Helix Energy Solutions Announces Multi-Year Contract with Shell

Rhea-AI Summary

Helix Energy Solutions Group, Inc. (NYSE: HLX) has secured a multi-year contract with Shell Offshore Inc. for Well Intervention services in the Gulf of Mexico, starting in March 2022. This three-year contract includes an expected utilization of 75 days per year, with options for more days. Helix will deploy either the Q4000 or Q5000 vessels, providing comprehensive services including well intervention, decommissioning, and subsea operations. The contract reflects Shell’s ongoing trust in Helix's efficient, cost-effective solutions.

Positive

• Secured a multi-year contract with Shell Offshore Inc.
• Commencing March 2022, for Well Intervention services.
• Includes anticipated utilization of 75 days per year.
• Options to add additional utilization days.
• Demonstrates Shell's continued confidence in Helix's services.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX) a leading provider of offshore energy services, is pleased to announce it has entered into a new multi-year contract with Shell Offshore Inc. to provide Well Intervention services in the U.S. Gulf of Mexico. Commencing in March 2022, the three-year contract includes an anticipated 75 days utilization per year with the option to add additional utilization days.

Under the contract Helix will provide either the Q4000 or Q5000 riser-based semi-submersible well intervention vessel, a 10k or 15k Intervention Riser System (IRS), remotely operated vehicles, project management and engineering services to cover operations from fully integrated well intervention to fully integrated plug and abandonment well services. The Q4000 and Q5000 well intervention vessels provide an optimal platform for a wide variety of tasks, including subsea well intervention, field and well decommissioning, installation and recovery of subsea equipment, well testing and emergency well containment.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “Shell continues to be a valued customer of Helix. We appreciate their continued confidence in our fully integrated well intervention services, our commitment to safety and cost-effective and efficient solutions. We are confident in the efficiencies and value we bring to our customers, and this contract further signals the increasing demand for our services.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005987/en/

Erik Staffeldt, Executive Vice President and CFO

Ph 281-618-0465

estaffeldt@helixesg.com

Source: Helix Energy Solutions Group, Inc.

FAQ

What is the contract value for Helix's deal with Shell Offshore?

The specific financial details of the contract value have not been disclosed in the press release.

When will the contract between Helix and Shell Offshore start?

The contract will commence in March 2022.

What services will Helix provide under the new contract with Shell?

Helix will provide Well Intervention services, utilizing the Q4000 or Q5000 vessels.

How long is the contract duration with Shell Offshore?

The contract is set for three years.

What is the significance of the contract for HLX shareholders?

The contract is a positive signal of demand for Helix's services, potentially benefiting HLX's market performance.