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EXHIBIT 99.1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of
Directors and Shareholders of
Helix Energy
Solutions Group, Inc.
We
have reviewed the condensed consolidated balance sheet of Helix Energy Solutions
Group, Inc. and subsidiaries as of September 30, 2009, and the related condensed
consolidated statements of operations for the three-month and nine-month periods
ended September 30, 2009 and 2008 and the condensed consolidated statements of
cash flows for the nine-month periods ended September 30, 2009 and 2008. These
financial statements are the responsibility of the Company’s management.
We
conducted our review in accordance with the standards of the Public Company
Accounting Oversight Board (United States). A review of interim financial
information consists principally of applying analytical procedures and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with the
standards of the Public Company Accounting Oversight Board, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our
review, we are not aware of any material modifications that should be made to
the condensed consolidated financial statements referred to above in order for
them to be in conformity with U.S. generally accepted accounting principles.
We have previously
audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the consolidated balance sheet of Helix Energy
Solutions Group, Inc. and subsidiaries as of December 31, 2008, and the
related consolidated statements of operations, shareholders’ equity, and cash
flows for the year then ended, not presented herein, and in our report dated
March 2, 2009, except for Notes 2 and 25 as to which the date is June 12, 2009,
we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed
consolidated balance sheet as of December 31, 2008, is fairly stated, in all
material respects, in relation to the consolidated balance sheet from which it
has been derived.
/s/Ernst & Young LLP
Houston,Texas
October 30, 2009