Helix awarded long-term well intervention contracts with Petrobras

Helix Energy Solutions Group (HLX) announced new three-year vessel charter and service contracts with Petrobras (PBR) for the riser-based well intervention vessels Siem Helix 1 and Siem Helix 2 working offshore Brazil. The new three-year contracts are valued in aggregate at an estimated $786M, in accordance with Petrobras’ estimated value. Each contract includes an additional three years of options. The contracts were entered into following a competitive tender process. The Siem Helix 2, since 2017, has been performing riser-based well intervention activities for Petrobras in the Santos and Campos Basins, and to date has completed more than 100 well interventions. The Siem Helix 1 previously worked for Petrobras from April 2017 – July 2021 completing 74 well interventions in the Santos and Campos Basins. Daniel Stuart, Helix’s Vice President-Commercial, stated, “We have built a long and productive working relationship with Petrobras for the last seven years. During this time, we have consistently delivered safe and cost-effective well intervention services to the Brazilian market. These new three-year contracts underscore Helix’s commitment to innovation, tailored solutions, and leveraging our extensive global well intervention expertise. These contracts reaffirm our Energy Transition business model, empowering clients to optimize production from their existing assets.”