Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidated Guarantor And Non-Guarantor Financial Information [Abstract]

Schedule of Condensed Balance Sheet

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(UNAUDITED)

(in thousands)

		As of June 30, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	446,636	$	3,082	$	63,809	$	-	$	513,527
Accounts receivable, net		65,060		42,017		56,409		-		163,486
Unbilled revenue		13,212		212		20,104		-		33,528
Income taxes receivable		8,164		-		4,662		(12,668)		158
Other current assets		41,951		4,142		17,285		43		63,421
Total current assets		575,023		49,453		162,269		(12,625)		774,120
Intercompany		45,778		189,357		(144,141)		(90,994)		-
Property and equipment, net		221,325		216,672		995,526		(7,156)		1,426,367
Other assets:
Equity investments in unconsolidated affiliates		-		-		162,839		-		162,839
Equity investments in affiliates		957,181		48,253		-		(1,005,434)		-
Goodwill		-		45,107		16,643		-		61,750
Other assets, net		49,490		130		25,537		(25,484)		49,673
Due from subsidiaries/parent		336,287		-		-		(336,287)		-
Total assets	$	2,185,084	$	548,972	$	1,218,673	$	(1,477,980)	$	2,474,749
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	43,321	$	22,205	$	26,310	$	-	$	91,836
Accrued liabilities		69,373		13,481		17,237		-		100,091
Income taxes payable		-		28,508		-		(28,508)		-
Current maturities of long-term debt		-		-		5,247		-		5,247
Total current liabilities		112,694		64,194		48,794		(28,508)		197,174
Long-term debt		445,828		-		97,513		-		543,341
Deferred tax liabilities		169,751		10,507		110,449		(2,111)		288,596
Other long-term liabilities		4,612		14,779		447		-		19,838
Due to parent		-		52,582		361,772		(414,354)		-
Total liabilities		732,885		142,062		618,975		(444,973)		1,048,949
Total equity		1,452,199		406,910		599,698		(1,033,007)		1,425,800
Total liabilities and shareholders' equity	$	2,185,084	$	548,972	$	1,218,673	$	(1,477,980)	$	2,474,749

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

		As of December 31, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	381,599	$	4,436	$	51,065	$	-	$	437,100
Accounts receivable, net		39,203		37,378		75,652		-		152,233
Unbilled revenue		13,959		875		19,006		-		33,840
Income taxes receivable		24,611		-		306		(10,716)		14,201
Other current assets		54,588		16,418		11,696		31		82,733
Current assets of discontinued operations		-		84,000		-		-		84,000
Total current assets		513,960		143,107		157,725		(10,685)		804,107
Intercompany		(154,756)		352,210		(125,889)		(71,565)		-
Property and equipment, net		208,190		351,746		930,556		(4,617)		1,485,875
Other assets:
Equity investments in unconsolidated affiliates		-		-		167,599		-		167,599
Equity investments in affiliates		1,762,359		53,461		-		(1,815,820)		-
Goodwill		-		45,107		17,828		-		62,935
Other assets, net		47,355		130		34,848		(32,496)		49,837
Due from subsidiaries/parent		294,461		485,096		-		(779,557)		-
Non-current assets of discontinued operations		-		816,227		-		-		816,227
Total assets	$	2,671,569	$	2,247,084	$	1,182,667	$	(2,714,740)	$	3,386,580
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	45,784	$	17,229	$	29,385	$	-	$	92,398
Accrued liabilities		117,902		26,019		17,593		-		161,514
Income taxes payable		-		26,618		-		(26,618)		-
Current maturities of long-term debt		11,487		-		5,120		-		16,607
Current liabilities of discontinued operations		-		182,527		-		-		182,527
Total current liabilities		175,173		252,393		52,098		(26,618)		453,046
Long-term debt		902,453		-		100,168		-		1,002,621
Deferred tax liabilities		168,688		86,925		109,171		(5,547)		359,237
Other long-term liabilities		1,453		3,086		486		-		5,025
Due to parent		-		-		323,049		(323,049)		-
Non-current liabilities of discontinued operations		-		147,237		-		-		147,237
Total liabilities		1,247,767		489,641		584,972		(355,214)		1,967,166
Total equity		1,423,802		1,757,443		597,695		(2,359,526)		1,419,414
Total liabilities and shareholders' equity	$	2,671,569	$	2,247,084	$	1,182,667	$	(2,714,740)	$	3,386,580

Schedule of Condensed Income Statement

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)

