Helix Energy Solutions Extends Siem Helix 2 Contract with Petrobras

Rhea-AI Summary

Helix Energy Solutions Group (NYSE: HLX) has announced a one-year extension of its well intervention charter and services contracts with Petrobras for the Siem Helix 2 vessel. This extension, reducing the rate per the current market, allows the Siem Helix 2 to operate until mid-December 2022, offering various subsea services. Executive VP Scotty Sparks emphasized the company's successful history with Petrobras and its commitment to providing innovative solutions. The extension reflects Helix's adaptability in a changing market.

Positive

• One-year extension of charter contract with Petrobras for the Siem Helix 2 vessel.
• Reduced contract rate aligns with current market conditions.
• Continuation of services demonstrates strong relationship with Petrobras.
• Vessel capable of advanced subsea services enhances operational capabilities.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX) is pleased to announce that it has entered into an extension of its well intervention charter and services contracts for the Siem Helix 2 offshore Brazil with Petróleo Brasileiro S.A. (Petrobras).

The initial four-year contract for the Siem Helix 2 has been extended by one year at a reduced rate reflective of the current market. The Siem Helix 2 is now set to remain under contract with Petrobras until mid-December 2022 performing riser-based well intervention activities. The Siem Helix 2 is a purpose-built, advanced well intervention vessel capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation work, offshore crane and ROV operations, offshore construction work and emergency response capabilities.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “On the back of our recent accommodation and support contract for sister ship the Siem Helix 1 in Ghana for another customer, we are glad to finalize this process and look forward to continuing a long and productive working relationship with Petrobras. The Siem Helix 2 has consistently provided industry-leading well intervention services to Petrobras. This extension demonstrates the capacity for Helix to continuously provide innovative solutions to fit our clients’ needs backed by our experience and proven track record.”

About Helix Energy Solutions

Helix Energy Solutions Group, Inc. 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

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, including, without limitation, any statements regarding protocols and plans, current work continuing, the spot market, spending and cost reduction plans and the ability to manage changes; strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding the plans, strategies and objectives for future operations; any statements regarding the ability to enter into, renew and/or perform commercial contracts; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. 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, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities including regulatory initiatives by the current U.S. administration; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in reports filed with the Securities and Exchange Commission (“SEC”), including Helix’s most recently filed Annual Report on Form 10-K and in other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. 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 the 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/20211214006309/en/

Erik Staffeldt

Executive Vice President & CFO

281-618-0465

estaffeldt@helixesg.com

Source: Helix Energy Solutions Group, Inc.

FAQ

What is the new contract duration for the <i>Siem Helix 2</i> with Petrobras?

The contract has been extended for one year, now running until mid-December 2022.

How does the contract extension with Petrobras impact Helix Energy Solutions Group's operations?

The extension allows Helix to provide continued subsea services, reflecting a sustained partnership.

What types of services will the <i>Siem Helix 2</i> provide to Petrobras?

The vessel will perform riser-based well intervention activities, among other subsea services.

What stock symbol does Helix Energy Solutions Group operate under?

Helix Energy Solutions Group operates under the stock symbol NYSE: HLX.

Who commented on the contract extension in the press release?

Scotty Sparks, Executive VP and COO, commented on the contract extension.