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Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Tables)
 12 Months Ended
Dec. 31, 2011
Condensed Consolidated Guarantor And Non-Guarantor Financial Information [Abstract]  
Schedule Of Condensed Consolidating Balance Sheet
HELIX ENERGY SOLUTIONS GROUP, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
 
As of December 31, 2011
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
ASSETS
                              
Current assets:
                              
     Cash and cash equivalents
$
495,484
  
$
2,434
  
$
48,547
  
$
—
  
$
546,465
  
     Accounts receivable, net
 
79,290
    
117,767
    
41,724
    
—
    
238,781
  
     Unbilled revenue
 
10,530
    
155
    
26,690
    
—
    
37,375
  
     Income taxes receivable
 
80,388
    
—
    
—
    
(80,388
)
  
—
  
     Other current assets
 
68,627
    
48,661
    
10,159
    
(5,826
)
  
121,621
  
          Total current assets
 
734,319
    
169,017
    
127,120
    
(86,214
)
  
944,242
  
Intercompany
 
(147,187
)
  
315,821
    
(102,826
)
  
(65,808
)
  
—
  
Property and equipment, net
 
230,946
    
1,422,326
    
682,899
    
(4,844
)
  
2,331,327
  
Other assets:
                              
     Equity investments in unconsolidated affiliates
  
—
    
—
    
175,656
    
—
    
175,656
  
     Equity investments in affiliates
 
1,952,392
    
37,239
    
—
    
(1,989,631
)
  
—
  
     Goodwill, net
 
—
    
45,107
    
17,108
    
—
    
62,215
  
     Other assets, net
 
53,425
    
36,453
    
16,809
    
(37,780
)
  
68,907
  
     Due from subsidiaries/parent
 
64,655
    
430,496
    
—
    
(495,151
)
  
—
  
 
$
2,888,550
  
$
2,456,459
  
$
916,766
  
$
(2,679,428
)
$
3,582,347
  
                               
LIABILITIES AND SHAREHOLDERS' EQUITY
                              
Current liabilities:
                              
     Accounts payable
$
39,280
  
$
82,750
  
$
25,013
  
$
—
  
$
147,043
  
     Accrued liabilities
 
115,921
    
97,692
    
26,350
    
—
    
239,963
  
     Income taxes payable
 
—
    
97,692
    
217
    
(96,616
)
  
1,293
  
     Current maturities of long-term debt
  
3,000
    
—
    
10,377
    
(5,500
)
  
7,877
  
          Total current liabilities
 
158,201
    
278,134
    
61,957
    
(102,116
)
  
396,176
  
Long-term debt
 
1,042,155
    
—
    
105,289
    
—
    
1,147,444
  
Deferred income taxes
 
231,255
    
88,625
    
103,552
    
(5,822
)
  
417,610
  
Asset retirement obligations
  
—
    
161,208
    
—
    
—
    
161,208
  
Other long-term liabilities
 
4,150
    
4,647
    
571
    
—
    
9,368
  
Due to parent
 
—
    
—
    
98,285
    
(98,285
)
  
—
  
         Total liabilities
  
1,435,761
    
532,614
    
369,654
    
(206,223
)
  
2,131,806
  
Convertible preferred stock
 
1,000
    
—
    
—
    
—
    
1,000
  
Total equity
 
1,451,789
    
1,923,845
    
547,112
    
(2,473,205
)
  
1,449,541
  
 
$
2,888,550
  
$
2,456,459
  
$
916,766
  
$
(2,679,428
)
$
3,582,347
  
                               
 
 
HELIX ENERGY SOLUTIONS GROUP, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
 
 
 
As of December 31, 2010
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
ASSETS
                              
Current assets:
                              
     Cash and cash equivalents
$
376,434
  
$
3,294
  
$
11,357
  
$
—
  
$
391,085
  
     Accounts receivable, net
 
61,846
    
91,659
    
23,788
    
—
    
177,293
  
     Unbilled revenue
 
11,990
    
—
    
37,421
    
—
    
49,411
  
     Income taxes receivable
 
19,334
    
—
    
7,195
    
(20,430
)
  
