October 25, 2011 Third Quarter 2011 Conference Call
Presentation Outline Executive Summary Summaryy of Q3 2011 Results (pg (pg. 4)) Operational Highlights by Segment Contracting Services (pg. 9) Oil & Gas (pg. 16) Key Balance Sheet Metrics (pg. 19) 2011 Outlook (pg. (pg 21)…
Executive Summary 4
Executive Summary ( iin millions, illi exceptt per share h data) d t ) Quarter Ended Nine Months Ended 9/30/2011 9/30/2010 6/30/2011 9/30/2011 9/30/2010 Revenues 372 393 338 1,002 894 Gross Profit: 126 88 131 335 192 Operating…
Executive Summary Q3 2011 EPS of 0.43 per diluted share driven by continuing strong results from the oil and gas business and robust activity levels for the well intervention and robotics businesses Contracting Services o 99%…
Executive Summary Oil and Gas (continued) o Oil and gas production totaled 11.7 Bcfe in Q3 2011 versus 12.7 Bcfe in Q2 2011 (year-to-date production of 38.7 Bcfe) Avg realized price for oil of 100 100.93 93 / bbl (101.43 (101 43 /…
Operational Highlights 8
Contracting Services ( in millions, except percentages) 99% utilization in Well Ops Quarter Ended 63% utilization in Subsea Construction due September 30 June 30 to improved activity levels for Express and 2011 2010 2011 Intrepid…
Equity in Earnings of Equity Investments ( in millions) Quarter Ended September 30 June 30 2011 2010 2011 Independence Hub 4 4 4 Deepwater Gateway (Marco Polo) 1 1 1 Clough Helix JV - 1 1 Equity in Earnings 5 6 6 10
Contracting Services Well Ops GOM Q4000 worked for Shell and Anadarko on multiple projects throughout the third quarter 100% utilization achieved in the third quarter Current backlog extends to Q4 2012 and is building into 2013…
Contracting Services Robotics Strong chartered vessel utilization in all three regions during the third quarter Secured a three year ROV contract with Technip utilizing two newly acquired ROVs ROVDrill upgrades completed; initial…
Contracting Services Subsea Construction Express and Intrepid posted a combined 95% utilization in the third quarter (excluding the Caesar) Express completed projects for Noble, Chevron and Newfield Intrepid completed projects…
Helix Fast Response System (HFRS) Utilizes vessels and subsea systems proven in Gulf of Mexico spill response and containment efforts Capability to capture and process up to 55,000 bpd in water depths to 10,000 feet at 15,000…
Oil & Gas Financial Highlights ( in millions, except production and price data) Quarter Ended September 30 June 30 2011 2010 2011 Revenue 159 96 172 Gross Profit - Operating 60 3 82 Oil & Gas Impairments and ARO Increases (2) (2)…
Oil & Gas Operating Costs ( in millions millions, except e cept per Mcfe data) Quarter Ended September 30 June 30 2011 2010 2011 Total per Mcfe Total per Mcfe Total per Mcfe DD&A (A) 50 4.25 54 5.24 52 4.13 Operating and…
Summary of Oct 2011 Dec 2013 Hedging Positions * Total Volume Pricing Swap Average Collar Price Oil (Bbls) Collars Swaps Hedged Basis Pricing Floor Ceiling 2011 106,000 490,000 596,000 WTI 82.62 95.00 124.59 2011 150,000 -…
2011 Outlook 2011 Forecast 2011 Forecast Broad Metrics 2010 Actual (revised) (original) Oil and Gas 50 Bcfe 49 Bcfe 47 Bcfe Production EBITDAX 625+ million 475 million 430 million CAPEX 275 million 225 million 179 million…
2011 Outlook Contracting Services o Strong backlog for the Q4000, Well Enhancer and Seawell in 2011 and building well into 2012 o Well Enhancer to work in West Africa this winter o Intrepid deployed to California performing field…
2011 Outlook Capital Expenditures o Contracting Services (110 million) Continued incremental investment in robotics business, with a focus on adding trenching spread capacity Seeking to deploy capital in well intervention business…
Non-GAAP Reconciliations 25
Non-GAAP Reconciliations Adjusted EBITDAX ( in millions) Quarter Ended Nine Months Ended S t September b 30 J June 30 S t September b 30 2011 2010 2011 2011 2010 Net income (loss) applicable to common shareholders 46 26 41…
Non-GAAP Reconciliations Revenue and Gross Profit As Reported ( in millions) Quarter Ended September 30 June 30 2011 2010 2011 Revenues Contracting Services 230 239 171 Production Facilities 20 74 21 Intercompany elim. - Contracting…
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