Helix Set for P&A Ops in Gulf of Mexico
- Business & Finance
Offshore services player Helix Energy Solutions has acquired from Marathon Oil certain operating depths associated with the Droshky Prospect on Green Canyon Block 244, along with related infrastructure.
As part of the transaction, Helix will perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.
Owen Kratz, president and chief executive officer of Helix, stated: “This transaction represents the first instance of executing our strategy to secure utilization for our assets in non-traditional ways during this continuing challenging market period.
“We may see some production revenues from the acquired property; however, the principal driver for this transaction is asset utilization.”