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Helix Energy Solutions' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: HLX

Before we begin our prepared remarks, Alisa Johnson will make a statement regarding forward-looking information. Alisa?

Alisa Johnson

During this conference call, we anticipate making certain projections and forward-looking statements based on our current expectations. All statements in this conference call or in the associated presentation, other than statements of historical facts, are forward-looking statements and are made under Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual futures results may differ materially from our projections and forward-looking statement due to a number and variety of factors including those set forth in slide two and in our annual report on Form 10-K for the year ended December 31st, 2010.

Also during this call, certain non-GAAP financial disclosures may be made. In accordance with SEC rules, the final slides of our presentation materials provide a reconciliation of certain non-GAAP measures to comparable GAAP financial measures. The reconciliation, along with this presentation, the earnings press release, our annual report and replay of this broadcast are available on our website. Owen.

Owen Kratz

Good morning everybody. We left you on a pretty positive note at the end of the last quarter. We’ll skip page 3 and 4 here, so moving on to Slide 5, which is the high level summary of first quarter results. Quarter one’s revenue has increased from $396 million in Q4 to $408 million this quarter. With all of the increasing attributable to our Contracting Service segment, an increase that more than offset to decrease in Oil and Gas revenues, resulting from lower oil and gas production.

Consistent with the increased revenues, we also reported increased earnings in operating cash flow. The EBITDA generated of 209 million represents an all time post Caldag divestiture quarterly record for Helix.

Moving on the Slides 6 and 7, quarter one’s reported EPS is $0.62. However, this is after absorbing 17 million of pretax charges or $0.10 after tax, associated with the early repayment of a portion of our Senior Unsecured Notes, and a portion of our Convertible Notes.

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