6,099
  
     Other current assets
 
63,306
    
49,557
    
12,889
    
(8,786
)
  
116,966
  
          Total current assets
 
532,910
    
144,510
    
92,650
    
(29,216
)
  
740,854
  
Intercompany
 
1,906
    
263,920
    
(171,513
)
  
(94,313
)
  
—
  
Property and equipment, net
 
217,153
    
1,605,906
    
709,082
    
(5,061
)
  
2,527,080
  
Other assets:
                              
     Equity investments in unconsolidated affiliates
  
—
    
—
    
187,031
    
—
    
187,031
  
     Equity investments in affiliates
 
1,998,289
    
29,899
    
—
    
(2,028,188
)
  
—
  
     Goodwill, net
 
—
    
45,107
    
17,387
    
—
    
62,494
  
     Other assets, net
 
43,971
    
38,324
    
21,900
    
(29,634
)
  
74,561
  
     Due from subsidiaries/parent
 
95,398
    
105,434
    
—
    
(200,832
)
  
—
  
 
$
2,889,627
  
$
2,233,100
  
$
856,537
  
$
(2,387,244
)
$
3,592,020
  
                               
LIABILITIES AND SHAREHOLDERS' EQUITY
                              
Current liabilities:
                              
     Accounts payable
$
60,308
  
$
56,107
  
$
42,966
  
$
—
  
$
159,381
  
     Accrued liabilities
 
58,074
    
107,874
    
32,289
    
—
    
198,237
  
     Income taxes payable
 
—
    
36,678
    
—
    
(36,678
)
  
—
  
     Current maturities of long-term debt
  
4,326
    
—
    
14,301
    
(8,448
)
  
10,179
  
          Total current liabilities
 
122,708
    
200,659
    
89,556
    
(45,126
)
  
367,797
  
Long-term debt
 
1,237,587
    
—
    
110,166
    
—
    
1,347,753
  
Deferred income taxes
 
185,453
    
135,101
    
98,968
    
(5,883
)
  
413,639
  
Assets retirement obligations
  
—
    
170,410
    
—
    
—
    
170,410
  
Other long-term liabilities
 
1,421
    
3,691
    
665
    
—
    
5,777
  
Due to parent
 
—
    
—
    
120,884
    
(120,884
)
  
—
  
         Total liabilities
  
1,547,169
    
509,861
    
420,239
    
(171,893
)
  
2,305,376
  
Convertible preferred stock
 
1,000
    
—
    
—
    
—
    
1,000
  
Total equity
 
1,341,458
    
1,723,239
    
436,298
    
(2,215,351
)
  
1,285,644
  
 
$
2,889,627
  
$
2,233,100
  
$
856,537
  
$
(2,387,244
)
$
3,592,020
  
                               
Schedule Of Condensed Consolidating Statements Of Operations
HELIX ENERGY SOLUTIONS GROUP, INC.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in thousands)
 
 
Year Ended December 31, 2011
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
                               
