Helix Energy Solutions Group Inc.
), an offshore energy firm, inked a five-year deal with British
Per the agreement, BP will get well intervention services from
Helix Energy in the U.S. Gulf of Mexico. For the development,
Helix Energy will utilize its well intervention semi-submersible
vessel, named Q5000. Management reveals that the vessel is
presently under construction in Singapore.
Helix Energy expects the deal to start between Apr and Aug of
2015, subsequently with the delivery of the vessel. Helix Energy
added that the contract will be for at least 270 days each year.
It will also comprise a first right of refusal for extra days per
year and will offer an option to extend the deal for two
successive terms of one year each. Helix Energy described the
deal as BP's recognition of its strong well intervention
Houston, Texas-based Helix Energy is a major supplier of
deepwater oilfield services mainly in the Gulf of Mexico, the
Asia Pacific, West African regions and North Sea. Helix Energy
provides production services, which includes repairing,
inspecting and maintaining jumpers, pipelines, risers, trees,
subsea tools etc.
The company also supplies well intervention and life of field
support services. The principal customers of Helix Energy
comprise oil and gas companies, independent suppliers and
producers of oil and gas, and oil and gas pipeline companies.
BP PLC (BP): Free Stock Analysis Report
CALUMET SPECLTY (CLMT): Free Stock Analysis
HELIX EGY SOLUT (HLX): Free Stock Analysis
RANGE RESOURCES (RRC): Free Stock Analysis
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Helix Energy currently retains a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three
Two firms in the energy sector that are expected to significantly
outperform the equity markets in the next one to three months are
Calumet Specialty Products Partners LP
Range Resources Corp
). Both of these stocks carry a Zacks Rank #1 (Strong Buy).