U.S.-based oil and gas services firm Helix Energy Solutions has secured the extension of its decommissioning contract with Trident Energy for work offshore Brazil.
The contract extension is for an additional 12 months and in direct continuation of the current contract.
The extension is expected to begin in the fourth quarter of 2024 at rates in line with the improved well intervention market.
The original contract with Trident Energy do Brasil started late 2022 offshore Brazil in the Campos Basin and utilizes the Siem Helix 1 riser-based well intervention vessel and a 10K Intervention Riser System.
Helix is providing fully integrated plug and abandonment well services through its Subsea Services Alliance partner SLB as well as project management and engineering services.
To remind, Siem Offshore has secured long-term contracts with Helix Energy Solutions for two of its Siem Helix well intervention vessels. The contracts for Siem Helix 1 and Siem Helix 2 vessels is valued at a total of $682 million.
In addition, the Helix Producer I (HPI) contract has also been extended by one year, to June 1, 2025.
Since 2016, the HPI, a ship-shaped dynamically positioned (DP2) floating production unit, has been located at Green Canyon Block 237 producing oil and gas through the existing Phoenix Field subsea infrastructure.
The vessel is designed to produce hydrocarbons and export to shore via pipeline or tanker.
“We are pleased to announce that Helix has successfully executed these contract extensions, reflective of improving market conditions and increased demand for Helix’s assets and services,” said Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer.