Helix Reports Fourth Quarter Results and 2008 Outlook

Helix Energy Solutions reported fourth quarter net income of $120.4 million, or $1.25 per diluted share. These results included a $151.7 million pre-tax gain ($1.02 per diluted share) related to our majority owned investment in Cal Dive. This non cash gain results from the acquisition by Cal Dive during the fourth quarter of Horizon Offshore using cash and shares of Cal Dive common stock, resulting in an adjustment in our investment in Cal Dive.