exh99-2.htm

July 24, 2012

Second Quarter 2012 Conference Call

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; any statements regarding
future economic conditions or performance; any statements of expectation or belief; 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 2012 Results (pg. 4)

• Operational Highlights by Segment

Contracting Services (pg. 9)

Oil & Gas (pg. 15)

• Key Balance Sheet Metrics (pg. 18)

• 2012 Outlook (pg. 21)

• Non-GAAP Reconciliations (pg. 26)

• Questions & Answers

Executive
Summary

Executive Summary

($ in millions, except per share data)

(A) See non-GAAP reconciliation on slide 27

Revenues

Gross Profit:

Operating

Oil & Gas Impairments / ARO Increases

Exploration Expense

Total

Net Income

Diluted Earnings Per Share

Adjusted EBITDAX (A)

Contracting Services

Oil & Gas

Corporate / Elimination

Adjusted EBITDAX

6/30/2012

$ 347

101

29%

(7)

(1)

$ 93

$ 45

$ 0.42

(10)

$ 152

6/30/2011

$ 338

131

39%

(23)

(8)

$ 100

$ 41

$ 0.39

115

(8)

$ 176

3/31/2012

$ 408

162

40%

(1)

$ 162

$ 66

$ 0.62

129

(13)

$ 209

Quarter Ended

6/30/2012

$ 755

264

35%

(7)

(2)

$ 255

$ 110

$ 1.04

163

221

(24)

$ 360

6/30/2011

$ 630

208

33%

(23)

(8)

$ 177

$ 67

$ 0.63

105

238

(18)

$ 325

Six Months Ended

Executive Summary

• Q2 2012 EPS of $0.42 per diluted share compared with $0.62 per diluted share in Q1 2012

o Impairment charge of $14.6 million ($9.5 million, $0.09 per share after-tax) taken to reduce
the book value of the Intrepid to its estimated fair value due to decision to cold stack the
vessel

• Contracting Services and Production Facilities

o Lower utilization (67%) in Well Intervention due to extended dry dock periods for the Q4000
and Seawell

o Subsea Construction benefits from successful campaign by Express offshore Israel

• Oil and Gas

o Second quarter average production rate of 18.5 Mboe/d (73% oil)

o Production through July 22 averaged approximately 17.5 Mboe/d (~74% oil)

o Oil and gas production totaled 1.7 MMboe in Q2 2012 versus 2.0 MMboe in Q1 2012

§ Oil production at our SMI 130 property was offline approximately 20 days for
mandated Bureau of Safety and Environmental Enforcement (BSEE) repairs in May

§ Minor amount of shut-ins due to Tropical Storm Debby in June resulting in
approximately 20,000 barrels in deferred production

Executive Summary

• Oil and Gas (continued)

o Avg realized price for oil of $107.51 / Bbl ($109.18 / Bbl in Q1 2012), inclusive of hedges

o Avg realized price for gas of $5.76 / Mcfe ($5.82 / Mcfe in Q1 2012), inclusive of hedges

§ Gas price realizations benefited from sales of natural gas liquids

§ NGL production of 0.13 MMboe in Q2 2012 and 0.17 MMboe in Q1 2012

• Balance sheet

o Cash increased to $650 million at 6/30/2012 from $620 million at 3/31/2012

o Liquidity* at $1.1 billion at 6/30/2012

o Net debt decreased to $531 million at 6/30/2012 from $560 million at 3/31/2012

o See updated debt maturity profile on slide 20

* Liquidity as we define it is equal to cash and cash equivalents ($650 million), plus available capacity under our revolving credit facility ($454 million).

Operational
Highlights

($ in millions, except percentages)

(A) See non-GAAP reconciliation on slides 27-28. Amounts are prior to intercompany eliminations.

(B) Before gross profit impact of $14.6 million asset impairment charge related to cold stack of the
Intrepid.

Contracting Services

• Extended dry docks for Q4000 and
Seawell

• Intrepid dockside most of May and
entire month of June; preparing for cold
stack

• 93% utilization of the Express in Q2
while completing Noble Energy Noa
project offshore Israel

• Expanded ROV fleet; signed global
master service agreement with Technip
to provide ROV services

Revenues (A)

Contracting Services

Production Facilities

Total Revenue

Gross Profit

Contracting Services (B)

Profit Margin

Production Facilities

Profit Margin

Total Gross Profit

Gross Profit Margin

6/30/2012

$ 210

$ 230

$ 41

20%

$ 10

50%

$ 51

22%

6/30/2011

$ 171

$ 192

$ 38

22%

$ 12

59%

$ 50

26%

3/31/2012

$ 245

$ 265

$ 67

27%

$ 10

51%

$ 77

29%

Quarter Ended

Ultra Heavy-Duty (UHD) ROVs entering
service for Robotics business

($ in millions)

Earnings (Loss) of Equity Investments

Independence Hub

Deepwater Gateway (Marco Polo)

SapuraCrest Helix JV (Australia) (1)

Equity in Earnings (Loss)

6/30/2012

$ 1

$ 6

6/30/2011

$ 4

$ 6

3/31/2012

$ 3

(4)

$ --

Quarter Ended

(1) Completed our exit from this joint venture in the second quarter of 2012.

Contracting Services - Well Ops

GOM

• Q4000 entered dry dock in early March, completed sea
trials and returned to service second week in May

• Only 45% utilization in Q2

• Substantial backlog through 2013 and extending into
2014

North Sea

• Well Enhancer and Seawell fully utilized during Q2 on
a variety of well intervention projects - excluding
Seawell dry dock (40 days in Q2)

• Both vessels fully booked for the rest of 2012, with the
exception of planned August dry dock of the Well
Enhancer

• Over 350 days of work for both vessels confirmed for
2013

Asia Pacific

• ROC Oil and Woodside intervention campaigns
completed

• PTTEP wellhead removal campaign completed

Q4000 moonpool during drydock in
Brownsville, Texas

Contracting Services - Robotics

• 92% chartered vessel utilization, 79%
trencher utilization and 67% ROV
utilization in Q2

• Chartered two spot vessels in addition
to utilizing the Deep Cygnus and
Island Pioneer on trenching projects in
the North Sea

• Purchased three work-class ROV
systems in Q2, which are deployed on
long term contracts with Technip

• Took delivery of T1200 jet trencher
and deployed on its first project in mid-
June

• Adding three more work-class ROVs
to the fleet and taking delivery of new
Grand Canyon vessel in Q3

T1200 construction completed, with first trenching job
taking place on a North Sea wind farm.

Contracting Services - Subsea Construction

• Near full utilization for Caesar and
Express vessels in Q2

• Express had 93% utilization in Q2
offshore Israel working for Noble
Energy

• Intrepid was idle for most of Q2 and is
currently being cold stacked

• Caesar had 100% utilization in Q2
working in Mexico’s Bay of Campeche
on accommodations project which has
now been extended thru July 2013

• Express is currently working in the
North Sea for Saipem and expected
back in the Gulf of Mexico at the end
of Q3

Express installing a jumper in Noble Energy’s Noa
field off the Israel coast.

• Express

• Caesar

• Island Pioneer (1)

• Deep Cygnus (1)

• Olympic Triton (1)

• (3) spot vessels (1)

• Well Enhancer

• Q4000

• 2 ROVDrill Units

• 4 Trenchers

(1) Chartered vessels.

Contracting Services Utilization

Financial Highlights
($ in millions, except production and price data)

(A) Second quarter 2012 and 2011
decommissioning overruns (ARO
increases) related to our only
non-domestic oil and gas
property located in the North
Sea. Second quarter 2011
impairments primarily associated
with five of our Gulf of Mexico oil
and gas properties. The 2011
Gulf of Mexico 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 our third party operated
fields.

