Helix Energy Solutions Prices $550 Million of 9.5% Senior Unsecured Notes Due 2016

HOUSTON--(Business Wire)--Helix Energy Solutions (NYSE:HLX) announced today that it has
priced a private offering of $550 million aggregate principal amount
of 9.5% Senior Unsecured Notes due 2016. The transaction was upsized
from the previously announced offering size of $500 million. Interest
on the notes is payable January 15 and July 15 of each year, beginning
July 15, 2008. Certain of the Company's domestic subsidiaries will
fully and unconditionally guarantee the notes.

The Company intends to use the net proceeds of the proposed
offering to repay outstanding indebtedness under its senior secured
credit facilities.

The notes will not initially be registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act. The notes may be
resold by the initial purchasers pursuant to Rule 144A under the
Securities Act and to persons outside the United States pursuant to
Regulation S.

Martin Ferron, Helix's President and Chief Executive Officer,
stated, "This financing, and the related amendment to our existing
Senior Credit Facilities which we will enter into in conjunction with
this financing, provide Helix with significant flexibility to pursue
the strategic business initiatives that we believe will be key to
continued growth, and will allow us to further enhance shareholder
value. The ability to complete this offering in a challenging credit
market highlights the strength of our business model."

This press release is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.

Helix Energy Solutions, 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.

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 by such
forward-looking statements. All statements, other than statements of
historical fact, are statements that could be deemed "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, any projections of
revenue, gross margin, expenses, earnings or losses from operations,
or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations
expenditures, and prospective reserve levels of property or wells; any
statements of the plans, strategies and objectives of management for
future operations; any statement concerning developments, performance
or industry rankings, any statements regarding future economic
conditions or performance; any statements of expectation or belief;
and any statements of assumptions underlying any of the foregoing. The
risks, uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, geologic risks and other risks described from
time to time in our reports filed with the Securities and Exchange
Commission ("SEC"), including the Company's Annual Report on Form 10-K
for the year ending December 31, 2006, as amended. We assume no
obligation and do not intend to update these forward-looking
statements.

Helix Energy Solutions, Houston
Chief Financial Officer
Wade Pursell, 281-618-0400
www.HelixESG.com

Copyright Business Wire 2007