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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 11, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Helix Energy Solutions Group, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD style="border-bottom: 1px solid #000000"><B>Minnesota</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-32936</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>95-3409686</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>400 North Sam Houston Parkway East, Suite 400<BR>Houston, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>77060</B></TD>
</TR>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>281-618-0400</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;11, 2008, the Company amended the existing employment arrangement with Robert
Murphy (the &#147;Amendment&#148;), the Company&#146;s Executive Vice President &#151; Oil &#038; Gas. The Amendment was
approved by the Company&#146;s Compensation Committee of its Board of
Directors (the &#147;Committee&#148;). The Company hereby
incorporates by reference the disclosure made in Item&nbsp;5.02 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;11, 2008, the Company amended the existing employment arrangement between the
Company and Robert Murphy, the Company&#146;s Executive Vice President &#151; Oil &#038; Gas. The Amendment is
effective as of January&nbsp;1, 2009, and sets forth the timing of certain payments, including payments
upon the death, disability or severance of Mr.&nbsp;Murphy, and alters certain aspects of his tax gross
up payment. The Amendment was entered into in order for Mr.&nbsp;Murphy&#146;s employment arrangement and
the payments thereunder to comply with section 409A of the Internal Revenue of Code of 1986, as
amended. The form of the Amendment was approved by the Committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The descriptions of the provisions of the Amendment are qualified in their entirety by
reference to the full and complete terms of such agreements which are attached hereto as Exhibit
10.1 and are incorporated by reference herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;11, 2008, Helix issued a press release containing an update on its future
strategic direction. Attached hereto as Exhibit&nbsp;99.1, and incorporated by reference herein, is the
press release.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This information is not deemed to be &#147;filed&#148; for the purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), or otherwise subject to the liabilities of that
section, and such information is not incorporated by reference into any registration statements or
other document filed under the Securities Act of 1933, as amended (&#147;Securities Act&#148;), or the
Exchange Act, regardless of the general incorporation language contained in such filing, except as
shall be expressly set forth by specific reference to this filing.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward-Looking Statements and Assumptions
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 3%">This Report on Form 8-K, including any exhibits included herein, contains various statements
that contain forward-looking information regarding Helix Energy Solutions Group, Inc. and represent
our expectations or beliefs concerning future events. This forward-looking information is intended
to be covered by the safe harbor for &#147;forward-looking statements&#148; provided by the Private
Securities Litigation Reform Act of 1995 as set forth in Section&nbsp;27A of the Securities Act of 1933,
as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;). All statements that are predictive in nature, that depend upon
or refer to future events or conditions, or that use terms and phrases such as &#147;achieve,&#148;
&#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;forecast,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;propose,&#148;
&#147;strategy,&#148; &#147;predict,&#148; &#147;envision,&#148; &#147;hope,&#148; &#147;intend,&#148; &#147;will,&#148; &#147;continue,&#148; &#147;may,&#148; &#147;potential,&#148;
&#147;achieve,&#148; &#147;should,&#148; &#147;could&#148; and similar terms and phrases are forward-looking statements. Included
in forward-looking statements are, among other things:
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements regarding our anticipated production volumes, results of
exploration, exploitation, development, acquisition or operations
expenditures, and current or prospective reserve levels, with respect
to any property or well;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements relating to our proposed acquisition, exploration,
development and/or production of oil and gas properties, prospects or
other interests and any anticipated costs related thereto;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements relating to the construction or acquisition of vessels or
equipment and any anticipated costs related thereto;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements that our proposed vessels, when completed, will have
certain characteristics or the effectiveness of such characteristics;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements regarding projections of revenues, gross margin, expenses,
earnings or losses, working capital or other financial items;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements regarding our business strategy, our business plans or any
other plans, forecasts or objectives, any or all of which is subject
to change; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">statements regarding anticipated developments, industry trends,
performance or industry ranking.</DIV></TD>
</TR>

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</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although we believe that the expectations reflected in these forward-looking statements are
reasonable and are based on reasonable assumptions, they do involve risks, uncertainties and other
factors that could cause actual results to be materially different from those in the
forward-looking statements. These factors include, among other things:
</DIV>

