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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________ to__________
Commission File Number: 001-32936
hlx-20200630_g1.jpg
HELIX ENERGY SOLUTIONS GROUP, INC.
(Exact name of registrant as specified in its charter)
Minnesota
95-3409686
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3505 West Sam Houston Parkway North
Suite 400 
Houston Texas77043
(Address of principal executive offices) 
 (Zip Code)
 
(281) 618–0400
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockHLXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No
As of July 17, 2020, 150,059,233 shares of common stock were outstanding.




TABLE OF CONTENTS
PART I. FINANCIAL INFORMATIONPAGE
Item 1. Financial Statements: 
  
  
  
  
  
Item 2. 
Item 3. 
Item 4. 
PART II. OTHER INFORMATION 
Item 1. 
Item 1A.
Item 2. 
Item 6. 
  
2


PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2020
December 31,
2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$178,367  $208,431  
Restricted cash42,127  54,130  
Accounts receivable, net of allowance for credit losses of $3,209 and $0, respectively
165,941  125,457  
Other current assets91,818  50,450  
Total current assets478,253  438,468  
Property and equipment2,879,522  2,922,274  
Less accumulated depreciation(1,100,105) (1,049,637) 
Property and equipment, net1,779,417  1,872,637  
Operating lease right-of-use assets174,803  201,118  
Other assets, net52,196  84,508  
Total assets$2,484,669  $2,596,731  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$71,402  $69,055  
Accrued liabilities80,268  62,389  
Current maturities of long-term debt82,028  99,731  
Current operating lease liabilities53,023  53,785  
Total current liabilities286,721  284,960  
Long-term debt304,834  306,122  
Operating lease liabilities124,983  151,827  
Deferred tax liabilities103,773  112,132  
Other non-current liabilities6,286  38,644  
Total liabilities826,597  893,685  
Redeemable noncontrolling interests3,372  3,455  
Shareholders equity:
Common stock, no par, 240,000 shares authorized, 150,040 and 148,888 shares issued, respectively
1,318,531  1,318,961  
Retained earnings436,107  445,370  
Accumulated other comprehensive loss(99,938) (64,740) 
Total shareholders equity
1,654,700  1,699,591  
Total liabilities, redeemable noncontrolling interests and shareholders equity
$2,484,669  $2,596,731  
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts) 
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net revenues$199,147  $201,728  $380,168  $368,551  
Cost of sales169,571  161,794  348,582  312,363  
Gross profit29,576  39,934  31,586  56,188  
Gain on disposition of assets, net473    473    
Goodwill impairment    (6,689)   
Selling, general and administrative expenses(15,855) (16,862) (32,203) (32,847) 
Income (loss) from operations14,194  23,072  (6,833) 23,341  
Equity in losses of investment(2) (29) (22) (69) 
Net interest expense(7,063) (2,205) (12,809) (4,303) 
Loss on extinguishment of long-term debt  (18)   (18) 
Other expense, net(2,069) (1,311) (12,496) (145) 
Royalty income and other119  190  2,318  2,535  
Income (loss) before income taxes5,179  19,699  (29,842) 21,341  
Income tax provision (benefit)(271) 2,876  (21,364) 3,200  
Net income (loss)5,450  16,823  (8,478) 18,141  
Net loss attributable to redeemable noncontrolling interests  (31) (1,990) (31) 
Net income (loss) attributable to common shareholders$5,450  $16,854  $(6,488) $18,172  
Earnings (loss) per share of common stock:
Basic$0.04  $0.11  $(0.06) $0.12  
Diluted$0.04  $0.11  $(0.06) $0.12  
Weighted average common shares outstanding:
Basic148,971  147,521  148,917  147,471  
Diluted149,691  148,101  148,917  147,931  
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income (loss)$5,450  $16,823  $(8,478) $18,141  
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on hedges arising during the period1  (278) (95) (427) 
Reclassifications into earnings25  1,975  452  3,821  
Income taxes on hedges(6) (340) (72) (682) 
Net change in hedges, net of tax20  1,357  285  2,712  
Foreign currency translation loss(1,896) (3,065) (35,483) (263) 
Other comprehensive income (loss), net of tax(1,876) (1,708) (35,198) 2,449  
Comprehensive income (loss)3,574  15,115  (43,676) 20,590  
Less comprehensive loss attributable to redeemable noncontrolling interests:
Net loss  (31) (1,990) (31) 
Foreign currency translation loss(20)   (248)   
Comprehensive loss attributable to redeemable noncontrolling interests(20) (31) (2,238) (31) 
Comprehensive income (loss) attributable to common shareholders$3,594  $15,146  $(41,438) $20,621  
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in thousands)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Redeemable
Noncontrolling
Interests
SharesAmount
Balance, March 31, 2020149,962  $1,316,401  $430,726  $(98,062) $1,649,065  $3,323  
