Exhibit 99.2
 

First Quarter 2006 Earnings Conference Call May 3, 2006 Owen Kratz - Chief Executive Officer Martin Ferron - President Wade Pursell - Chief Financial Officer

This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin, expenses, earnings or losses from operations, or other financial items; future production volumes, results of exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of property or wells; any statements of the plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to services; any statements regarding future economic conditions or performance; any statements of expectation or belief; any statements regarding the proposed merger of Remington Oil and Gas Corporation into a wholly owned subsidiary of Helix or the anticipated results (financial or otherwise) thereof; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee management issues; complexities of global political and economic developments, geologic risks and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 10-K for the year ending December 31, 2005; and, with respect to the proposed Remington merger, actual results could differ materially from Helix's expectations depending on factors such as the combined company's cost of capital, the ability of the combined company to identify and implement cost savings, synergies and efficiencies in the time frame needed to achieve these expectations, prior contractual commitments of the combined companies and their ability to terminate these commitments or amend, renegotiate or settle the same, the combined company's actual capital needs, the absence of any material incident of property damage or other hazard that could affect the need to effect capital expenditures, any unforeseen merger or acquisition opportunities that could affect capital needs, the costs incurred in implementing synergies and the factors that generally affect both Helix's and Remington's respective businesses as further outlined in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in each of the companies' respective Annual Reports on Form 10-K for the year ended December 31, 2005. Actual actions that the combined company may take may differ from time to time as the combined company may deem necessary or advisable in the best interest of the combined company and its shareholders to attempt to achieve the successful integration of the companies, the synergies needed to make the transaction a financial success and to react to the economy and the combined company's market for its exploration and production. We assume no obligation and do not intend to update these forward-looking statements. Forward-Looking Statements

Helix and Remington have filed a proxy statement/prospectus and other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission ("SEC"). Investors are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC because they contain important information. You can obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Helix free of charge by requesting them in writing from Helix or by telephone at (281) 618-0400. You may obtain documents filed with the SEC by Remington free of charge by requesting them in writing from Remington or by telephone at (214) 210-2650. Helix and Remington, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the stockholders of Remington in connection with the merger. Information about the directors and executive officers of Helix and their ownership of Helix stock is set forth in the proxy statement for Helix's 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Remington and their ownership of Remington stock is set forth in the Annual Report on Form 10-K for the year ended December 31, 2005, as amended by Form 10-K/A. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement/prospectus. Additional Information

Presentation Outline I. Summary of Results II. Operational Highlights by Segment A. Contracting Services B. Oil & Gas Production III. Strategic Overview IV. Questions & Answers H E L I X E N E R G Y S O L U T I O N S

Summary of Results (all amounts in thousands, except per share amounts and percentages) First Quarter First Quarter Fourth Quarter 2006 2005 2005 Revenues $291,648 $159,575 $264,028 Gross Profit 102,266 51,873 95,852 35% 33% 36% Net Income 55,389 25,411 56,006 19% 16% 21% Diluted Earning Per Share 0.67 0.32 0.69 EBITDA (see reconciliation in the attached financial summary) 143,052 49% 69,881 44% 108,126 41% H E L I X E N E R G Y S O L U T I O N S

1Q 2005 1Q 2006 Contracting Services 99.4 210 Oil & Gas Production 63.4 80 Revenues and Gross Profit by Segment 1Q 2005 1Q 2006 Contracting Services 16.8 79 Oil & Gas Production 35.1 23 Revenues in Millions Gross Profit in Millions H E L I X E N E R G Y S O L U T I O N S Contracting Services Oil & Gas Production

1Q 2005 1Q 2006 2005 Actual 2006 Estimate 25.4 53.4 0 150.1 226 51 Earnings Growth (Net Income in Millions) H E L I X E N E R G Y S O L U T I O N S 25.4 53.4 150.1 277 226 Guidance Range

