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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): January 2, 2009</B>



<P style="font-size: 24pt" align="center"><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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cellpadding="0" width="100%" border="0">

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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Minnesota</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-32936</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><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>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>400 North Sam Houston Parkway
East, Suite 400<BR>
Houston, Texas</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77060</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>281-618-0400</B>
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cellpadding="0" width="30%" border="0">

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 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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 style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</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">o</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 style="display: none; font-size: 10pt" align="center">1
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<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 January&nbsp;2, 2009, the Compensation Committee (the &#147;Committee&#148;) of the Board of Directors of
Helix Energy Solutions Group, Inc. (&#147;Helix&#148;) adopted and approved the 2009 Long-Term Incentive Cash
Plan (the &#147;Plan&#148;) to provide certain long-term cash based compensation to eligible employees of
Helix. Pursuant to the Plan cash awards may have performance-based vesting or time-based vesting
or both. The terms of each award are to be set forth in an Award Letter (an &#147;Award Letter&#148;) with
such terms and provisions as the Committee or other administrator may determine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Set forth below is a summary of the Plan and the Award Letters, each of which is qualified in
its entirety by the full text of the Plan and Award Letter, as applicable, which are attached
hereto as Exhibits 10.1 and 10.2.
</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="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">Awards. The Plan permits the grant of cash incentive awards to
eligible participants, payable upon the expiration of certain time-based
vesting requirements or upon the attainment of performance goals determined
by the Committee or other administrator.</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">Administration. With respect to awards to participants who are
officers of the Company for purposes of Section&nbsp;16 of the Securities
Exchange Act of 1934 (&#147;Section&nbsp;16 Officers&#148;), the Plan will be administered
by the Committee. With respect to awards to all other participants, the
Plan will be administered by such officers to whom the Committee has
delegated authority to administer the Plan (collectively with the
Committee, the &#147;Administrator&#148;).</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">Eligible Participants. All employees of the Company or its
affiliates who are regular employees are eligible to receive an award.</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">Performance Goals. The Administrator may select one or more
performance metrics to establish the applicable performance goals. Awards
under the Plan are not required to contain performance goals. Any
performance goal will be set forth in the participant&#146;s Award Letter.</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">Award Term. Awards will be measured and vest over such period of
time as shall be established by the Administrator and may be divided into,
and the achievement of performance goals determined in, a number of
periods.</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">Eligibility for Payment. Unless otherwise determined by the
Administrator in its sole discretion, a participant must be an employee on
the applicable anniversary of the award in the case of a time-based award,
or the day after the applicable measurement period in the case of
performance-based awards, to be eligible for payment of an award.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->

<P style="display: none; font-size: 10pt" align="center">2

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<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="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">Payment upon a Change of Control. Unless otherwise provided in the
Award Letter, in the event of a change of control, as defined in the Plan, prior to the end of the term, then the performance goals shall be deemed to
have been satisfied as of the date of the change of control and any
time-based awards shall immediately vest.</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">Award Letters. All Awards shall be set forth in an Award Letter
setting forth the terms and conditions of each award.</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">Amendment and Termination. The Plan may be amended, or terminated
by the Board or the Committee at any time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, the Committee determined the base salaries, the Long-Term Incentive Cash Award,
the 2009 Target Bonus and granted awards of restricted stock under our 2005 Long Term Incentive
Plan, for each of the executive officers of Helix. The following table sets forth the base
salary, Long-Term Incentive Cash Award and the 2009 Target Bonus for each executive officer listed
in the &#147;Summary Compensation Table&#148; in Helix&#146;s proxy statement for its 2008 annual meeting of
stockholders who will continue to be employed by Helix during calendar 2009 and the number of
shares of restricted stock awarded to each such executive officer:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Shares of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Base Salary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Long-Term Incentive</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restricted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009 Target</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name and Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Cash Award<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Stock<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Bonus</TD>
    <TD>&nbsp;</TD>
</TR>


