Helix in Deepwater Gateway Sale

Offshore services player, Helix Energy Solutions has sold its 50% stake in Deepwater Gateway (owner of the Marco Polo platform in the Gulf of Mexico) to a subsidiary of Genesis Energy.

The purchase price is $25 million in cash, the Houston-based well intervention and robotics specialist said on Monday.

According to Anthony Tripodo, Executive Vice President and chief financial officer of Helix, the sale of the Deepwater Gateway interest is in line with Helix’s strategy of focusing on its core businesses, well intervention and robotics.

The company is to release its financial and operational results for the fourth quarter of 2015 on Monday, February 22, 2016 after the market closes. To remind, net income for the nine months ended September 30, 2015 was $26.9 million, or $0.25 per diluted share, down from $187.1 million same time last year.

Subsea World News Staff

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