February 24, 2026 Fourth Quarter 2025 Earnings Conference Call .2

Executive Summary

Page 6 © 2026 Helix ESG Fourth Quarter 2025 Financial Results • Net income of $8 million, $0.06 per diluted share • Adjusted EBITDA1 of $74 million • Operating cash flows of $113 million • Free Cash Flow1 of $107 million Operations • Good late-season utilization in Shallow Water Abandonment, including on the Epic Hedron • Successful transition of the Sea Helix 1 to three-year Petrobras contract Commercial • Secured multi-year UK North Sea contract with major operator for riserless P&A operations on up to 34 subsea wells; Seawell reactivated and commenced operations February 2026 • Renewed HPI contract for one year to June 2027 Financial Condition at December 31, 2025 • Cash and cash equivalents of $445 million • Liquidity2 of $554 million • Long-term debt3 of $308 million • Negative Net Debt1 of $137 million Fourth Quarter 2025 Highlights 1 Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures; see non-GAAP reconciliations below 2 Liquidity is calculated as the sum of cash and cash equivalents and availability under Helix’s ABL facility, and excludes cash pledged to the ABL facility 3 Long-term debt is presented net of unamortized discounts and deferred issuance costs

Operational Highlights

10 Page 10 © 2026 Helix ESG • Q5000 (Gulf of America) – 98% utilized in Q4; completed multi-well production enhancement and abandonment campaign for Shell; vessel then transitioned to a single-well production enhancement and flowline cleanout project for BP • Q4000 (Gulf of America) – 72% utilized in Q4; performed construction campaign and flowline and umbilical decommissioning scopes for Murphy; vessel incurred idle time between projects during Q4 • Well Enhancer (North Sea) – 70% utilized in Q4; performed decommissioning operations for two customers • Seawell (North Sea) – idle during Q4 • Q7000 (Brazil) – 100% utilized in Q4; performed decommissioning scopes on 14 wells for Shell Brazil performing one well suspension, three open-water P&A scopes, nine lower abandonment scopes and one annulus plug recovery • Sea Helix 1 (Brazil) – 61% utilized in Q4; completed decommissioning campaign for Trident and following demobilization, conducted acceptance tests and mobilization for Petrobras; vessel commenced operations on three-year contract for Petrobras mid-November • Siem Helix 2 (Brazil) – 100% utilized in Q4; performed decommissioning scopes on four wells for Petrobras • 15K IRS (Brazil) – 75% utilized in Q4 • 10K IRSs – idle during Q4 • ROAM – idle during Q4 Well Intervention 1 Gulf of America utilization includes Q4000 utilization offshore Nigeria between Q4 2024 and Q2 2025 on a six-month contract 2 North Sea utilization includes Seawell utilization in the western Mediterranean during Q1 and Q2 2024 3 Q7000 utilization includes utilization in Australia in 2024 and Brazil in 2025

Page 12 © 2026 Helix ESG Good heavy lift utilization despite the expected seasonal slowdown in Q4; Several vessels remain temporarily stacked as a cost reduction measure based on current market conditions; stacked vessels are included in utilization metrics above Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 53% combined utilization in Q4; two liftboats stacked during Q4 • OSVs – six OSVs and one crew boat with 51% combined utilization in Q4; three OSVs stacked during Q4 Energy Services • P&A Systems – 538 days utilization, or 29%, on 20 P&A systems in Q4 • CT Systems – 83 days utilization, or 15%, on six CT systems in Q4 Diving & Heavy Lift • Epic Hedron – 92% utilization on heavy lift barge during Q4 • DSVs – three DSVs with combined utilization of 54% in Q4

Page 14 © 2026 Helix ESG Total funded debt† of $315 million at 12/31/25 • $300 million Senior Notes due 2029 – 9.75% • $15 million MARAD Debt – 4.93% • Semi-annual amortization payments through maturity in Q1 2027 Debt Instrument Profile † Funded debt represents the principal amount of our long-term debt before subtracting $7 million of remaining unamortized debt discount and issuance costs $10 $5 $300 $0 $50 $100 $150 $200 $250 $300 2026 2027 2028 2029 Principal Payment Schedule at 12/31/25 ($ in millions) MARAD 2029 Senior Notes $189 $332 $368 $445 ($264) ($362) ($315) ($308) $285 $431 $430 $554 $(75) $(30) $53 $137 ($400) ($300) ($200) ($100) $0 $100 $200 $300 $400 $500 $600 Cash Long-term debt Liquidity Net Debt 12/31/22 12/31/23 12/31/24 12/31/25 Debt and Liquidity Profile at 12/31/25 ($ in millions) 1 Long-term debt net of debt issuance costs 2 Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix’s ABL facility but excludes cash pledged to the ABL facility 3 Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below 1 2 3 Amounts may not add due to rounding Minimal maturities until 2029; Net cash position and strong liquidity at 12/31/25

