X0202 4 2007-03-20 0 0000866829 HELIX ENERGY SOLUTIONS GROUP INC HLX 0001041815 KRATZ OWEN E 400 N SAM HOUSTON PARKWAY E SUITE 400 HOUSTON TX 77060 1 1 0 0 EXECUTIVE CHAIRMAN Common Stock 2007-03-20 4 C 0 825445 34.92 D 4355110 D Futures Contract (obligation to sell) 12.19 2007-03-20 4 C 0 1000000 0.00 D 2007-03-20 2007-03-20 Common Stock 1000000 0 D On March 14, 2002, the reporting person entered into a five-year Maximum Monetization and Asset Protection Agreement with an unaffiliated third party. The agreement obligated the reporting person to deliver up to 1,000,000 shares of Helix Common Stock (or an equivalent amount of cash) on the maturity date of the contract. The number of shares to be delivered by the reporting person was to be based on the one-day volume weighted average price of Helix Common Stock on March 20, 2007. As a result of this agreement and based on a maturity-date price equal to $34.92, the reporting person is required to deliver 825,445 shares of Helix Common Stock. Mr. Kratz also has indirect holdings of 1,000,000 shares owned by Joss Investments Limited Partnership, the general partner of which is an entity that Mr. Kratz controls. The filing of this statement shall not be deemed an admission that any reporting person is, for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise, the owner of any equity securities covered by this statement. /s/ A. Wade Pursell, by power of attorney 2007-03-21