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

3 Months Ended

Mar. 31, 2013

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

Schedule of Condensed Balance Sheet

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

(in thousands)

		As of March 31, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	551,596	$	7,274	$	66,780	$	-	$	625,650
Accounts receivable, net		75,490		30,366		36,937		-		142,793
Unbilled revenue		8,179		386		26,265		-		34,830
Income taxes receivable		-		-		3,402		(3,402)		-
Other current assets		40,566		4,946		15,742		(65)		61,189
Total current assets		675,831		42,972		149,126		(3,467)		864,462
Intercompany		(116,440)		334,709		(130,205)		(88,064)		-
Property and equipment, net		224,594		353,969		960,461		(6,297)		1,532,727
Other assets:
Equity investments in unconsolidated affiliates		-		-		165,452		-		165,452
Equity investments in affiliates		1,240,653		47,066		-		(1,287,719)		-
Goodwill		-		45,107		16,625		-		61,732
Other assets, net		39,678		136		31,507		(29,363)		41,958
Due from subsidiaries/parent		319,941		-		-		(319,941)		-
Total assets	$	2,384,257	$	823,959	$	1,192,966	$	(1,734,851)	$	2,666,331
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	55,165	$	16,824	$	28,564	$	-	$	100,553
Accrued liabilities		94,783		13,532		13,709		-		122,024
Income taxes payable		35,149		19,953		-		(19,305)		35,797
Current maturities of long-term debt		5,000		-		5,247		-		10,247
Total current liabilities		190,097		50,309		47,520		(19,305)		268,621
Long-term debt		589,948		-		97,513		-		687,461
Deferred tax liabilities		171,543		11,454		112,606		(5,501)		290,102
Other long-term liabilities		4,559		9,950		467		-		14,976
Due to parent		-		52,582		345,426		(398,008)		-
Total liabilities		956,147		124,295		603,532		(422,814)		1,261,160
Total equity		1,428,110		699,664		589,434		(1,312,037)		1,405,171
Total liabilities and shareholders' equity	$	2,384,257	$	823,959	$	1,192,966	$	(1,734,851)	$	2,666,331

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

		As of December 31, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	381,599	$	4,436	$	51,065	$	-	$	437,100
Accounts receivable, net		39,203		37,378		75,652		-		152,233
Unbilled revenue		13,959		875		19,006		-		33,840
Income taxes receivable		24,611		-		306		(10,716)		14,201
Other current assets		54,588		16,418		11,696		31		82,733
Current assets of discontinued operations		-		84,000		-		-		84,000
Total current assets		513,960		143,107		157,725		(10,685)		804,107
Intercompany		(154,756)		352,210		(125,889)		(71,565)		-
Property and equipment, net		208,190		351,746		930,556		(4,617)		1,485,875
Other assets:
Equity investments in unconsolidated affiliates		-		-		167,599		-		167,599
Equity investments in affiliates		1,762,359		53,461		-		(1,815,820)		-
Goodwill		-		45,107		17,828		-		62,935
Other assets, net		47,355		130		34,848		(32,496)		49,837
Due from subsidiaries/parent		294,461		485,096		-		(779,557)		-
Non-current assets of discontinued operations		-		816,227		-		-		816,227
Total assets	$	2,671,569	$	2,247,084	$	1,182,667	$	(2,714,740)	$	3,386,580
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	45,784	$	17,229	$	29,385	$	-	$	92,398
Accrued liabilities		117,902		26,019		17,593		-		161,514
Income taxes payable		-		26,618		-		(26,618)		-
Current maturities of long-term debt		11,487		-		5,120		-		16,607
Current liabilities of discontinued operations		-		182,527		-		-		182,527
Total current liabilities		175,173		252,393		52,098		(26,618)		453,046
Long-term debt		902,453		-		100,168		-		1,002,621
Deferred tax liabilities		168,688		86,925		109,171		(5,547)		359,237
Other long-term liabilities		1,453		3,086		486		-		5,025
Due to parent		-		-		323,049		(323,049)		-
Non-current liabilities of discontinued operations		-		147,237		-		-		147,237
Total liabilities		1,247,767		489,641		584,972		(355,214)		1,967,166
Total equity		1,423,802		1,757,443		597,695		(2,359,526)		1,419,414
Total liabilities and shareholders' equity	$	2,671,569	$	2,247,084	$	1,182,667	$	(2,714,740)	$	3,386,580

Schedule of Condensed Income Statement

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)

		Three Months Ended March 31, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	20,394	$	102,063	$	91,126	$	(16,154)	$	197,429
Cost of sales		16,589		74,370		70,100		(16,197)		144,862
Gross profit		3,805		27,693		21,026		43		52,567
Loss on commodity derivative contracts		(2,337)		(11,776)		-		-		(14,113)
Selling, general and administrative expenses		(15,790)		(3,909)		(3,517)		-		(23,216)
Income (loss) from operations		(14,322)		12,008		17,509		43		15,238
Equity in earnings of investments		33,146		(6,395)		610		(26,751)		610
Net interest expense and other		(8,780)		(1,149)		(4,142)		-		(14,071)
Income (loss) before income taxes		10,044		4,464		13,977		(26,708)		1,777
Income tax provision (benefit)		(6,268)		3,805		2,891		15		443
Income (loss) from continuing operations		16,312		659		11,086		(26,723)		1,334
Income (loss) from discontinued operations, net of tax		(14,724)		15,782		-		-		1,058
Net income (loss), including noncontrolling interest		1,588		16,441		11,086		(26,723)		2,392
Less net income applicable to noncontrolling interests		-		-		-		(777)		(777)
Net income (loss) applicable to Helix	$	1,588	$	16,441	$	11,086	$	(27,500)	$	1,615
Total comprehensive income (loss) applicable to Helix	$	1,588	$	9,203	$	5	$	(27,500)	$	(16,704)

