HOUSTON, Oct. 31 /PRNewswire-FirstCall/ -- Helix Energy Solutions
Group, Inc. (NYSE: HLX) announced today that it has executed a letter of
intent with Allseas Marine Contractors S.A. for the installation of the
subsea infrastructure in connection with Allseas' engineering, procurement,
installation and construction of Reliance Industries Ltd.'s Dhirubhai gas
field development project in the Krishna Godavari Basin in the Bay of
Bengal. Helix plans to use its deepwater construction vessel "Express" and
its dive support vessel "Eclipse" on this project. The work consists of the
installation suction piles, manifolds, rigid jumpers and spool pieces,
flying leads and trees. The work is scheduled to commence in the fourth
quarter of 2007. The estimated contract value is in the $140-150 MM range
and the vessel utilization exceeds 400 days.
"We are extremely pleased with this important award," commented Martin
Ferron, President and CEO of Helix. "This project is one of the largest
planned deepwater field developments in the world and we are proud that
Allseas and Reliance have full confidence in our employees, vessels and
technologies. We are looking forward to contributing to a successful
project in this emerging deepwater basin".
The MSV Express was acquired by Helix in the third quarter of 2005 and
is currently working in the North Sea before leaving for work in Trinidad
later this quarter. The vessel was recently upgraded with the addition of a
second reel making the total reel capacity 3000 T and a new 150 T deepwater
crane was installed to compliment the existing 400 T crane.
The DSV Eclipse is owned by Helix's wholly owned subsidiary, Cal Dive,
and is currently working in the Mediterranean. It will perform a project in
South African waters early next year before returning to its base in the
Middle East.
Helix Energy Solutions, headquartered in Houston, Texas, is an energy
services company that provides innovative solutions to the oil and gas
industry worldwide for marginal field development, alternative development
plans, field life extension and abandonment, with service lines including
diving services, shelf and deepwater construction, robotics, well
operations, well engineering and subsurface consulting services, platform
ownership and oil and gas production.
FORWARD-LOOKING STATEMENTS
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 relating to services; any statements
regarding future economic conditions or performance; any statements of
expectation or belief; any statements regarding the anticipated results
(financial or otherwise) of the merger of Remington Oil and Gas Corporation
into a wholly-owned subsidiary of Helix; 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, 2005; and, with respect to the
Remington merger, actual results could differ materially from Helix's
expectations depending on factors such as the combined company's cost of
capital, the ability of the combined company to identify and implement cost
savings, synergies and efficiencies in the time frame needed to achieve
these expectations, prior contractual commitments of the combined companies
and their ability to terminate these commitments or amend, renegotiate or
settle the same, the combined company's actual capital needs, the absence
of any material incident of property damage or other hazard that could
affect the need to effect capital expenditures, any unforeseen merger or
acquisition opportunities that could affect capital needs, the costs
incurred in implementing synergies and the factors that generally affect
both Helix's and Remington's respective businesses. Actual actions that the
combined company may take may differ from time to time as the combined
company may deem necessary or advisable in the best interest of the
combined company and its shareholders to attempt to achieve the successful
integration of the companies, the synergies needed to make the transaction
a financial success and to react to the economy and the combined company's
market for its exploration and production. We assume no obligation and do
not intend to update these forward-looking statements.
SOURCE Helix Energy Solutions Group, Inc.
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Related links:
http://www.HelixESG.com
CONTACT:
Wade Pursell, Chief Financial Officer of
Helix Energy Solutions Group, Inc., +1-281-618-0400, or fax,
+1-281-618-0505
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