Helix Energy sells Shallow Water Abandonment business for $107.5M

Helix Energy (HLX) Solutions Group announced the sale of 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 $107.5M cash at closing, to be adjusted for working capital and other transaction expenses. The divestiture, which was signed and closed May 1, follows Helix’s recent announcement of its entry into a definitive agreement with Hornbeck Offshore Service to combine to create a recognized leader in offshore operations through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities. The sale of the Shallow Water Abandonment business furthers Helix’s strategic focus on deepwater operations, with a company combined with Hornbeck to provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense and renewables.