Helix to divest oil and gas business

Helix Energy Solutions intends to divest its entire oil and gas business to become a pure contracting services company, with a focus on deepwater well intervention and subsea construction.

Offshore staff


HOUSTON -- Helix Energy Solutions intends to divest its entire oil and gas business to become a pure contracting services company, with a focus on deepwater well intervention and subsea construction.

Helix did not specify a timetable for the divestment, but the company says it intends to move aggressively.

Since Helix announced in December 2008 its intention to divest non-core assets, including all or part of its oil and gas assets, it has sold nearly all of its interest in Cal Dive International and 100% of its reservoir consulting business and Helix RDS.

In connection with the underlying strategy, Helix announced that Robert P. Murphy, executive VP of Oil and Gas, is leaving the company. Johnny Edwards, the former head of Helix's oil and gas business and current president of the company's oil and gas subsidiary, will lead the company's oil and gas division.

3/8/2010

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