Capitalizing on a Booming Well Intervention Market, Helix ESG Orders the Q7000

Helix Q4000
Helix ESG’s Q4000, (c) Helix ESG

Houston-based deepwater well intervention firm, Helix Energy Solutions Group, Inc. (NYSE: HLX), has announced their plans to build the Q7000, their second newbuild semisubmersible well intervention vessel.  Considering their extremely positive second quarter earnings report this month, this news comes with little surprise.

Helix’ CFO Tony Tripodo noted in their 2nd quarter earnings call that they were looking at a 27 percent growth in revenue in 2013 and they hit a record backlog of $1.6 billion in March.  Their well intervention semisubmersible, the Q4000, is fully booked through 2015 and Tripodo hinted that discussions are in progress for future contracts beyond that.  The Seawell, Well Enhancer, and Helix 534 are all contracted through 2014 and they are starting to fill out the calendar for 2015 for those vessels added Tripodo.

Owen Kratz, Helix’s President and CEO, notes that the order of the Q7000 “is consistent with our strategy of expanding our well intervention fleet around the world.”