Helix Energy (NYSE:HLX) Divesting All its Oil and Gas Business

Monday, March 8th, 2010

Saying the current business climate is conducive to their plans, Helix Energy Solutions Group Inc. (NYSE:HLX) announced it is going to divest all of its business related to gas and oil, including all its offshore facilities.

The goal of the company is to transform itself into a contract company for deep-water wells and sub-sea construction, Helix said in a statement.

Some of the steps they've already taken include unloading its stake in Cal Dive International, as well as all of its reservoir consulting business.

This isn't entirely a surprise, as Helix has said in the past they're looking at a comprehensive plan to sell all of its non-core assets and focus on the underwater activities.

What this implies when mentioning the better business environment, is Helix is going to get more aggressive in its divestiture plans, and will pursue it more vigorously in an economic climate which will give them a better price for their assets, which they've been pursuing in regard to their oil and gas holdings in the Gulf of Mexico.

Although there is no specific timetable in place, the company has hired some financial advisers to help them sell off these assets in a timely manner.

One casualty of the divestiture will be Robert Murphy, who is the executive vice president of oil and gas for Helix.

Article by Gary B

The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com

Tags: energy , gas , helix energy , oil

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