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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owen Kratz,
President and Chief
Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,476,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bart H. Heijermans,
Executive Vice
President and Chief
Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,651,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Murphy,
Executive Vice
President &#151; Oil &#038;
Gas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,651,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lloyd A. Hajdik,
Senior Vice
President &#151;
Finance and Chief
Accounting Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">430,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR>
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</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Base salary will be effective as of January&nbsp;1, 2009. Except for Mr.&nbsp;Hajdik, the 2009
base salaries are the same as each executive officer&#146;s 2008 base salary.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Long-Term Incentive Cash Award Letters to each executive officer will be issued
pursuant to the Plan. The cash award will vest 20% per year for a five-year period
beginning on January&nbsp;2, 2010 or upon such other events described in the Award Letter. The
amount payable under each such award is calculated based on the increase or decrease of
Helix&#146;s stock price on the applicable vesting date compared to $7.24. The maximum amount
payable based upon the award is two (2)&nbsp;times the target award described above.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
<P style="display: none; font-size: 10pt" align="center">3

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<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The number set forth under restricted stock issuance is equal to the number of shares
of restricted stock received by the applicable executive officer in January&nbsp;2008. Each
officer received the same number of shares of restricted stock on January&nbsp;2, 2009.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The 2009 cash bonus will be determined and paid in approximately March&nbsp;2010 based on the
achievement of certain Company performance objectives as determined by the Compensation Committee
and as described in the Company&#146;s proxy statement for the annual meeting of stockholders. The 2009
cash bonus amounts may be adjusted in the complete discretion of the Compensation Committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Information related to the other elements of total compensation for these executive officers
will be disclosed in Helix&#146;s 2009 Proxy Statement to the extent required by the rules related to
proxy statements and the disclosure of executive compensation.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c) <I>Exhibits.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 Long-Term Incentive Cash Plan for Helix Energy Solutions Group, Inc.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Award Letter to be used in connection with the 2009 Long-Term Incentive
Cash Plan.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
<P style="display: none; font-size: 10pt" align="center">4
</DIV>


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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: January&nbsp;6, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&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" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
<P style="display: none; font-size: 10pt" align="center">5

