With a shift of strategic focus towards deepwater operations, Helix Energy Solutions Group, Inc will be selling its Gulf of America-focused shallow water abandonment business to C-Dive, LLC, a member of the Chouest group of companies. 

The sale involved Helix's divestment of its entire equity interests in the shallow water abandonment segment for US$107.5mn cash at closing, to be adjusted for working capital and other transaction expenses.

This comes after Helix entered a definitive agreement with Hornbeck Offshore Services, Inc to expand its services in offshore operations through a diversified high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities.

The sale of the shallow water abandonment business will allow Helix to heighten focus on the partnership with Hornbeck, providing innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense and renewables.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, said, “This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy. We are pleased with our accomplishments since acquiring the shallow water abandonment business, as we achieved record financial performance, made improvements in processes and systems, and emphasised safety culture. We believe the Chouest Group will serve as a strategic owner well positioned to capitalise on this positive momentum and continue the long-term growth of that business.”