Net revenues
  $ 84,748     $ 1,059,255     $ 367,114     $ (112,510 )   $ 1,398,607  
Cost of sales
    72,902       673,415       289,462       (111,281 )     924,498  
Oil and gas impairments
    —       112,636       19,967       —       132,603  
Exploration expense
    —       10,914       —       —       10,914  
     Gross profit (loss)
    11,846       262,290       57,685       (1,229 )     330,592  
Gain on sale of assets, net
    (6 )     4,531       —       —       4,525  
Selling, general and administrative expenses
     (74,205 )     (38,915 )     12,101       1,430       (99,589 )
Loss from operations
    (62,365 )     227,906       69,786       201       235,528  
  Equity in earnings of unconsolidated affiliates
     —       —       22,215       —       22,215  
  Equity in earnings (losses) of affiliates
     262,990       7,340       —       (270,330 )     —  
  Gain on investment in Cal Dive common stock
     753       —       —       —       753  
  Other than temporary loss on equity investments
     —       —       (10,563 )     —       (10,563 )
  Net interest expense and other
    (158,299 )     (32,345 )     67,181       23,510       (99,953 )
Income before income taxes
    43,079       202,901       148,619       (246,619 )     147,980  
  (Benefit) provision for income taxes
     (63,242 )     69,890       8,186       69       14,903  
Net income (loss), including noncontrolling interests
     106,321       133,011       140,433       (246,688 )     133,077  
  Net income applicable to noncontrolling interests
     —       —       —       (3,098 )     (3,098 )
Net income (loss) applicable to Helix
     106,321       133,011       140,433       (249,786 )     129,979  
  Preferred stock dividends
    (40 )     —       —       —       (40 )
Net income (loss) applicable to Helix common shareholders
   $ 106,281     $ 133,011     $ 140,433     $ (249,786 )   $ 129,939  
                                         
 
Year Ended December 31, 2010
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
                                         
Net revenues
  $ 183,147     $ 801,503     $ 334,726     $ (119,538 )   $ 1,199,838  
Cost of sales
    124,722       659,859       297,056       (104,830 )     976,807  
Oil and gas impairments
    —       176,088       4,995       —       181,083  
Exploration expense
    —       8,276       —       —       8,276  
     Gross profit (loss)
    58,425       (42,720 )     32,675       (14,708 )     33,672  
Goodwill impairment
    —       —       (16,743 )     —       (16,743 )
Gain on oil and gas derivative commodity contracts
     —       1,088       —       —       1,088  
Gain on sale of assets, net
    3,159       287       5,959       —       9,405  
Selling, general and administrative expenses
     (67,165 )     (34,233 )     (22,482 )     1,802       (122,078 )
Loss from operations
    (5,581 )     (75,578 )     (591 )     (12,906 )     (94,656 )
  Equity in earnings of unconsolidated affiliates
     —       —       19,469       —       19,469  
  Equity in earnings (losses) of affiliates
     (60,443 )     8,473       —       51,970       —  
  Other than temporary loss on equity investments
     (2,240 )     —       —       —       (2,240 )
  Net interest expense and other
    (59,522 )     (21,677 )     (5,125 )     —       (86,324 )
Income before income taxes
    (127,786 )     (88,782 )     13,753       39,064       (163,751 )
  (Benefit) provision for income taxes
     (9,175 )     (35,299 )     9,405       (4,529 )     (39,598 )
Net income (loss), including noncontrolling interests
     (118,611 )     (53,483 )     4,348       43,593       (124,153 )
  Net income applicable to noncontrolling interests
     —       —       —       (2,835 )     (2,835 )
Net income (loss) applicable to Helix
     (118,611 )     (53,483 )     4,348       40,758       (126,988 )
  Preferred stock dividends
    (114 )     —       —       —       (114 )
Net income (loss) applicable to Helix common shareholders
   $ (118,725 )   $ (53,483 )   $ 4,348     $ 40,758     $ (127,102 )
 
HELIX ENERGY SOLUTIONS GROUP, INC.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in thousands)
 
 
Year Ended December 31, 2009
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
Net revenues
$
211,222
  
$
701,706
  
$
648,705
  
$
(99,946
)
$
1,461,687
  
Cost of sales
 
162,225
    
484,802
    
521,689
    
(95,124
)
  
1,073,592
  
Oil and gas impairments
 
—
    
120,550
    
—
    
—
    
120,550
  
Exploration expense
 
—
    
24,383
    
—
    
—
    
24,383
  
     Gross profit (loss)
 
48,997
    
71,971
    
127,016
    
(4,822
)
  
243,162
  
Gain on oil and gas derivative commodity contracts
  
—
    
89,485
    
—
    
—
    
89,485
  
Gain on sale of assets, net
 
—
    
2,019
    
—
    
—
    
2,019
  
Selling, general and administrative expenses
  
(52,101
)
  
