Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Condensed Consolidated Guarantor And Non-Guarantor Financial Information [Abstract]

Schedule Of Condensed Consolidating Balance Sheets

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

(Unaudited)

	As of September 30, 2012
		Helix			Guarantors		Non-Guarantors			Consolidating Entries			Consolidated
ASSETS
Current assets:
Cash and cash equivalents......................................	$	513,938		$	8,367	$	61,489		$	—		$	583,794
Accounts receivable, net...........................................		68,808			86,348		42,890			—			198,046
Unbilled revenue............................................................		12,633			213		36,753			—			49,599
Income taxes receivable............................................		25,557			—		—			(15,422	)		10,135
Other current assets....................................................		68,422			33,325		20,013			2			121,762
Total current assets...............................................		689,358			128,253		161,145			(15,420	)		963,336
Intercompany..........................................................................		(14,878	)		226,890		(130,679	)		(81,333	)		—
Property and equipment, net...........................................		219,244			1,446,593		770,651			(4,661	)		2,431,827
Other assets:
Equity investments in unconsolidated affiliates		—			—		169,318			—			169,318
Equity investments in affiliates.............................		2,015,444			56,263		—			(2,071,707	)		—
Goodwill, net.....................................................................		—			45,107		17,662			—			62,769
Other assets, net...........................................................		53,657			33,132		35,414			(37,496	)		84,707
Due from subsidiaries/parent...................................		40,754			598,407		—			(639,161	)		—
	$	3,003,579		$	2,534,645	$	1,023,511		$	(2,849,778	)	$	3,711,957
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable..........................................................	$	41,754		$	88,304	$	34,052		$	—		$	164,110
Accrued liabilities...........................................................		60,873			114,528		20,888			—			196,289
Income taxes payable.................................................		—			29,588		1,736			(31,324	)		—
Current maturities of long-term debt....................		8,000			—		5,120			—			13,120
Total current liabilities...........................................		110,627			232,420		61,796			(31,324	)		373,519
Long-term debt.......................................................................		1,059,790			—		100,168			—			1,159,958
Deferred tax liabilities.........................................................		239,026			115,150		106,582			(5,492	)		455,266
Asset retirement obligations.............................................		—			136,293		—			—			136,293
Other long-term liabilities...................................................		1,548			6,281		507			—			8,336
Due to parent..........................................................................		—			—		74,384			(74,384	)		—
Total liabilities		1,410,991			490,144		343,437			(111,200	)		2,133,372
Convertible preferred stock.............................................		1,000			—		—			—			1,000
Total equity...............................................................................		1,591,588			2,044,501		680,074			(2,738,578	)		1,577,585
	$	3,003,579		$	2,534,645	$	1,023,511		$	(2,849,778	)	$	3,711,957

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 tax liabilities.........................................................		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

Schedule Of Condensed Consolidating Statements Of Operations

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

	Three Months Ended September 30, 2012
		Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Net revenues..........................................................................	$	20,024		$	219,661		$	118,896		$	(22,347	)	$	336,234
Cost of sales..........................................................................		22,668			157,490			92,211			(21,892	)		250,477
Gross profit......................................................................		(2,644	)		62,171			26,685			(455	)		85,757
Loss on sale of assets, net.............................................		—			(12,933	)		—			—			(12,933	)
Hedge ineffectiveness and non-hedge gain on commodity derivative contracts		—			(9,427	)		—			—			(9,427	)
Selling, general and administrative expenses..........		(13,853	)		(8,426	)		(6,213	)		470			(28,022	)
Income (loss) from operations........................................		(16,497	)		31,385			20,472			15			35,375
Equity in earnings of investments.............................		20,289			12,729			1,392			(33,018	)		1,392
Net interest expense and other...................................		(9,686	)		(6,927	)		488			—			(16,125	)
Income (loss) before income taxes..............................		(5,894	)		37,187			22,352			(33,003	)		20,642
Provision (benefit) for income taxes........................		(15,268	)		14,469			5,751			15			4,967
Net income (loss) applicable to Helix .........................		9,374			22,718			16,601			(33,018	)		15,675
Less: net income applicable to noncontrolling interests		—			—			—			(800	)		(800	)
Preferred stock dividends..............................................		(10	)		—			—			—			(10	)
Net income (loss) applicable to Helix common shareholders	$	9,364		$	22,718		$	16,601		$	(33,818	)	$	14,865
Total comprehensive income (loss) applicable to Helix common shareholders	$	9,196		$	2,850		$	20,507		$	(33,819	)	$	(1,266	)