Page 15 © 2026 Helix ESG Our 2026 outlook will be affected by, among other things, the utilization and rates in our spot and call-off operations and the extent of winter seasonal activity and the following expected key drivers: Well Intervention • Q4000 – second half 2026 utilization • Q7000 – second half 2026 utilization • Brazil – overall operating efficiency and Sea Helix 1 docking • North Sea – second half 2026 spot market utilization Robotics • Seasonal vessel utilization in the North Sea and Asia Pacific Shallow Water Abandonment • Strength of contracting for oil and gas properties in bankruptcies reverting to former owners • Seasonal utilization on the Gulf of America shelf Free Cash Flow • Forecasted variability due to the seasonality of our operations and the timing of collections on our receivables 2026 Forecast ($ in millions) 2026 2025 Outlook Actual Revenues $ 1,200 - 1,400 1,291 $ Adjusted EBITDA1 230 - 290 272 Capital Additions2 70 - 80 70 Free Cash Flow1 100 - 160 120 Revenue Split: Well Intervention $ 695 - 830 729 $ Robotics 305 - 335 323 Shallow Water Abandonment 160 - 190 200 Production Facilities 80 - 85 73 Eliminations (40) (34) Total Revenue $ 1,200 - 1,400 1,291 $ 1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below 2 Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures Key Financial Metrics Key Forecast Drivers Amounts may not add due to rounding

Page 16 © 2026 Helix ESG EBITDA and Free Cash Flow Generation ($ in millions) $1,290 $1,359 $1,291 $1,300 $273 $303 $272 $260 21% 22% 21% 20% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2023 2024 2025 2026 Revenue Adjusted EBITDA Adjusted EBITDA Margin Adjusted EBITDA Margin $273 $303 $272 $260 49% 54% 44% 50% 9% 12% 13% 14% -30% -10% 10% 30% 50% 70% 90% 110% 130% 150% $(25) $25 $75 $125 $175 $225 $275 $325 2023 2024 2025 2026 Free Cash Flow Conversion and Free Cash Flow Yield Adjusted EBITDA FCF Conversion² FCF Yield² 3 Consistent Adjusted EBITDA1 Margins and Free Cash Flow1 Conversion Strong Free Cash Flow Yield 1 Adjusted EBITDA and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below 2 FCF Conversion is the ratio of FCF to Adjusted EBITDA and FCF Yield is FCF Flow divided by Helix market cap at the end of each year; 2026 FCF Yield based on year-end 2025 market cap 3 Revenue, Adjusted EBITDA and FCF based on midpoints of current outlook 3

Page 17 © 2026 Helix ESG • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention and Robotics in the North Sea • Shallow Water Abandonment • Quarterly activity also influenced by the timing of regulatory dockings and long-term transits and mobilizations Historical Quarterly Revenue & Earnings ($ in millions) 1 Adjusted EBITDA is a non-GAAP financial measure; see non-GAAP reconciliations below $296 $365 $342 $355 $278 $302 $377 $334 $(26) $32 $30 $20 $3 $(3) $22 $8 $47 $97 $88 $72 $52 $42 $104 $74 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Revenue Net Income Adjusted EBITDA¹

