Helix Energy agrees extension of credit for Q5000 semi-sub

Houston-based oil and gas services company Helix Energy Solutions has amended its existing credit agreement related to its Q5000 semi-submersible well intervention rig.

Helix Energy said on Wednesday that it had extended its existing $250 million credit agreement dated September 26, 2014, with Nordea Bank ABP and lender parties.

The amendment extends the final maturity date of the term loan made under the credit agreement from April 30, 2020, to January 31, 2021.

Erik Staffeldt, EVP and chief financial officer (CFO) of Helix, said: “The purpose of this extension is to align the maturity of the term loan with our expected cash flow generation in the second half of 2020.

“The short-term extension is consistent with our stated goals of reducing our debt and carefully managing our balance sheet and liquidity position. We thank our bank syndicate members for their support during this period of market volatility.”

Helix Energy took delivery of the Q5000 semi-submersible from Sembcorp Marine’s Jurong Shipyard back in May 2015.

Q5000 has been designed to perform a wide variety of tasks, including subsea well intervention, field and well decommissioning, installation and recovery of subsea equipment, well testing, and emergency well containment.

It is equipped with a multipurpose tower capable of fulfilling all traditional derrick roles, plus a deepwater crane with lifting capacity to 360 tonnes and a work crane rated to 160 tonnes.

The design includes a 68×26 feet moonpool and 23×22 feet mechanized fully opening rig floor door, a 7- 3/8 inch intervention riser system, two 10,000 feet heavy-weather ROV systems and an overall deck load of 3,000 tonnes.

Offshore Energy Today Staff

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