Offshore Staff

(US, GoM) - Helix Energy Solutions Group, Inc. has completed its acquisition of Remington Oil & Gas following approval by Remington's stockholders last week.

Owen Kratz, chairman and CEO, commented, "We are extremely pleased to have closed the Remington transaction, which is immediately accretive to earnings and provides a pipeline of high quality prospects to help fuel future growth."

"Due to the acquisition and further strengthening of the market for our contracting services we are increasing our earnings guidance for 2006 to a range with a mid-point 23% higher than that of our original estimate. Also, we are anticipating between 15 - 60% of earnings growth next year."

"We should generate over $1.5 billion of operating cash flow from now until the end of 2007, which will allow us to pursue exciting growth opportunities in the contracting services segment; enhance reserves and production; and reduce debt, as well as fund share repurchases."

07/03/06