Helix Energy Solutions sells shallow water abandonment business to Chouest Group

The Helix Energy Solutions Group has confirmed the sale of all of the equity interests of its Gulf of Mexico-focused shallow water abandonment business to C-Dive, a member of the Chouest Group of Companies, for US$107.5 million cash at closing, to be adjusted for working capital and other transaction expenses.

The divestiture, which was signed and closed on Friday, May 1, followed Helix’s recent announcement of its entry into a definitive agreement with Hornbeck Offshore Services to combine into a single company with a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities.

Helix said the sale of the shallow water abandonment business will reinforce its strategic focus on deepwater operations, with a company combined with Hornbeck to provide integrated subsea and marine transportation solutions to customers across deepwater energy, defence and renewables.

"This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy," said Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer.

"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 capitalise on this positive momentum and continue the long-term growth of that business."