Helix Energy Solutions Announces Contract Extension for Decommissioning Project in Brazil

Rhea-AI Summary

Helix Energy Solutions Group (NYSE: HLX) announced that Trident Energy do Brasil has extended its field decommissioning contract by 12 months. This project, located offshore Brazil in the Pampo and Enchova Clusters, is set to start in late 2022 and spans two years with options for further extensions. Helix will utilize either the Siem Helix 1 or Siem Helix 2 vessels, providing well intervention services along with Schlumberger. The contract extension reflects a positive trend in the market for well intervention services as noted by Helix's COO Scotty Sparks.

Positive

• Extension of field decommissioning contract by 12 months indicates growing client confidence.
• Contract involves provision of specialized vessels and services, enhancing revenue prospects.
• Positive market trend for global well intervention services as noted by company executives.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that Trident Energy do Brasil Ltda. (Trident Energy) has exercised their option to extend the field decommissioning contract previously awarded by an additional 12 months. The project, located offshore Brazil in the Pampo and Enchova Clusters in the Campos Basin, is expected to commence in late 2022 for a period of two years with multiple options to extend.

Helix will provide a riser-based well intervention vessel either the Siem Helix 1 or Siem Helix 2, a 10k Intervention Riser System, project management and engineering services and, in conjunction with Helix’s Subsea Services Alliance partner Schlumberger, fully integrated plug and abandonment well services.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “We are pleased that Trident Energy has extended this major field decommissioning contract. This is another indication of an improving market for our global well intervention services and aligns well with our recent charter extensions of the Siem Helix 1 and Siem Helix 2.” The Siem Helix 1 charter was extended into the first quarter 2025 and the Siem Helix 2 charter was extended into the first quarter 2027.

Trident Energy owns and operates four platforms in the Campos Basin, and its Brazil operations are part of a global organization backed by Warburg Pincus with a stated focus on operating and redeveloping mid-life oil and gas assets.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.

For more information about Helix Energy Solutions Group (NYSE: HLX), please visit our website at www.HelixESG.com.

For more information about the Subsea Services Alliance, please visit our website at www.subseaservicesalliance.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005720/en/

Erik Staffeldt, Executive Vice President & CFO

estaffeldt@helixesg.com

281-618-0465

Source: Helix Energy Solutions Group, Inc.

FAQ

What is the significance of the contract extension for HLX?

The contract extension enhances Helix's operational revenue and reflects increasing demand for their well intervention services.

When is the decommissioning project set to commence?

The decommissioning project is expected to commence in late 2022.

What vessels will Helix provide for the project?

Helix will provide either the Siem Helix 1 or Siem Helix 2 for the decommissioning project.

What does the contract extension reveal about the market for HLX?

The extension demonstrates an improving market for Helix's global well intervention services.

What regions are involved in Helix's new contract?

The contract involves offshore operations in the Pampo and Enchova Clusters in Brazil's Campos Basin.