2001 2002 2003 2004 2005 2006 12.3 4.9 7.4 13.4 16.5 21 Return on Capital Invested 1st QTR (See GAAP reconciliation at Company's website - www.HelixESG.com) 12 5 7 13 17 21 H E L I X E N E R G Y S O L U T I O N S (Percentage)

MARAD Construction and Other Long Term Debt Revolving Credit (Amounts in Millions) 03/31/06 12/31/05 12/31/04 12/31/03 Debt To Book Capitalization 35% 22% 40% 37% Convertible Notes H E L I X E N E R G Y S O L U T I O N S

Contracting Services (CS) First Quarter First Quarter Fourth Quarter 2006 2005 2005 Revenues $220,821 $100,487 $203,249 Gross Profit 79,644 20,961 60,796 36% 21% 30% (Amounts reflected are in thousands, except percentages, and are before intercompany eliminations) Q1/06: Overall revenues more than doubled year over year and increased by 9% sequentially. The improvement resulted from a full quarter of contribution from the acquisitions made last year (Stolt assets, Torch assets and Helix RDS) together with better pricing. H E L I X E N E R G Y S O L U T I O N S

Contracting Services (CS) cont. Gross profit margins improved by 15 points year over year and by six points sequentially. Most of the sequential improvement was due to the better pricing environment, with margins already reaching the top end of the forecast range for 2006. Q2/06 and Outlook: We expect further improvement in Q2/06 financial performance driven mainly by pricing. This trend should continue for at least the medium term as we add backlog on gradually better terms. H E L I X E N E R G Y S O L U T I O N S

CS - Reservoir and Well Technology First Quarter 2006 Revenues $9,605 Gross Profit 2,509 26% H E L I X E N E R G Y S O L U T I O N S Q1/06: Both revenue and gross profit were in line with our expectations for the first full quarter of business since the acquisition of Helix RDS. Q2/06 and Outlook: Activity levels are very robust and we are seeking to enter new international markets, e.g. Trinidad. The recruitment and retention of personnel is the main challenge related to achieving our earnings expectations for the full year. (Amounts in thousands, except percentages)

CS - Shelf Construction First Quarter First Quarter Fourth Quarter 2006 2005 2005 Revenues $119,790 $36,204 $97,062 Gross Profit 50,205 11,140 33,614 42% 31% 35% Utilization 90% 50% 85% Q1/06: Utilization reached another record level due to incremental demand caused by the 2005 hurricanes. Q2/06 and Outlook: We expect this level of utilization to be maintained well into next year as hurricane related inspection and repair work continues. The longevity of this work is illustrated by the fact that the DSV Kestrel will commence an eighteen month contract with a major operator in June. H E L I X E N E R G Y S O L U T I O N S (Amounts in thousands, except percentages)

CS - Deepwater Construction First Quarter First Quarter Fourth Quarter 2006 2005 2005 Pipelay 100% 64% 96% Robotics 70% 66% 75% Utilization Q1/06: Pipelay asset utilization again reached 100% on the back of an exceptionally strong market for subsea tie-backs. The Express has enjoyed 98% utilization since she entered service in October. Utilization of robotic assets declined 5% sequentially due to seasonality in international operating areas and the pipe burial marketplace. H E L I X E N E R G Y S O L U T I O N S

CS - Deepwater Construction Q2/06 and Outlook: Both deepwater pipelay assets are booked through the end of the year (apart from the upgrade program for the Express which is scheduled for 45 days in Q3). The outlook is also bright for 2007 based on brisk bidding activity. The robotics group (Canyon) looks set to have another strong year with the award of several significant pipe burial contracts, together with a continued good market for ROV services. H E L I X E N E R G Y S O L U T I O N S

CS - Well Operations Q1/06: Utilization declined by 27% sequentially as both the Q4000 and Seawell had periods of unscheduled downtime. Q2/06 and Outlook: Both vessels are fully booked until the end of the year, with the Seawell in particular looking set to see at least a 10 point gross profit increase compared to 2005. H E L I X E N E R G Y S O L U T I O N S First Quarter First Quarter Fourth Quarter 2006 2005 2005 71% 96% 98% Utilization

