Helix Energy Solutions Secures Further Production and P&A Work with Acquired Leases in Gulf of Mexico

Aug 29, 2022

Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that its wholly owned subsidiary Deepwater Abandonment Alternatives, Inc. (“DAA”) has acquired from MP Gulf of Mexico, LLC (“MP GOM”), a joint venture controlled by Murphy Exploration & Production Company – USA, all of MP GOM’s 62.5% interest in Mississippi Canyon Block 734, comprised of three wells and related subsea infrastructure, collectively known as the Thunder Hawk Field. Pursuant to the terms of the transaction, Helix receives the benefit of ownership of MP GOM’s interest, with a November 1, 2021 effective date purchase price adjustment resulting in nominal cash paid by MP GOM at closing, in exchange for the assumption of MP GOM’s abandonment obligations at the Thunder Hawk Field. In addition to anticipated future production revenue, DAA will operate the Thunder Hawk Field with Helix eventually expected to perform the required plug and abandonment operations.

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