Forum Energy Wins Robo-Sub Contract

Subsea capital equipment manufacturer Forum Energy Technologies (NYSE: FET  ) has signed contracts to sell Helix Energy Solutions Group (NYSE: HLX  ) an underwater Perry XT1500 trenching system and also two Perry XLX 200HP Remotely Operated Vehicle (ROV) systems, Forum announced Tuesday. The press release did not provide a dollar figure for the deal.

After it is delivered early next year, Helix's Canyon Offshore subsea robotics business unit will use the trenching system to bury oil and gas pipelines under the sea bed. The ROVs -- remotely operated robotic submarines -- will be used for equipment inspections, survey work, and deepwater construction. Both ROV systems are scheduled for delivery in 2013.

In Helix's 2012 earnings release last month, Helix responded to a weak quarter by emphasizing moves to focus more on its robotics (and also its well intervention) businesses going forward, as it exits the business of oil and gas exploration and moves to sell its pipe-laying vessels.


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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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FET $15.37 Up +0.30 +1.99%
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