Q2 2011 EPS of $0.39 per diluted share driven by strong results from oil and gas business, robust well
intervention and production facilities businesses, and recovery in robotics business

• Balance sheet continues to improve

o Amended and extended senior credit agreement

o Increased revolver capacity from $435 million to $600 million; extended maturity to July 2015 (or
January 2016 if certain unsecured debt has been refinanced or repaid in full by July 1, 2015)

o Repaid $109 million of our term loan and extended maturity to July 2015 (or July 2016 if certain
unsecured debt has been refinanced or repaid in full by July 1, 2015)

o Cash decreased to $414 million at 6/30/2011 from $441 million at 3/31/2011 after debt repayment

o Liquidity* increased to $965 million at 6/30/2011 from $837 million at 3/31/2011

o Gross debt decreased to $1.25 billion at 6/30/2011 from $1.36 billion at 3/31/2011

o Net debt decreased to $833 million at 6/30/2011 from $916 million at 3/31/2011

• Contracting Services

o Continuing strength in well intervention business in the Gulf of Mexico and North Sea

o Improved chartered vessel and trenching utilization in the robotics business

o Continued weakness in the Gulf of Mexico subsea construction and robotics markets reflecting regulatory
impact on drilling and development activity

*Liquidity as we define it is equal to cash and cash equivalents ($414 million), plus available capacity under our revolving credit facility ($551 million).

Executive Summary

• Oil and Gas

o Second quarter average production rate of 139 Mmcfe/d (68% oil)

o Production through July 24 averaged approximately 114 Mmcfe/d (~70% oil)

§ July production impacted by scheduled downtime of third party pipeline servicing Phoenix
field

§ Phoenix field impacted for approximately 10 days in July

§ Phoenix field back in production around July 20

§ Little Burn well completed successfully in late May and brought on production in last
few days

§ With Phoenix back on production, along with Little Burn well, production rate expected to
approximate 155 Mmcfe/d in late July (~ 70% oil)

• Oil and gas production totaled 12.7 Bcfe in Q2 2011 versus 14.4 Bcfe in Q1 2011

o Avg realized price for oil of $101.43 / bbl ($90.49 / bbl in Q1 2011), inclusive of hedges

o Avg realized price for natural gas and natural gas liquids (NGLs) of $6.17 / Mcf ($5.77 / Mcf in Q1
2011), inclusive of hedges

§ Gas price realizations benefited from sales of natural gas liquids

§ NGL production of 0.8 Bcfe in both Q1 and Q2 2011

Operational

Highlights

($ in millions, except percentages)

(A) See non-GAAP reconciliation on slides 26-27. Amounts are prior to intercompany
eliminations.

Contracting Services

• 89% utilization in Well Ops

• Weak GOM market continues to impact
Subsea Construction

• Caesar in shipyard undergoing planned
upgrades

• Containment system retainer fee
commences

Express performing pipelay operations

in the Gulf of Mexico

($ in millions)

Equity in Earnings of Equity Investments

Contracting Services - Well Ops

GOM

• Q4000 worked for Shell on multiple projects throughout the
second quarter

• 93% utilization in the second quarter

• Strong outlook anticipated for rest of 2011 and backlog
building for 2012

North Sea

• Seawell and Well Enhancer posted a combined 87%
utilization in the second quarter

• Seawell utilization was impacted by downtime to repair a
thruster in June

• Strong outlook anticipated for both vessels for the rest of
2011

• Contracting activity strong

Asia Pacific

• Normand Clough working for CloughHelix JV on a day rate
construction project for COOEC offshore China through Q3

• Wellhead cutting system completed two wellhead removals in
Q2

Q4000 operating in the Gulf of Mexico

Contracting Services - Robotics

• Strong robotics utilization in Europe and West
Africa

• UK projects utilizing the I-Trencher and T-750
extended into Q4

• ROVDrill upgrades completed and scheduled for
deployment to the UK in late Q3 to focus on
coring projects

• Expanding focus on renewable energy market
such as wind farm development

o New chartered vessel, Grand Canyon,
under construction with 2012 delivery

o Building new trencher, the T-1200, to be
paired with the Grand Canyon

T-750 being deployed for trenching work in the North Sea

Contracting Services - Subsea Construction

• Low Q2 utilization for the Intrepid resulting from continued
weak GOM market, partially offset by 82% utilization for the
Express

• Customer permitting issues continued to impact utilization

• Express completed pipelay operations for Deep Gulf Energy,
Walter Oil & Gas and internal projects in the GOM

• Intrepid returned to work at the end of the quarter

• Caesar remained in the shipyard all of Q2 undergoing planned
maintenance and upgrades

Welding and spooling pipe at Ingleside Spoolbase

Helix Fast Response System (HFRS)

