Helix completes sale of oil and gas business

Helix Energy Solutions Group Inc. (NYSE: HLX) has closed the previously announced sale of Energy Resource Technology GOM Inc. (ERT), the company’s oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company.

Ranked by total gross revenue, Houston-based Helix has been noted as one of the top US-based oilfield service and supply companies. The energy company came in at No. 34 in the OGJ150 quarterly ranking in total assets for 2Q12.

The company announced its plan to divest the oil and gas subsidiary in December, noting its strategic shift to focus on providing well intervention and robotics services.

Proceeds from the transaction were approximately $620 million in cash, as well as overriding royalty interests in ERT’s Wang discovery and certain exploration prospects. Jeffries & Company Inc. served as the exclusive financial advisor to Helix in conjunction with the transaction.

A portion of the cash proceeds from the sale of ERT will be used to repay the company’s term loans and revolving credit facility indebtedness as required by the governing credit agreement.

Owen Kratz, president and CEO of Helix, stated that “the sale of ERT is an important milestone in the Company’s previously announced strategic plans to grow its Well Intervention and Robotics businesses.”

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the energy market.

Related Articles

Helix to provide offshore services for Petrobras

02/12/2014

Helix Energy Solutions Group Inc. has entered into agreements with Petróleo Brasileiro SA (Petrobras) to provide well intervention services offshore Brazil.

Helix begins secondary public offering of Cal Dive stock

09/14/2009

Helix Energy Solutions has begun a secondary public offering of 20,604,317 shares of common stock of its subsidiary, Cal Dive International Inc.

1Q09 revenues decline 22%, net income drops by $50 billion

08/01/2009 Financial results for the 146 publicly-traded US companies tracked in the OGJ200 report were down as expected in the first quarter of 2009.

Anadarko strikes oil at Heidelberg prospect

03/01/2009 Oil major Anadarko Petroleum has made an oil discovery at its Heidelberg prospect in Green Canyon block 859 in the deepwater Gulf of Mexico.

Chesapeake makes public senior notes offering of $1.4B

03/01/2009 Chesapeake Energy Corp. priced its previously announced public offering of $425 million aggregate principal amount of 9.50% Senior Notes due 2015.

More Oil & Gas Financial Articles

Helix to provide offshore services for Petrobras

Wed, Feb 12, 2014

Helix Energy Solutions Group Inc. has entered into agreements with Petróleo Brasileiro SA (Petrobras) to provide well intervention services offshore Brazil.

Helix begins secondary public offering of Cal Dive stock

Mon, Sep 14, 2009

Helix Energy Solutions has begun a secondary public offering of 20,604,317 shares of common stock of its subsidiary, Cal Dive International Inc.

1Q09 revenues decline 22%, net income drops by $50 billion

Sat, Aug 1, 2009 Financial results for the 146 publicly-traded US companies tracked in the OGJ200 report were down as expected in the first quarter of 2009.

Anadarko strikes oil at Heidelberg prospect

Sun, Mar 1, 2009 Oil major Anadarko Petroleum has made an oil discovery at its Heidelberg prospect in Green Canyon block 859 in the deepwater Gulf of Mexico.

Chesapeake makes public senior notes offering of $1.4B

Sun, Mar 1, 2009 Chesapeake Energy Corp. priced its previously announced public offering of $425 million aggregate principal amount of 9.50% Senior Notes due 2015.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