Helix Sells Interest in Deepwater Fields

Energy Resource Technology GOM, Inc. (ERT), a wholly owned subsidiary of Helix Energy Solutions, has agreed to sell a 30% working interest in its Danny Noonan discoveries (Garden Banks Blocks 463, 506 and 507) and other Outer Continental Shelf oil and gas properties (East Cameron Blocks 371 and 381), in two separate transactions to a private independent oil and gas company for total cash consideration of approximately $165 million (which includes their share of past capital expenditures on these fields), and additional cash payments of up to $20 million based upon certain field production milestones. The new partner will also pay their 30% share of all future capital expenditures related to the exploration and development of these fields. Of the 30% working interest agreed to be sold, 20% closed, and was funded, on March 31, 2008. The parties anticipate that the remaining 10% will close and fund at the end of April.