XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.23.3

Alliance Acquisition | 9 Months Ended
--- | ---
Sep. 30, 2023
Alliance Acquisition |
Alliance Acquisition | Note 3 — Alliance Acquisition On July 1, 2022, we completed our acquisition of Alliance. The Alliance acquisition extended our energy transition strategy by adding shallow water capabilities into the growing offshore decommissioning market. The aggregate purchase price of the Alliance acquisition was $145.7 million, consisting of $119.0 million of cash on hand and the acquisition-date estimated fair value of $26.7 million of contingent consideration related to the post-closing earn-out consideration. The earn-out is payable in 2024 to the seller in the Alliance transaction in either cash or shares of our common stock pursuant to the terms of an Equity Purchase Agreement (the “Equity Purchase Agreement”) dated May 16, 2022. The earn-out is not capped and is calculated based on certain financial metrics of the Helix Alliance business for 2022 and 2023 relative to amounts as set forth in the Equity Purchase Agreement. As of September 30, 2023, the estimated fair value of contingent earn-out consideration increased to $74.1 million and is reported in “Accrued liabilities” in the accompanying condensed consolidated balance sheet (Note 4). This increase reflects the improvements in Helix Alliance’s financial results to date as compared to the projections made at the time of the Alliance acquisition. The earn-out is to be paid in the first half of 2024 and the final amount could change based on the ultimate financial performance of Helix Alliance. The following table summarizes the final purchase consideration and the final purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | July 1, 2022
Cash consideration | ​ | $ | 118,961
Contingent consideration | ​ |  | 26,700
Total fair value of consideration transferred | ​ | $ | 145,661
​ | ​ | ​ | ​
Assets acquired: | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 6,336
Accounts receivable | ​ | ​ | 43,378
Other current assets | ​ | ​ | 6,077
Property and equipment | ​ | ​ | 117,321
Operating lease right-of-use assets | ​ | ​ | 1,205
Intangible assets | ​ | ​ | 1,500
Other assets | ​ |  | 2,133
Total assets acquired | ​ | ​ | 177,950
Liabilities assumed: | ​ | ​ | ​
Accounts payable | ​ | ​ | 20,480
Accrued liabilities | ​ | ​ | 3,073
Operating lease liabilities | ​ |  | 1,205
Deferred tax liabilities | ​ |  | 7,531
Total liabilities assumed | ​ |  | 32,289
Net assets acquired | ​ | $ | 145,661
​ The pro forma summary below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2022 and includes transaction accounting adjustments such as incremental depreciation and amortization expense from acquired tangible and intangible assets, elimination of interest expense on Alliance’s long-term debt that was paid off in conjunction with the acquisition, and tax-related effects. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information does not reflect any cost savings, operating synergies or revenue enhancements that might have been achieved from combining the operations. The unaudited pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations. The following table summarizes the pro forma results of Helix and Alliance (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30,
​ |  | 2022
Revenues | ​ | $ | 665,021
Net loss | ​ | ​ | (82,282)
​

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration