Helix, Petrobras finalize contract negotiations

HOUSTON -- Helix Energy Solutions Group has completed its contract renegotiations with Petróleo Brasileiro S.A. and has entered into amendments to its well intervention services contracts for its two chartered vessels, the Siem Helix 1 and the Siem Helix 2, offshore Brazil.

The contract for the Siem Helix 1, originally scheduled to begin no later than July 22, 2016, was amended to commence between July 22, 2016, and Oct. 21, 2016, and the day rate under the contract has been reduced to a level acceptable to both parties. The contract for the Siem Helix 2, originally scheduled to begin no later than Jan. 21, 2017, was amended to commence between Oct. 1, 2017 and Dec. 31, 2017; the day rate under this contract was not changed.

“We are glad to finalize this process in a manner that makes sense for both companies, and look forward to a long and productive working relationship,” Owen Kratz, president and CEO of Helix, said.