Helix Energy Solutions Group has completed the acquisition of all the equity interests of the Alliance group of companies which will expand its decommissioning presence in the Gulf of Mexico.
The acquisition will also advance the company’s Helix’s environmental, social and governance (ESG) initiatives by responsibly supporting the end-of-life requirements of oil and gas projects.
Owen Kratz, President and Chief Executive Officer of Helix, commented, “We are pleased to have completed our acquisition and added Alliance to the Helix family, which complements Helix’s existing deepwater abandonment offerings by adding shelf and facility abandonment capabilities and significantly enhances our position as a full-field abandonment services provider.
“The acquisition marks a meaningful step in our participation in the Energy Transition, and we are excited to welcome our new colleagues to the Helix family.”
Helix also announced that it has amended its existing asset-based revolving credit facility (ABL Facility). The amendment aligns with Helix’s Alliance acquisition, expanding the eligible credit line and establishing a link in its pricing to sustainability targets. The key features of the amendment include increasing the size of the ABL Facility to US$100mn and including ESG/sustainability-linked performance targets that may result in adjustments to commitment and borrowing rates.
Kratz continued, “We have increased the size of our ABL Facility to accommodate the increase in our expected borrowing base with the Alliance acquisition. We are also pleased to have included a sustainability-linked performance target that may reduce our fees under the facility and we are appreciative of the support from our bank group in this amendment.”
