Exhibit 99.2

Helix Company Update
November 3, 2008

Slides 16 and 21:

Reconciliation From Net Income to Adjusted EBITDAX (excluding impact of non-recurring items:
          excluding noncash gain on Cal Dive investment in 4Q07, gain on sale of Cal Dive IPO in 4Q06 and
          non-recurring items: OTSL impairment, DOJ accrual, and sale of diving assets in 2Q07):

Reconciliation from Net Income to EBITDAX ($ in thousands)	2003			2004		2005		2006			2007			2008 E		2008 A
Net income applicable to common shareholders	$	32,771		$	79,916	$	150,114	$	344,036		$	316,762		$	260,000	$	225,824
Cal Dive gain		—			—		—		(96,531	)		(98,602	)		—		—
Other non-recurring items		—			—		—		5,300			70,189			—		—
Accretion and dividends on preferred stock		1,437			2,743		2,454		3,358			3,716			3,000		2,642
Cumulative effect of accounting change		(530	)		—		—		—			—			—		—
Income tax provision		18,993			43,034		75,019		133,253			139,232			140,000		136,295
Net interest expense and other		3,403			5,265		7,559		34,524			53,303			85,000		61,111
Depreciation and amortization		70,793			108,305		110,683		193,205			312,935			299,000		250,650
Non-cash impairment		—			—		790		—			—			13,000		—
Exploration expense		—			—		6,465		43,115			6,747			—		5,007
Adjusted EBITDAX	$	126,867		$	239,263	$	353,084	$	660,260		$	804,282		$	800,000	$	681,529

(1) We calculate adjusted EBITDAX as earnings before net interest expense, taxes, depreciation and amortization, and exploration expense. Further, we reduce adjusted EBITDAX for the minority interest in Cal Dive that we do not own. Adjusted EBITDAX margin is defined as adjusted EBITDAX divided by net revenues. These non-GAAP measures are useful to investors and other internal and external users of our financial statements in evaluating our operating performance because 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 or 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.

Slides 16 and 20:

Reconciliation to Normalized EPS:

	2003		2004		2005		2006			2007			2008 E		2008 A
Net income applicable to common shareholders	$	32,771	$	79,916	$	150,114	$	344,036		$	316,762		$	260,000	$	225,824
Preferred stock dividends and accretion		1,437		2,743		2,454		3,358			3,716			3,000		2,642
Cal Dive gain (IPO and Horizon acquisition)		—		—		—		(96,531	)		(98,602	)		—		—
Other non-recurring items		—		—		—		5,300			70,189			—		—
Net income, excluding non-cash gains on Cal Dive equity transactions	$	34,208	$	82,659	$	152,568	$	256,163		$	292,065		$	263,000	$	228,466
(IPO and Horizon acquisition) and other unusual items
Diluted Shares		75,688		79,062		82,205		89,874			95,938			95,200		95,266
Normalized EPS	$	0.44	$	1.03	$	1.86	$	2.85		$	3.05		$	2.76	$	2.40