Helix Energy : Piper Sandler 26th Annual Energy Conference Presentation

Helix Energy Solutions

Piper Sandler

26th Annual Energy Conference March 18, 2026

Helix - Overview

Helix is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations.

Our services are key in supporting a global energy transition.

Maximizing Existing Reserves

Reservoir Management Production Enhancement Tree Change Out

Wireline, Slickline & Coiled Tubing Scale Squeeze & Stimulation DHSV Lockout

Inspection, Repair, Maintenance

Decommissioning

Cement Remediation Pipeline Abandonment Reclamation & Remediation Wellhead Removal

Seabed Infrastructure Removal Through Tubing Abandonment & Removal

Upper Plug & Abandonment

Offshore Renewables

Cable Trenching and Burial UXO Survey & Clearance Boulder Removal

Mattress Installation & Removal Cable Repair

Air Diving Route Preparation

Revenue by Market4

Company Snapshot

NYSE: HLX

Renewables

12%

Other

2%

Production

Maximization

30%

Decommissioning -

Shallow Water

15%

Decommissioning -

Deep Water

41%

Corporate Headquarters in Houston, Texas

($137M)

Net Debt1

December 31, 2025

2,212

$1.3B

Backlog

December 31, 2025

$554M

Liquidity2

December 31, 2025

40

Global Employees

December 31, 2025

Nationalities Represented

December 31, 2025

Forecast

$1.2B - $1.4B

2026 Revenue3

$230M - $290M

2026 EBITDA1,3

$100M - $160M

2026 Free Cash Flow1,3

1 EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below

2 Liquidity is calculated as the sum of cash and cash equivalents plus available capacity under the Company's ABL facility and excludes restricted cash, if any

3 Revenue, EBITDA and Free Cash Flow based on current guidance

4 Revenue percentages based on the year ended December 31, 2025; revenues net of intercompany eliminations Amounts may not add due to rounding

Business Segment Overview

Key Services and

Revenue and Gross Profit

Assets

Well Intervention

• Production enhancement

• Decommissioning

• Seven purpose-built Well Intervention vessels and 12 Subsea Intervention Systems

Major Customers

Tailwinds

• Purpose-built vessels with higher efficiency and lower operating costs vs. rigs; long-term contracts for four of seven vessels

  Margin% by Segment ($MM) 1

  2021 2022 2023 2024 2025

  $733 $830 $729

  6%

$517 $524

Robotics

• Subsea trenching

• Offshore construction and inspection, repair and maintenance (IRM)

• Six trenchers, three boulder grabs, 39 work-class ROVs and chartered vessel fleet

  Shallow Water Abandonment2

• Well P&A

• Structure decommissioning and platform removals

• Fleet of 20 vessels (OSVs, lift boats, dive vessels, heavy lift barge) and 26 systems (P&A and coiled tubing)

• Increasing global marine construction and renewables deployment

• Greater complexity and water depths

• Increased regulatory requirements

  $137

  N/A

  $258

  $192

  $275

  $125

  $298 $323

  25%

9%

$187 $200

Production Facilities

• Floating production unit

• Offshore production

• Emergency well control deployment

• 2025 contract renewals

$69

$82 $88 $89

29%

$73

Helix differentiates itself through a pure-play offshore business model anchored by seven world-class, built-for-purpose well intervention vessels

1 Revenue by segment before intercompany eliminations

2 Shallow Water Abandonment includes the results of Helix Alliance acquired July 1, 2022

Well Intervention

• Leader in rig-less intervention; lower costs, higher efficiency and reduced carbon footprint compared to rigs

• Fleet of seven purpose-built well intervention vessels and 12 well intervention systems operating globally

• Vessels and systems perform both decommissioning

  and production maximization operations

  • Geographically diverse scope of operations and concentration of blue-chip customers

Business Mix (year ended December 31, 2025)

Revenue1

Q4000 (Gulf of America)

Dynamically positioned class 3 ("DP3") purpose-built semisubmersible well intervention vessel

Seawell (North Sea) Dynamically positioned class 2 ("DP2") light well intervention and saturation diving vessel

Q7000 (West Africa / Asia Pacific / Brazil)

DP3 purpose-built semisubmersible well intervention vessel

Well Enhancer (North Sea) DP3 light well intervention and saturation diving vessel

Q5000 (Gulf of America) DP3 purpose-built semisubmersible

well intervention vessel

Sea Helix 1 & Siem Helix 2 (Brazil)

DP3 well intervention vessels

56%

$729

Well Intervention

Robotics

Shallow Water Abandonment

Production Facilities

1 Revenue and percentages before eliminations and other

Intervention Riser Systems

Utilized for wireline intervention, production logging, coiled-tubing operations, well stimulation and full P&A operations

Subsea Intervention Lubricators Enable efficient and cost-effective riserless intervention and abandonment solutions for

subsea wells up to 1,500m water depth

Robotics

• We serve both the Renewable Energy and Oil and Gas markets

• Global leader in trenching windfarm subsea cables

• A fleet of advanced subsea trenchers, work-class ROVs and chartered support vessels

• Globally diversified operations and broad customer base

Subsea Trenchers (6 units)

Four jet trenchers, one cutting trencher and one plough trencher

ROV Fleet (39 units)

Highly maneuverable underwater work-class remotely operated vehicles

Business Mix (year ended December 31, 2025)

Revenue1

25%

$323

Well Intervention

Robotics

Shallow Water Abandonment

Production Facilities

IROV Boulder Grabs (3 units)

Remotely operated robotic grabs

ROV Support Vessels (Global)

Chartered fleet of DP2 and DP3 subsea support vessels

1 Revenue and percentages before eliminations and other

Shallow Water Abandonment

• Provider of decommissioning services in the Gulf of America shelf

• P&A and coiled tubing systems, heavy lift barge and fleet of liftboats, OSVs and diving vessels

• Only company capable of providing all facets of decommissioning services in the Gulf of America shelf

  • Well P&A

  • Sub-sea architecture removal

    Business Mix (year ended December 31, 2025)

• Facility decommissioning and structure removal

Revenue1

Commercial Diving: Three dive support vessels

Marine Services: Six OSVs ranging from 150' to 170' and one crewboat

Well Services:

20 P&A spreads, six coiled tubing units and one snubbing unit

Heavy Lift: Epic Hedron 1,763-ton derrick barge

$200

15%

Well Intervention

Robotics

Shallow Water Abandonment

Production Facilities

Marine Services: Nine liftboats ranging in size up to 265'

1 Revenue and percentages before eliminations and other

Helix Production Facilities

• Helix Producer I floating production unit (FPU)

• Helix Fast Response System (HFRS); one of only two providers in the Gulf of America

• Our ownership of the Droshky and Thunder Hawk fields in the Gulf of America

  Business Mix (year ended December 31, 2025)

$73

6%

Revenue1

Well Intervention

Robotics

Shallow Water Abandonment

Production Facilities

1 Revenue and percentages before eliminations and other

Page 9

Debt Instrument Profile

Minimal maturities until 2029; Net cash position and strong liquidity at 12/31/25

$300

$250

$200

$150

$100

$50

$0

Principal Payment Schedule at 12/31/25

($ in millions)

$700

$600

$500

$400

$300

$200

$100

$0 ($100)

($200)

($300)

($400)

Debt and Liquidity Profile at 12/31/25

($ in millions)

$137

$431

$430

$285

$445

$332

$368

$53

$(75)

($264)

$(30)

($362)

($315)

($308)

$189

$554

$10

$5

$300

2026 2027 2028 2029

MARAD 2029 Senior Notes

Total funded debt† of $315 million at 12/31/25

• $300 million Senior Notes due 2029 - 9.75%

• $15 million MARAD Debt - 4.93%

  • Semi-annual amortization payments through maturity in Q1 2027

12/31/22 12/31/23 12/31/24 12/31/25

Cash Long-term debt 1 Liquidity 2 Net Debt 3

1 Long-term debt net of debt issuance costs

2 Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix's ABL facility but excludes cash pledged to the ABL facility

3 Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below

† Funded debt represents the principal amount of our long-term debt before subtracting $7 million of remaining unamortized debt discount and issuance costs

Amounts may not add due to rounding

Key Financial Metrics - Capital Allocation

Balance Sheet

• Maintain sufficient liquidity, low net debt

• Strong, conventional balance sheet

  Maintenance Capital

• Regulatory certification of vessels and systems

  Strategic Capital

• Opportunistic deployment for growth

  Return to Shareholders

• $200M share repurchase plan

• $72M of repurchases to date under plan

  $445M

  Cash at 12/31/25

  ($137M)

  Net Debt1 at 12/31/25

$70-80M

Forecasted in 2026

Opportunistic

Targeting 25% FCF

1 Net Debt and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below

2026 Forecast

Key Financial Metrics Key Forecast Drivers

($ in millions)	2026			2025
	Outlook			Actual
Revenues	$ 1,200 - 1,400		$		1,291
Adjusted EBITDA1	230 - 290				272
Capital Additions2	70 - 80				70
Free Cash Flow1	100 - 160				120
Revenue Split:
Well Intervention	$ 695 - 830		$		729
Robotics	305 - 335				323
Shallow Water Abandonment	160 - 190				200
Production Facilities	80 - 85				73
Eliminations	(40)				(34)
Total Revenue	$ 1,200 - 1,400		$		1,291

Our 2026 outlook will be affected by, among other things, the utilization and rates in our spot and call-off operations and the extent of winter seasonal activity and the following expected key drivers:

Well Intervention

• Q4000 - second half 2026 utilization

• Q7000 - second half 2026 utilization

• Brazil - Sea Helix 1 and Siem Helix 2 operating efficiency

• North Sea - spot market utilization

  Robotics

• Seasonal utilization in the North Sea and Asia Pacific on chartered vessels

  Shallow Water Abandonment

• Strength of contracting for oil and gas properties in bankruptcies reverting to former owners

• Seasonal utilization on the Gulf of America shelf

  Free Cash Flow

  Amounts may not add due to rounding

• Forecasted variability due to the seasonality of our operations and the timing of collections on our receivables

1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below

2 Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures

EBITDA and Free Cash Flow Generation ($ in millions)

Consistent Adjusted EBITDA1 Margins and Free Cash Flow1 Conversion Strong Free Cash Flow Yield

Adjusted EBITDA Margin

21% 22% 21% 20%

$1,290

$1,359

$1,291

$1,300

$273

$303

$272

$260

2023 2024 2025 20263

Revenue Adjusted EBITDA Adjusted EBITDA Margin

Free Cash Flow Conversion and Free Cash Flow Yield

$303

$273

$272

$260

49%

54%

44%

50%

9%

12%

13%

14%

2023 2024 2025 2026 3

Adjusted EBITDA FCF Conversion² FCF Yield²

1 Adjusted EBITDA and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below

2 FCF Conversion is the ratio of FCF to Adjusted EBITDA and FCF Yield is FCF Flow divided by Helix market cap at the end of each year; 2026 FCF Yield based on year-end 2025 market cap

3 Revenue, Adjusted EBITDA and FCF based on midpoints of current outlook

Why Choose Helix?

Market Leader in Purpose-Built Well Intervention and Subsea Trenching

• Fleet of seven purpose-built well intervention vessels with riser-based and riserless intervention capabilities, performing production enhancement and decommissioning operations in mature fields

• Diversified geographically serving both oil and gas and renewables customers

• Diverse customer base including large concentration of blue-chip customers

• Subsea Services Alliance with SLB offering integrated solutions

  
  
  

  Strong Balance Sheet and Resilient Cash Flow Generation

  • Strong balance sheet and low financial leverage

  • Resilient FCF generation through the cycles and strong FCF yields

  • Backlog of $1.3 billion as of December 31, 2025

    Helix Well-Positioned for Growing Decommissioning Market

• Decommissioning spending in the Gulf of America expected to increase significantly

• Helix is a leader in rigless decommissioning and has existing assets and capabilities to capitalize on this growth

Gulf of America Deepwater Decommissioning Expenditures1 ($ billions)

$4.2

$4.5

$2.9

$1.5

2020 - 2024 2025 - 2029 2030 - 2034 2035 - 2039

1 Source: Rystad Deepwater and ultra-deepwater in the Gulf of America

Page 14

Financial Trends

Revenue, Earnings and Cash Flow Trend1

($ in millions)

$1,359

$1,290

$1,291

$1,300

$56

$873

$31

$(11)

$(88)

$303

$273

$272

$260

$163

$134

$121

$120

$130

$18

Revenue

2022³ 2023³ 2024³ 2025³ 2026⁴

2022 2023 2024 5

2025 2026⁴

Revenue

Net Income (loss) Adjusted EBITDA² Free Cash Flow 2

1 Helix Alliance revenue, earnings and cash flow have been included beginning July 1, 2022 (date of acquisition)

2 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations above

3 Net income in 2025 includes $18 million non-cash impairment of oil and gas properties; net income in 2024 includes a loss of $21 million related to the retirement of the 2026 Convertible Notes; net loss in 2023 includes losses of approximately $37 million related to the repurchase of $160 million principal amount of the 2026 Convertible Notes and $42 million for the change in the value of the Alliance earnout; net loss in 2022 includes a loss of $16 million for the change in the value of the Alliance earnout

4 2026 amounts represent the mid-point of Helix's current forecast

5 2024 Free Cash Flow includes $58 million of the earnout payment made April 3, 2024

Company Financial Highlights

Revenue Dispersion

By Segment1 ($ in millions)

By Geography1

Production Facilities

Shallow Water Abandonment²

Robotics

Well Intervention

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

61%

19%

22%

17%

14%

15%

21%

7%

56%

55%

6%

7%

9%

14%

18%

58%

2022 2023 2024 2025

Other

West Africa

Asia Pacific

Brazil

North Sea

United States 2

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

7%

14%

14%

21%

27%

5%

16%

6%

13%

5%

21%

50%

40%

38%

5%

9%

24%

51%

10%

18%

2022 2023 2024 2025

1 Revenue and percentages net of intercompany eliminations

2 Helix Alliance revenue has been included in Shallow Water Abandonment segment and U.S. region beginning July 1, 2022 (date of acquisition)

Historical Quarterly Revenue & Earnings ($ in millions)

• Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4:

• Seasonal peaks generally in Q3 and troughs in Q1

• Business units most impacted by seasonality include:

  • Well Intervention and Robotics in the North Sea

  • Shallow Water Abandonment

• Quarterly activity also influenced by the timing of regulatory dockings and long-term transits and mobilizations

$296

$47

$(26)

$365

$97

$32

$342

$88

$30

$355

$52

$278

$42

$72

$20 $3

$302

$(3)

$377

$104

$22

$334

$74

$8

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

Revenue

Net Income Adjusted EBITDA¹

1 Adjusted EBITDA is a non-GAAP financial measure; see non-GAAP reconciliations below

Adjusted EBITDA1 to Free Cash Flow1

2025

$272

$(21)

$(29)

$-

$7

$(52)

$137

$(40)

$120

$(17)

Adjusted EBITDA Interest, net Taxes Regulatory Certifications Earnout Share-based Comp Working Capital Operating Cash Flow Capital Expenditures, Net Free Cash Flow

2024

$303

$(14)

$(14)

$(35)

$7

$186

$163

$(23)

$(2)

$(58)

Adjusted EBITDA Interest, net Taxes Regulatory Certifications Earnout Share-based Comp Working Capital Operating Cash Flow Capital Expenditures, Net Free Cash Flow

2023

$273

$(21)

$(8)

$-

$6

$(63)

$152

$(36)

$134

$(19)

Adjusted EBITDA Interest, net Taxes Regulatory Certifications Earnout Share-based Comp Working Capital Operating Cash Flow Capital Expenditures, Net Free Cash Flow

1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations above

Non-GAAP Reconciliations and Supplemental Information