(28,520
)
  
(53,919
)
  
3,689
    
(130,851
)
Income (loss) from operations
 
(3,104
)
  
134,955
    
73,097
    
(1,133
)
  
203,815
  
  Equity in earnings of unconsolidated affiliates
  
—
    
—
    
33,229
    
(900
)
  
32,329
  
  Equity in earnings (losses) of affiliates
  
145,340
    
(1,725
)
  
—
    
(143,615
)
  
—
  
  Gain on investment in of Cal Dive common stock
  
77,343
    
—
    
—
    
—
    
77,343
  
  Net interest expense and other
 
(18,188
)
  
(16,978
)
  
(15,341
)
  
(988
)
  
(51,495
)
Income before income taxes
 
201,391
    
116,252
    
90,985
    
(146,636
)
  
261,992
  
  (Benefit) provision for income taxes
  
43,417
    
39,855
    
13,571
    
(1,021
)
  
95,822
  
Income (loss) from continuing operations
  
157,974
    
76,397
    
77,414
    
(145,615
)
  
166,170
  
  Discontinued operations, net of tax
 
99
    
—
    
9,482
    
—
    
9,581
  
Net income (loss), including noncontrolling interests
  
 
158,073
    
 
76,397
    
 
86,896
    
 
(145,615
 
)
  
175,751
  
  Net income applicable to noncontrolling interests
  
—
    
—
    
—
    
(19,697
)
  
(19,697
)
Net income (loss) applicable to Helix
  
158,073
    
76,397
    
86,896
    
(165,312
)
  
156,054
  
  Preferred stock dividends
 
(54,187
)
  
—
    
—
    
—
    
(54,187
)
Net income (loss) applicable to Helix common shareholders
$
103,886
  
$
76,397
  
$
86,896
  
$
(165,312
)
$
101,867
  
   
Schedule Of Condensed Consolidating Statements Of Cash Flows
HELIX ENERGY SOLUTIONS GROUP, INC.
 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
   
For the Year Ended December 31, 2011
  
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
                               
   
(in thousands)
  
                               
Cash flows from operating activities:
                              
   Net income (loss), including noncontrolling interests
   $ 106,321     $ 133,011     $ 140,433     $ (246,688 )   $ 133,077  
   Adjustments to reconcile net income (loss)
       to net cash provided by (used in) operating activities:
                                        
     Equity in earnings of affiliates
    (262,990 )     (7,340 )     —       270,330       —  
     Other adjustments
    39,860       353,728       40,293       198       434,079  
       Net cash provided by (used in)  operating activities
     (116,809 )     479,399       180,726       23,840       567,156  
                                         
Cash flows from investing activities:
                                        
   Capital expenditures
    (32,417 )     (174,739 )     (12,613 )     —       (219,769 )
   Investments in equity investments
    —       —       (2,699 )     —       (2,699 )
   Distributions from equity investments, net
     —       —       3,965       —       3,965  
   Proceeds from sale of Cal Dive common stock
     3,588       —       —       —       3,588  
   Other, net
    —       32,598       —       —       32,598  
       Net cash used in investing activities
     (28,829 )     (142,141 )     (11,347 )     —       (182,317 )
                                         
Cash flows from financing activities:
                                        
   Borrowings on revolvers
    109,400       —       —       —       109,400  
   Repayments on revolvers
    (109,400 )     —       —       —       (109,400 )
   Repayments of debt
    (208,085 )     —       (4,645 )     —       (212,730 )
   Loan notes repayment
    —       —       (1,215 )     —       (1,215 )
   Deferred financing costs
    (9,311 )     —       —       —       (9,311 )
   Preferred stock dividends paid
    (40 )     —       —       —       (40 )
   Repurchase of common stock
    (7,604 )     —       —       —       (7,604 )
   Excess tax benefit from stock-based  compensation
    (1,013 )     —       —       —       (1,013 )
   Exercise of stock options, net
    2,018       —       —       —       2,018  
   Intercompany financing
    488,723       (338,118 )     (126,765 )     (23,840 )     —  
       Net cash provided by (used in) financing activities
     264,688       (338,118 )     (132,625 )     (23,840 )     (229,895 )
Effect of exchange rate changes on cash and cash equivalents
    —       —       436       —       436  
Net increase in cash and cash equivalents
    119,050       (860 )     37,190       —       155,380  
Cash and cash equivalents:
                                        
