Erik Staffeldt
HELIX ENERGY SOLUTIONS GROUPAbout Erik Staffeldt
Erik Staffeldt, age 53, is Executive Vice President and Chief Financial Officer of Helix Energy Solutions Group, overseeing finance, treasury, accounting, tax, IT and corporate planning. He joined Helix in July 2009 and became SVP & CFO in June 2017, transitioning to EVP & CFO from February 2019 onward; he holds a BBA in Accounting from the University of Notre Dame, an MBA from Loyola University New Orleans, and is a CPA . Company performance during his finance leadership shows revenues rising from $873.1M in FY 2022 to $1,358.6M in FY 2024, while EBITDA increased from $102.6M* to $265.1M*; Helix’s 2022 PSU cycle delivered a 195% shareholder return and ranked 3rd of 19 peers (TSR component paid at 200%) .
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Helix Energy Solutions Group | Executive Vice President & Chief Financial Officer | Feb 2019–present | Lead finance, treasury, accounting, tax, IT, corporate planning; SOX certifications |
| Helix Energy Solutions Group | Senior Vice President & Chief Financial Officer | Jun 2017–Feb 2019 | CFO leadership through industry cycle and capital market actions |
| Helix Energy Solutions Group | Vice President – Finance & Accounting | Jul 2015–Jun 2017 | Principal accounting officer designation; controls and reporting |
| Helix Energy Solutions Group | Finance & Treasury Director | Feb 2014–Jul 2015 | Treasury and corporate finance |
| Helix Energy Solutions Group | Director of Finance | Mar 2013–Feb 2014 | Financial planning and analysis |
| Helix Energy Solutions Group | Director – Corporate Accounting | Aug 2011–Mar 2013 | Accounting leadership |
| Helix Energy Solutions Group | Assistant Corporate Controller | Jul 2009–Aug 2011 | Corporate accounting |
| Helix Energy Solutions Group | Principal Accounting Officer (designation) | Jul 2015–Dec 2021 | SEC principal accounting officer responsibilities |
External Roles
Company filings reviewed do not disclose external public company directorships or committee roles for Mr. Staffeldt; biographies cover Helix roles only .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $440,000 | $440,000 | $440,000 |
| All Other Compensation ($) | $7,625 (401k match) | $8,250 (401k match) | $8,625 (401k match) |
Performance Compensation
Short-Term Incentive (STI) – Cash
| Item | 2023 | 2024 |
|---|---|---|
| STI Target ($) | $440,000 | $440,000 |
| Metrics & Weighting | 2023 financial results + ESG-related KPIs (company-wide) | Adjusted EBITDA 90%; Sustainability KPIs 10%; stretch above budget required |
| Actual Payout ($) | $791,120 | $335,280 |
| Payout % of Target | 179.8% (calculated from $791,120 ÷ $440,000) | 76.2% (calculated from $335,280 ÷ $440,000) |
| Payment Timing | Paid in March following performance year |
Long-Term Incentives (LTI) — RSUs and PSUs
| Year | Grant Date | RSUs (#) | RSUs Grant-Date FV ($) | PSU (#) | PSU Grant-Date FV ($) | Vesting & Metrics |
|---|---|---|---|---|---|---|
| 2022 | 1/4/2022 | 172,276 | $537,501 | 172,276 | $731,312 | RSUs vest ratably over 3 years; PSUs cliff-vest after 3 years, payout 0–200%, 50% TSR vs peer group and 50% cumulative Free Cash Flow; payable in cash or stock |
| 2023 | 1/3/2023 | 88,076 | $650,001 | 88,076 | $815,143 | Same vesting and metrics; PSU TSR thresholds: 25th percentile=0%, 55th=100%, 80th=200%; FCF thresholds: <$200M=0%, $250M=100%, ≥$375M=200% |
| 2024 | 1/1/2024 | 63,230 | $650,004 | 63,230 | $777,413 | Same vesting and metrics |
Outstanding Unvested Awards and Recent Vests
| Metric | Value |
|---|---|
| Unvested RSUs as of 12/31/2023 (#; Market Value @ $10.28) | 35,715; $367,150 |
| Unearned PSUs as of 12/31/2023 (#; Market/Payout Value @ $10.28) | 107,143; $1,101,430 |
| RSUs Granted 2022 (Unvested as of 12/31/2023) (#; Market Value @ $10.28) | 114,851; $1,180,668 |
| PSUs Granted 2022 (Performance period ending 12/31/2024) (#; Market/Payout Value @ $10.28) | 172,276; $1,770,997 |
| RSUs Granted 2023 (Unvested as of 12/31/2023) (#; Market Value @ $10.28) | 88,076; $905,421 |
| PSUs Granted 2023 (Unvested as of 12/31/2023) (#; Market/Payout Value @ $10.28) | 88,076; $905,421 |
