Helix secures contracts with Petrobras for two vessels

Helix Energy Solutions Group Inc. has agreed to provide well intervention services offshore Brazil for Petrobras.

Feb 13th, 2014

Offshore staff

HOUSTONHelix Energy Solutions Group Inc. (NYSE: HLX) has agreed to provide well intervention services offshore Brazil for Petrobras. Helix will use two newbuild chartered monohull vessels, which will be built at the Flensburger shipyard in Germany for Siem Offshore AS.

Helix will provide the topsides and manage the integration of the well intervention equipment onto the vessels, while Siem is responsible for the monohull build and will oversee the construction at the shipyard. Siem will own the vessels, and will 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 $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.

02/12/2014

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