Helix sells shallow water abandonment unit for $107.5 million, shifts focus to deepwater

(WO) - Helix Energy Solutions Group, Inc. has sold its Gulf of America-focused shallow water abandonment business to C-Dive, LLC, part of the Chouest Group, for $107.5 million in cash. 

The divestiture marks a step in Helix’s ongoing portfolio repositioning, as the company concentrates on deepwater well intervention, robotics and offshore decommissioning services. The transaction closed May 1 and remains subject to customary post-closing adjustments.

“This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services,” said Scotty Sparks, executive vice president and chief operating officer.

Helix said the sale follows its previously announced agreement with Hornbeck Offshore Services, Inc. to combine operations and expand its high-specification offshore vessel fleet. The combined strategy is aimed at strengthening Helix’s position in deepwater energy services, supported by subsea robotics and technical capabilities.

The divested business, which focused on shallow water abandonment activity in the Gulf region, had been built through prior acquisitions and operational improvements.

Helix said the move allows the company to streamline its operations and allocate capital toward higher-growth deepwater markets.