Helix extends BP contract start on Q5000
Helix Energy Solutions Group Inc. (NYSE: HLX) has agreed to amend an existing agreement with BP Exploration & Production regarding use of the Q5000 in the US Gulf of Mexico.
HOUSTON –Helix Energy Solutions Group Inc. (NYSE: HLX) has agreed to amend an existing agreement with BP Exploration & Production regarding use of the Q5000in the US Gulf of Mexico. The agreement to use the vessel for well intervention starting in 3Q 2015 has changed to begin April 1, 2016.
The overall contract period remains at five years (with options to renew) with a minimum of 270 days annually. It also gives Helix the flexibility to market the vessel to other customers in the interim.
“Our expectations are that the vessel will be completed over the next two months, then set sail for the Gulf of Mexico to get ready for BP or perhaps other customers prior to going to BP,” said Helix President and CEO Owen Kratz.