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Helix Announces Convertible Senior Notes Transactions

Helix Energy Solutions Group, Inc. (NYSE:HLX) today announced it has priced an offering of $200.0 million of 3.25% Convertible Senior Notes due 2032 (the “2032 Notes”). Helix expects to use the proceeds from the issuance of the 2032 Notes to repurchase and retire $110.7 million of its existing $300.0 million principal amount of 3.25% Convertible Senior Notes due 2025 in separate, privately negotiated transactions and for other general corporate purposes, including the repayment of other indebtedness. Helix expects to close the offering of the 2032 Notes on or about March 12, 2012, subject to the satisfaction of customary closing conditions. Raymond James & Associates, Inc. is acting as sole book-running manager of this offering.

The 2032 Notes are to be issued via an underwritten public offering, resulting in expected net proceeds of approximately $195.0 million, after deducting estimated offering expenses. Interest on the 2032 Notes will be paid semi-annually on March 15 and September 15 beginning on September 15, 2012. During certain periods and subject to certain conditions, the notes will be convertible by holders into shares of Helix’s common stock at an initial conversion rate of 39.98 shares of common stock per $1,000 principal amount of notes which is equivalent to an initial conversion price of approximately $25.02 per share of common stock, subject to adjustment. Upon conversion, holders will receive, at Helix's discretion, cash, shares of Helix's common stock or a combination thereof.

Holders of the 2032 Notes have the option to require Helix to purchase the outstanding notes on March 15, 2018, March 15, 2022, and March 15, 2027 at a price equal to 100% of the principal amount of the notes delivered for repurchase plus any accrued unpaid interest.

Helix may redeem the 2032 Notes at its option at any time on or after March 20, 2018 for a redemption price equal to the principal amount of the redeemed notes plus accrued and unpaid interest.

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