Helix, BP Agree to Delay Q5000 Contract

Helix Energy Solutions Group has entered into an agreement with BP Exploration & Production to amend their existing 2013 agreement for the Q5000 to provide well intervention services in the U.S. Gulf of Mexico.

The companies agreed to defer the start-up of the work, previously scheduled to begin in the third quarter of 2015, to April 1, 2016.

The amendment also contains certain other agreed upon modifications to the original agreement, and gives Helix greater flexibility to market the vessel to other potential customers, including prior to the start of the work for BP. The overall contract period remains at five years (with options to renew) with a minimum of 270 days annually.

“We are glad that we were able to work together with an important customer and reach a mutually agreeable solution to address the current industry environment. Our expectations are that the vessel will be completed over the next two months, then set sail for the Gulf of Mexico to get ready for BP or perhaps other customers prior to going to BP,” said Helix President and Chief Executive Officer, Owen Kratz.

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