Helix to focus on deepwater construction, well intervention

Helix Energy Solutions intends to focus the future direction of the company around its deepwater construction and well intervention services.

Offshore staff

HOUSTON -- Helix Energy Solutions intends to focus the future direction of the company around its deepwater construction and well intervention services.

In order to achieve this, the company is seeking to:
• Divest all or a portion of its oil and gas assets
• Divest its interest in production facilities
• Evaluate strategic alternatives with respect to the disposition of its 58% owned subsidiary, Cal Dive International.

Additionally, Helix has signed an asset purchase agreement to sell its 17.5% non-operating working interest in the Bass Lite field in the Gulf of Mexico for $49 million to one of the other owners in the field. The sale is subject to other co-owners' exercising their preferential purchase rights for a portion of the company's interest. Helix expects to complete the sale of all of its interest in the Bass Lite field over the next few weeks.

The company says that it "intends to aggressively focus on deleveraging its balance sheet through monetization of non-core assets and allocation of free cash flows in order to accelerate its strategic goals. As such, the company intends to market a broad array of non-core assets in order to reduce debt and lower obstacles to the execution of its strategy."

12/12/2008

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