		Three Months Ended March 31, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	20,022	$	107,603	$	125,900	$	(23,683)	$	229,842
Cost of sales		16,621		75,735		88,445		(23,442)		157,359
Gross profit (loss)		3,401		31,868		37,455		(241)		72,483
Selling, general and administrative expenses		(11,272)		(6,596)		(4,834)		287		(22,415)
Income (loss) from operations		(7,871)		25,272		32,621		46		50,068
Equity in earnings of investments		93,250		2,625		407		(95,875)		407
Net interest expense and other		(30,557)		67		(1,044)		-		(31,534)
Income (loss) before income taxes		54,822		27,964		31,984		(95,829)		18,941
Income tax provision (benefit)		(10,874)		8,882		3,255		15		1,278
Income (loss) from continuing operations		65,696		19,082		28,729		(95,844)		17,663
Income from discontinued operations, net of tax		-		48,853		-		-		48,853
Net income (loss), including noncontrolling interest		65,696		67,935		28,729		(95,844)		66,516
Less net income applicable to noncontrolling interests		-		-		-		(789)		(789)
Net income (loss) applicable to Helix	$	65,696	$	67,935	$	28,729	$	(96,633)	$	65,727
Total comprehensive income (loss) applicable to Helix	$	65,450	$	54,380	$	32,884	$	(96,637)	$	56,077

Schedule of Condensed Cash Flow Statement

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

		Three Months Ended March 31, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Cash flows from operating activities:
Net income (loss), including noncontrolling interests	$	1,588	$	16,441	$	11,086	$	(26,723)	$	2,392
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates		(33,146)		6,395		-		26,751		-
Other adjustments		31,324		(46,931)		21,420		(16,372)		(10,559)
Cash provided by (used in) operating activities		(234)		(24,095)		32,506		(16,344)		(8,167)
Cash used in discontinued operations		-		(30,503)		-		-		(30,503)
Net cash provided by (used in) operating activities		(234)		(54,598)		32,506		(16,344)		(38,670)
Cash flows from investing activities:
Capital expenditures		166		(6,486)		(30,135)		-		(36,455)
Distributions from equity investments, net		-		-		2,050		-		2,050
Cash provided by (used in) investing activities		166		(6,486)		(28,085)		-		(34,405)
Cash provided by discontinued operations		-		582,965		-		-		582,965
Net cash provided by (used in) investing activities		166		576,479		(28,085)		-		548,560
Cash flows from financing activities:
Borrowings of debt		2,573		-		-		-		2,573
Repayments of debt		(322,842)		-		(2,529)		-		(325,371)
Deferred financing costs		(41)		-		-		-		(41)
Distributions to noncontrolling interests		-		-		(1,037)		-		(1,037)
Repurchases of common stock		(1,473)		-		-		-		(1,473)
Excess tax from stock-based compensation		617		-		-		-		617
Exercise of stock options, net and other		174		-		-		-		174
Intercompany financing		491,057		(519,043)		11,642		16,344		-
Net cash provided by (used in) financing activities		170,065		(519,043)		8,076		16,344		(324,558)
Effect of exchange rate changes on cash and cash equivalents		-		-		3,218		-		3,218
Net increase in cash and cash equivalents		169,997		2,838		15,715		-		188,550
Cash and cash equivalents:
Balance, beginning of year		381,599		4,436		51,065		-		437,100
Balance, end of period		551,596		7,274		66,780		-		625,650

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

		Three Months Ended March 31, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Cash flows from operating activities:
Net income (loss), including noncontrolling interests	$	65,696	$	67,935	$	28,729	$	(95,844)	$	66,516
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates		(93,250)		(2,625)		-		95,875		-
Other adjustments		15,695		(6,751)		(14,792)		(2,503)		(8,351)
Cash provided by (used in) operating activities		(11,859)		58,559		13,937		(2,472)		58,165
Cash provided by discontinued operations		-		75,640		-		-		75,640
Net cash provided by (used in) operating activities		(11,859)		134,199		13,937		(2,472)		133,805
Cash flows from investing activities:
Capital expenditures		(896)		(75,858)		(6,208)		-		(82,962)
Distributions from equity investments, net		-		-		5,943		-		5,943
Cash used in investing activities		(896)		(75,858)		(265)		-		(77,019)
Cash used in discontinued operations		-		(17,860)		-		-		(17,860)
Net cash used in investing activities		(896)		(93,718)		(265)		-		(94,879)
Cash flows from financing activities:
Borrowings of debt		400,000		-		-		-		400,000
Repayments of debt		(354,195)		-		(2,409)		-		(356,604)
Deferred financing costs		(6,337)		-		-		-		(6,337)
Repurchases of common stock		(991)		-		-		-		(991)
Excess tax from stock-based compensation		(340)		-		-		-		(340)
Exercise of stock options, net and other		381		-		-		-		381
Intercompany financing		45,040		(40,417)		(7,095)		2,472		-
Net cash provided by (used in) financing activities		83,558		(40,417)		(9,504)		2,472		36,109
Effect of exchange rate changes on cash and cash equivalents		-		-		(1,051)		-		(1,051)
Net increase in cash and cash equivalents		70,803		64		3,117		-		73,984
Cash and cash equivalents:
Balance, beginning of year		495,484		2,434		48,547		-		546,465
Balance, end of period		566,287		2,498		51,664		-		620,449