   Balance, beginning of year
    376,434       3,294       11,357       —       391,085  
   Balance, end of year
  $ 495,484     $ 2,434     $ 48,547     $ —     $ 546,465  
                                         
HELIX ENERGY SOLUTIONS GROUP, INC.
 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
   
For the Year Ended December 31, 2010
  
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
    
Consolidated
  
                               
   
(in thousands)
  
                               
Cash flows from operating activities:
                              
   Net income (loss), including noncontrolling interests
   $ (118,611 )   $ (53,483 )   $ 4,348     $ 43,593     $ (124,153 )
   Adjustments to reconcile net income (loss)
       to net cash provided by (used in)
       operating activities:
                                        
     Equity in earnings of affiliates
    60,443       (8,473 )     —       (51,970 )     —  
     Other adjustments
    94,376       305,649       76,865       (21,283 )     455,607  
       Net cash provided by (used in) operating activities
    36,208       243,693       81,213       (29,660 )     331,454  
                                         
Cash flows from investing activities:
                                        
   Capital expenditures
    (56,650 )     (121,709 )     (28,413 )     —       (206,772 )
   Investments in equity investments
    —       —       (8,253 )     —       (8,253 )
   Distributions from equity investments, net
     —       —       10,539       —       10,539  
   Proceeds from insurance reimbursement
     7,020       9,086       —       —       16,106  
   Proceeds from sale of Cal Dive common stock
     —       —       —       —       —  
   Proceeds from sales of property
    6,042       852       —       —       6,894  
   Increases in restricted cash
    —       (70 )     —       —       (70 )
       Net cash used in investing activities
     (43,588 )     (111,841 )     (26,127 )     —       (181,556 )
                                         
Cash flows from financing activities:
                                        
   Repayments of debt
    (4,326 )     —       (4,424 )     —       (8,750 )
   Loan notes repayment
    —       —       (2,517 )     —       (2,517 )
   Deferred financing costs
    (2,947 )     —       —       —       (2,947 )
   Preferred stock dividends paid
    (114 )     —       —       —       (114 )
   Repurchase of common stock
    (11,680 )     —       —       —       (11,680 )
   Excess tax benefit from
     stock-based  compensation
    (3,945 )     —       —       —       (3,945 )
   Exercise of stock options, net
    674       —       —       —       674  
   Intercompany financing
    147,410       (131,080 )     (45,990 )     29,660       —  
       Net cash provided by (used in) financing activities
     125,072       (131,080 )     (52,931 )     29,660       (29,279 )
Effect of exchange rate changes on  cash and cash equivalents
    —       —       (207 )     —       (207 )
Net increase in cash and cash equivalents
    117,692       772       1,948       —       120,412  
Cash and cash equivalents:
                                        
   Balance, beginning of year
    258,742       2,522       9,409       —       270,673  
   Balance, end of year
  $ 376,434     $ 3,294     $ 11,357     $ —     $ 391,085  
                                         
 

HELIX ENERGY SOLUTIONS GROUP, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
   
For the Year Ended December 31, 2009
  
   
Helix
    
Guarantors
    
Non-Guarantors
    
Consolidating Entries
  
Consolidated
  
                             
   
(in thousands)
  
                             
 
Cash flows from operating activities:
                            
 
   Net income (loss), including noncontrolling interests
$
 
158,073
  
$
 
76,397
  
 
$
 
86,896
  
 
$
 
(145,615
 
$
175,751
  
 
   Adjustments to reconcile net income (loss)
       to net cash provided by (used in)
       operating activities:
                            