| Shares Acquired on Vesting in 2023 (RSUs) | 111,744; $803,423 value realized |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total Beneficial Ownership (as of 3/18/2025) | 659,969 shares |
| Shares Outstanding (as of 3/18/2025) | 151,530,339 |
| Ownership as % of Outstanding | ~0.44% (calculated from 659,969 ÷ 151,530,339) |
| Options Outstanding | None; no options granted or outstanding |
| Hedging Policy | Hedging prohibited; no short sales, no options; no margin purchases |
| Pledging Policy | Allowed only if ≤25% of total holdings, ≤2% of outstanding, ≤200% of 3-month ADV; Board approval required |
| Current Pledges | No outstanding pledges by any directors or officers |
| Stock Ownership Guidelines | In place for Section 16 officers and directors; 5 years to comply; all covered persons in compliance as of 12/31/2024 |
Employment Terms
| Provision | Details |
|---|---|
| Employment Agreement | Erik Staffeldt Employment Agreement dated June 5, 2017 |
| First Amendment | Effective May 22, 2020 |
| Non-Compete | 1-year post-termination; offshore energy services industry; 1-year non-solicit of customers and employees |
| Termination for “Good Reason” (no change-in-control) | Cash equal to 1x base salary; full target STI for year of termination; RSUs scheduled to vest within 12 months auto-vest; prior-year earned STI paid; timing per program; no options outstanding |
| Involuntary Termination without Cause (no change-in-control) | Base salary multiple and STI treatment as above; accelerated vesting of RSUs/PSUs that would vest within one year; example amounts disclosed based on 12/31/2024 share price |
| Change-in-Control (single trigger; no termination) | No cash severance; accelerated vesting of RSUs ($1,671,766) and PSUs ($5,441,622) for Staffeldt (as of 12/31/2024) |
| Change-in-Control + Involuntary Termination or Good Reason (double trigger) | Cash severance $1,760,000; accelerated vesting of RSUs $1,671,766; PSUs $5,441,622; COBRA $27,457; no excise tax gross-up |
| Clawback (Recoupment) | Mandatory Recoupment Policy adopted Sept 18, 2023; recovery of erroneously awarded incentive comp for 3-year lookback upon restatement |
| Tax Gross-Ups | No excise tax gross-ups in change-in-control scenarios; post-2008 agreements have no tax gross-ups |
| Insider Trading Compliance Program | Preclearance and trading windows; Staffeldt designated backup compliance officer if GC unavailable |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $873,100,000 | $1,289,728,000 | $1,358,560,000 |
| EBITDA ($) | $102,588,000* | $244,352,000* | $265,116,000* |
- Helix’s 2022 PSU cycle delivered a 195% shareholder return and ranked 3rd among 19 peer group companies, resulting in a 200% TSR component payout; cumulative Free Cash Flow performance also reached maximums for that cycle .
*Values retrieved from S&P Global.
Investment Implications
- Pay-for-performance alignment: Staffeldt’s variable pay is tightly linked to financial outcomes—2024 STI tied 90% to Adjusted EBITDA and 10% to Sustainability KPIs with stretch targets; his payout was 76.2% of target ($335,280 vs $440,000), evidencing sensitivity to results . Long-term incentives balance RSUs with PSUs tied 50% to TSR vs a peer set and 50% to cumulative Free Cash Flow (0–200% payout), reinforcing shareholder value and cash generation .
- Retention and change-in-control economics: The double-trigger package (cash $1.76M plus accelerated equity and COBRA) is meaningful and, combined with accelerated vesting of awards, provides protection but only upon termination—mitigating “stay incentive” concerns while preserving alignment; single-trigger yields no cash severance .
- Trading signals and supply: Annual RSU vesting and PSU cliffs can introduce share supply around vest dates; Staffeldt acquired 111,744 shares on vesting in 2023 ($803,423 realized), suggesting predictable vest windows for monitoring potential insider-related flow. Hedging is prohibited and no pledges are outstanding, reducing adverse alignment risks .
- Ownership alignment and governance: Beneficial ownership of 659,969 shares (~0.44% of outstanding) and compliance with stock ownership guidelines, combined with a formal clawback policy (Sept 2023), enhance alignment and downside risk protection for investors .