Net income—  —  5,450  —  5,450    
Foreign currency translation adjustments—  —  —  (1,896) (1,896) (20) 
Unrealized gain on hedges, net of tax—  —  —  20  20  —  
Accretion of redeemable noncontrolling interests—  —  (69) —  (69) 69  
Activity in company stock plans, net and other78  217  —  —  217  —  
Share-based compensation—  1,913  —  —  1,913  —  
Balance, June 30, 2020150,040  $1,318,531  $436,107  $(99,938) $1,654,700  $3,372  
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Redeemable
Noncontrolling
Interests
SharesAmount
Balance, March 31, 2019148,785  $1,310,738  $388,912  $(69,807) $1,629,843  $—  
Net income (loss)—  —  16,854  —  16,854  (31) 
Foreign currency translation adjustments—  —  —  (3,065) (3,065) —  
Unrealized gain on hedges, net of tax—  —  —  1,357  1,357  —  
Issuance of redeemable noncontrolling interests—  —  —  —  —  3,396  
Accretion of redeemable noncontrolling interests—  —  (18) —  (18) 18  
Activity in company stock plans, net and other(26) (320) —  —  (320) —  
Share-based compensation—  3,745  —  —  3,745  —  
Balance, June 30, 2019148,759  $1,314,163  $405,748  $(71,515) $1,648,396  $3,383  
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in thousands)
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Redeemable
Noncontrolling
Interests
SharesAmount
Balance, December 31, 2019148,888  $1,318,961  $445,370  $(64,740) $1,699,591  $3,455  
Net loss—  —  (6,488) —  (6,488) (1,990) 
Expected credit losses recognized in retained earnings upon adoption of ASU 2016-13—  —  (620) —  (620) —  
Foreign currency translation adjustments—  —  —  (35,483) (35,483) (248) 
Unrealized gain on hedges, net of tax—  —  —  285  285  —  
Accretion of redeemable noncontrolling interests—  —  (2,155) —  (2,155) 2,155  
Activity in company stock plans, net and other1,152  (4,513) —  —  (4,513) —  
Share-based compensation—  4,083  —  —  4,083  —  
Balance, June 30, 2020150,040  $1,318,531  $436,107  $(99,938) $1,654,700  $3,372  
Common StockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Redeemable
Noncontrolling
Interests
SharesAmount
Balance, December 31, 2018148,203  $1,308,709  $383,034  $(73,964) $1,617,779  $—  
Net income (loss)—  —  18,172  —  18,172  (31) 
Reclassification of deferred gain from sale and leaseback transaction to retained earnings—  —  4,560  —  4,560  —  
Foreign currency translation adjustments—  —  —  (263) (263) —  
Unrealized gain on hedges, net of tax—  —  —  2,712  2,712  —  
Issuance of redeemable noncontrolling interests—  —  —  —  —  3,396  
Accretion of redeemable noncontrolling interests—  —  (18) —  (18) 18  
Activity in company stock plans, net and other556  (979) —  —  (979) —  
Share-based compensation—  6,433  —  —  6,433  —  
Balance, June 30, 2019148,759  $1,314,163  $405,748  $(71,515) $1,648,396  $3,383  
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands) 
Six Months Ended
June 30,
20202019
Cash flows from operating activities:
Net income (loss)$(8,478) $18,141  
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization65,567  56,512  
Goodwill impairment6,689    
Amortization of debt discounts3,316  3,070  
Amortization of debt issuance costs1,619  1,896  
Share-based compensation4,245  6,501  
Deferred income taxes(7,098) 845  
Equity in losses of investment22  69  
Gain on disposition of assets, net(473)   
Loss on extinguishment of long-term debt  18  
Unrealized gain on derivative contracts, net(601) (1,740) 
Unrealized foreign currency loss10,433  (568) 
Changes in operating assets and liabilities:
Accounts receivable, net(44,698) (30,656) 
Income tax receivable(19,078) (3,122) 
Other current assets(23,751) (2,957) 
Accounts payable and accrued liabilities35,219  665  
Other, net(16,891) (16,113) 
Net cash provided by operating activities6,042  32,561  
Cash flows from investing activities:
Capital expenditures(17,579) (27,458) 
STL acquisition, net  (4,081) 
Proceeds from sale of assets498  2,525  
Net cash used in investing activities(17,081) (29,014) 
Cash flows from financing activities:
Proceeds from term loan  35,000  
Repayment of term loans(1,750) (33,692) 
Repayment of Nordea Q5000 Loan(17,858) (17,857) 
Repayment of MARAD Debt(3,556) (3,387) 
Debt issuance costs(310) (1,485) 
Payments related to tax withholding for share-based compensation(5,150) (1,329) 
Proceeds from issuance of ESPP shares475  281  
Net cash used in financing activities(28,149) (22,469) 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2,879) 605  
Net decrease in cash and cash equivalents and restricted cash(42,067) (18,317) 
Cash and cash equivalents and restricted cash:
Balance, beginning of year262,561  279,459  
Balance, end of period$220,494  $261,142  
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 — Basis of Presentation and New Accounting Standards
 
The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements have been prepared pursuant to instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
 
The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP in U.S. dollars and are consistent in all material respects with those applied in our 2019 Annual Report on Form 10-K (our “2019 Form 10-K”) with the exception of the impact of adopting the new credit loss accounting standard in 2020 (see below). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income and statements of cash flows, as applicable. The operating results for the three- and six-month periods ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Our balance sheet as of December 31, 2019 included herein has been derived from the audited balance sheet as of December 31, 2019 included in our 2019 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in our 2019 Form 10-K.
 
Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.
 
COVID-19
 
In March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic. The nature of COVID-19 led to worldwide shutdowns and halting of commercial and interpersonal activity, as governments around the world imposed regulations in efforts to control the spread of COVID-19 such as shelter-in-place orders, quarantines, executive orders and similar restrictions. As a result, the global economy has been marked by significant slowdown and uncertainty, which led to a precipitous decline in oil prices in response to demand concerns and global storage considerations. The decline in oil prices has resulted in a significantly weaker outlook for oil and gas producers, many of which are cutting their capital and operating budgets. Our financial statements for the three- and six-month periods ended June 30, 2020 reflect the impact of these events and current market conditions, which include the recognition of goodwill impairment losses (Note 6) and tax benefits resulting from the U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (Note 8), reduced utilization on our vessels due to customers deferring work as well as costs related to our crew changes. The continued spread of, or failure to contain, COVID-19 or continued oil price volatility could result in further adverse impact on our results of operations, cash flows and financial position, including further asset impairments.
 
New accounting standards adopted
 
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which was updated by subsequent amendments. This ASU replaces the current incurred loss model for measurement of credit losses on financial assets (including trade receivables) with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance became effective for us as of January 1, 2020 and resulted in the recognition of $0.6 million (net of deferred taxes of $0.2 million) of allowances for expected credit losses related to our accounts receivable through a cumulative effect offset to retained earnings. The new credit loss standard is expected to accelerate recognition of credit losses on our accounts receivable. See Note 17 for additional information regarding allowance for credit losses on our accounts receivable.
 