 
     Equity in earnings of unconsolidated
       affiliates
 
 
—
    
 
—
    
(7,220
)
  
 
899
  
(6,321
)
 
     Equity in earnings of affiliates
 
(145,340
)
  
1,725
    
—
    
143,615
  
—
  
 
     Other adjustments
 
26,633
    
163,451
    
82,411
    
(17,987
  
254,508
  
 
     Net cash provided by (used in) operating activities
  
39,366
    
241,573
    
162,087
    
(19,088
  
423,938
  
 
     Net cash used in discontinued operations
  
—
    
—
    
(6,261
)
  
—
  
(6,261
)
 
       Net cash provided by (used in) operating activities
 
 
39,366
    
 
241,573
    
 
155,826
    
 
(19,088
  
417,677
  
                               
 
Cash flows from investing activities:
                            
 
   Capital expenditures
 
(35,657
)
  
(245,354
)
  
(142,362
)
  
—
  
(423,373
)
 
   Acquisition of businesses, net of cash acquired
 
 
—
    
 
—
    
 
—
    
 
—
  
—
  
 
   Investments in equity investments
 
—
    
—
    
(1,657
)
  
—
  
(1,657
)
 
   Distributions from equity investments, net
  
—
    
—
    
6,742
    
—
  
6,742
  
 
   Increases in restricted cash
 
—
    
(6
)
  
—
    
—
  
(6
)
 
   Proceeds from sale of Cal Dive common stock
  
504,168
    
—
    
(112,995
)
  
(86,000
  
305,173
  
 
   Proceeds from sales of property
 
—
    
23,717
    
—
    
—
  
23,717
  
 
   Net cash provided by (used in) investing   activities
  
468,511
    
(221,643
)
  
(250,272
)
  
(86,000
  
(89,404
)
 
   Net cash provided by discontinued operations
  
—
    
—
    
20,872
    
—
  
20,872
  
 
       Net cash provided by (used in) investing activities
  
468,511
    
(221,643
)
  
(229,400
)
  
(86,000
  
(68,532
)
                               
 
Cash flows from financing activities:
                            
 
   Borrowings on revolvers
 
—
    
—
    
100,000
    
—
  
100,000
  
 
   Repayments on revolvers
 
(349,500
)
  
—
    
—
    
—
  
(349,500
)
 
   Repayments of debt
 
(4,326
)
  
—
    
(24,214
)
  
—
  
(28,540
)
 
   Loan notes repayment
 
—
    
—
    
(2,130
)
  
—
  
(2,130
)
 
   Deferred financing costs
 
(6,970
)
  
—
    
—
    
—
  
(6,970
)
 
   Preferred stock dividends paid
 
(645
)
  
—
    
—
    
—
  
(645
)
 
   Repurchase of common stock
 
(13,995
)
  
—
    
(86,000
)
  
86,000
  
(13,995
)
 
   Excess tax benefit from
     stock-based  compensation
 
895
    
—
    
—
    
—
  
895
  
 
   Exercise of stock options, net
 
176
    
—
    
—
    
—
  
176
  
 
   Intercompany financing
 
(23,474
)
  
(22,391
)
  
26,777
    
19,088
  
—
  
 
       Net cash provided by (used in) financing activities
  
(397,839
)
  
(22,391
)
  
14,433
    
105,088
  
(300,709
)
 
Effect of exchange rate changes on cash and cash equivalents
  
—
    
—
    
(1,376
)
  
—
  
(1,376
)
 
Net increase (decrease) in cash and cash equivalents
 
110,038
    
(2,461
)
  
(60,517
)
  
—
  
47,060
  
 
Cash and cash equivalents:
                            
 
   Balance, beginning of year
 
148,704
    
4,983
    
69,926
    
—
  
223,613
  
 
   Balance, end of year
$
258,742
  
$
2,522
  
$
9,409
  
$
—
$
270,673