Helix Energy Solutions Announces Completion of Acquisition of Alliance and Amendment to its ABL Facility
July 05 2022 - 7:00AM
Business Wire
Expanded decommissioning presence represents
significant step for Helix’s Energy Transition business model
Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX)
announced today its successful completion of the previously
announced acquisition of all of the equity interests of the
Alliance group of companies (collectively “Alliance”), expanding
its decommissioning presence in the Gulf of Mexico shelf and
advancing Helix’s environmental, social and governance (“ESG”)
initiatives by responsibly supporting end-of-life requirements of
oil and gas projects.
Owen Kratz, President and Chief Executive Officer of Helix,
stated, “We are pleased to have completed our acquisition and added
Alliance to the Helix family, which complements Helix’s existing
deepwater abandonment offerings by adding shelf and facility
abandonment capabilities and significantly enhances our position as
a full-field abandonment services provider. The acquisition marks a
meaningful step in our participation in the Energy Transition, and
we are excited to welcome our new colleagues to the Helix
family.”
Helix also announced today that in conjunction with its
acquisition of Alliance, it has amended its existing asset-based
revolving credit facility (“ABL Facility”). The amendment aligns
with Helix’s Alliance acquisition, expanding the eligible credit
line and establishing a link in its pricing to sustainability
targets. The key features of the amendment include:
- Increase of the size of the ABL Facility to $100 million;
and
- Inclusion of ESG/sustainability-linked performance targets that
may result in adjustments to commitment and borrowing rates.
Mr. Kratz continued, “We have increased the size of our ABL
Facility to accommodate the increase in our expected borrowing base
with the Alliance acquisition. We are also pleased to have included
a sustainability-linked performance target that may reduce our fees
under the facility and we are appreciative of the support from our
bank group in this amendment.”
Bank of America, N.A. serves as Administrative Agent for the ABL
facility.
Additional information on the Alliance acquisition and the
amendment to the ABL facility is available in the Current Report on
Form 8-K filed by Helix with the Securities and Exchange Commission
(“SEC”) on July 1, 2022.
About Helix
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 www.helixesg.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties and assumptions that could cause
results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, without limitation, any statements regarding
the Alliance acquisition, the COVID-19 pandemic and oil price
volatility and their respective effects and results, protocols and
plans, current work continuing, the spot market, spending and cost
reduction plans and the ability to manage changes; strategy; any
statements regarding visibility and future utilization; any
projections of financial items; any statements regarding future
operations expenditures; any statements regarding plans, strategies
and objectives for future operations; any statements regarding the
ability to enter into, renew and/or perform commercial contracts;
any statements concerning developments; any statements regarding
ESG initiatives; any statements regarding future economic
conditions or performance; any statements of expectation or belief;
and any statements of assumptions underlying any of the foregoing.
Forward-looking statements are subject to a number of known and
unknown risks, uncertainties and other factors that could cause
results to differ materially from those in the forward-looking
statements, including but not limited to the results and effects of
the COVID-19 pandemic and actions by governments, customers,
suppliers and partners with respect thereto; market conditions;
results from acquired properties; demand for services; the
performance of contracts by suppliers, customers and partners;
actions by governmental and regulatory authorities; operating
hazards and delays, which include delays in delivery, chartering or
customer acceptance of assets or terms of their acceptance; the
ability to secure and realize backlog; the effectiveness of ESG
initiatives and disclosures; human capital management issues;
complexities of global political and economic developments;
geologic risks; volatility of oil and gas prices and other risks
described from time to time in reports filed with the SEC,
including those most recently filed Annual Report on Form 10-K and
in other filings with the SEC, which are available free of charge
on the SEC’s website at www.sec.gov. We assume no obligation and do
not intend to update these forward-looking statements, which speak
only as of their respective dates, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220705005123/en/
Helix Energy Solutions Group, Inc. Erik Staffeldt, Executive
Vice President and CFO email: estaffeldt@helixesg.com Ph:
281-618-0400
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