Transaction Supports Helix’s Strategic Focus on Deepwater Operations
Helix Energy Solutions Group has announced the sale of all of the equity interests of its Gulf of America-focused Shallow Water Abandonment business to C-Dive, LLC, a member of the Chouest group of companies, for $107.5 million cash at closing, to be adjusted for working capital and other transaction expenses.
The divestiture, which was signed and closed May 1, follows Helix’s recent announcement of its entry into a definitive agreement with Hornbeck Offshore Services to combine to create a recognized leader in offshore operations through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities. The sale of the Shallow Water Abandonment business furthers Helix’s strategic focus on deepwater operations, with a company combined with Hornbeck to provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense and renewables.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, 'This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy. We are pleased with our accomplishments since acquiring the Shallow Water Abandonment business, as we achieved record financial performance, made improvements in processes and systems, and emphasized safety culture. We believe the Chouest Group will serve as a strategic owner well positioned to capitalize on this positive momentum and continue the long-term growth of that business.'
Source: Helix Energy Solutions
