Region: Latin America
Content Types: Report
Date: Feb, 2024

AdobeStock 271932612 Brazil offshore oil and gas

Helix Energy Solutions has announced the extension of its decommissioning contract with Trident Energy do Brasil Ltda.

The contract extension is for an additional 12 months and in direct continuation of the current contract. The extension is expected to begin in the fourth quarter of 2024 at rates in line with the improved well intervention market. The original contract commenced late 2022 offshore Brazil in the Campos Basin and utilises the Siem Helix 1 riser-based well intervention vessel and a 10K Intervention Riser System. Helix is providing fully integrated plug and abandonment well services through its Subsea Services Alliance partner SLB as well as project management and engineering services.

Helix and Siem Offshore have signed six-year charter extensions for both the Siem Helix vessels, with the Siem Helix 1 term extending through December 2030 and the Siem Helix 2 term extending through December 2031. The Siem Helix vessels are purpose-built advanced well intervention vessels capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation, offshore crane and Remotely Operated Vehicle (ROV) operations, offshore construction and emergency response.

The Helix Producer I (HPI) contract has also been extended by one year, to 1 June 2025. Since 2016, the HPI, a ship-shaped dynamically positioned (DP2) floating production unit, has been located at Green Canyon Block 237 producing oil and gas through the existing Phoenix Field subsea infrastructure. The vessel is designed to produce hydrocarbons and export to shore via pipeline or tanker.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “We are pleased to announce that Helix has successfully executed these contract extensions, reflective of improving market conditions and increased demand for Helix’s assets and services.”