Long-term deals for two well intervention vessels

Fossil Energy – Well Intervention

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.

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.

Original Source: https://ocean-energyresources.com/2024/02/06/long-term-deals-for-two-well-intervention-vessels/