Helix wins P&A work in Gulf of Mexico

Illustration. Source: Flickr; Author: Kees Torn

Houston-based energy services company Helix Energy Solutions has acquired from Marathon Oil certain operating depths associated with the Droshky Prospect on Green Canyon Block 244 in the Gulf of Mexico, along with related infrastructure.

Helix said on Monday that, as part of the transaction, it would perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.

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

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