Texas-headquartered offshore energy services company Helix Energy Solutions is divesting its shallow water abandonment business, stating that the move furthers its strategic focus on deepwater operations.
Helix Energy Solutions is selling all of the equity interests of its Gulf of America-focused Shallow Water Abandonment business to C-Dive, a member of the Chouest group of companies, for $107.5 million cash at closing, to be adjusted for working capital and other transaction expenses.
The sale is said to support the company’s strategic focus on deepwater operations, with the combined company with Hornbeck Offshore Services to provide integrated subsea and marine transportation solutions for the deepwater energy, defense and renewables sectors.
The divestiture was signed and closed on May 1.
“This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy,” said Scotty Sparks , Helix’s Executive Vice President and Chief Operating Officer.
“We are pleased with our accomplishments since acquiring the Shallow Water Abandonment business, as we achieved record financial performance, made improvements in processes and systems, and emphasized safety culture. We believe the Chouest Group will serve as a strategic owner well positioned to capitalize on this positive momentum and continue the long-term growth of that business.”