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Q3 2013 CONFERENCE CALL – Helix Energy Solutions

Helix Energy Solutions · Oct 22, 2013 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 1
    Third Quarter 2013 Conference Call October 22, 2013
  2. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 2
    Presentation Outline Executive Summary Summary of Q3 2013 Results (pg. 4) Operational Highlights by Segment Contracting Services (pg. 9) Key Balance Sheet Metrics (pg. 13) 2013 Outlook (pg. 16) Non-GAAP Reconciliations (pg. 20)…
  3. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 3
    Executive Summary 4
  4. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 4
    Executive Summary ( in millions, except per share data) Three Months Ended Nine Months Ended 9/30/2013 9/30/2012 6/30/2013 9/30/2013 9/30/2012 Revenues 220 217 232 650 644 Gross profit: Operating 69 69 67 191 191 32% 32% 29% 29%…
  5. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 5
    Executive Summary Q3 2013 earnings of 0.42 per diluted share compared with 0.26 per diluted share in Q2 2013 o 15.6 million gain on the sale of the Express in July 2013 o 8.6 million loss on the early extinguishment of debt associated…
  6. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 6
    Executive Summary Balance sheet o Cash and cash equivalents decreased to 480 million at 09/30/2013 from 514 million at 06/30/2013 58 million milestone payment for Q5000 made in July 2013 69 million down payment under Q7000 shipyard…
  7. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 7
    Operational Highlights 8
  8. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 8
    Contracting Services ( in millions, except percentages) Three Months Ended 84% utilization for the Well 9/30/2013 9/30/2012 6/30/2013 Intervention fleet Revenues (A) Skandi Constructor fully functional in well intervention Well…
  9. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 9
    Contracting Services Well Ops GOM Q4000 fully utilized during Q3 IRS no. 2 on hire for the remainder of 2013 Helix 534 now expected to commence operating in the Gulf of Mexico in late December with full backlog in 2014, and extending…
  10. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 10
    Contracting Services Robotics 98% chartered vessel utilization in Q3 o Five vessels under long-term charter with the addition of the REM Installer during the quarter 68% utilization for ROVs, trenchers, and ROVDrill Awarded 5-year…
  11. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 11
    Contracting Services Utilization 100% 98% 98% 98% 93% 84% 81% 80% 73% 68% 61% 60% Q3 2013 Q2 2013 40% Q3 2012 20% 0% Well Intervention Vessels ROV / Trencher Support Vessels ROVs and Trenchers Seawell Olympic Canyon…
  12. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 12
    Key Balance Sheet Metrics 13
  13. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 13
    Debt Maturity Profile Total funded debt of 596 million at end of Q3 2013: Maturity Profile at 9/30/2013 ( amounts in millions) 200 million Convertible Senior Notes 3.25% (A) 200 500 (172 million net of unamortized debt discount)…
  14. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 14
    Debt and Liquidity Profile ( amounts in millions) 2,027 2,000 1,200 1,803 1,500 900 1,361 1,358 Liquidity (B) 1,155 Debt (A) 1,090 1,019 967 1,000 600 609 582 569 500 300 88 0 0 12/31/2008 12/31/2009…
  15. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 15
    2013 Outlook 16
  16. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 16
    2013 Outlook ( in millions) 2013 2012 Outlook Actual Revenues (on-going operations) 800 654 (A) EBITDA 290 601 EBITDA - 2013 Exit Rate (B) 350 -- (B) CAPEX 400 492 Revenue Split: Well Intervention 449 379 Robotics 318 329…
  17. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 17
    2013 Outlook Contracting Services o Backlog as of September 30, 2013 was approximately 1.8 billion o Utilization expected to remain strong for the well intervention fleet Q4000 backlog through 2015; negotiations on-going to extend…
  18. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 18
    2013 Outlook Capex Capital Expenditures o Contracting Services (approximately 400 million in 2013) 176 million incurred in Q3, 298 million year to date 58 million milestone payment for Q5000 made in July 2013 69 million down payment…
  19. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 19
    Non-GAAP Reconciliations 20
  20. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 20
    Non-GAAP Reconciliations ( in millions) Three Months Ended Nine Months Ended 9/30/2013 9/30/2012 6/30/2013 9/30/2013 9/30/2012 Net income from continuing operations 45 11 28 75 32 Adjustments: Income tax provision (benefit) 7 1 9 16…
  21. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 21
    Non-GAAP Reconciliations ( in millions) Reconciliation of Adjusted EBITDAX from discontinued operations: Three Months Ended Nine Months Ended 9/30/2013 9/30/2012 6/30/2013 9/30/2013 9/30/2012 Net income (loss) from discontinued…
  22. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 22
    Non-GAAP Reconciliations ( in millions) Three Months Ended 9/30/2013 9/30/2012 6/30/2013 Revenues Contracting Services 209 221 225 Production Facilities 24 20 24 Intercompany elim. - Contracting Services (13) (13) (17) Intercompany…
  23. Q3 2013 CONFERENCE CALL – Helix Energy Solutions – slide 23
    Follow Helix ESG on Twitter: www.twitter.com/Helix_ESG Join the discussion on LinkedIn: www.linkedin.com/company/helix 24 24

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