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Helix Wants Focus on Deepwater Services
Houston-based Helix Energy Solutions on Monday said it is evaluating strategic alternatives to sell all of its natural gas and oil properties to refocus on deepwater contract services.
Cal Dive International Inc., which had its hand in exploration and production (E&P) but was known principally as a subsea services contractor, renamed itself Helix Energy Solutions in early 2006 to expand its onshore and offshore opportunities (see Daily GPI, May 24, 2006; Jan. 24, 2006).
However, in December 2008 Helix announced that it would sell some or all of its noncore assets. Since the announcement Helix has divested most of its interest in the original Cal Dive business and sold all of its reservoir consulting business, Helix RDS. Still to be sold are portions of the Gulf of Mexico shelf assets.
A timetable is not available, but Helix said it would “aggressively focus on the monetization of its oil and gas business in order to complete its transformation to becoming a contracting services company focused on its core competencies in deepwater well intervention and subsea construction.”
In connection with the divestiture strategy, Robert P. Murphy, executive vice president-Oil and Gas, is leaving the company, Helix said. Johnny Edwards, the former head of Helix’s oil and gas business and currently the president of the oil and gas subsidiary, will return to his role to lead oil and gas division.
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