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Helix Secures P&A Work with Acquired Lease in GOM

Source: www.gulfoilandgas.com 1/21/2019, Location: North America

Helix Energy Solutions Group, Inc. (HLX) has acquired from Marathon Oil Corporation (“Marathon Oil”) certain operating depths associated with the Droshky Prospect on Green Canyon Block 244, along with related infrastructure. As part of the transaction, Helix will perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “This transaction represents the first instance of executing our strategy to secure utilization for our assets in non-traditional ways during this continuing challenging market period. We may see some production revenues from the acquired property; however, the principal driver for this transaction is asset utilization.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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