Helix Secures $786M Long-Term Well Intervention Contracts with Petrobras for Siem Helix 1 and 2

Helix Energy Solutions Group has secured significant new contracts with Petróleo Brasileiro S.A. (“Petrobras”), a leading Brazilian energy company. The contracts involve the charter and services of the company's riser-based well intervention vessels, Siem Helix 1 and Siem Helix 2, for operations offshore Brazil. These three-year contracts, valued at approximately $786 million, were awarded following a competitive tender process and include the option for an additional three-year extension. The new agreements solidify Helix's position in the Brazilian market and demonstrate the company's ability to deliver high-quality well intervention services to major energy players.

The Siem Helix 1 and Siem Helix 2 are specialized, state-of-the-art well intervention vessels designed for a variety of subsea services. They are equipped to handle production enhancement, well decommissioning, subsea installation, offshore crane operations, Remotely Operated Vehicle (ROV) tasks, offshore construction, and emergency response. These advanced vessels are pivotal in performing complex and critical operations in challenging offshore environments.

Since 2017, the Siem Helix 2 has conducted riser-based well intervention operations for Petrobras in the Santos and Campos Basins, successfully completing over 100 interventions. Previously, the Siem Helix 1 operated for Petrobras from April 2017 to July 2021, carrying out 74 well interventions in the same basins. Both vessels have significantly contributed to Petrobras's operations by enhancing well performance and maintenance in these key offshore fields.

Daniel Stuart, Helix’s Vice President—Commercial, highlighted the enduring and successful partnership with Petrobras over the past seven years, noting their track record of delivering safe and cost-effective well intervention services in Brazil. The new three-year contracts reflect Helix's dedication to innovation and customized solutions, leveraging their global expertise in well intervention. Stuart emphasized that these contracts support Helix's Energy Transition business model, which aims to help clients maximize production from their existing assets while adapting to evolving energy needs.

Helix Energy Solutions is a leading global provider of offshore energy services headquartered in Houston, Texas. The company specializes in well intervention, robotics, and decommissioning operations, offering critical solutions to the offshore energy industry.

Helix Energy Solutions' expertise is instrumental in supporting the global energy transition. By optimizing production from existing oil and gas reserves, the company helps maximize their value. Additionally, its decommissioning services contribute to responsible environmental stewardship by safely and efficiently dismantling end-of-life oil and gas infrastructure. Moreover, Helix Energy Solutions is actively involved in supporting renewable energy developments, demonstrating its commitment to a sustainable future. The company is dedicated to delivering exceptional service, innovation, and operational excellence. Its team of experienced professionals utilizes advanced technologies and methodologies to ensure safe, efficient, and cost-effective solutions for its clients.