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

(C) Including effect of settled hedges
and mark-to-market derivative
contracts. Natural gas per Mcf
prices inclusive of sales of NGLs.

Oil & Gas

Revenue

Gross Profit - Operating

Oil & Gas Impairments / ARO Increases (A)

Exploration Expense (B)

Total

Gain (Loss) on Oil & Gas Derivative Contracts

Production (MMboe):

Shelf

Deepwater

Total

Oil (MMbls)

Gas (Bcfe)

Total (MMboe)

Average Commodity Prices: (C)

Oil / Bbl

Gas / Mcfe

6/30/2012

$ 150

(7)

(1)

$ 58

$ 10

0.5

1.2

1.7

1.2

2.7

1.7

$ 107.51

$ 5.76

6/30/2011

$ 172

(23)

(8)

$ 51

$ --

0.8

1.3

2.1

1.4

4.1

2.1

$ 101.43

$ 6.17

3/31/2012

$ 178

(1)

$ 89

$ (2)

0.5

1.5

2.0

1.4

3.6

2.0

$ 109.18

$ 5.82

Quarter Ended

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 and net hurricane-related costs (reimbursements).

Operating Costs

($ in millions, except per Boe data)

DD&A (A)

Operating and Other: (B)

Operating Expenses

Workover

Transportation

Repairs & Maintenance

Other

Total Operating & Other

Total

$ 40

$ 27

$ 40

$ 80

$ / Boe

$ 23.54

$ 16.19

3.65

1.17

1.25

1.74

$ 24.00

$ 47.54

Total

$ 52

$ 29

$ 38

$ 90

Quarter Ended

6/30/2012 6/30/2011 3/31/2012

$ / Boe

$ 24.82

$ 13.94

1.06

0.66

1.41

1.56

$ 18.63

$ 43.45

Total

$ 48

$ 29

$ 38

$ 86

$ / Boe

$ 23.67

$ 14.13

1.03

0.92

0.93

1.50

$ 18.51

$ 42.18

Summary of July 2012 - Dec 2013 Hedging Positions *

*As of July 20, 2012

Key Balance
Sheet Metrics

Debt and Liquidity Profile

Liquidity of approximately $1.1 billion at 6/30/2012

(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 ($650 million), plus available capacity
under our revolving credit facility ($454 million).

Debt Maturity Profile

• Total funded debt of $1.2 billion at end of Q2
2012 consisting of:

o $358 million Convertible Senior Notes -
3.25%(A) ($321 million net of unamortized debt
discount)

o $377 million Term Loans -

§ LIBOR + 3.25% on $278 million, and

§ LIBOR + 2.75% on $99 million

o $100 million Revolver borrowings -

§ LIBOR + 2.75%

§ $454 million of availability (including
~$46 million of LCs in place as of Q2
2012)

o $275 million Senior Unsecured Notes - 9.5%

o $108 million MARAD Debt - 4.93%

§ Convertible Notes

§ Term Loans / Revolver

§ Senior Unsecured Notes

§ MARAD Debt

(A) $158 million stated maturity 2025. First put / call date in December 2012.

$200 million stated maturity 2032. First put / call date in March 2018.

2012 Outlook

Broad Metrics	2012 Outlook (revised)	2012 Outlook (original)	2011 Actual
Oil and Gas Production	7.0 MMboe	7.5 MMboe	8.7 MMboe
EBITDAX	> $600 million	~$600 million	$669 million
CAPEX	~$635 million	~$445 million	$229 million

Commodity Price Deck		2012 Outlook (revised)	2012 Outlook (original)	2011 Actual
Hedged	Oil	$103.00 / Bbl (A)	$105.00 / Bbl	$100.91 / Bbl
Hedged	Gas	$5.30 / Mcfe (A)	$4.50 / Mcfe	$6.04 / Mcfe

(A) 2H 2012 outlook for realized oil and natural gas prices (including hedges) is estimated to be $98.00 / Bbl and $5.00 /
Mcfe, respectively. Our unhedged pricing assumptions for oil and natural gas (including NGLs) prices is estimated to be
$98.00 / Bbl and $3.50 / Mcfe, respectively.

