Helix Feels Brazil Setback
- Business & Finance
Offshore services player Helix Energy Solutions has experienced ‘unexpected delays’ with its operations in Brazil as it anticipated an earlier start of its well intervention campaign for Petrobras.
Namely, when in June this year Petrobras and Helix finalised amendments to their well intervention services contracts for the two chartered vessels, the Siem Helix 1 and the Siem Helix 2, offshore Brazil, the contract for the Siem Helix 1 was scheduled to start between July 22, 2016 and October 21, 2016, and the day rate under the contract was reduced to a level acceptable to both parties.
However, during Capital One Securities 11th Annual Energy Conference, a representative from the Houston-based well intervention and robotics specialist revealed that the Siem Helix 1 is still under Petrobras’ inspection and acceptance process.
“Siem Helix 1 is still working through the inspection and acceptance process with Petrobras. We’ve now moved our expectations to start commercial operations in Q1 of 2017,” said Erik Staffeldt, vice president – Finance and Accounting.
“From our standpoint, we are proceeding down the inspection and acceptance process. It is taking a lot longer than we had anticipated. I think it’s a learning process from out standpoint on operating in Brazil,” Staffeldt added.
Subsea World News Staff