The 534 is No Longer Retired, Helix ESG Awarded New Contracts for the 37 Year Old Ship

A computer enhanced rendition of the Helix 534 Well Intervention Vessel offshore of Singapore. Image (c) Helix

Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has been awarded its initial customer contractual commitments for the Helix 534.  

Built in 1975 at Japan’s Mitsui shipyard, she’s operated for her entire life as a deep water drillship, but after her recent retirement from Transocean, she was acquired by Helix last August and renamed the Helix 534.  She is now undergoing modifications and upgrades necessary for conversion into a well intervention vessel at the Jurong Shipyard in Singapore.

The Helix 534 is scheduled to sail from Singapore during the first quarter of 2013 and after transit to the Gulf of Mexico, be placed into service in late second quarter 2013. Backlog for the Helix 534 involves work in the Gulf of Mexico and extends into 2016.

Meanwhile, the Q4000, Helix’ semi-submersible well intervention rig, has extended its contractual backlog through 2014, with strong customer interest into 2016.

Helix also announced today that the Skandi Constructor has also received its initial contractual awards. The Skandi Constructor is a chartered vessel and is expected to enter the Helix well intervention fleet in the spring of 2013. Its initial contract involves work in the North Sea and follows with a project off the eastern Canadian coast.

Helix’s two existing North Sea based well intervention vessels, the Seawell and theWell Enhancer, have been awarded customer contracts into the fourth quarter of 2013.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “The recent contract awards for our two new additions to the well intervention fleet, the Helix 534 and the Skandi Constructor, as well as the growing backlog for our existing fleet, reflects the strong market demand for deepwater well intervention services as well as Helix’s market leadership for these services. Furthermore, customer interest for our newbuild semisubmersible well intervention vessel, the Q5000, remains high. The Q5000 is currently under construction at the Jurong Shipyard inSingapore and is scheduled to enter the fleet in early 2015.”

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