Helix Energy Solutions and Talos Energy Establish Framework Agreement for Decommissioning in U.S. Gulf of Mexico
February 29 2024 - 6:05PM
Business Wire
Award demonstrates Helix’s expansion of its
decommissioning operations and Talos’s commitment to
decommissioning solutions in the U.S. Gulf of Mexico.
Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) is
pleased to announce a five-year joint framework agreement with
Talos Energy Inc. (“Talos”) (NYSE: TALO) in which Talos has agreed
to provide Helix the first right of refusal regarding specific
annual work scopes for Talos’s decommissioning requirements in the
U.S. Gulf of Mexico. The agreement includes a base pricing
structure and processes for determining and scheduling specific
projects Talos requires. Work is expected to commence in the second
quarter of 2024.
The projected scopes of work include Talos’s normal course
abandonment of offshore wells, pipelines and platforms, primarily
on the shelf. Helix’s Louisiana-based shallow water abandonment
group, Helix Alliance, intends to utilize derrick barges for
structure removals, liftboats for plug and abandonment activities,
and dive support vessels (“DSVs”) for pipeline abandonments, plus
multiple offshore supply vessels (“OSVs”) and several other assets
throughout the campaign.
Owen Kratz, Helix’s President and Chief Executive Officer,
stated, “We are excited to have been awarded this significant
framework agreement for well and structure removal and
decommissioning. Helix and Talos have worked together on field
production, well intervention and decommissioning in the deepwater
arena for many years, and this framework expands the relationship
onto the shelf, further demonstrating Helix’s position as the
preeminent company for full-field decommissioning in the Gulf of
Mexico.”
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston,
Texas, is an international offshore energy services company that
provides specialty services to the offshore energy industry, with a
focus on well intervention, robotics and full field decommissioning
operations. Our services are key in supporting a global energy
transition by maximizing production of existing oil and gas
reserves, decommissioning end-of-life oil and gas fields and
supporting renewable energy developments.
For more information about Helix, please visit our website at
www.helixesg.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties and assumptions that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, without limitation, any statements regarding
the framework agreement, the work thereunder and the parties
thereto; the current market or demand for our services; our ability
to enter into, renew and/or perform commercial contracts; our
current work continuing; and any impact on our financial and
operating results and estimates; any statements regarding our
strategy; any statements regarding our business model or the global
energy transition; and any statements of assumptions underlying any
of the foregoing. The forward-looking statements are subject to a
number of known and unknown risks, uncertainties and other factors
that could cause results to differ materially from those in the
forward-looking statements, including but not limited to the terms
of the framework agreement and/or any work thereunder or extension
thereof; actions by governments, customers, suppliers and partners;
market conditions; demand for our services; the performance of
contracts by suppliers, customers and partners; actions by
governmental and regulatory authorities; operating hazards and
delays, which includes delays in delivery, chartering or customer
acceptance of assets or terms of their acceptance; our ultimate
ability to realize current backlog; employee management issues;
complexities of global political and economic developments;
geologic risks; volatility of oil and gas prices and other risks
described from time to time in our reports filed with the
Securities and Exchange Commission (the “SEC”), including Helix’s
most recently filed Annual Report on Form 10-K and in Helix’s other
filings with the SEC, which are available free of charge on the
SEC’s website at www.sec.gov. We assume no obligation and do not
intend to update these forward-looking statements, which speak only
as of their respective dates, except as required by the securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240229074113/en/
Erik Staffeldt, Executive Vice President and CFO Ph:
281-618-0465 email: estaffeldt@helixesg.com
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