Helix Energy : to Combine with Hornbeck Presentation

Creating a Premier Integrated Offshore Services Company

April 23, 2026

Today's Presenters

William Transier Chairman of the Board

Todd Hornbeck President, CEO and Chairman

Erik Staffeldt Executive Vice President and CFO

Scotty Sparks Executive Vice President and COO

Jim Harp Executive Vice President and CFO

Combination Rationale

Combines Two Market Leaders Into an Integrated Deepwater Offshore Services Platform

Complementary Businesses

Expanded Service Offerings and

Customer Diversification

Growth Platform with Scale

Significant Revenue and Cost Synergies

Well Intervention, Subsea Robotics and Technical Services

High-Specification Fleet of Specialty Vessels

+

Aligned Cultures and Proven

Leadership Team

The Combined Company will be renamed Hornbeck Offshore

Services and trade on the NYSE under the Ticker Symbol "HOS"

Transaction Summary

Select Combination Highlights

Transaction Structure	All-stock transaction Pre-merger Helix shareholders will own 45% and pre-merger Hornbeck shareholders will own 55% of the combined company
Leadership and Governance	Todd Hornbeck will serve as CEO William Transier will serve as Chairman 7-member board with 3 Directors from Helix and 4 Directors from Hornbeck
Headquarters and Listing	Company will be headquartered in Houston, TX and Covington, LA Combined Company to be named Hornbeck Offshore Services and will trade on the NYSE under the ticker symbol "HOS"; Helix brand to be retained for Well Intervention Services
Timing	Transaction approved by directors of both boards Hornbeck principal stockholders (including funds affiliated with Ares) have approved the transaction Helix shareholder approval required Transaction expected to close in the second half of 2026, subject to regulatory, Helix shareholder and other customary approvals

100+(1)

Total Vessels

7

Well Intervention Vessels

48

Robotics and Trenching Assets

> $500mm

Cash at Closing

$2.0bn

Total Backlog YE 2025

15

Multi-Purpose Support Vessels (MPSVs)(1)

58

Offshore Supply Vessels (OSVs)

0.5x

Leverage Current Net Debt(2) / 2025A Adjusted EBITDA(3),(4)

1. Includes 2 new build Multi-Purpose Support Vessels.

2. Pro Forma Net Debt as of 12/31/2025.

3. Excludes potential synergies.

4. Reflects the sum of Hornbeck 2025 Adjusted EBITDA plus Helix 2025 Adjusted EBITDA as of 12/31/2025. Hornbeck Adjusted EBITDA and Helix Adjusted EBITDA are non-GAAP financial measures. See Appendix for reconciliations. Helix defines Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any. Hornbeck defines Adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization adjusted for gains or losses on early extinguishment of debt, postponed offering costs, stock-based compensation expense, interest income and excludes non-cash gains or losses on the fair value adjustment of liability-classified warrants.

Hornbeck Helix

Stronger and More Competitive Together

Helix Today Pro Forma Combined

Before Synergies

2025

Revenue

$ 1,291

$ 2,011

$ 1,291

$ 720

Before Synergies

2025

EBITDA(1)

$ 272

$ 560

$ 272

$ 288

Incremental Drivers

> $500mm Cash at Closing

2

Newbuild Multi-Purpose Support Vessels

21

Vessels Available for Reactivation

1) Reflects the sum of Hornbeck 2025 Adjusted EBITDA plus Helix 2025 Adjusted EBITDA as of 12/31/2025. Hornbeck Adjusted EBITDA and Helix Adjusted EBITDA are non-GAAP financial measures. See footnote 4 at slide 5 for the definitions of Hornbeck Adjusted EBITDA and Helix Adjusted EBITDA, respectively. See Appendix for reconciliations.