CS - Production Facilities First Quarter First Quarter Fourth Quarter 2006 2005 2005 Equity in Earnings $3,365 $1,729 $3,122 Production throughput (MBOe) 1,273 1,259 1,109 Q1/06: As in Q4/05 production tariff income was negatively impacted by the mechanical shut-in of the first K2 well. Output from this well resumed in March following a repair. At the end of the quarter daily throughput was around 40,000 boe/day from the Marco Polo wells and three K2/K2N wells. Q2/06 and Outlook: A further five wells should be brought online, from the K2/K2N and Genghis Khan fields, by the end of the year. Equity income for the full year is still expected to fall in the guidance range of $27 - $32 million. The Independence Hub is still on track for mechanical completion by the end of the year, with an enhanced production capacity of 1 bcf/day (up from 850 mmcf/day). H E L I X E N E R G Y S O L U T I O N S (Amounts in thousands)

Oil & Gas Production First Quarter First Quarter Fourth Quarter 2006 2005 2005 Revenues $80,312 $63,386 $69,375 Gross Profit 22,623* 30,912 35,055 28% 49% 51% Production (BCFe): Shelf 5.4 6.7 4.6 Gunnison 2.7 2.3 2.1 Average Commodity Prices (net of hedging impact): Oil/Bbl $58.71 $44.02 $54.31 Gas/Mcf 9.52 6.64 11.36 H E L I X E N E R G Y S O L U T I O N S * Gross profit before Tulane charge = $43.4 million (54% margin). (Amounts in thousands, except percentages and production data)

Oil & Gas Production Q1/06: Shelf: Production of 5.4 Bcfe was 17% greater than fourth quarter due to shut-ins from Hurricanes Katrina and Rita. Realized commodity prices were down 6% overall from last quarter but 39% higher than those achieved in last year's first quarter. Natural gas made up 59% of the first quarter production. Gunnison: Production of 2.7 BCFe was up 29% over last quarter's levels due mainly to hurricane shut-ins in the 4Q/05. Natural gas made up 56% of Gunnison production in Q1. The present status of all deepwater production projects, besides Gunnison, is presented on the next two slides. H E L I X E N E R G Y S O L U T I O N S

Deepwater Production - Project Update Field / Prospect ERT Interest Q1 Activity Outlook Estimated Production Date GB 689 - Dawson Deep 10% Well completed Tie back to Gunnison spar to be performed in Q2 Q3/06 GC 195 - Tiger 40% None Drill rig on location; development well to be completed and tied back to EW 947 during Q2/Q3 Q4/06 AT 63 Telemark 30% ERT became operator Field development plan to be finalized in Q2 2H/08 GB 344 - Devil's Island 50% Appraisal well drilled and suspended (early Q2) New sidetrack/well completion plan under review 2H/07

Deepwater Production - Project Update Continued Field / Prospect ERT Interest Q1 Activity Outlook Estimated Production Date GB 114 Tulane 50% Exploratory well abandoned due to mechanical difficulties New well plan being evaluated 2H/07 GB 346 Huey 20% Interest taken in this high quality exploration prospect Drill rig on location 1H/07 AT 426 Bass Lite 22.5% None Development drilling planned for Q4/06 1H/08 H E L I X E N E R G Y S O L U T I O N S

Cal Dive Hedges: As Of April 30, 2006 H E L I X E N E R G Y S O L U T I O N S

2006 Objectives (Excluding Remington) Contracting Services Revenues: $650 - 750 million Margins: 25% - 35% Equity earnings: $27 - 32 million Achieve mechanical completion of the Independence Hub Begin construction of next facility opportunity Oil and Gas Production 44 - 47 Bcfe of production Begin production from at least one acquired PUD Make first North Sea acquisition Financial Earnings in range $2.30 - $3.30/share (revised: $2.70 - $3.30/share) Safety TRIR below 1.8 Production Contractor Service Contractor Oil & Gas Producer Oil & Gas Producer H E L I X E N E R G Y S O L U T I O N S