		Three Months Ended June 30, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	24,173	$	114,268	$	103,741	$	(10,004)	$	232,178
Cost of sales		14,633		80,603		79,580		(10,135)		164,681
Gross profit		9,540		33,665		24,161		131		67,497
Loss on sale of assets		-		(1,085)		-		-		(1,085)
Selling, general and administrative expenses		(13,797)		(2,741)		(2,677)		-		(19,215)
Income (loss) from operations		(4,257)		29,839		21,484		131		47,197
Equity in earnings of investments		36,225		1,188		683		(37,413)		683
Net interest expense and other		(9,455)		(1,017)		(802)		-		(11,274)
Income (loss) before income taxes		22,513		30,010		21,365		(37,282)		36,606
Income tax provision (benefit)		(4,169)		10,776		2,396		(426)		8,577
Income (loss) from continuing operations		26,682		19,234		18,969		(36,856)		28,029
Loss from discontinued operations, net of tax		(29)		-		-		-		(29)
Net income (loss), including noncontrolling interest		26,653		19,234		18,969		(36,856)		28,000
Less net income applicable to noncontrolling interests		-		-		-		(789)		(789)
Net income (loss) applicable to Helix	$	26,653	$	19,234	$	18,969	$	(37,645)	$	27,211
Total comprehensive income (loss) applicable to Helix	$	26,653	$	15,641	$	18,751	$	(37,645)	$	23,400

		Three Months Ended June 30, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	19,963	$	104,947	$	95,632	$	(23,081)	$	197,461
Cost of sales		26,084		93,291		72,509		(22,861)		169,023
Gross profit (loss)		(6,121)		11,656		23,123		(220)		28,438
Selling, general and administrative expenses		(11,658)		(5,917)		(4,257)		263		(21,569)
Income (loss) from operations		(17,779)		5,739		18,866		43		6,869
Equity in earnings of investments		64,446		3,670		5,748		(68,116)		5,748
Net interest expense and other		(9,607)		(101)		(3,648)		-		(13,356)
Income (loss) before income taxes		37,060		9,308		20,966		(68,073)		(739)
Income tax provision (benefit)		(7,554)		1,713		1,872		16		(3,953)
Income (loss) from continuing operations		44,614		7,595		19,094		(68,089)		3,214
Income from discontinued operations, net of tax		-		42,216		-		-		42,216
Net income (loss), including noncontrolling interest		44,614		49,811		19,094		(68,089)		45,430
Less net income applicable to noncontrolling interests		-		-		-		(789)		(789)
Net income (loss) applicable to Helix	$	44,614	$	49,811	$	19,094	$	(68,878)	$	44,641
Total comprehensive income (loss) applicable to Helix	$	44,535	$	62,570	$	16,254	$	(68,876)	$	54,483

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)

		Six Months Ended June 30, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	44,567	$	216,331	$	194,867	$	(26,158)	$	429,607
Cost of sales		31,222		154,973		149,680		(26,332)		309,543
Gross profit		13,345		61,358		45,187		174		120,064
Loss on sale of assets		-		(1,085)		-		-		(1,085)
Loss on commodity derivative contracts		(2,337)		(11,776)		-		-		(14,113)
Selling, general and administrative expenses		(29,587)		(6,650)		(6,194)		-		(42,431)
Income (loss) from operations		(18,579)		41,847		38,993		174		62,435
Equity in earnings of investments		69,371		(5,207)		1,293		(64,164)		1,293
Net interest expense and other		(18,235)		(2,166)		(4,944)		-		(25,345)
Income (loss) before income taxes		32,557		34,474		35,342		(63,990)		38,383
Income tax provision (benefit)		(10,437)		14,581		5,287		(411)		9,020
Income (loss) from continuing operations		42,994		19,893		30,055		(63,579)		29,363
Income (loss) from discontinued operations, net of tax		(14,753)		15,782		-		-		1,029
Net income (loss), including noncontrolling interest		28,241		35,675		30,055		(63,579)		30,392
Less net income applicable to noncontrolling interests		-		-		-		(1,566)		(1,566)
Net income (loss) applicable to Helix	$	28,241	$	35,675	$	30,055	$	(65,145)	$	28,826
Total comprehensive income (loss) applicable to Helix	$	28,241	$	24,844	$	18,756	$	(65,145)	$	6,696

		Six Months Ended June 30, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Net revenues	$	39,985	$	212,550	$	221,532	$	(46,764)	$	427,303
Cost of sales		42,705		169,026		160,954		(46,303)		326,382
Gross profit (loss)		(2,720)		43,524		60,578		(461)		100,921
Selling, general and administrative expenses		(22,930)		(12,513)		(9,091)		550		(43,984)
Income (loss) from operations		(25,650)		31,011		51,487		89		56,937
Equity in earnings of investments		157,696		6,295		6,155		(163,991)		6,155
Net interest expense and other		(40,164)		(34)		(4,692)		-		(44,890)
Income (loss) before income taxes		91,882		37,272		52,950		(163,902)		18,202
Income tax provision (benefit)		(18,428)		10,595		5,127		31		(2,675)
Income (loss) from continuing operations		110,310		26,677		47,823		(163,933)		20,877
Income from discontinued operations, net of tax		-		91,069		-		-		91,069
Net income (loss), including noncontrolling interest		110,310		117,746		47,823		(163,933)		111,946
Less net income applicable to noncontrolling interests		-		-		-		(1,578)		(1,578)
Net income (loss) applicable to Helix	$	110,310	$	117,746	$	47,823	$	(165,511)	$	110,368
Total comprehensive income (loss) applicable to Helix	$	109,985	$	116,950	$	49,138	$	(165,513)	$	110,560