Page 18 © 2026 Helix ESG Well Intervention • Q5000 (Gulf of America) – performed workover in Helix’s Thunder Hawk field at beginning of year; vessel expected to have good utilization with contracted work and identified opportunities for remainder of 2026 • Q4000 (Gulf of America) – contracted into Q2; identified opportunities for the remainder of 2026 with expected schedule gaps between contracts • Well Enhancer (North Sea) – warm stacked in Aberdeen and expected to commence operations early March; identified opportunities thereafter with expected gaps between contracts and seasonal slowdown in Q4 • Seawell (North Sea) – reactivated and commenced operations early February 2026; identified opportunities in 2026 and expected seasonal slowdown in Q4 • Q7000 (Brazil) – Contracted with Shell Brazil through April; identified subsequent opportunities in Brazil and globally; potential gaps between contracts • Sea Helix 1 (Brazil) – Contracted with Petrobras into Q4 2028 • Siem Helix 2 (Brazil) – Contracted with Petrobras into Q1 2028 • IRS rental units (Global) – 15K IRS and 10K IRS rentals available and being marketed globally Shallow Water Abandonment Expect seasonal activity, with higher utilization during Q2 and Q3 and lower utilization in Q1 and Q4 • Liftboats – expect seasonal utilization on up to seven liftboats during 2026 • OSVs – expect seasonal utilization on up to four OSVs during 2026 • P&A Systems – expect seasonal utilization on up to ten P&A systems during 2026 • CT Systems – expect seasonal utilization on up to two CT systems during 2026 • DSVs – expect seasonal utilization on all three diving vessels during 2026 • Epic Hedron – regulatory drydock during Q1; expected to be available in Q2 with good seasonal utilization during 2026 Robotics • Grand Canyon II (Asia Pacific) – fully contracted for work in Q1 in Malaysia and Indonesia and expected to be highly utilized in 2026 with additional opportunities throughout the region • Grand Canyon III (North Sea) – expected to be highly utilized in 2026 for contracted trenching projects; regulatory dry dock in February • Shelia Bordelon (U.S.) – expected to have good utilization in Q1 in the Gulf of America and the U.S. East Coast and to pursue spot market opportunities in Q2; vessel charter expires June if not extended • North Sea Enabler (North Sea) – under flexible charter during first half 2026 and expected to perform renewable trenching projects in Q1; two-year charter extension commences July and expected to perform one renewable contract for entire second half 2026 • Trym (North Sea) – expected to perform UXO identification and other renewables site preparation and site clearance work with high utilization expected in 2026 • Patriot (North Sea/Baltic Sea) – delivered to fleet mid-January under four-year charter (330 days per year); commenced operations early February on an expected six- to seven-month UXO identification and disposal and boulder clearance project • Trenchers (Global) – six trenchers with good utilization expected on three integrated vessel trencher spreads in the North Sea, one trencher working on third-party vessel in the Mediterranean • ROVs (Global) – expect stronger ROV utilization in 2026 over 2025 Production Facilities • Helix Producer I – under contract throughout 2026 • Thunder Hawk – successful well work-over completed in February 2026; wells expected to recommence production early April with production through remainder of 2026 • Droshky – ongoing production expected to decline throughout 2026 2026 Segments Outlook

Page 19 © 2026 Helix ESG 2026 Capital additions1 are forecasted at approximately $70 – $80 million: • Approximately $40 – $45 million for regulatory certification costs for our vessels and systems, reported in operating cash flows • Approximately $30 – $35 million for capital expenditures, reported in investing cash flows Free Cash Flow2 • Free Cash Flow outlook includes approximately $70 – $80 million of capital spending, $30 million of gross cash interest expense, and cash income taxes expected between $20 – $30 million • Working capital expected to be impacted by seasonality and timing of collections from customers Balance Sheet • No significant debt maturities until 2029 • Targeting 25% of Free Cash Flow for share repurchases Capital Additions, Cash Flow and Balance Sheet 1 Capital additions represents accrued capital additions; total cash capital spending may differ depending on the timing of capital spending payments 2 Free Cash Flow is a non-GAAP financial measure; see non-GAAP reconciliations below

Page 20 © 2026 Helix ESG Key Financial Metrics – Capital Allocation Strategic Capital • Opportunistic deployment for growth Return to Shareholders • $200M share repurchase plan • $72M of repurchases to date under plan Maintenance Capital • Regulatory certification of vessels and systems Balance Sheet • Maintain sufficient liquidity, low net debt • Strong, conventional balance sheet $445M Cash at 12/31/25 ($137M) Net Debt1 at 12/31/25 $70-80M Targeting 25% FCF Forecasted in 2026 Opportunistic 1 Net Debt and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below