2012 Outlook

• Contracting Services

o Strong backlog for the Q4000, Well Enhancer and Seawell through 2013

§ Q4000 building backlog into 2014

o Intrepid in process of being cold stacked, thus foregoing its scheduled regulatory dry dock in
2012

o Express working in the North Sea in Q3, returns to the Gulf of Mexico end of Q3 for contracted
backlog

o Caesar accommodations project offshore Mexico extended through July 2013

o Anticipate strong growth in global oilfield and renewable energy robotics markets

o Continue to add ROV systems to support commercial growth in our Robotics business in 2012

o Well Enhancer scheduled for regulatory dry dock in Q3, approximately $4 million impact on
gross profit

2012 Outlook

• Oil and Gas

o Forecasted 2012 overall production of approximately 7.0 MMboe, including Danny II (Bushwood
field) expected to commence in Q4 (oil / liquids)

§ Previously drilled Nancy gas well (Bushwood field) now completed and expected to
commence production in Q4

§ Wang (Phoenix field) expected to commence drilling in Q4

− Rig and drilling permit secured

− If successful, production forecasted for Q1 2013

o Approximately 90% of 2012 revenues from oil and NGLs

o Anticipated 70% of production volume is oil and 70% of total production from deepwater

o 74% hedged for the year (78% of estimated PDP production)

o Assumes no significant storm disruptions

2012 Outlook - Capex

• Capital Expenditures

o Contracting Services (~$435 million)

§ Announced new build semi submersible intervention vessel (approximately $130 million of
capex in 2012)

− Approximately $63 million incurred thru Q2

§ Agreed to acquire the Transocean drillship, Discoverer 534

− Drillship to undergo conversion into a well intervention vessel in Singapore

− Estimated $180 million for vessel, conversion and intervention riser system (all
expected to be incurred in 2012)

− Expect to initially deploy vessel to Gulf of Mexico in the first half of 2013

§ Regulatory dry docks for five vessels: 1 on-hold, 3 completed, 1 more remaining (Well
Enhancer)

§ Continued incremental investment in Robotics business, with a focus on adding trenching
spread capacity

o Oil and Gas (~$200 million)

§ Two major deepwater well projects planned this year

− Danny II - drilled in Q2/Q3, Q3 completion and production expected in Q4

− Wang - expect Q4 drill, Q4 completion and production in Q1 2013

Non-GAAP
Reconciliations

Non-GAAP Reconciliations

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; 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 and 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 from this measure.

($ in millions)

Net income applicable to common shareholders

Non-cash impairments

Loss (gain) on asset sales

Preferred stock dividends

Income tax provision

Net interest expense and other

Ineffectiveness on oil and gas derivative

commodity contracts

Depreciation and amortization

Exploration expense

Adjusted EBITDAX

6/30/2012

$ 45

(10)

$ 152

6/30/2011

$ 41

$ 176

3/31/2012

$ 66

$ 209

Quarter Ended

6/30/2012

$ 110

(8)

134

$ 360

6/30/2011

$ 67

(1)

167

$ 325

Six Months Ended

Non-GAAP Reconciliations

($ in millions)

Revenues

Contracting Services

Production Facilities

Intercompany elim. - Contracting Services

Intercompany elim. - Production Facilities

Revenue as Reported

Gross Profit

Contracting Services

Production Facilities

Intercompany elim. - Contracting Services

Intercompany elim. - Production Facilities

Gross Profit as Reported

Gross Profit Margin

6/30/2012

$ 210

(21)

(12)

$ 197

$ 41

$ 51

26%

6/30/2011

$ 171

(14)

(12)

$ 166

$ 38

$ 50

30%

3/31/2012

$ 245

(23)

(12)

$ 230

$ 67

(3)

$ 74

32%

Quarter Ended

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