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View Annual Report The year 2006 was another year of record earnings and many important events in the evolution of our unique business model. On the earnings front, we generated approximately $2.85 per diluted We cannot deny that the year involved some disappointment and share (normalized for the partial IPO of Cal Dive), which represents an frustration in that we incurred around $40 million of dry hole costs, linked annual growth rate of 53% over 2005. We are very proud of the fact that to a mechanical failure at the Tulane prospect, and two unsuccessful we grew earnings by a factor of 16.5 in the five year period 2002 - 2006, deep-shelf probes which were initiated by Remington before the but disappointed that our stock price has not increased at a similar rate. acquisition. Also, our production level was negatively impacted, partly as a result of some integration issues, but more by the unavailability of In terms of events, we announced the conversion of the Caesar and the several key third-party-operated pipelines. These production issues are acquisition of Remington Oil and Gas in late January; changed the now largely behind us and we look forward to a measured ramp up in our company name in March and our stock exchange in July; acquired Fraser production volume during the course of 2007. Diving and Seatrac in July and October, respectively; acquired the Phoenix field (f.k.a., Typhoon) in August; began conversion of the Helix Back to the positive news: We were very pleased to make two very Producer I in September and the construction of the Well Enhancer in important property acquisitions during the year. The purchase of the October; and finally completed our first North Sea mature reservoir deal Phoenix field will play a big part in a significant growth of our production and a partial IPO of Cal Dive in December. beginning mid-2008, as well as allowing us to showcase our special approach to the exploitation of this marginal field as depicted on the cover This was a fast trail of events, but all necessary steps along the road to of this annual report. In addition, the acquisition of the Camelot field in the continued long-term, sustainable growth. North Sea was a good initial production deal for us in this promising mature province. Additionally, 2006 was a significant period of further investment in our contracting services assets and in the expansion of our geographic With regard to Cal Dive, we were able to complete the partial IPO just coverage. The Caesar will take our pipelay capability to the next level, before the Christmas holiday and sold 27% of the company. We will now allowing us to cost effectively lay longer lengths of mid-diameter pipelines. help Cal Dive continue its growth plan, especially internationally, and any The Helix Producer I should be the first of a small fleet of mobile, future sales of equity will be carried out in an orderly manner, depending re-deployable floating production units, perfect for the exploitation of short- on market conditions. lived marginal fields. The Well Enhancer will reinforce our position as the clear market leader in rigless well interventions. Lastly, the addition of four Looking ahead to 2007, and the two years afterward, we have projected work-class ROVs and a combination robotic plow/trencher will reinforce further earnings growth of at least 25% per year, while keeping our the critical mass of Canyon, our robotics company. debt within manageable levels. This is based on the introduction of the previously described contracting assets and a measured approach We expect all of these assets to be in service by the end of 2008. We also to production build up, assuming a similar commodity price environment. are excited to be in the final stages of the design of the next generation In other words, we need no new initiatives in order to achieve our Q4000 vessel. That new-build project may be sanctioned in 2007. stated goals for growth. Internationally, the acquisition of Seatrac was an important strategic step Execution will therefore be our primary focus for 2007. in the establishment of our presence in the emerging well operations market offshore West Australia. The acquisition of Fraser Diving could be Respectfully submitted, the first of several moves made by Cal Dive to further its presence in the worldwide diving market. Turning to our oil and gas business, the acquisition of Remington was Owen E. Kratz certainly the highlight of the year. As well as doubling our reserve base Executive Chairman and production level, the transaction also brought perhaps hidden value in the form of over 150 high quality drilling prospects and a top team of explorationists to generate many more. The recently announced discovery at the deepwater Noonan prospect, and exploration success on several Martin R. Ferron conventional shelf plays, highlights this value. Twenty-two of the present Chief Executive Officer prospects are in deepwater and sixteen can be drilled with the Q4000, after she is converted to that mode in the third quarter of this year. Overall, we estimate that the exploitation of the prospect portfolio