• Utilizes vessels and subsea
systems proven in Macondo
spill response

• Capability to capture and
process up to 55,000 bpd in
water depths to 10,000 feet at
15,000 psi

• 24 independent E&P operators
have signed on to include HFRS
in drilling permit applications

• Cited as spill response plan in
14 approved deepwater permits
to date

Contracting Services Utilization

• Express

• Caesar (1)

• Island Pioneer (2)

• Deep Cygnus (2)

• Normand Clipper (2)

• Olympic Triton (2)

• Well Enhancer

• Q4000

• 2 ROVDrill Units

• 5 Trenchers

(1) Vessel in shipyard during second quarter undergoing planned maintenance and upgrades.

(2) Chartered vessels.

(A) Second quarter 2011
impairments primarily associated
with six of our Gulf of Mexico oil
and gas properties and our only
non-domestic (UK) oil and gas
property. The impairment
charges primarily reflect a
premature end of these fields’
production lives either through
actual depletion or as a result of
capital allocation decisions
affecting third party operated
fields. Second quarter 2010
impairments primarily associated
with the reduction in carrying
values of 15 GOM properties due
to a revision in mid-year
reserves.

(B) Primarily consisted of $6.6
million of costs associated with
an offshore lease expiration in
the second quarter of 2011.

Oil & Gas

(A) Included accretion expense. Q2 2011 DD&A rate positively affected (approximately $9.2 million) due primarily to increased proved reserves at our Phoenix field
as a result of better than expected production rates (net of adjustments in other fields).

(B) Excluded exploration expense, net hurricane-related costs (reimbursements) and abandonment costs.

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

Summary of Jul 2011 - Dec 2012 Hedging Positions *

* As of July 24, 2011.

Key Balance
Sheet Metrics

Debt and Liquidity Profile

(A) Includes impact of unamortized debt discount under our Convertible Senior Notes.

(B) Liquidity, as we define it, is equal to cash and cash equivalents ($414 million), plus available
capacity under our revolving credit facility ($551 million).

2011 Outlook

We expect to continue to improve our liquidity position in 2011.

Broad Metrics	2011 Forecast (revised)	2011 Forecast (original)	2010 Actual
Oil and Gas Production	50 Bcfe	49 Bcfe	47 Bcfe
EBITDAX	$575+ million	$475 million	$430 million
CAPEX	$275 million	$225 million	$179 million

Commodity Price Deck		2011 Forecast (revised)	2011 Forecast (original)	2010 Actual
Hedged	Oil	$94.64 / bbl	$87.11 / bbl	$75.27 / bbl
Hedged	Gas	$5.43/ mcf	$4.80/ mcf	$6.01 / mcf

2011 Outlook

• Contracting Services

o Strong backlog for the Q4000, Well Enhancer and Seawell in 2011

o Continued robotics utilization recovery in second half of 2011, driven primarily by activity
outside the GOM

o Backlog for Express and Intrepid improved, although some backlog subject to customer
permitting

o Express scheduled to work in the North Sea in the second half of 2012

o Expect Well Enhancer to work in West Africa this winter

o Continued focus on trenching and cable burial business with non-oilfield projects growing

• Production Facilities

o HP I continues production at Phoenix field and completes upgrades for spill response
capabilities

• Oil and Gas

o Forecasted 2011 overall production of 50 Bcfe

§ 66% oil and 61% deepwater

§ Assumes no significant storm disruptions

2011 Outlook

• Capital Expenditures

o Contracting Services ($110 million)

§ No major vessel projects planned for 2011

§ Caesar thruster upgrade continues through Q3

§ Incremental investment in robotics business

o Oil and Gas ($165 million)

§ Focus capital investment on oil development with relatively fast payback

§ Drill two wells in the 2nd half of the year (subject to permitting)

§ Kathleen in the Bushwood field

§ Wang in the Phoenix field

§ Shelf platform construction and opportunistic workovers

Non-GAAP
Reconciliations

Non-GAAP Reconciliations

Adjusted EBITDAX ($ in millions)

We calculate Adjusted EBITDAX as earnings before net interest expense, taxes, depreciation and amortization and exploration expense. These
non-GAAP measures are useful to investors and other internal and external users of our financial statements in evaluating our operating
performance because they are widely used by investors in our industry to measure a company’s operating performance without regard to items
which can vary substantially from company to company, and help investors meaningfully compare our results from period to period. Adjusted
EBITDAX should not be considered in isolation or as a substitute for, but instead is supplemental to, income from operations, net income or other
income data prepared in accordance with GAAP. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to our
reported results prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions which
are excluded.

Revenue and Gross Profit As Reported ($ in millions)

Non-GAAP Reconciliations