Schedule of Condensed Cash Flow Statement

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

		Six Months Ended June 30, 2013
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Cash flows from operating activities:
Net income (loss), including noncontrolling interests	$	28,241	$	35,675	$	30,055	$	(63,579)	$	30,392
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates		(69,371)		5,207		-		64,164		-
Other adjustments		(35,513)		1,729		26,863		(21,461)		(28,382)
Cash provided by (used in) operating activities		(76,643)		42,611		56,918		(20,876)		2,010
Cash used in discontinued operations		-		(30,503)		-		-		(30,503)
Net cash provided by (used in) operating activities		(76,643)		12,108		56,918		(20,876)		(28,493)
Cash flows from investing activities:
Capital expenditures		(3,545)		(19,000)		(79,838)		-		(102,383)
Distributions from equity investments, net		-		-		4,567		-		4,567
Proceeds from sale of assets		-		108,250		-		-		108,250
Cash provided by (used in) investing activities		(3,545)		89,250		(75,271)		-		10,434
Cash provided by discontinued operations		-		582,965		-		-		582,965
Net cash provided by (used in) investing activities		(3,545)		672,215		(75,271)		-		593,399
Cash flows from financing activities:
Borrowings of debt		47,617		-		-		-		47,617
Repayments of debt		(518,285)		-		(2,529)		-		(520,814)
Deferred financing costs		(10,932)		-		-		-		(10,932)
Distributions to noncontrolling interests		-		-		(2,033)		-		(2,033)
Repurchases of common stock		(5,562)		-		-		-		(5,562)
Excess tax from stock-based compensation		383		-		-		-		383
Exercise of stock options, net and other		(186)		-		-		-		(186)
Intercompany financing		632,190		(685,677)		32,611		20,876		-
Net cash provided by (used in) financing activities		145,225		(685,677)		28,049		20,876		(491,527)
Effect of exchange rate changes on cash and cash equivalents		-		-		3,048		-		3,048
Net increase (decrease) in cash and cash equivalents		65,037		(1,354)		12,744		-		76,427
Cash and cash equivalents:
Balance, beginning of year		381,599		4,436		51,065		-		437,100
Balance, end of period		446,636		3,082		63,809		-		513,527

HELIX ENERGY SOLUTIONS GROUP, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

		Six Months Ended June 30, 2012
						Non-		Consolidating
		Helix		Guarantors		Guarantors		Entries		Consolidated
Cash flows from operating activities:
Net income (loss), including noncontrolling interests	$	110,310	$	117,746	$	47,823	$	(163,933)	$	111,946
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities:
Equity in earnings of affiliates		(157,696)		(6,295)		-		163,991		-
Other adjustments		(23,616)		44,420		(11,702)		(2,231)		6,871
Cash provided by (used in) operating activities		(71,002)		155,871		36,121		(2,173)		118,817
Cash provided by discontinued operations		-		102,203		-		-		102,203
Net cash provided by (used in) operating activities		(71,002)		258,074		36,121		(2,173)		221,020
Cash flows from investing activities:
Capital expenditures		(1,635)		(97,551)		(16,593)		-		(115,779)
Distributions from equity investments, net		-		-		2,045		-		2,045
Decreases in restricted cash		-		-		-		-		-
Cash used in investing activities		(1,635)		(97,551)		(14,548)		-		(113,734)
Cash used in discontinued operations		-		(31,668)		-		-		(31,668)
Net cash used in investing activities		(1,635)		(129,219)		(14,548)		-		(145,402)
Cash flows from financing activities:
Borrowings of debt		400,000		-		-		-		400,000
Repayments of debt		(356,195)		-		(2,409)		-		(358,604)
Deferred financing costs		(6,485)		-		-		-		(6,485)
Repurchases of common stock		(7,510)		-		-		-		(7,510)
Excess tax from stock-based compensation		(657)		-		-		-		(657)
Exercise of stock options, net and other		372		-		-		-		372
Intercompany financing		131,741		(128,514)		(5,400)		2,173		-
Net cash provided by (used in) financing activities		161,266		(128,514)		(7,809)		2,173		27,116
Effect of exchange rate changes on cash and cash equivalents		-		-		304		-		304
Net increase in cash and cash equivalents		88,629		341		14,068		-		103,038
Cash and cash equivalents:
Balance, beginning of year		495,484		2,434		48,547		-		546,465
Balance, end of period		584,113		2,775		62,615		-		649,503