Company: HLX
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011655
Chunk: 35

Company: HELIX ENERGY SOLUTIONS GROUP INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 35
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 for oil and natural gas. Demand for decommissioning, which includes a variety of services such as well plug and abandonment (“P&A”) and removal of associated infrastructure, is affected by commodity prices as well as governmental regulations and political forces globally. We support the energy transition to renewable energy primarily in our Robotics segment through our services in offshore wind farm developments. In the current market environment, we continue to see oil and gas companies invest in long-cycle offshore exploration projects in addition to maintaining and/or increasing production from their existing reserves. Further, we expect the demand for P&A services should grow over the mid- to long-term for a variety of reasons. We believe that our well intervention vessels have a competitive advantage in performing these services efficiently, and with our suite of shallow water assets and capabilities we are the only provider capable of providing all facets of decommissioning services in the U.S. Gulf Coast shelf. Lastly, we expect growth in our renewables services as the global energy market continues offshore renewable energy developments. For a more comprehensive discussion of our economic outlook and industry influences, see Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, beginning on page 34of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025 (our “2024 Annual Report”). 2024 Performance Helix’s 2024 executive compensation, to which this CD&A relates, reflected our continued strong operating performance and steady growth. During 2024, our operating results improved significantly as we continued to execute on our energy transition strategy with significant improvements in utilization and rates in our Well Intervention and Robotics segments. During 2024 we also executed significant new contracts on the strength of the market and the demand for our services. These contracts added significant backlog — as of December 31, 2024 our consolidated backlog totaled $1.4 billion — and will provide strong utilization for our vessels and equipment over multiple years. We completed the redemption of our formerly outstanding convertible notes, made the payment of the earnout consideration to the seller in the Alliance transaction, and extended the maturity of our principal credit facility to 2029. We continued executing repurchases under our share repurchase program; the program is intended to increase shareholder value while maintaining adequate cash and liquidity to fund our operations and investment opportunities. Overall, our strong operating results and financial discipline are evidenced by the fact that Helix ended the year with approximately $53 million of negative Net Debt. 1 2024