9


New accounting standards issued but not yet effective
 
We do not expect any other new accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.
Note 2 — Company Overview
 
We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We provide services and methodologies that we believe are critical to maximizing production economics. Our services cover the lifecycle of an offshore oil or gas field. Our services also include subsea cable burial and seabed clearing services for the offshore renewable energy sector. We provide services primarily in deepwater in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. Our services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 13).
 
Our Well Intervention segment includes our vessels and/or equipment used to perform well intervention services primarily in the Gulf of Mexico, Brazil, the North Sea and West Africa. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered monohull vessels, the Siem Helix 1 and the Siem Helix 2. Our well intervention equipment includes intervention riser systems (“IRSs”) and subsea intervention lubricators (“SILs”), some of which we provide on a stand-alone basis.
 
Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and a ROVDrill, which are designed to complement well intervention services and offshore construction to both the oil and gas and the renewable energy markets. Our Robotics segment also includes two robotics support vessels under long-term charter, the Grand Canyon II and the Grand Canyon III, as well as spot vessels as needed, including the Ross Candies, which is under a flexible charter agreement through August 2020.
 
Our Production Facilities segment includes the Helix Producer I (the “HP I”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), our ownership interest in Independence Hub, LLC (“Independence Hub”) (Note 4), and our ownership of oil and gas properties. All of our current production facilities activities are located in the Gulf of Mexico.
 
On May 29, 2019, we acquired a 70% controlling interest in Subsea Technologies Group Limited (“STL”), a subsea engineering firm based in Aberdeen, Scotland, for $5.1 million. The holders of the remaining 30% noncontrolling interest have the right to put their shares to us in June 2024. These redeemable noncontrolling interests were recognized as temporary equity at their estimated fair value of $3.4 million at the acquisition date. In March 2020, we recorded an impairment loss to write off the goodwill associated with the STL acquisition (Note 6). STL is included in our Well Intervention segment (Note 13) and its revenue and earnings are immaterial to our consolidated results.
Note 3 — Details of Certain Accounts
 
Other current assets consist of the following (in thousands):
June 30,
2020
December 31,
2019
Contract assets (Note 10)$443  $740  
Prepaids11,001  12,635  
Deferred costs (Note 10)25,774  28,340  
Income tax receivable18,927  1,261  
Other receivable (1)
28,541    
Other7,132  7,474  
Total other current assets$91,818  $50,450  
(1)Agreed-upon amounts to be paid by Marathon Oil Corporation (“Marathon Oil”) as the required plug and abandonment (“P&A”) work is completed (Note 14).
 
10


Other assets, net consist of the following (in thousands):
June 30,
2020
December 31,
2019
Prepaids$611  $777  
Deferred recertification and dry dock costs, net27,020  16,065  
Deferred costs (Note 10)6,289  14,531  
Charter deposit (1)
12,544  12,544  
Other receivable (2)
  27,264  
Goodwill (Note 6)  7,157  
Intangible assets with finite lives, net3,645  3,847  
Other2,087  2,323  
Total other assets, net$52,196  $84,508  
(1)This amount is deposited with the owner of the Siem Helix 2 to offset certain payment obligations associated with the vessel at the end of the charter term.
(2)Agreed-upon amounts to be paid by Marathon Oil as the required P&A work is completed (Note 14).
 
Accrued liabilities consist of the following (in thousands):
June 30,
2020
December 31,
2019
Accrued payroll and related benefits$21,800  $31,417  
Investee losses in excess of investment (Note 4)2,248  4,069  
Deferred revenue (Note 10)10,530  11,568  
Asset retirement obligations (Note 14)29,562    
Derivative liability (Note 19)  1,002  
Other16,128  14,333  
Total accrued liabilities$80,268  $62,389  
 
Other non-current liabilities consist of the following (in thousands):
June 30,
2020
December 31,
2019
Deferred revenue (Note 10)$4,262  $8,286  
Asset retirement obligations (Note 14)  28,258  
Other