Helix Energy Solutions Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Helix Energy Solutions Group Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

HELIX ENERGY SOLUTIONS GROUP INC (HLX) filed a Annual Report (10-K) with the SEC on February 29, 2024. Helix Energy Solutions Group Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 3505 W Sam Houston North, Suite 400, Houston, TX 77043. Helix Energy Solutions Group Inc. was formerly known as Cal Dive International Inc., with a name change on August 21, 1996. The SIC code for the company is 1389 (OIL, GAS FIELD SERVICES, NBC).

Why It Matters

For investors and stakeholders tracking HELIX ENERGY SOLUTIONS GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Helix Energy's financial performance, operational activities, and strategic direction for the 2023 fiscal year. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks, and understand its position within the oil and gas field services industry.

Risk Assessment

Risk Level: medium — HELIX ENERGY SOLUTIONS GROUP INC shows moderate risk based on this filing. The company operates in the oil and gas industry, which is subject to significant price volatility and regulatory changes, as indicated by the SIC code and the nature of its business (OIL, GAS FIELD SERVICES, NBC).

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Helix Energy's performance and outlook in the volatile energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-29 — Filing Date (Date of filing)
• 1996-08-21 — Date of Name Change (From Cal Dive International Inc.)
• 1389 — SIC Code (OIL, GAS FIELD SERVICES, NBC)

Key Players & Entities

• HELIX ENERGY SOLUTIONS GROUP INC (company) — Filer name
• HLX (company) — Ticker symbol
• Cal Dive International Inc. (company) — Former company name
• 3505 W Sam Houston North, Suite 400, Houston, TX 77043 (company) — Business address

FAQ

Industry Context

Helix Energy Solutions Group Inc. operates in the oil and gas field services sector, providing services to offshore oil and gas companies. The industry is capital-intensive and subject to global energy demand and supply dynamics.

Regulatory Implications

The company is subject to various regulations governing the oil and gas industry, including environmental, safety, and operational standards, which are detailed in the risk factors section of the 10-K.

What Investors Should Do

1. Analyze the company's revenue streams and segment performance for the fiscal year 2023.
2. Review the executive compensation details to understand management incentives.
3. Examine the risk factors section for potential threats to the company's operations and financial stability.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no prior filing data is available for comparison.

Filing Documents

• hlx-20231231x10k.htm (10-K) — 3188KB
• hlx-20231231xex4d1.htm (EX-4.1) — 22KB
• hlx-20231231xex21d1.htm (EX-21.1) — 44KB
• hlx-20231231xex23d1.htm (EX-23.1) — 3KB
• hlx-20231231xex31d1.htm (EX-31.1) — 12KB
• hlx-20231231xex31d2.htm (EX-31.2) — 12KB
• hlx-20231231xex32d1.htm (EX-32.1) — 9KB
• hlx-20231231x10k001.jpg (GRAPHIC) — 7KB
• hlx-20231231x10k003.jpg (GRAPHIC) — 61KB
• 0000866829-24-000007.txt (&nbsp;) — 14905KB
• hlx-20231231.xsd (EX-101.SCH) — 80KB
• hlx-20231231_cal.xml (EX-101.CAL) — 113KB
• hlx-20231231_def.xml (EX-101.DEF) — 413KB
• hlx-20231231_lab.xml (EX-101.LAB) — 731KB
• hlx-20231231_pre.xml (EX-101.PRE) — 676KB
• hlx-20231231x10k_htm.xml (XML) — 3008KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 Unnumbered Item Information about our Executive Officers 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Report of Independent Registered Public Accounting Firm ( KPMG LLP , Houston, Texas , Auditor Firm ID 185 ) 47 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting 49 Consolidated Balance Sheets as of December 31, 2023 and 2022 50 Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021 51 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021 51 Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2023, 2022 and 2021 52 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 53

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accounting Fees and Services 85 PART IV Item 15. Exhibits and Financial Statement Schedules 85 Item 16. Form 10-K Summary 91

Signatures

Signatures 92 2 Table of Contents

Forward Looking Statements

Forward Looking Statements This Annual Report on Form 10-K ("Annual Report") contains or incorporates by reference various statements that contain forward-looking information regarding Helix Energy Solutions Group, Inc. and represent our current expectations or forecasts of future events. This forward-looking information is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995 as set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements included herein or incorporated by reference herein that are predictive in nature, that depend upon or refer to future events or conditions, or that use terms and phrases such as "achieve," "anticipate," "believe," "estimate," "budget," "expect," "forecast," "plan," "project," "propose," "strategy," "predict," "envision," "hope," "intend," "will," "continue," "may," "potential," "should," "could" and similar terms and phrases are forward-looking statements although not all forward-looking statements contain such identifying words. Included in forward-looking statements are, among other things:

Business

Item 1. Business OVERVIEW Helix Energy Solutions Group, Inc. (together with its subsidiaries, unless context requires otherwise, "Helix," the "Company," "we," "us" or "our") was incorporated in 1979 and in 1983 was re-incorporated in the state of Minnesota. We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full-field decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. See "Our Operations" below for additional information regarding business operations. Our principal executive offices are located at 3505 West Sam Houston Parkway North, Suite 400, Houston, Texas 77043; our phone number is 281-618-0400. Our common stock trades on the New York Stock Exchange ("NYSE") under the ticker symbol "HLX." Our Chief Executive Officer submitted the annual CEO certification to the NYSE in May 2023 as required under its Listed Company Manual. Our principal executive officer and our principal financial officer have made the certifications required under Section 302 of the Sarbanes-Oxley Act, which are included as exhibits to this Annual Report. Please refer to the subsection "Certain Definitions" on page 15 for definitions of additional terms commonly used in this Annual Report. Unless otherwise indicated, any reference to Notes herein refers to Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data of this Annual Report. OUR OPERATIONS We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of Mexico (deepwater and shelf), U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. Our services are segregated into four reportable business segments: Well Intervention, Rob

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