Helix Energy Solutions Awarded 5-Well Complete Abandonment Contract Offshore New Zealand

Rhea-AI Summary

Helix Energy Solutions Group (NYSE: HLX) has secured a 5-well complete abandonment project from New Zealand's Ministry of Business, Innovation & Employment. This contract, awarded after a competitive procurement process, marks Helix's first decommissioning project in New Zealand. Utilizing the Q7000 and the 10K Intervention Riser System (IRS), the project is set to mobilize by late 2022 and will take approximately 60 days, excluding mobilization. Helix continues to expand its operations in the Asia Pacific region, following a recent contract with Cooper Energy.

Positive

• Awarded a significant 5-well project in New Zealand, enhancing market presence.
• Utilizes state-of-the-art Q7000 vessel optimized for decommissioning operations.
• Strengthens collaboration with local stakeholders and the Ministry of Business, Innovation & Employment.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX), an international offshore energy services company headquartered in Houston, Texas, has been awarded a 5-well complete abandonment project by New Zealand’s Ministry of Business, Innovation & Employment (MBIE), to be performed by the Helix Q7000 and 10K Intervention Riser System (IRS). The contract with MBIE is the second recent award for Helix in the Asia Pacific region, following the award of Cooper Energy BMG wells abandonment in Australia’s Bass Strait.

The Q7000 is expected to mobilize late 2022 to the Tui Field, offshore New Plymouth, and perform the work in three phases, including well abandonment, recovery of XTs and wellhead severance and recovery. Excluding mobilization, the project is anticipated to last approximately 60 days.

David Carr, Senior Vice President – International for Helix Well Ops, said, “This award, coming on the heels of our award with Cooper Energy, shows that an integrated vessel package such as the Q7000 can address a wide range of subsea decommissioning challenges. With Schlumberger, our partners in the Subsea Services Alliance, we provide a complete solution to complex decommissioning scopes. As we commence this project, we look forward to working with tangata whenua, MBIE and the wider community to protect and restore the mana of this location.”

“We are thrilled to be awarded our first ever decommissioning project offshore New Zealand,” stated Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer. “We are industry leaders and are excited to continue expanding our service offerings and global operational footprint into the APAC region, helping our clients navigate energy transition, optimize subsea infrastructure and maximize their economic returns.”

“Helix was awarded the contract after a competitive procurement process to select a supplier that met MBIE’s objectives of a robust technical solution, flexibility in timing, competitive pricing and a commitment to working with iwi and local stakeholders,” said MBIE Tui Project director Lloyd Williams. “Helix is widely recognized internationally as one of the largest and most capable contractors for well intervention and abandonment, and we are looking forward to working with them to complete the final phase of the decommissioning. Helix’s proposed vessel to carry out the work, the Q7000, is a state-of-the-art unit which is optimized for well decommissioning and features specialized equipment required to complete the work safely and efficiently,” said Williams.

Equipped with an IMO-certified DP3 system and the Helix-designed IRS, the Q7000 can execute well intervention and decommissioning operations in water depths ranging from 85m to 3,000m. With its open deck plan and tri-axial configuration, the Q7000 is capable of a wide range of production enhancement operations as well as well clean-up and field development support. It is equally optimized for well decommissioning, including suspension, tubing removal, tree recovery and sea floor clearance.

The Q7000 features a full suite of Schlumberger equipment as part of the joint Subsea Services Alliance, providing integrated subsea well services including coiled tubing, slickline, e-line and cementing services.

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.

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, please visit our website at www.HelixESG.com.

Forward-Looking Statements

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Social Media

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211122005180/en/

Erik Staffeldt

Executive Vice President & CFO

281-618-0465

estaffeldt@helixesg.com

Source: Helix Energy Solutions Group, Inc.

FAQ

What is the recent project awarded to Helix Energy Solutions (HLX)?

Helix Energy Solutions was awarded a 5-well complete abandonment project by New Zealand's Ministry of Business, Innovation & Employment.

When is the Q7000 expected to mobilize for the New Zealand project?

The Q7000 is expected to mobilize by late 2022 for the project offshore New Plymouth.

What is the significance of Helix's contract in New Zealand?

This contract represents Helix's first decommissioning project offshore New Zealand, marking an expansion in the Asia Pacific region.

What technology will Helix use for the New Zealand project?

Helix will use the Q7000 vessel and the 10K Intervention Riser System (IRS) for the project.

How long is the project expected to last?

The project is anticipated to last approximately 60 days, excluding mobilization.