<DIV style="margin-top: 10pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uncertainties inherent in the development and production of oil and gas and in
estimating reserves;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uncertainties regarding our ability to replace depletion;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">unexpected future capital expenditures (including the amount and nature thereof);</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">impact of oil and gas price fluctuations and the cyclical nature of the oil and
gas industry;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the effects of indebtedness, which could adversely restrict our ability to
operate, could make us vulnerable to general adverse economic and industry
conditions, could place us at a competitive disadvantage compared to our
competitors that have less debt and could have other adverse consequences;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the success of our derivative activities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the results of our continuing efforts to control or reduce costs, and improve
performance;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the success of our risk management activities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the effects of competition;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the availability (or lack thereof) of capital (including any financing) to fund
our business strategy and/or operations and the terms of any such financing;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the impact of current and future laws and governmental regulations including tax
and accounting developments;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the effect of adverse weather conditions or other risks associated with marine
operations;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the effect of environmental liabilities that are not covered by an effective
indemnity or insurance;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the potential impact of a loss of one or more key employees; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the impact of general economic, market, industry or business conditions.</DIV></TD>
</TR>

</TABLE>
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our actual results could differ materially from those anticipated in these forward-looking
statements as a result of the risk and uncertainties set forth above as well as those described
under the heading &#147;Risk Factors&#148; in our Annual Report on Form 10-K for the year ended December&nbsp;31,
2007 and our subsequent periodic reports. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by these risk factors.
These risk factors are not intended to be a discussion of all potential risks and uncertainties as
it is not possible to predict or identify all risk factors. Although we believe the expectations
reflected in the forward-looking statements are based upon reasonable assumptions, we can give no
assurance that we will attain these expectations or that any deviation will not be material. All
forward-looking statements in this report are based upon information available to us on the date of
this report. You should not place undue reliance on these forward-looking statements.
Forward-looking statements are only as of the date they are made, and other than as required under
the securities laws, we assume no obligation to update or revise these forward-looking statements
or provide reasons why actual results may differ.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Exhibits.</I></DIV></TD>
</TR>

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</DIV>
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    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Employment Agreement by and between Helix Energy Solutions Group, Inc. and Robert Murphy.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release of Helix Energy Solutions Group, Inc. dated December&nbsp;11, 2008 containing an update on the Company&#146;s strategic direction.</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: December&nbsp;12, 2008
</DIV>

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    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HELIX ENERGY SOLUTIONS GROUP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                  /s/ Anthony Tripodo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Anthony Tripodo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Index to Exhibits</B>
</DIV>

