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USA: Helix Sells Its Three Pipelay Vessels

Helix Energy Solutions Group, Inc. has agreed to sell its three pipelay vessels, the Caesar, Express, Intrepid and related equipment in separate transactions for total cash consideration of $252,750,000.

On October 15, 2012, Helix entered into an agreement to sell the Caesar, Express and related equipment to Coastal Trade Limited for a total of $238,250,000. The sale of these assets is expected to close in two stages as each vessel completes its existing contractual backlog. The Express closing is expected to occur in February 2013 and the Caesar closing is expected to occur in July 2013. Helix has received a $50 million deposit in connection with this transaction which is only refundable in limited circumstances. The closing of this transaction is subject to customary closing conditions.

In a separate transaction, on September 26, 2012 Helix sold its pipelay vessel, Intrepid, to Stabbert Maritime Holdings, LLC for $14,500,000.

Helix will retain its Ingleside, Texas spoolbase facility and provide pipelay spooling services to the market.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “As we previously discussed, our strategy is to aggressively invest and grow our Well Intervention and Robotics businesses. We see the divestiture of our pipelay fleet as an important step in accelerating our corporate strategy.”

Subsea World News – USA: Helix Sells Its Three Pipelay Vessels.

PHOTOS: Express installing subsea manifolds « Helix Currents

Photos courtesy of Helix Subsea Construction Field Engineers Robert Bailey & Matt Gonzales.

Taken on board Helix ESG’s pipelay vessel, Express, these photos show two Pipeline End Terminal manifolds (PLETS) as they are hoisted off an adjacent supply boat and lowered down to the seabed.

A PLET is used on one, or both ends of pipelines to provide connection point from the pipeline to existing subsea structures in place.  The existing structure may be a subsea tree, another PLET or a manifold and are connected by a jumper.  The PLETs and other subsea structures have upward looking connectors while the jumpers have downward looking connectors.  This configuration allows the jumpers to be installed using Remotely Operated Vehicles (ROVs).

Helix Subsea Construction, a business unit of Helix ESG, is installing this PLET as part of the overall scope of Subsea Umbilical, Riser and Flowline (SURF) work for Noble Energy at the Noa Field, offshore Israel. The field is in approximately 2,556ft of water (779m) and is being developed for natural gas.

Source: PHOTOS: Express installing subsea manifolds « Helix Currents.

Noble Energy Linking Noa and Pinnacles to Mari B Platform

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Noble Energy and Delek Group have started linking Noa and Pinnacles offshore natural gas fields to the Mari B production platform, according to the Israel’s financial newspaper Globes.

Helix ESG’s reeled pipelay vessel, Express, which in April arrived at the port city of Haifa, Israel has started SURF (Subsea Umbilicals, Risers and Flowlines) work.

According to the data on Noble Energy’s website, Noa will, once developed, provide 100 million cubic feet per day (MMcf/d) of production by September 2012.

Development of the Noa field is geared to allow for additional supplies of natural gas to the Israeli market, until the start of natural gas supplies from the Tamar project.

Source

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