(1) Second quarter 2012 asset impairment charge related to decision to “cold stack” the Subsea Construction vessel, Intrepid. Charge reduces vessel’s book value to its estimated fair value.

(2) Second quarter 2011 oil and gas impairments of $11.6 million were primarily associated with five of our Gulf of Mexico oil and gas properties. The impairment charges primarily reflect a premature end of these fields’ production lives either through actual depletion or as a result of capital allocation decisions affecting third party operated fields.

(3) Second quarter 2011 included $6.6 million of exploration costs associated with an offshore lease expiration.

(4) Non-GAAP measure. See reconciliation attached hereto.

Footnotes to “Segment Information, Operational and Financial Highlights”:

(1) Second quarter 2012 asset impairment charge related to decision to “cold stack” the Subsea Construction vessel, Intrepid. Charge reduces vessel’s book value to its estimated fair value.

(2) Second quarter 2011 oil and gas impairments of $11.6 million were primarily associated with five of our Gulf of Mexico oil and gas properties. The impairment charges primarily reflect a premature end of these fields’ production lives either through actual depletion or as a result of capital allocation decisions affecting third party operated fields.

(3) Second quarter 2011 included $6.6 million of exploration costs associated with an offshore lease expiration.

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly conference call to review its second quarter 2012 results (see the “Investor Relations” page of Helix’s website, www.HelixESG.com). The call, scheduled for 9:00 a.m. Central Daylight Time on Tuesday, July 24, 2012, will be audio webcast live from the “Investor Relations” page of Helix’s website. Investors and other interested parties wishing to listen to the conference via telephone may join the call by dialing 888-550-1479 for persons in the United States and +1-954-357-2908 for international participants. The passcode is "Tripodo". A replay of the conference will be available under "Investor Relations" by selecting the "Audio Archives" link from the same page beginning approximately two hours after the completion of the conference call.

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the open energy market as well as to our own oil and gas business unit.

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