Non-GAAP Reconciliations and Other Financial Information

Page 22 © 2026 Helix ESG Non-GAAP Reconciliations ($ in thousands, unaudited) 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 12/31/23 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) 8,270 $ 20,121 $ 22,083 $ 30,827 $ 55,637 $ (10,838) $ Adjustments: Income tax provision (benefit) (1,972) 3,880 19,169 11,653 26,427 18,352 Net interest expense 5,580 5,572 5,616 22,777 22,629 17,338 Other expense, net 487 1,275 983 1,390 3,922 3,590 Depreciation and amortization 43,850 40,564 55,661 187,382 173,292 164,116 EBITDA 56,215 71,412 103,512 254,029 281,907 192,558 Adjustments: (Gain) loss on disposition of assets - 429 - - 479 (367) Acquisition and integration costs - - - - - 540 Change in fair value of contingent consideration - - - - - 42,246 Long-lived asset impairment 18,064 - - 18,064 - - Losses related to convertible senior notes - - - - 20,922 37,277 General provision for (release of) current expected credit losses (408) (200) 159 (136) (161) 1,149 Adjusted EBITDA 73,871 $ 71,641 $ 103,671 $ 271,957 $ 303,147 $ 273,403 $ Free Cash Flow: Cash flows from operating activities 113,163 $ 77,977 $ 24,277 $ 136,749 $ 186,028 $ 152,457 $ Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (5,696) (12,523) (1,688) (16,342) (22,840) (18,659) Free Cash Flow 107,467 $ 65,454 $ 22,589 $ 120,407 $ 163,188 $ 133,798 $ Net Debt: Long-term debt including current maturities of long-term debt 307,995 $ 315,157 $ 307,472 $ 307,995 $ 315,157 $ 361,722 $ Less: Cash and cash equivalents (445,196) (368,030) (338,033) (445,196) (368,030) (332,191) Net Debt (137,201) $ (52,873) $ (30,561) $ (137,201) $ (52,873) $ 29,531 $ Three Months Ended Year Ended

Page 23 © 2026 Helix ESG Non-GAAP Reconciliations ($ in thousands, unaudited) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) (26,287) $ 32,289 $ 29,514 $ 20,121 $ 3,072 $ (2,598) $ 22,083 $ 8,270 $ Adjustments: Income tax provision (benefit) (1,698) 14,725 9,520 3,880 453 (5,997) 19,169 (1,972) Net interest expense 5,477 5,891 5,689 5,572 5,706 5,875 5,616 5,580 Other (income) expense, net 2,216 382 49 1,275 357 (437) 983 487 Depreciation and amortization 46,353 43,471 42,904 40,564 42,482 45,389 55,661 43,850 EBITDA 26,061 96,758 87,676 71,412 52,070 42,232 103,512 56,215 Adjustments: (Gain) loss on disposition of assets 150 - (100) 429 - - - - Long-lived asset impairment - - - - - - - 18,064 Losses related to convertible senior notes 20,922 - - - - - - - General provision for (release of) current expected credit losses (143) 137 45 (200) (85) 198 159 (408) Adjusted EBITDA $ 96,895 46,990 $ 87,621 $ 71,641 $ 51,985 $ 42,430 $ 103,671 $ 73,871 $ Free Cash Flow: Cash flows from operating activities 64,484 $ (12,164) $ 55,731 $ 77,977 $ 16,442 $ (17,133) $ 24,277 $ 113,163 $ Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (3,242) (3,989) (3,086) (12,523) (4,488) (4,470) (1,688) (5,696) Free Cash Flow $ (16,153) 61,242 $ 52,645 $ 65,454 $ 11,954 $ (21,603) $ 22,589 $ 107,467 $ Net Debt: Long-term debt including current maturities of long-term debt 318,164 $ 318,629 $ 314,673 $ 315,157 $ 311,109 $ 311,612 $ 307,472 $ 307,995 $ Less: Cash and cash equivalents and restricted cash (323,849) (275,066) (324,120) (368,030) (369,987) (319,743) (338,033) (445,196) Net Debt $ 43,563 (5,685) $ (9,447) $ (52,873) $ (58,878) $ (8,131) $ (30,561) $ (137,201) $ Three Months Ended

Page 24 © 2026 Helix ESG Non-GAAP Financial Measures We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant. Non-GAAP Reconciliations

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