Helix gets decommissioning extension at rates reflecting improved well intervention market

Helix Energy Solutions has secured the extension of its decommissioning contract with Trident Energy do Brasil at rates said to be in line with the improved well intervention market.

The contract extension, expected to begin in the fourth quarter of 2024, is for an additional 12 months and is in direct continuation of the current contract.

The original contract commenced in late 2022 offshore Brazil in the Campos Basin and utilizes the Siem Helix 1 riser-based well intervention vessel and a 10K Intervention Riser System.

Helix is providing fully integrated plug and abandonment well services through its Subsea Services Alliance partner SLB as well as project management and engineering services.

Furthermore, the company has signed six-year charter extensions with Siem Offshore for the well intervention vessel Siem Helix 1, extending through December 2030, and Siem Helix 2, extending through December 2031.

The Helix Producer I (HPI) contract has also been extended by one year, to June 1, 2025. Since 2016, the ship-shaped DP2 floating production unit has been located at Green Canyon Block 237 producing oil and gas through the existing Phoenix Field subsea infrastructure. The vessel is designed to produce hydrocarbons and export to shore via pipeline or tanker.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, said: “We are pleased to announce that Helix has successfully executed these contract extensions, reflective of improving market conditions and increased demand for Helix’s assets and services.”