Helix Secures P&A Work in GOM

Houston based Helix Energy Solutions Group is slated  to perform plug and abandonment operations (P&A) work in the Gulf of Mexico following a recent agreement with Marathon Oil.

The services company announced Monday that it acquired from Marathon Oil certain operating depths associated with the Droshky Prospect on Green Canyon Block 244, along with related infrastructure, and that it will perform the required P&A operations. Helix said Marathon Oil has agreed to pay certain amounts toward the activity.

Owen Kratz, President and Chief Executive Officer of Helix, said, “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.”