Hornbeck at a Glance

Company Overview

Hornbeck by the Numbers

Leading Deepwater High - and Ultra High-Spec footprint across the U.S. GoA, Mexico, the Caribbean, Northern South America and Brazil

Tailored subsea and logistics solutions that address a broad spectrum of unique customer "life-of-field" requirements

High barriers to entry with key legislative flag

protections, such as the U.S. Jones Act

Diversified revenue base at market-leading dayrates

with large, blue-chip customers

Proven, consistent operational performance with an unwavering commitment to safety

71

Vessels in Current Fleet

58 Multi-class Offshore Support Vessels ("OSVs" or "PSVs") 13 Multi-Purpose Support

Vessels ("MPSVs")(1)

~$288mm

2025A

Adjusted EBITDA(2)

40%

2025A Adjusted EBITDA Margin(2)

$5.8B

Total Fleet Replacement Value(3)

$2.7B

Appraised Fair Value(3)

+2 = 73

New MPSVs expected to be delivered in 2027

57

U.S. Jones Act-Qualified vessels

Represents 78% of Hornbeck's pro forma fleet of 73 vessels

20+ Year

Average expected remaining economic useful life of currently active fleet(4)

One of the preeminent, market-leading providers of deepwater Ultra High-Spec marine transportation services

to a broad range of offshore energy, infrastructure and defense customers

1. Includes the MPSV HOS Rocinante that was recently placed in service in November 2025; does not include four non-owned managed OSVs.

2. Represents Hornbeck 2025 Adjusted EBITDA and Hornbeck 2025 Adjusted EBITDA Margin as of 12/31/2025. Hornbeck Adjusted EBITDA and Hornbeck Adjusted EBITDA Margin are non-GAAP financial measures. See footnote 4 at slide 5 for the definition of Hornbeck Adjusted EBITDA. Hornbeck defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. See Appendix for reconciliations.

3. Reflects the fair market value and replacement value provided by VesselsValueTM for pro forma fleet of 58 OSVs and 15 MPSVs as of April 2026.

4. Based on a 35-year economic useful life.

Global Presence in Key Offshore Markets

Transaction Merges Two Industry Leaders with Complementary Businesses and Geographic Presence providing Diversified Services to the Full Deepwater Life Cycle

Hornbeck

Helix

Revenue by Region(1)

Asia Pacific

Other

Mexico

Other

West Africa 5%

7%

North Sea 21%

<1%

U.S. 39%

5% 6%

Brazil 14%

GoA 46%

1. Represents 2025 revenue as of 12/31/2025.

Brazil 28%

U.S.

Other 29%

West Other

Africa 5%

North Sea 14%

7%

U.S. 51%

Brazil 23%

Complementary Businesses Providing Diversified Service Offerings

20%

Non-O&G

80%

• Operational logistics for submarine fleet

• Submarine rescue, training & support

• Long range acoustic survey support

• Autonomous vessels

Defense

Drilling Support

Non - Oil and Gas

Oil and Gas

O&G

2025 Revenue Mix

• Hurricane relief

• Aircraft disasters

• Vessel salvage operations

• Environmental response

Humanitarian Assistance and Disaster Relief (HADR)

Subsea Services / Inspection Repair and Maintenance (IRM)

• Rocket component landing and recovery platform

• Vessel support for testing and retrieval

Aerospace

Well Intervention & Decommissioning

• Offshore wind farm survey & installation support

• Windfarm operation and maintenance support

• Submarine cable survey

• Bubble curtains / Boulder and Unexploded Ordinance (UXO) removal

Renewable Energy

Oilfield Specialty

Integration of complementary service offerings increases customer relevance and creates unique cross-selling opportunities that drive growth and improve margins

Combined fleet of vessels and specialty equipment enables comprehensive suite of combined services as a "one stop shop" for customers while enhancing profitability through asset optimization and scale

World Class Deepwater Fleet

Combined Company Forms an Expanded and Enhanced High-Specification Fleet with a Focus on Well Intervention, Subsea & Specialty Services, Robotics, Marine Transportation, and Emerging Technologies to Support the Energy, Defense and Renewable Markets

Well Intervention Vessels

Multipurpose Support Vessels

Robotics and Trenching

Offshore Support Vessels

• 7 Total Well Intervention

  Vessels

• 2 monohull riserless vessels

• 3 semi-submersible riser-based vessels

• 2 monohull riser-based vessels(1)

• 12 Subsea systems

• 15 Total MPSVs

• 5 Subsea MPSVs

• 5 Specialty MPSVs

• 3 Flotels

• 2 Newbuild MPSVs

arriving in 2027

• 6 Subsea trenching systems

• 39 work class remotely operated vehicles (ROVs)

• 6 trenching and subsea light construction vessels(1)

• 58 Total OSVs

• 22 Ultra High-Spec OSVs

• 18 High-Spec OSVs

• 18 Mid-Spec OSVs(2)

1. Chartered vessels.

2. Includes two low-spec vessels.

Pro Forma Company is a Market Leader in Maritime Services for the Defense Industry

Defense Fleet and Representative Functions

Submarine Support	Vessel Support	Blocking Vessel	Emerging Technologies: Autonomy / AI
Submarine support training General logistical services/special missions	Vessel support for sea-based, X- band radar system (SBX)	Proof of concept design by HOS Transportation Auxiliary General Submarine Escort (T-AGSE) O&M contract Submarine security and resupply	Surveillance Towed Array Sensor System - Expeditionary (SURTASS-E) sonar system support and transportation Autonomous Vessel Prototypes Stern-Landing Vessel: Transportation and landing of military mobile equipment for USMC
5.0 yrs / 2.4 yrs	7.0 yrs	10.0 yrs (each)	5.0 yrs (each)

Avg. Contract Duration(1)

Operations Overview

Key Attributes of Hornbeck Defense Operations

Combined Company expected to hold strong advantages in the Defense Services business, a growing percentage of revenue

History of providing creative solutions

Robust and flexible fleet capable of diverse operations

High-level security clearances for personnel and facilities

Trusted relationships with key ranking members of military

Long-standing tenor (20 years since original military vessel tender)

1. Inception to date, inclusive of expected renewals.

   Helix Hornbeck

Scale and Growth Platform

Well-Positioned for Future Growth and Sustained Shareholder Value Supported by Increased Scale, Balance Sheet

Strength and Robust Free Cash Flow Generation

Active Organic Growth Key Growth Expectations

Potential well intervention vessel dayrate expansion with improving offshore workover market

Potential future increases in effective dayrates for active fleet of OSVs and MPSVs, respectively

Increased scale, lower cost of capital and higher cash generation

Potential reactivation of stacked Mid-, High- and Ultra High-Spec OSVs

Two 400-Class MPSV newbuilds expected to come online in 2027

Strong balance sheet and low leverage

$ 560

Commissioning Service Operation Vehicle (C/SOV) came online in 4Q 2025

$ 272

$ 288

Positioned for organic and inorganic growth

Lower earnings volatility and greater resilience through-cycle

2025A

(1)

Adjusted EBITDA

1. Reflects the sum of Hornbeck 2025 Adjusted EBITDA plus Helix 2025 Adjusted EBITDA as of 12/31/2025. Hornbeck Adjusted EBITDA and Helix Adjusted EBITDA are non-GAAP financial measures. See footnote 4 at slide 5 for the definitions of Hornbeck Adjusted EBITDA and Helix Adjusted EBITDA, respectively. See Appendix for reconciliations.

Synergy Potential

Expected Revenue Synergies

Expected Cost Synergies

• Reduced reliance on third-party vessel charters

• G&A / Support cost rationalization

• Streamlined marine operations

• Scaled procurement

• Integrated service offerings

• Asset optimization

• Expanded portfolio of services to existing customers

• Increased exposure to growing defense market

Expected to Generate $75+ Million in Annual Revenue and Cost Synergies

$75+ Million of Revenue and Cost Synergies Annually Expected within Three Years Following Close

Global Presence with Strong Exposure to Key Deepwater

and Specialty Offshore Markets

Complementary Innovative Marine Solutions

Growth Platform with Scale

Value Creation via Organic Growth, Operational Efficiencies and Strategic M&A

Aligned Cultures with Proven Leadership

The Premier Integrated Offshore Services Company

Appendix

Hornbeck's Operating Footprint

Geographic Footprint(1)

Key Differentiators of Target Markets(2)

East Coast

4 Active OSVs

3 Active MPSVs

2 Managed OSVs

~73%

of global deepwater(3) hydrocarbons are located in the

West Coast

2 Active OSVs

2 Managed OSVs

U.S. GoA, Mexico GoA, the Caribbean, Northern South

73%

America and Brazil

17%

7% 3% 1%

U.S. GoA

16 Active OSVs

6 Active MPSVs

Mexico GoA

4 Active OSVs

1 Active MPSV

U.S. GoA, Mexico GoA, Caribbean,

Northern S. America, Brazil

West Africa North Sea APAC MENA

Caribbean and Northern South America

Other Core Operating Markets 2 Active OSVs

U.S.

