Siem Offshore Inks $682M Long-Term Deals for Two Well Intervention Vessels

(Credit: Helix Energy Solutions)
(Credit: Helix Energy Solutions)

Oslo-listed offshore vessel owner Siem Offshore has secured long-term contracts with Helix Energy Solutions for two of its Siem Helix well intervention vessels.

The contracts, valued at a total of $682 million, follow the letter of intent the companies announced in November 2023.

The new contracts for Siem Helix 1 and Siem Helix 2, effective from January 1, 2025, and January 1, 2026, respectively, replace existing agreements and ensure firm utilization for these key vessels until at least 2030.

With a duration of 6 years for each vessel, and the option for extension for up to 5 years, this provides a solid foundation for future earnings and growth for Siem Offshore, the company said.

“Siem Helix vessels have played a crucial role in the well intervention segment, and our longstanding partnership with Helix Energy Solutions is a testament to our mutual success. Since the vessels were built in 2016, the collaboration between our organizations has strengthened, and our dedication to quality and efficiency has been recognized by our clients,” Siem Offshore said in a statement.

The well intervention vessels are 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 have emergency response capabilities.

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