will generate more than $1.0 billion of contracting services work as well as considerable A. Wade Pursell production value. Chief Financial Officer Helix Energy Solutions is an international offshore energy company that provides development solutions and other key life-of-field services to the open energy market as well as to our own oil and gas business unit. This business unit is a prospect-generation, exploration, development and Contracting Services production entity. Employing our own key services and methodologies, we seek to lower finding and development (F&D) costs, relative to We seek to provide services and methodologies which we believe are industry norms. critical to the finding and development of offshore reservoirs and maximize the economics from marginal fields. These “life-of-field” services are At Helix we employ over 2,300 of the best and brightest personnel in organized in the following five disciplines: Reservoir and Well Tech the industry (approximately 1,300 employed by Cal Dive), and conduct Services, Drilling, Production Facilities, Construction, and Well Operations. operations primarily in the Gulf of Mexico, the North Sea and in Southeast Asia. Within our two-stranded strategy of combining “Contracting Services” Construction. We have provided construction services since 1975. In and “Oil and Gas Exploration and Production” we provide the following: the deepwater, we focus on pipelay and robotics. We have two deepwater pipelay vessels, the Intrepid and the Express, and are currently converting a third, the Caesar. We also periodically provide construction services from our well intervention vessels, the Seawell and the Q4000. In shallow water (less than 1,000 fsw) Cal Dive, which is 73% Helix-owned, provides traditional subsea services, including air and saturation diving, salvage work and shallow water pipelay from a diversified fleet of 23 surface and saturation diving support vessels and three pipelay vessels. Well Ops. Helix is the global leader in rig alternative subsea well intervention. We utilize the Seawell in the North Sea and the Q4000 in the Gulf of Mexico. We have also committed to the construction of a second vessel for the North Sea, the Well Enhancer. Production Facilities. We participate in the ownership of production facilities in hub locations where there is potential for significant tieback activity (50% interest in Marco Polo TLP and 20% interest in Independence Hub). In addition, we are constructing a minimal floating production unit to be initially utilized on our Phoenix field. Reservoir and Well Tech Services. In late 2005, we acquired Helix RDS. With its technical staff of more than 160, we are able to provide this critical resource to the open market as well as our own oil and gas projects. Drilling. This is a service we have not previously provided, but have contemplated providing such service since the construction of the Q4000 five years ago. We plan to add slimbore drilling capability to the Q4000 during 2007. Oil and Gas In 1992 we formed our oil and gas subsidiary, to exploit a market opportunity to provide a more efficient solution to offshore abandonment, to expand our off-season asset utilization and to achieve better returns than are likely through pure service contracting. Over the last 15 years we have evolved the model to include not only mature oil and gas properties but also proven reserves yet to be developed, and most recently exploration based reserve additions via the acquisition of Remington Oil and Gas Corporation. As of December 31, 2006 we had 536 Bcfe of proven reserves with 91% of that located in the Gulf of Mexico. The Helix business model generates long-term sustainable growth. REVENUE IN MILLIONS EBITDAX IN MILLIONS* NET INCOME IN MILLIONS*DILUTED EARNINGS PER SHARE* $2.85 $253.0 $1,366.9 $674.0 $1.86 $799.5 $150.1 $360.5 $543.4 $244.5 $1.03 $79.9 $396.3 $302.7 $126.9 $0.44 $32.8 $65.8 $0.17 $12.4 ‘02 ‘03 ‘04 ‘05 ‘06 ‘02 ‘03 ‘04 ‘05 ‘06‘02 ‘03 ‘04 ‘05 ‘06 ‘02 ‘03 ‘04 ‘05 ‘06 REFLECTS STOCK SPLIT IN DECEMBER 2005 *2006 results exclude the impact of the gain on sale in the Cal Dive IPO and estimated incremental overhead costs during the year. Reconciliation from Net Income to EBITDAX (in thousands) 2002 2003 2004 2005 2006* Net income applicable to common shareholders $ 12,377 $ 32,771 $ 79,916 $ 150,114 $ 252,805 Accretion and dividends on preferred stock --- 1,437 2,743 2,454 3,358 Cumulative effect of accounting change --- (530) --- --- --- Income tax provision 6,664 18,993 43,034 75,019 133,253 Net interest expense and other 1,968 3,403 5,265 7,559 34,524 Non-cash stock compensation expense --- --- --- 1,381 8,523 Depreciation and amortization 44,755 70,793 108,305 110,683 193,205 Non-cash impairment --- --- --- 790 --- Dry hole expense --- --- --- --- 38,335 Exploration expense --- --- --- 6,465 4,780 Share of Equity Investments: Depreciation --- --- 3,009 4,427 4,960 Interest expense, net --- --- 2,179 1,608 289 EBITDAX $ 65,764 $ 126,867 $ 244,451 $ 360,500 $ 674,032 Please refer to the “Forward Looking Statements” discussion on page 3 of the attached Form 10-K.
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