HOUSTON, July 12 /PRNewswire-FirstCall/ -- Helix Energy Solutions
(NYSE: HLX) announced today that it has entered into a well intervention
vessel contract with Shell Exploration & Production Company. The contract
provides 180 days utilization of Helix's MSV Q4000 over a three year period
with option to extend. The contract commences January 1, 2008.
Helix President and Chief Executive Officer, Martin Ferron, commented
"The Q4000 has been active as a deepwater well intervention vessel in the
Gulf of Mexico for several years. It is our intention to continue to serve
our customers in this important market segment even after the Q4000
drilling upgrade has been completed later this year. We should be able to
plan our drilling and completion activities around this and other well
intervention work, thereby maintaining a high level of utilization of the
Q4000 for the foreseeable future. This, in turn, has positive implications
for the utilization of our deepwater construction fleet."
Helix Energy Solutions, headquartered in Houston, Texas, is an
international offshore energy company that provides development solutions
and other key life of field services to the open energy market as well as
to our own oil and gas business unit. That business unit is a prospect
generation, exploration, development and production company. Employing our
own key services and methodologies, we seek to lower finding and
development costs, relative to industry norms.
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. All statements, other than statements of historical fact, are
statements that could be deemed "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, including,
without limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; future
production volumes, results of exploration, exploitation, development,
acquisition and operations expenditures, and prospective reserve levels of
property or wells; any statements of the plans, strategies and objectives
of management for future operations; any statement concerning developments,
performance or industry rankings, any statements regarding future economic
conditions or performance; any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the performance of
contracts by suppliers, customers and partners; employee management issues;
complexities of global political and economic developments, geologic risks
and other risks described from time to time in our reports filed with the
Securities and Exchange Commission ("SEC"), including the Company's Annual
Report on Form 10-K for the year ending December 31, 2006. We assume no
obligation and do not intend to update these forward-looking statements.
SOURCE Helix Energy Solutions
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Related links:
http://www.HelixESG.com
CONTACT:
Wade Pursell, Chief Financial Officer of
Helix Energy Solutions, +1-281-618-0400, fax, +1-281-618-0505
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