Helix Vessel Deal Lifts Siem Offshore's Backlog to $440M

Norwegian offshore vessel owner Siem Offshore said Wednesday it had entered into agreements with the U.S. offshore well intervention firm Helix Energy Solutions for its Siem Helix 1 and Siem Helix 2 vessels.

The new deal for the offshore well intervention vessel duo will replace the existing contracts and the new firm period will be 3 years for “Siem Helix 1” and 5 years for “Siem Helix 2”

Helix Energy Solutions will have options to extend the contracts further upon the expiration of the firm contracts. The new contracts start in direct continuation of current contracts within Q1 2022.

"The extension reconfirms that the Company plays an important role in the Well Intervention segment, and we are very pleased to see a key client such as Helix Energy Solutions extend our professional relationship. Total contract backlog for [Siem Offshore] is now USD 440 million,” Siem Offshore said.

Worth noting, Siem Offshore's total contract backlog on December 31, 2021, was $298 million.

Last month, Helix Energy Solutions won a field decommissioning contract of an undisclosed value with Trident Energy in Brazil.

The project is located off the coast of Brazil in the Pampo and Enchova Clusters in the Campos Basin. The 12-month firm contract is scheduled to begin in late 2022, with the client having several extension options.

Helix will provide a riser-based well intervention vessel either the Siem Helix 1 or Siem Helix 2, a 10k Intervention Riser System, project management and engineering services and, in conjunction with Helix’s Subsea Services Alliance partner Schlumberger, fully integrated plug and abandonment well services.

Also worth noting, in December 2021, Helix Energy Solutions secured an extension of its well intervention charter and services contracts with Brazil's Petrobras for the Siem Helix 2.

"The initial four-year contract for the Siem Helix 2 was been extended by one year at a reduced rate reflective of the current market. The Siem Helix 2 is now set to remain under contract with Petrobras until mid-December 2022 performing riser-based well intervention activities," Helix Energy Solutions said in December. The company did not provide details on the value of the contract.

The Siem Helix 2 is a 2016-built well intervention vessel capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation work, offshore crane and ROV operations, offshore construction work, and has emergency response capabilities.

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