<DIV align="center">
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    <TD width="8%">&nbsp;</TD>
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    <TD width="88%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Employment Agreement by and between Helix Energy Solutions Group, Inc. and Robert Murphy.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release of Helix Energy Solutions Group, Inc. dated December&nbsp;11, 2008 containing an update on the Company&#146;s strategic direction.</TD>
</TR>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 11, 2008
Helix Energy Solutions Group, Inc.
(Exact name of registrant as specified in its charter)
Minnesota
001-32936
95-3409686
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
400 North Sam Houston Parkway East, Suite 400
Houston, Texas
77060
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
281-618-0400
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On December 11, 2008, the Company amended the existing employment arrangement with Robert
Murphy (the "Amendment"), the Company's Executive Vice President — Oil & Gas. The Amendment was
approved by the Company's Compensation Committee of its Board of
Directors (the "Committee"). The Company hereby
incorporates by reference the disclosure made in Item 5.02 below.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 11, 2008, the Company amended the existing employment arrangement between the
Company and Robert Murphy, the Company's Executive Vice President — Oil & Gas. The Amendment is
effective as of January 1, 2009, and sets forth the timing of certain payments, including payments
upon the death, disability or severance of Mr. Murphy, and alters certain aspects of his tax gross
up payment. The Amendment was entered into in order for Mr. Murphy's employment arrangement and
the payments thereunder to comply with section 409A of the Internal Revenue of Code of 1986, as
amended. The form of the Amendment was approved by the Committee.
The descriptions of the provisions of the Amendment are qualified in their entirety by
reference to the full and complete terms of such agreements which are attached hereto as Exhibit
10.1 and are incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On December 11, 2008, Helix issued a press release containing an update on its future
strategic direction. Attached hereto as Exhibit 99.1, and incorporated by reference herein, is the
press release.
This information is not deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that
section, and such information is not incorporated by reference into any registration statements or
other document filed under the Securities Act of 1933, as amended ("Securities Act"), or the
Exchange Act, regardless of the general incorporation language contained in such filing, except as
shall be expressly set forth by specific reference to this filing.
Forward-Looking Statements and Assumptions
This Report on Form 8-K, including any exhibits included herein, contains various statements
that contain forward-looking information regarding Helix Energy Solutions Group, Inc. and represent
our expectations or beliefs concerning future events. This forward-looking information is intended
to be covered by the safe harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995 as set forth in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). All statements that are predictive in nature, that depend upon
or refer to future events or conditions, or that use terms and phrases such as "achieve,"
"anticipate," "believe," "estimate," "expect," "forecast," "plan," "project," "propose,"
"strategy," "predict," "envision," "hope," "intend," "will," "continue," "may," "potential,"
"achieve," "should," "could" and similar terms and phrases are forward-looking statements. Included
in forward-looking statements are, among other things:
•
statements regarding our anticipated production volumes, results of
exploration, exploitation, development, acquisition or operations
expenditures, and current or prospective reserve levels, with respect
to any property or well;
•
statements relating to our proposed acquisition, exploration,
development and/or production of oil and gas properties, prospects or
other interests and any anticipated costs related thereto;
•
statements relating to the construction or acquisition of vessels or
equipment and any anticipated costs related thereto;
•
statements that our proposed vessels, when completed, will have
certain characteristics or the effectiveness of such characteristics;
•
statements regarding projections of revenues, gross margin, expenses,
earnings or losses, working capital or other financial items;
•
statements regarding our business strategy, our business plans or any
other plans, forecasts or objectives, any or all of which is subject
to change; and
•
statements regarding anticipated developments, industry trends,
performance or industry ranking.
Although we believe that the expectations reflected in these forward-looking statements are
reasonable and are based on reasonable assumptions, they do involve risks, uncertainties and other
factors that could cause actual results to be materially different from those in the
forward-looking statements. These factors include, among other things:
•
uncertainties inherent in the development and production of oil and gas and in
estimating reserves;
•
uncertainties regarding our ability to replace depletion;
•
unexpected future capital expenditures (including the amount and nature thereof);
•
impact of oil and gas price fluctuations and the cyclical nature of the oil and
gas industry;
•
the effects of indebtedness, which could adversely restrict our ability to
operate, could make us vulnerable to general adverse economic and industry
conditions, could place us at a competitive disadvantage compared to our
competitors that have less debt and could have other adverse consequences;
•
the success of our derivative activities;
•
the results of our continuing efforts to control or reduce costs, and improve
performance;
•
the success of our risk management activities;
•
the effects of competition;
•
the availability (or lack thereof) of capital (including any financing) to fund
our business strategy and/or operations and the terms of any such financing;
•
the impact of current and future laws and governmental regulations including tax
and accounting developments;
•
the effect of adverse weather conditions or other risks associated with marine
operations;
•
the effect of environmental liabilities that are not covered by an effective
indemnity or insurance;
•
the potential impact of a loss of one or more key employees; and
•
the impact of general economic, market, industry or business conditions.
Our actual results could differ materially from those anticipated in these forward-looking
statements as a result of the risk and uncertainties set forth above as well as those described
under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31,
2007 and our subsequent periodic reports. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by these risk factors.
These risk factors are not intended to be a discussion of all potential risks and uncertainties as
it is not possible to predict or identify all risk factors. Although we believe the expectations
reflected in the forward-looking statements are based upon reasonable assumptions, we can give no
assurance that we will attain these expectations or that any deviation will not be material. All
forward-looking statements in this report are based upon information available to us on the date of
this report. You should not place undue reliance on these forward-looking statements.
Forward-looking statements are only as of the date they are made, and other than as required under
the securities laws, we assume no obligation to update or revise these forward-looking statements
or provide reasons why actual results may differ.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibits.
Number
Description
10.1
Amendment to Employment Agreement by and between Helix Energy Solutions Group, Inc. and Robert Murphy.
99.1
Press Release of Helix Energy Solutions Group, Inc. dated December 11, 2008 containing an update on the Company's strategic direction.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 12, 2008
HELIX ENERGY SOLUTIONS GROUP, INC.
By:
/s/ Anthony Tripodo
Anthony Tripodo
Executive Vice President and Chief Financial Officer
Index to Exhibits
Exhibit No.
Description
10.1
Amendment to Employment Agreement by and between Helix Energy Solutions Group, Inc. and Robert Murphy.
99.1
Press Release of Helix Energy Solutions Group, Inc. dated December 11, 2008 containing an update on the Company's strategic direction.