Helix Completes Sale of the Caesar Pipelay Vessel

Helix Completes Sale of the Caesar Pipelay Vessel

HOUSTON--(BUSINESS WIRE)-- Helix Energy Solutions Group, Inc. (NYSE: HLX  ) announced today that it has closed the previously announced sale of its pipelay vessel, the Caesar, to Trevaskis Ltd. Cash proceeds of approximately $108 million of the total selling price of approximately $138 million were received at closing; the Company had previously received a $30 million cash deposit for this transaction in October 2012.

The sale of the Company’s remaining pipelay vessel, the Express, is expected to close in July 2013.

Owen Kratz, President and Chief Executive Officer of Helix, stated that “the sale of the Caesar is another important milestone in our strategy to exit our non-core businesses while remaining focused on enhancing and expanding our core well intervention and robotics businesses.”

About Helix

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides key life of field services to the energy market. For more information about Helix, please visit our website at www.HelixESG.com.

Forward-Looking Statements

Statements included in this news release regarding the use of proceeds from the sale, anticipated closing of the sale of the Express, Helix’s strategy and other statements that are not historical facts are forward-looking statements. These statements involve risks and uncertainties including, but not limited to the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and delays; employee management issues; local, national and worldwide economic conditions; complexities of global political and economic developments; geologic risks, volatility of oil and gas prices; market conditions, and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including the Company's most recently filed Annual Report on Form 10-K and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements except as required by law.



Helix Energy Solutions Group, Inc.
Terrence Jamerson, 281-618-0400
Director, Finance & Investor Relations

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2494332, ~/Articles/ArticleHandler.aspx, 7/29/2014 3:40:00 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...