Brazil

Mexico

Cabotage-protected markets

Oilfield service

Non-Oilfield service Company locations

Brazil

8 Active OSVs

Proximity of core markets allows flexible vessel deployment and relocation to enhance dayrates and utilization over time

Large fleet covering high value, diverse deepwater markets

1. As of April 20, 2026. Does not include two newbuild MPSVs or any stacked vessels.

2. Industry data per Rystad Energy.

3. Deepwater defined as depths of 1,000 ft or greater.

Hornbeck's Differentiated Deepwater OSV Fleet

Hornbeck's Primary OSV Differentiators

HOS MAX OSV

Versatile offshore logistics: Transports equipment and supplies to drilling rigs, production platforms, subsea construction sites, and non-oilfield markets (wind, defense)

High-capacity cargo and deck space: OSVs carry up to 30,000 bbls of liquid mud with ample clear deck space for diverse oilfield and non-oilfield projects

Optimized for deepwater: Exceptional fuel efficiency and range ideally suited to service deep and ultra-deepwater fields in core markets

HOS High- and Ultra High-Spec OSVs are differentiated by their greater liquid mud capacity and massive deck space

compared to Low-Spec and Mid-Spec vessels

Advanced station-keeping: Dynamic positioning capabilities ensure higher utilization and safer operations in challenging offshore environments

Comprehensive supply transport: Capable of delivering critical cargoes including drilling fluids, equipment, spare parts, fuel, water, and provisions

Hornbeck's fleet of High- and Ultra High-Spec OSVs provides deepwater and ultra-deepwater

operators one of the largest cargo-carrying capacities available in the market

Hornbeck's Differentiated Deepwater MPSV Fleet

Hornbeck's Primary MPSV Differentiators

Subsea Flotel

Comprehensive subsea lifecycle services: Spanning construction, IRM, commissioning / decommissioning, and flotel accommodations

Purpose-built, multi-market fleet: Delivering specialized construction and service capabilities across O&G, renewables, and defense

C/SOV

Well Stimulation

High-spec DP-2 and DP-3 vessels: Featuring 24mT-400mT heavy-lift cranes, optimized for deepwater construction, IRM, and decommissioning

Hornbeck's diverse fleet of MPSVs is ideal to service the entire life-cycle of deepwater fields

Industry-leading infrastructure capabilities by boasting the highest number of vessels with 250+ ton cranes, 100+ berths, and "Walk-to-Work" systems critical for complex O&G and renewables projects

High-capacity accommodation vessels: Equipped with "Walk-to-Work" systems and ~200 berths for major offshore installation and maintenance projects

Operational efficiencies: Combining MPSVs with High- and Ultra High-Spec OSVs provides a unique offering to customers to streamline deepwater marine efficiencies

Hornbeck Unaudited Reconciliations of Non-GAAP Financial Measures

Hornbeck | Adjusted EBITDA and Adjusted EBITDA

Margin Reconciliations

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

Twelve Months Ended

($ in 000s)	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2023
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation to GAAP:
Net cash flows provided by (used in) operating activities		$142,075		$16,477		$146,115
Cash paid for deferred drydock charges		63,921		59,491		29,828
Cash paid for interest		39,865		29,404		32,970
Refinanced paid-in-kind interest		-		74,375		-
Cash paid for income taxes		15,916		20,810		9,311
Recovery of (provision for) credit losses		418		(1,622)		(551)
Changes in other operating assets and liabilities		8,965		(3,656)		(19,166)
Stock-based compensation expense		(7,723)		(9,384)		(19,097)
Amortization of deferred contract-specific costs		(2,774)		(700)		(1,028)
Fair value adjustment of liability-classified warrants		-		5,412		(10,917)
Loss on early extinguishment of debt, net		(67)		-		(1,236)
Gain (loss) on sale and disposal of assets		13,222		42		2,702
EBITDA		$273,818		$190,649		$168,931
Loss on early extinguishment of debt, net		67		-		1,236
Stock-based compensation expense		7,723		9,384		19,097
Interest income		6,518		5,763		9,755
Fair value adjustment of liability-classified warrants		-		(5,412)		10,917
Postponed offering costs		-		9,136		3,693
Adjusted EBITDA		$288,126		$209,520		$213,629
Adjusted EBITDA Margin:
Total Revenue		$719,830		$640,851		$573,449
Adjusted EBITDA		288,126		209,520		213,629
% Adjusted EBITDA Margin		40%		33%		37%