	Three Months Ended September 30, 2011
		Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Net revenues..........................................................................	$	19,986		$	266,447		$	109,780		$	(23,717	)	$	372,496
Cost of sales..........................................................................		15,698			182,259			75,643			(23,399	)		250,201
Gross profit......................................................................		4,288			84,188			34,137			(318	)		122,295
Loss on sale of assets, net.............................................		—			—			—			—			—
Selling, general and administrative expenses..........		(6,752	)		(9,551	)		(6,105	)		326			(22,082	)
Income (loss) from operations........................................		(2,464	)		74,637			28,032			8			100,213
Equity in earnings of investments.............................		60,831			7,277			4,906			(68,108	)		4,906
Net interest expense and other...................................		(17,612	)		(8,016	)		(9,200	)		—			(34,828	)
Income (loss) before income taxes..............................		40,755			73,898			23,738			(68,100	)		70,291
Provision (benefit) for income taxes........................		(5,266	)		24,419			4,309			3			23,465
Net income (loss) applicable to Helix .........................		46,021			49,479			19,429			(68,103	)		46,826
Less:net income applicable to noncontrolling interests		—			—			—			(800	)		(800	)
Preferred stock dividends..............................................		(10	)		—			—			—			(10	)
Net income (loss) applicable to Helix common shareholders	$	46,011		$	49,479		$	19,429		$	(68,903	)	$	46,016
Total comprehensive income (loss) applicable to Helix common shareholders	$	46,467		$	82,911		$	21,018		$	(68,904	)	$	81,492

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

	Nine Months Ended September 30, 2012
		Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Net revenues..........................................................................	$	60,009		$	760,229		$	340,428		$	(69,111	)	$	1,091,555
Cost of sales..........................................................................		65,373			500,520			253,165			(68,195	)		750,863
Gross profit......................................................................		(5,364	)		259,709			87,263			(916	)		340,692
Loss on sale of assets, net.............................................		—			(14,647	)		—			—			(14,647	)
Hedge ineffectiveness and non-hedge gain on commodity derivative contracts		—			(1,697	)		—			—			(1,697	)
Selling, general and administrative expenses..........		(36,783	)		(27,222	)		(15,304	)		1,020			(78,289	)
Income (loss) from operations........................................		(42,147	)		216,143			71,959			104			246,059
Equity in earnings of investments.............................		177,985			19,024			7,547			(197,009	)		7,547
Net interest expense and other...................................		(49,830	)		(21,211	)		(4,204	)		—			(75,245	)
Income (loss) before income taxes..............................		86,008			213,956			75,302			(196,905	)		178,361
Provision (benefit) for income taxes........................		(33,696	)		73,492			10,878			46			50,720
Net income (loss) applicable to Helix .........................		119,704			140,464			64,424			(196,951	)		127,641
Less: net income applicable to noncontrolling interests		—			—			—			(2,378	)		(2,378	)
Preferred stock dividends..............................................		(30	)		—			—			—			(30	)
Net income (loss) applicable to Helix common shareholders	$	119,674		$	140,464		$	64,424		$	(199,329	)	$	125,233
Total comprehensive income (loss) applicable to Helix common shareholders	$	119,180		$	119,800		$	69,646		$	(199,332	)	$	109,294

	Nine Months Ended September 30, 2011
		Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Net revenues..........................................................................	$	56,113		$	756,344		$	260,582		$	(70,617	)	$	1,002,422
Cost of sales..........................................................................		47,414			521,387			203,651			(69,599	)		702,853
Gross profit......................................................................		8,699			234,957			56,931			(1,018	)		299,569
Loss on sale of assets, net.............................................		(6	)		—			—			—			(6	)
Selling, general and administrative expenses..........		(27,512	)		(29,502	)		(14,917	)		1,110			(70,821	)
Income (loss) from operations........................................		(18,819	)		205,455			42,014			92			228,742
Equity in earnings of investments.............................		167,867			5,809			16,443			(173,676	)		16,443
Net interest expense and other...................................		(53,139	)		(18,615	)		(8,675	)		—			(80,429	)
Income (loss) before income taxes..............................		95,909			192,649			49,782			(173,584	)		164,756
Provision (benefit) for income taxes........................		(17,229	)		66,479			(95	)		31			49,186
Net income (loss) applicable to Helix .........................		113,138			126,170			49,877			(173,615	)		115,570
Less:net income applicable to noncontrolling interests		—			—			—			(2,354	)		(2,354	)
Preferred stock dividends..............................................		(30	)		—			—			—			(30	)
Net income (loss) applicable to Helix common shareholders	$	113,108		$	126,170		$	49,877		$	(175,969	)	$	113,186
Total comprehensive income (loss) applicable to Helix common shareholders	$	114,026		$	169,543		$	52,175		$	(175,980	)	$	159,764

