Helix Energy Solutions to acquire Gulf of Mexico decommissioning firm

Helix Energy Solutions has entered into a definitive agreement to acquire 100 per cent of the equity interests of the Alliance Group of Companies for US$120 million cash at closing, plus the potential for post-closing earnout consideration.

Alliance is a Louisiana-based, privately held company that provides services in support of the upstream and midstream industries in the Gulf of Mexico shelf, including offshore oil field decommissioning and reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift, and commercial diving services.

The acquisition also encompasses Alliance’s comprehensive shallow water assets, including a fleet of Jones Act-compliant liftboats, offshore supply vessels (OSVs), a heavy lift derrick barge, and diving vessels, as well as plug and abandonment systems, coiled tubing systems, and snubbing units.

Helix said it expects the acquisition to close mid-2022 and that it will be subject to regulatory approvals and other customary conditions. The company added there is no guarantee that the transaction will be consummated on the terms or timeframe currently contemplated, or at all.