Helix Energy Solutions Awarded Long-Term Field Decommissioning Project in Brazil

Rhea-AI Summary

Helix Energy Solutions Group (NYSE: HLX) has secured a field decommissioning contract from Trident Energy in Brazil's Campos Basin. The project is set to begin in late 2022 and will last for 12 months, with options for extension. Helix will deploy a riser-based well intervention vessel, providing project management and engineering services alongside plug and abandonment well services, in partnership with Schlumberger. This contract is aligned with Helix's strategy to diversify its client base and enhance its service offerings in the region.

Positive

• Awarded a significant decommissioning contract, enhancing market position.
• Opportunity to diversify client base in Brazil's Campos Basin.
• Partnership with Schlumberger strengthens service capabilities.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has been awarded a field decommissioning contract by Trident Energy do Brasil Ltda. (Trident Energy). The project, located offshore Brazil in the Pampo and Enchova Clusters in the Campos Basin, is expected to commence in late 2022 for a firm period of 12 months with multiple customer 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 Helix has been awarded this major decommissioning contract. This is another step forward in the execution of our strategic objectives which include diversifying our client base in the region while continuing to provide best-in-class and global leading decommissioning services. We look forward to developing our relationship with Trident Energy.”

“Our rigless well intervention services offer a lower cost and lower greenhouse gas intensive solution for decommissioning offshore wells compared to rig alternatives,” stated Daniel Stuart, Helix do Brasil’s Director of Operations. “We believe that delivering this milestone field decommissioning project will support future growth in the region and lead to additional opportunities.”

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

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by applicable securities laws.

Social Media

From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup) and Instagram (www.instagram.com/helixenergysolutions).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215006167/en/

Erik Staffeldt, Executive Vice President and CFO

email: estaffeldt@helixesg.com

Ph: 281-618-0465

Source: Helix Energy Solutions Group, Inc.

FAQ

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

Helix Energy Solutions Group has been awarded a field decommissioning contract by Trident Energy in Brazil's Campos Basin.

When is the Helix Energy Solutions contract expected to begin?

The contract is expected to commence in late 2022.

How long will the decommissioning project last for Helix (HLX)?

The project is set for a firm period of 12 months, with options for extensions.

What services will Helix provide under the Trident Energy contract?

Helix will provide a riser-based well intervention vessel, project management, engineering services, and plug and abandonment well services.

Who is Helix Energy Solutions partnering with for the project in Brazil?

Helix is partnering with Schlumberger for integrated plug and abandonment well services.