Schedule Of Condensed Consolidating Statements Of Cash Flows

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

	Nine Months Ended September 30, 2012
			Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Cash flow from operating activities:
Net income (loss), including noncontrolling interests		$	119,704		$	140,464		$	64,424		$	(196,951	)	$	127,641
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates................................			(177,985	)		(19,024	)		—			197,009			—
Other adjustments.........................................................			50,771			141,899			(2,365	)		(9,794	)		180,511
Net cash provided by (used in) operating activities			(7,510	)		263,339			62,059			(9,736	)		308,152
Cash flows from investing activities:
Capital expenditures........................................................			(1,368	)		(196,481	)		(107,495	)		—			(305,344	)
Distributions from equity investments, net.........			—			—			6,174			—			6,174
Proceeds from sale of assets....................................			—			14,500			—			—			14,500
Decreases in restricted cash......................................			—			2,698			—			—			2,698
Net cash used in investing activities................			(1,368	)		(179,283	)		(101,321	)		—			(281,972	)
Cash flows from financing activities:
Borrowings of debt...........................................................			400,000			—			—			—			400,000
Repayments of debt.......................................................			(364,030	)		—			(4,877	)		—			(368,907	)
Deferred financing costs .............................................			(7,766	)		—			—			—			(7,766	)
Distributions to noncontrolling interest....................			—			—			(4,249	)		—			(4,249	)
Repurchases of common stock................................			(7,510	)		—			—			—			(7,510	)
Excess tax benefit from stock-based compensation			(1,151	)		—			—			—			(1,151	)
Exercise of stock options, net and other..............			1,264			—			—			—			1,264
Intercompany financing.................................................			6,525			(78,123	)		61,862			9,736			—
Net cash provided by (used in) financing activities			27,332			(78,123	)		52,736			9,736			11,681
Effect of exchange rate changes on cash and cash equivalents			—			—			(532	)		—			(532	)
Net increase in cash and cash equivalents..............			18,454			5,933			12,942			—			37,329
Cash and cash equivalents:
Balance, beginning of year..........................................			495,484			2,434			48,547			—			546,465
Balance, end of year......................................................		$	513,938		$	8,367		$	61,489		$	—		$	583,794

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended September 30, 2011
			Helix			Guarantors			Non-Guarantors			Consolidating Entries			Consolidated
Cash flow from operating activities:
Net income (loss), including noncontrolling interests		$	113,138		$	126,170		$	49,877		$	(173,615	)	$	115,570
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates................................			(167,867	)		(5,809	)		—			173,676			—
Other adjustments.........................................................			19,125			218,602			2,578			(4,744	)		235,561
Net cash provided by (used in) operating activities			(35,604	)		338,963			52,455			(4,683	)		351,131
Cash flows from investing activities:
Capital expenditures........................................................			(18,240	)		(129,535	)		(20,074	)		—			(167,849	)
Distributions from equity investments, net.........			—			—			738			—			738
Proceeds from sale of Cal Dive common stock			3,588			—			—			—			3,588
Decreases in restricted cash......................................			—			703			—			—			703
Net cash used in investing activities................			(14,652	)		(128,832	)		(19,336	)		—			(162,820	)
Cash flows from financing activities:
Repayments of debt.......................................................			(189,335	)		—			(4,645	)		—			(193,980	)
Deferred financing costs..............................................			(9,224	)		—			—			—			(9,224	)
Repurchases of common stock................................			(1,072	)		—			—			—			(1,072	)
Excess tax benefit from stock-based compensation			(805	)		—			—			—			(805	)
Exercise of stock options, net and other..............			1,988			—			(1,215	)		—			773
Intercompany financing.................................................			207,333			(212,365	)		349			4,683			—
Net cash provided by (used in) financing activities			8,885			(212,365	)		(5,511	)		4,683			(204,308	)
Effect of exchange rate changes on cash and cash equivalents			—			—			267			—			267
Net increase (decrease) in cash and cash equivalents			(41,371	)		(2,234	)		27,875			—			(15,730	)
Cash and cash equivalents:
Balance, beginning of year..........................................			376,434			3,294			11,357			—			391,085
Balance, end of year......................................................		$	335,063		$	1,060		$	39,232		$	—		$	375,355