USA: Helix Completes Sale of Oil and Gas Business to Talos Production

Helix Energy Solutions Group, Inc. announced that it has closed the previously announced sale of Energy Resource Technology GOM, Inc. (ERT), the Company’s oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company.

Proceeds from the transaction were approximately $620 million in cash, as well as overriding royalty interests in ERT’s successful Wang discovery and certain exploration prospects. Jeffries & Company, Inc. served as the exclusive financial advisor to Helix in conjunction with the transaction.

A portion of the cash proceeds from the sale of ERT will be used to repay the Company’s term loans and revolving credit facility indebtedness as required by the governing credit agreement.

Owen Kratz, President and Chief Executive Officer of Helix, stated that “the sale of ERT is an important milestone in the Company’s previously announced strategic plans to grow its Well Intervention and Robotics businesses.”

Press Release, February 07, 2013

Share this article

Follow Subsea World News

BOEM Opens Bids for 21 Mln Acre Gulf of Mexico Oil and ...

BOEM Opens Bids for 21 Mln Acre Gulf of Mexico Oil and Gas Lease Sale

The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi opened the Gulf of Mexico ...

read more →

Karoon Completes Browse Basin Interest Sale

Karoon Completes Browse Basin Interest Sale

Karoon Gas Australia Ltd has received a cash payment of US$600 million as a result of the completion of the sale of ...

read more →

BG Group Completes Sale of Interest in CATS Pipeline to ...

BG Group Completes Sale of Interest in CATS Pipeline to Antin IP

BG Group announced it had completed the sale of its 62.78% equity interest in the Central Area Transmission System ...

read more →

Scana Completes Sale of Daughter Companies to HitecVision

Scana Completes Sale of Daughter Companies to HitecVision

Scana Industrier ASA (“Scana”) has completed the transaction regarding the sale of its daughter ...

read more →

Norwegian Competition Authorities Approve Sale of Reef Subsea

Norwegian Competition Authorities Approve Sale of Reef Subsea

The Norwegian Competition Authorities have approved the sale of GC Rieber Shipping’s share in Reef Subsea to ...

read more →

Helix Releases Fourth Quarter and Full Year 2013 Results

Helix Releases Fourth Quarter and Full Year 2013 Results

Helix Energy Solutions Group, Inc. reported net income of $36.5 million, or $0.35 per diluted share, for the fourth ...

read more →

Events>

<< Jun 2015 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Offshore Well Intervention Asia Pacific

The OWI APAC workshop will take place on June 10-11 in Malaysia. The workshop will help you to improve planning for intervention projects…

read more >

Fundamentals of Subsea Integrity & Reliability

The course is delivered by distance learning so it does not disrupt your work or home life, and is an invaluable introduction to this vital…

read more >

Pipeline Engineering, Construction and Operations

Pipelines are generally the most economical way to transport large quantities of liquids and gases over land and below the sea, such as oil…

read more >

SPE LONDON ANNUAL CONFERENCE MAXIMISING VALUE IN UPSTREAM OIL & GAS

The conference includes seven sessions with topics and themes encompassing the global and regional opportunities landscape and major factors…

read more >

Helix’s Well Intervention Services for Petrobras ...

Helix's Well Intervention Services for Petrobras Offshore Brazil

Helix Energy Solutions Group, Inc. entered into agreements with Petróleo Brasileiro S.A. (Petrobras) to provide ...

read more →

Siem Offshore to Provide Two Well-Intervention Vessels ...

Siem Offshore to Provide Two Well-Intervention Vessels for Helix

Siem Offshore Inc. announced that it has entered into agreements with Helix Energy Solutions Group, Inc. to provide ...

read more →

Proserv Secures Two Contracts in Gulf of Mexico

Proserv Secures Two Contracts in Gulf of Mexico

Global-leading energy technology services company Proserv has secured two major contract wins in the Gulf of Mexico ...

read more →

Aker Solutions Completes Sale of Mooring and Loading ...

Aker, Solutions, Completes, Sale, Mooring, Loading, Systems, Business, Cargotec

Aker Solutions has completed the sale of its mooring and loading systems business to Cargotec for an enterprise ...

read more →

Aker Solutions Completes Sale of Well-Intervention ...

Aker, Solutions, Completes, Sale, Well, Intervention, Services, Business, EQT

Aker Solutions completed the sale of its well-intervention services business area to EQT, a Swedish private equity ...

read more →

Helix Updates 2013 EBITDA Guidance

Helix, Updates, 2013, EBITDA, Guidance

Helix Energy Solutions Group, Inc. announced that it is upgrading its 2013 EBITDA guidance to approximately $290 – ...

read more →

FES International Completes Swivel Refurbishment ...

FES International Completes Swivel Refurbishment Project in Gulf of Mexico

Global supplier of fluid transfer systems, FES International, has completed a major £2.4M swivel refurbishment ...

read more →

Solstad Offshore Completes Sale of Normand Clough to ...

Solstad Offshore Completes Sale of Normand Clough to SapuraClough (Australia)

Solstad Offshore ASA (SOFF), a Norway-based owner of offshore support vessels, completed the sale and delivery of ...

read more →

BOEM to Hold Central Gulf of Mexico Oil and Gas Lease Sale

BOEM to Hold Central Gulf of Mexico Oil and Gas Lease Sale

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic ...

read more →