Market Commentary and Intraday News

Helix Energy to sell 3 vessels for $252.8M

213 days ago

(AP:HOUSTON) Offshore energy services contractor Helix Energy Solutions Group Inc. said Tuesday that it will sell three pipeline installation vessels and related equipment in two separate transactions valued at $252.8 million.

Helix, based in Houston, reached an agreement Monday to sell the Caesar, the Express, the Intrepid and related equipment to Coastal Trade Ltd. for $238.3 million. Helix received a $50 million deposit as part of the agreement.

The sale of the Express is expected to close in February and the sale of the Caesar is expected to close in July after each vessel completes its existing contracts. Both sales are subject to closing conditions.

Helix said it sold the Intrepid last month to Stabbert Maritime Holdings LLC for $14.5 million.

Owen Kratz, president and CEO of Helix, said the sales fit with the company's strategy to divest the pipe installation fleet and focus on expanding its well intervention and robotics businesses.

Helix shares rose 35 cents, or 2 percent, to close at $18.75. The stock has ranged from $14.61 to $21.09 in the past 52 weeks.

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