Helix inks agreements for Deepwater Containment System in the Gulf of Mexico

Friday, Jan 21, 2011

Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has executed agreements for its Helix Fast Response System ("HFRS") to be named as a spill response resource for the U.S. Gulf of Mexico ("GOM") in response plans submitted by oil and gas producers with state and federal authorities. The HFRS centers on two vessels, the Helix Producer I and the Q4000, both of which played a key role in the BP Macondo spill response and are presently operating in the GOM. Helix signed an agreement with Clean Gulf Associates ("CGA"), a non-profit industry group, making the HFRS available for a two year term to CGA participants in the event of a GOM well blow out incident in exchange for a retainer fee. In addition to the agreement with CGA, Helix also has signed separate utilization agreements with 19 CGA participant member companies to date specifying the day rates to be charged should the solution be deployed.

"We are pleased to have reached agreements with a key group of industry players to provide the Gulf of Mexico's first proven spill containment system and are honored by its the recent endorsement from BOEMRE Director Bromwich," said Owen Kratz, CEO of Helix. "We firmly believe that our proven, industry-led solution is critical to establishing confidence in the industry's ability to respond to potential blow out incidents in the region."

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the energy market as well as to our own oil and gas business unit.

SOURCE: Helix Energy