Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has entered into agreements with Petróleo Brasileiro S.A. (Petrobras) to provide well intervention services offshore Brazil. Helix will be providing the services with two newbuild chartered monohull vessels, which will be built at the Flensburger shipyard in Germany for Siem Offshore AS (Siem).
Helix will provide the topsides and manage the integration of the well intervention equipment onto the vessels, while Siem will be responsible for the monohull build and oversee the construction at the shipyard. Siem will be the owner of the vessels, and charter both the vessels and marine crew to Helix for an initial period of seven years. Helix's aggregate investment in the topside equipment for both vessels is expected to be approximately $260 million. The initial term of the contract with Petrobras is for four years with options to extend. The first vessel is expected to be in-service for Petrobras mid-2016, with the second vessel to follow later that same year.
Owen Kratz, President and Chief Executive Officer of Helix, stated, "Brazil represents a significant opportunity for Helix, as does a relationship with Petrobras. This is a major step forward in the execution of our strategic goal to be the best-in-class global leader to rig alternative intervention. This award demonstrates the capacity for Helix to provide innovative solutions to fit the client need backed by our proven reliable track record."
About Helix
Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides key life of field services to the energy market.
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