February 24, 2011 Fourth Quarter 2010 Conference Call 1
Presentation Outline Executive Summary Summary of Q4 2010 Results (pg. 4) Operational Highlights by Segment Contracting Services (pg. 9) Oil & Gas (pg. ( 16) Key Balance Sheet Metrics (pg. 19) 2011 Outlook ((pg. g 21))…
Executive Summary 4
Executive Summary ( in millions, except per share data) Quarter Ended Year Ended 12/31/2010 12/31/2009 9/30/2010 12/31/2010 12/31/2009 Revenues 306 180 393 1,200 1,462 (A) Gross Profit (Loss): 32 21 88 223 388 (B) Operating p g 10%…
Executive Summary Q4 2010 as reported EPS of (0.48) (0 48) per share o Non-cash impairment charge of 16.7 million to write-off the carrying value of goodwill and a 7.1 million deferred tax asset valuation allowance attributable to…
Executive Summary Oil and Gas o Fourth quarter average production rate of approximately 149 Mmcfe/d (51% oil) o Phoenix production commenced on 10/19/2010 after HP I returned from BP spill containment operations o Q1 production…
Operational p Highlights 8
Contracting Services ( in millions, except percentages) Gross margins adversely impacted Quarter Ended by losses on lump sum Lufeng field December 31 Sept 30 abandonment p project j offshore China 2010 2009 2010 Revenues (A) (21.4…
Equity in Earnings of Equity Investments ( in millions) Quarter Ended Year Ended December 31 Sept 30 2010 2009 2010 12/31/2010 12/31/2009 Independence Hub 4 5 4 18 22 Deepwater Gateway (Marco Polo) 1 1 1 5 4 CloughHelix JV 1 - 1 (4)…
Contracting Services Well Ops GOM Q4000 worked for Noble, Newfield and Mariner in the fourth quarter Strong outlook for 2011 North Sea Seawell and Well Enhancer enjoyed 85% utilization in the fourth quarter; a delay in completing…
Contracting Services Robotics Enjoyed good utilization for five chartered ROV support vessels Island Pioneer and Deep Cygnus C with Canyon C trenchers T750 and iTrencher active in GOM/North Sea with prospects for West Africa…
Contracting Services Subsea Construction Caesar completed EOG Toucan pipelay operation in Trinidad; then entered shipyard for planned maintenance and upgrades Intrepid performed pipelay operations in Trinidad and the GOM…
Helix Fast Response System (HFRS) Utilizes vessels and subsea systems proven in Macondo spill response Interim system is ready for deployment Enhanced system will capture and process up to 55,000 bpd in water depths to 8,000…
Oil & Gas Financial Highlights ( in millions, except production and price data) Quarter Ended December 31 Sept 30 2010 2009 2010 Revenue 137 71 96 Gross Profit - Operating 24 1 2 (A) Fourth quarter 2010 and 2009 Oil & Gas…
Oil & Gas Operating Costs ( in millions millions, except e cept per Mcfe data) Quarter Ended December 31 Sept 30 2010 2009 2010 Total per Mcfe Total per Mcfe Total per Mcfe DD&A (A) 69 5.07 41 4.24 54 5.24 Operating and…
Oil & Gas Reserve Report Highlights At December 31, 31 2010 Proved Developed Proved Undeveloped Total Total Reserves 146 230 376 (Bcfe) Shelf 87 79 166 Deepwater 59 151 210 Oil 12 13 25 ((mmbbls)) Gas 76 151 227 (Bcf)…
2011 Outlook Broad Metrics 2011 Forecast 2010 Actual Oil and Gas 49 Bcfe 47 Bcfe Production EBITDAX 475 million 430 million CAPEX 225 million 179 million Commodity 2011 Forecast 2010 Actual P i Deck Price D k Oil 87.11…
2011 Outlook Contracting Services o Strong backlog for the Q4000, Well Enhancer and Seawell in 2011 o Reduced visibility for Robotics utilization in first half of 2011 o Current regulatory environment in the GOM limits short-term…
2011 Outlook Capital Expenditures o Contracting Services (65 million) No major vessel projects or dry docks planned for 2011 Completion of HFRS upgrades in Q1 Incremental investment in Robotics business Additi Additional l…
Summary of Hedging Positions * Total Volume Swap Oil ((Bbls)) Swaps p Hedged g Pricing g 2011 2,405,000 2,405,000 81.35 Natural Gas (mcf) 2011 11,095,000 11 095 000 11,095,000 11 095 000 5.00 5 00 2012 3,000,000…
Non-GAAP Reconciliations 26
Non-GAAP Reconciliations Adjusted EBITDAX ( in millions) Quarter Ended Year Ended December 31 Sept 30 December 31 2010 2009 2010 2010 2009 Net income (loss) applicable to common shareholders (50) (56) 26 (127) 102 Non-cash…
Non-GAAP Reconciliations Revenue and Gross Profit As Reported ( in millions) Quarter Ended December 31 Sept 30 2010 2009 2010 Revenues Contracting Services 185 151 239 Production Facilities 20 1 74 Intercompany elim. - Contracting…
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