Helix extends its revolving credit line

HOUSTON, August 2, 2024–(BUSINESS WIRE)–Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) today announced that it has amended its existing asset-based revolving credit agreement (“ABL Agreement”) effective August 2, 2024. The amendment extends the term of the ABL Credit Agreement from September 30, 2026 to August 2, 2029, subject to earlier maturities of senior debt, and increases the size of the letter of credit basket from $20 million to $55 million.

Erik Staffeldt, Executive Vice President and CFO of Helix, commented: “We are pleased to have revised our ABL line. The increased size of the letter of credit basket provides us with financial flexibility for operational guarantee requirements, including for our upcoming campaign in Nigeria Q4000. The extension of the credit facility is consistent with our new, simplified capital structure, which has no significant debt maturities until 2029. We appreciate the support of our lenders.”

Bank of America, N.A. continues to serve as administrative agent for the ABL Facility.

About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialized services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key to supporting the global energy transformation by maximizing production from existing oil and gas reserves, retiring oil and gas fields at the end of their life, and supporting the development of renewable energy sources. For more information about Helix, visit our website at www.helixesg.com.

Forward-looking statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied in such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: the ABL Facility and any amendments or extensions thereto; our plans, strategies and objectives for future operations; any projections of financial positions, including forward-looking guidance and other forward-looking information; future operating expenses; our ability to enter into, renew and/or perform commercial agreements; the spot market; the continuation of our current work; visibility and future utilization; our protocols and plans; energy transition or energy security; our expenses and cost management efforts and our ability to manage changes; the volatility of oil prices and the effects and results thereof; our ability to identify, complete and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and any subsequently identified legacy matters in connection therewith; development; any financial transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainable development initiatives; future economic conditions or results; our share repurchase program or implementation; any statements of expectations or beliefs; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those contained in the forward-looking statements, including, but not limited to, market conditions and demand for our services; volatility in the price of crude oil and natural gas; the results of mergers, acquisitions, joint ventures or similar transactions; the results of acquired properties; our ability to secure and realize our backlog; the fulfillment of agreements by customers, suppliers and other counterparties; governmental and regulatory actions; operational risks and delays, which include delays in the delivery, charter or customer acceptance of assets or the terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; the complexities of global political and economic events; geological risks; and other risks described from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including our most recently filed Annual Report on Form 10-K, which is available free of charge on the SEC’s website at www.sec.gov. We disclaim any obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802510059/en/

Communication

Erik Staffeldt, Executive Vice President and Chief Financial Officer
Tel.: 281-618-0465
e-mail address: [email protected]