HOUSTON – Helix Energy (NYSE:) Solutions Group, Inc. (NYSE:HLX) has awarded a contract for deepwater well intervention services to Esso Exploration and Production Zealand (Deepwater) Ltd. The start of work is scheduled for September 2024. occur in the Erha and Usan fields, located approximately 97 kilometers off the coast of Nigeria, in waters ranging from 700 to 1,500 meters deep.
The contract includes the Helix Q4000, a semi-submersible DP3 riser vessel, a 10k Interventional Riser System (IRS), remotely operated vehicles, and associated project management and engineering services. These services are designed to meet a wide range of well intervention needs, from productivity enhancement to plugging and abandonment operations.
Scotty Sparks, executive vice president and chief operating officer of Helix, expressed enthusiasm for the contract, highlighting the company’s commitment to expanding its well intervention services in West Africa and strengthening its relationship with Esso.
The Q4000 is positioned as a world-class platform capable of performing a variety of offshore missions, including subsea well intervention, field and well decommissioning, subsea equipment installation and recovery, well testing and emergency well containment. The vessel is designed with dedicated service areas to enhance safety and efficiency.
Helix Energy Solutions Group, an international marine energy company headquartered in Houston, specializes in well intervention, robotics and field decommissioning operations. The company plays a role in supporting the global energy transition by maximizing the production of existing oil and gas reserves, decommissioning aging oil and gas fields and helping to develop renewable energy sources.
This statement is based on a press statement.
InvestingAbout Insights
While Helix Energy Solutions Group, Inc. (NYSE:HLX) is preparing to win a new deepwater well services contract in Nigeria, with investors and industry observers closely monitoring the company’s financial health and stock performance. According to the latest data from InvestingPro, Helix has a market capitalization of US$1.53 billion, reflecting its significant presence in the marine energy services sector.
The company’s P/E ratio is 76.65, which may seem high; however, adjusted for the trailing twelve months as of the third quarter of 2023, the P/E ratio is more moderate at 25.38. This adjustment suggests investors value Helix’s near-term earnings growth potential. InvestingPro’s advice highlights that Helix is trading at a low P/E relative to expected earnings growth, which could signal an attractive entry point for investors looking for growth opportunities.
Another key metric is the company’s robust revenue growth, with an increase of 64.79% over the past twelve months to Q3 2023. This strong performance is further highlighted by strong quarterly revenue growth of 45.17% in the first quarter of 2023. This indicates that Helix is not only expanding its operations, but also effectively capitalizing on market opportunities.
InvestingPro’s tips also show that Helix doesn’t pay dividends to shareholders, which could be an important factor for income-focused investors. However, for those more interested in capital gains, it’s worth noting that Helix’s share price is up 23.75% over the past year, highlighting its growth potential.
For more in-depth analysis and additional InvestingPro tips, interested readers can check out Helix’s profile on InvestingPro. Thanks to 9 more tips, subscribers will be able to get a complete picture of the company’s financial situation and its prospects. Use coupon code PRONEWS24 for an additional 10% discount on annual or biennial Pro and Pro+ subscriptions to InvestingPro.
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