</DIV>

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    <TD width="15%">&nbsp;</TD>
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</TABLE>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
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    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Description</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 Long-Term Incentive Cash Plan for Helix Energy Solutions Group, Inc.</DIV></TD>
</TR>
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    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Award Letter to be used in connection with the 2009 Long-Term Incentive
Cash Plan.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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[{"type": "8-K", "sequence": "1", "filename": "c79162e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 26956}]
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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): January 2, 2009
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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 2, 2009, the Compensation Committee (the "Committee") of the Board of Directors of
Helix Energy Solutions Group, Inc. ("Helix") adopted and approved the 2009 Long-Term Incentive Cash
Plan (the "Plan") to provide certain long-term cash based compensation to eligible employees of
Helix. Pursuant to the Plan cash awards may have performance-based vesting or time-based vesting
or both. The terms of each award are to be set forth in an Award Letter (an "Award Letter") with
such terms and provisions as the Committee or other administrator may determine.
Set forth below is a summary of the Plan and the Award Letters, each of which is qualified in
its entirety by the full text of the Plan and Award Letter, as applicable, which are attached
hereto as Exhibits 10.1 and 10.2.
•
Awards. The Plan permits the grant of cash incentive awards to
eligible participants, payable upon the expiration of certain time-based
vesting requirements or upon the attainment of performance goals determined
by the Committee or other administrator.
•
Administration. With respect to awards to participants who are
officers of the Company for purposes of Section 16 of the Securities
Exchange Act of 1934 ("Section 16 Officers"), the Plan will be administered
by the Committee. With respect to awards to all other participants, the
Plan will be administered by such officers to whom the Committee has
delegated authority to administer the Plan (collectively with the
Committee, the "Administrator").
•
Eligible Participants. All employees of the Company or its
affiliates who are regular employees are eligible to receive an award.
•
Performance Goals. The Administrator may select one or more
performance metrics to establish the applicable performance goals. Awards
under the Plan are not required to contain performance goals. Any
performance goal will be set forth in the participant's Award Letter.
•
Award Term. Awards will be measured and vest over such period of
time as shall be established by the Administrator and may be divided into,
and the achievement of performance goals determined in, a number of
periods.
•
Eligibility for Payment. Unless otherwise determined by the
Administrator in its sole discretion, a participant must be an employee on
the applicable anniversary of the award in the case of a time-based award,
or the day after the applicable measurement period in the case of
performance-based awards, to be eligible for payment of an award.
2
•
Payment upon a Change of Control. Unless otherwise provided in the
Award Letter, in the event of a change of control, as defined in the Plan, prior to the end of the term, then the performance goals shall be deemed to
have been satisfied as of the date of the change of control and any
time-based awards shall immediately vest.
•
Award Letters. All Awards shall be set forth in an Award Letter
setting forth the terms and conditions of each award.
•
Amendment and Termination. The Plan may be amended, or terminated
by the Board or the Committee at any time.
In addition, the Committee determined the base salaries, the Long-Term Incentive Cash Award,
the 2009 Target Bonus and granted awards of restricted stock under our 2005 Long Term Incentive
Plan, for each of the executive officers of Helix. The following table sets forth the base
salary, Long-Term Incentive Cash Award and the 2009 Target Bonus for each executive officer listed
in the "Summary Compensation Table" in Helix's proxy statement for its 2008 annual meeting of
stockholders who will continue to be employed by Helix during calendar 2009 and the number of
shares of restricted stock awarded to each such executive officer:
Shares of
Base Salary
Long-Term Incentive
Restricted
2009 Target
Name and Title
(1)
Cash Award
(2)
Stock
(3)
Bonus
Owen Kratz,
President and Chief
Executive Officer
$
700,000
$
2,476,628
72,289
$
1,400,000
Bart H. Heijermans,
Executive Vice
President and Chief
Operating Officer
$
450,000
$
1,651,083
48,193
$
600,000
Robert Murphy,
Executive Vice
President — Oil &
Gas
$
450,000
$
1,651,083
48,193
$
600,000
Lloyd A. Hajdik,
Senior Vice
President —
Finance and Chief
Accounting Officer
$
275,000
$
430,214
9,639
$
225,000
(1)
Base salary will be effective as of January 1, 2009. Except for Mr. Hajdik, the 2009
base salaries are the same as each executive officer's 2008 base salary.
(2)
Long-Term Incentive Cash Award Letters to each executive officer will be issued
pursuant to the Plan. The cash award will vest 20% per year for a five-year period
beginning on January 2, 2010 or upon such other events described in the Award Letter. The
amount payable under each such award is calculated based on the increase or decrease of
Helix's stock price on the applicable vesting date compared to $7.24. The maximum amount
payable based upon the award is two (2) times the target award described above.
3
(3)
The number set forth under restricted stock issuance is equal to the number of shares
of restricted stock received by the applicable executive officer in January 2008. Each
officer received the same number of shares of restricted stock on January 2, 2009.
The 2009 cash bonus will be determined and paid in approximately March 2010 based on the
achievement of certain Company performance objectives as determined by the Compensation Committee
and as described in the Company's proxy statement for the annual meeting of stockholders. The 2009
cash bonus amounts may be adjusted in the complete discretion of the Compensation Committee.
Information related to the other elements of total compensation for these executive officers
will be disclosed in Helix's 2009 Proxy Statement to the extent required by the rules related to
proxy statements and the disclosure of executive compensation.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibits.
Number
Description
10.1
2009 Long-Term Incentive Cash Plan for Helix Energy Solutions Group, Inc.
10.2
Form of Award Letter to be used in connection with the 2009 Long-Term Incentive
Cash Plan.
4
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: January 6, 2009
HELIX ENERGY SOLUTIONS GROUP, INC.
By:
/s/ Anthony Tripodo
Anthony Tripodo
Executive Vice President and Chief Financial Officer
5
Index to Exhibits
Exhibit No.
Description
10.1
2009 Long-Term Incentive Cash Plan for Helix Energy Solutions Group, Inc.
10.2
Form of Award Letter to be used in connection with the 2009 Long-Term Incentive
Cash Plan.
6