Helix ESG’s Contract with BP Shifts to the Right

Due for delivery from Jurong Shipyard in May, Helix ESG’s new well intervention semi-submersible Q5000 was poised to head into a 5-year contract with BP by the third quarter of 2015, however that plan has since changed.

Helix says they have reached an agreement with BP Exploration & Production to amend their existing 2013 agreement sliding the contract date to 1 April 2016.  In the meantime, Helix says this will allow them to market the rig to other potential customers.  The overall contract period with BP remains at five years however, with a minimum of 270 days annually.

“We are glad that we were able to work together with an important customer and reach a mutually agreeable solution to address the current industry environment. Our expectations are that the vessel will be completed over the next two months, then set sail for the Gulf of Mexico to get ready for BP or perhaps other customers prior to going to BP,” said Helix President and Chief Executive Officer Owen Kratz.

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