Helix bags $786 million for multi-year well intervention ops with two vessels offshore Brazil

U.S.-headquartered offshore energy services provider Helix Energy Solutions has picked up multimillion-dollar long-term assignments off the coast of Brazil for two vessels, which will carry out well intervention work for the country’s energy giant, Petrobras.

Following a competitive tender process, Helix entered into three-year vessel charter and service contracts with Petrobras for the Siem Helix 1 and Siem Helix 2 riser-based well intervention vessels to undertake activities offshore Brazil.

These deals, valued at an estimated $786 million in aggregate, also include three years of options for each vessel. These are not the vessels’ first assignments with the Brazilian player, as both ships had contracts for the firm in the past.

While the Siem Helix 1 vessel worked for Petrobras from April 2017 to July 2021, completing 74 well interventions in the Santos and Campos basins, the Siem Helix 2 has been performing riser-based well intervention activities for the energy giant since 2017 in the same basins, completing more than 100 well interventions to date.

Daniel Stuart, Helix’s Vice President—Commercial, commented: “We have built a long and productive working relationship with Petrobras for the last seven years. During this time, we have consistently delivered safe and cost-effective well intervention services to the Brazilian market.

“These new three-year contracts underscore Helix’s commitment to innovation, tailored solutions, and leveraging our extensive global well intervention expertise. These contracts reaffirm our Energy Transition business model, empowering clients to optimize production from their existing assets.”

The 2016-built Siem Helix 1 and Siem Helix 2 are purpose-built, advanced well intervention vessels capable of performing a wide range of subsea services, including production enhancement, well decommissioning, subsea installation, offshore crane and remotely operated vehicle operations, offshore construction, and emergency response.

The well intervention work with Petrobras follows the U.S. player’s long-term joint decommissioning agreement with Talos Energy in the U.S. Gulf of Mexico. At the end of May 2024, Helix was set on wrapping up its multi-well decommissioning assignment offshore Australia.

The company also won a contract for deepwater well intervention with Esso Exploration and Production Nigeria (ESSO) for a project located approximately 97 kilometers off the coast of Nigeria. Aside from these deals, the firm’s decommissioning contract in Brazil was extended by Trident Energy several months ago.