Helix Energy Solutions Group, Inc. (NYSE:HLX) saw its shares rise in premarket trading Thursday following the announcement of a significant contract award.
The offshore energy services provider confirmed it has signed a multi-year agreement with a major operator to deliver well intervention and abandonment work in the U.S. Gulf of America starting in 2026.
The deal spans three years and guarantees a set level of vessel utilization.
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Helix will deploy either its Q5000 or Q4000 intervention vessels along with 10k or 15k Intervention Riser Systems (IRS), remotely operated vehicles, and full project management and engineering support.
Services will range from production enhancement to plug-and-abandonment operations.
The equipment and technical expertise will be provided under the Subsea Services Alliance, a partnership between Helix and Schlumberger (NYSE:SLB).
The alliance combines both firms’ assets and experience to deliver advanced subsea solutions for operators in the Gulf region.
Scotty Sparks, Executive Vice President and Chief Operating Officer at Helix, stated, “We are pleased to expand our backlog by successfully executing another multi-year contract for well intervention services.”
“This contract underscores our commitment to delivering safe, cost-effective and efficient production enhancement and abandonment services in the Gulf of America, supported by Helix’s advanced vessels, decades of industry-leading experience, and the collaborative capabilities of our Subsea Services Alliance,” Sparks adds.
Price Action: HLX shares are trading higher by 1.05% to $5.760 premarket at last check Thursday.
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