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Q2 2013 CONFERENCE CALL – Helix Energy Solutions

Helix Energy Solutions · Jul 23, 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. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 1
    Second Quarter 2013 Conference Call July 23, 2013
  2. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 2
    Presentation Outline Executive Summary Summary of Q2 2013 Results (pg. 4) Operational Highlights by Segment Contracting Services (pg. 9) Key Balance Sheet Metrics (pg. 14) 2013 Outlook (pg. 17) Non-GAAP Reconciliations (pg. 21)…
  3. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 3
    Executive Summary 4
  4. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 4
    Executive Summary ( in millions, except per share data) Quarter Ended Six Months Ended 6/30/2013 6/30/2012 3/31/2013 6/30/2013 6/30/2012 Revenues 232 197 197 430 427 Gross profit: Operating 67 50 54 120 123 29% 25% 27% 28% 29%…
  5. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 5
    Executive Summary Q2 2013 earnings per share of 0.26 per diluted share compared with 0.02 per diluted share in Q1 2013 Contracting Services and Production Facilities o Skandi Constuctor (chartered vessel) entered Well Intervention…
  6. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 6
    Executive Summary Balance sheet o Cash and cash equivalents decreased to 514 million at 06/30/2013 from 626 million at 03/31/2013 Repaid term loan and revolver borrowings during Q2 (150 million) 108 million in pre-tax proceeds from…
  7. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 7
    Operational Highlights 8
  8. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 8
    Contracting Services ( in millions, except percentages) Quarter Ended 93% utilization for the Well 6/30/2013 6/30/2012 3/31/2013 Intervention fleet Revenues (A) Skandi Constructor (chartered Well Intervention vessel) entered fleet in…
  9. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 9
    Contracting Services Well Ops GOM Q4000 86% utilized during Q2; downtime for inspections and maintenance IRS no. 2 on hire starting June 1, 2013 for the remainder of 2013 Helix 534 now expected to commence operating in the Gulf of…
  10. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 10
    Contracting Services Robotics 98% chartered vessel utilization in Q2 o Four vessels under long-term charter, plus five vessels of opportunity 61% utilization for ROVs, trenchers, and ROVDrills Deep Cygnus performing ROVDrill project…
  11. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 11
    Contracting Services Subsea Construction Express had 100% utilization in Q2 working in the GOM Sale of the Caesar was completed on June 17th Sale of the Express was completed on July 17th Entered into an agreement to sell…
  12. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 12
    Contracting Services Utilization 100% 100% 98% 95% 93% 92% 90% 80% 73% 67% 69% 65% 61% 60% 55% 2Q 2013 1Q 2013 40% 2Q 2012 20% 0% Well Intervention Vessels ROV / Trencher Support ROVs and Trenchers Subsea Construction…
  13. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 13
    Key Balance Sheet Metrics 14
  14. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 14
    Debt Maturity Profile Total funded debt of 603 million at end of Q2 2013 Maturity Profile at 7/22/2013 ( amounts in millions) (Pro forma retirement of senior notes): 200 500 200 million Convertible Senior Notes 3.25% (A) (171 million…
  15. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 15
    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 1,000 600 609 582 574 549 500 300 35 0 0 0 12/31/2008…
  16. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 16
    2013 Outlook 17
  17. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 17
    2013 Outlook ( in millions) 2013 2012 Outlook Actual Revenues (on-going operations) 833 654 (A) EBITDA 300 601 (B) EBITDA - 2013 Exit Rate 350 -- CAPEX (B) 365 492 Revenue Split: Well Intervention 440 379 Robotics 356 329…
  18. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 18
    2013 Outlook Contracting Services o Backlog as of June 30, 2013 was approximately 1.8 billion o Utilization expected to remain strong for the well intervention fleet Q4000 backlog thru 2015; on-going negotiations to extend contracted…
  19. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 19
    2013 Outlook Capex Capital Expenditures o Contracting Services (approximately 365 million in 2013) 59 million incurred in Q2, 121 million year to date Q5000 new build (approximately 135 million in 2013) On schedule for delivery in…
  20. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 20
    Non-GAAP Reconciliations 21
  21. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 21
    Non-GAAP Reconciliations ( in millions) Quarter Ended Six Months Ended 6/30/2013 6/30/2012 3/31/2013 6/30/2013 6/30/2012 Net income (loss) from continuing operations 28 3 1 29 21 Adjustments: Income tax provision (benefit) 9 (4) 1 9…
  22. Q2 2013 CONFERENCE CALL – Helix Energy Solutions – slide 22
    Non-GAAP Reconciliations ( in millions) Quarter Ended 6/30/2013 6/30/2012 3/31/2013 Revenues Contracting Services 225 210 198 Production Facilities 24 20 20 Intercompany elim. - Contracting Services (17) (21) (16) Intercompany elim. -…
  23. Q2 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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