Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has entered into a new Agreement for Response Resources with HWCG LLC.
Under the Agreement, HWCG’s members are given the opportunity to identify the Helix Fast Response System as a response resource in permit applications to U.S. federal and state agencies, and to deploy the Helix Fast Response System to respond to a well control incident in the U.S. Gulf of Mexico. Developed in 2011 as a culmination of Helix’s experience as a responder in the Macondo well control and containment efforts, the Helix Fast Response System consists of the Helix Producer I floating production unit, Q4000 or Q5000 vessels, subsea intervention systems, crude transfer systems and other well control equipment.
Under the terms of the Agreement, HWCG will pay Helix an annual retention fee. HWCG’s members will receive a credit against the annual retention fee for every day that a member utilizes the Q4000 or Q5000. The Agreement replaces the parties’ prior agreement and is effective April 1, 2021 for an initial two-year term.
“We are pleased to continue our long-standing relationship with HWCG, and are proud to stand on call as a first responder in the Gulf of Mexico,” said Owen Kratz, CEO of Helix. “Helix’s industry expertise in offshore well intervention and well control is second to none, and we feel this Agreement demonstrates the parties’ commitment to the continued safe planning, operation and execution of offshore oil and gas production. We embrace our role as a provider of sustainable solutions, are proud to offer the Helix Fast Response System to help mitigate and remediate the environmental risks associated with offshore drilling and production operations.”
HWCG’s Managing Director, Craig T. Castille added, “HWCG and its membership are pleased to have Helix continue as a business partner and core contractor for its source control and containment response in the U.S. Gulf of Mexico.”
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.
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Executive Vice President & CFO