Helix to Divest Oil and Gas Business

8 March 2010 (Last Updated March 8th, 2010 18:30)

Helix Energy said it is looking to divest its entire oil and gas business and plans to transform itself into a contracting services company. The company will focus on deepwater well intervention and subsea construction, reports Reuters. It has not yet provided a timeline for d

Helix Energy said it is looking to divest its entire oil and gas business and plans to transform itself into a contracting services company.

The company will focus on deepwater well intervention and subsea construction, reports Reuters.

It has not yet provided a timeline for divestment, but said the current situation is favourable for transaction.

Last December, Helix Energy announced plans to divest non-core assets, including its oil and gas assets.

In June 2009, the company said it intends to reduce its stake in its majority owned subsidiary Cal Dive International to 25% and offer 20 million Cal Dive common shares.

Helix is hiring financial advisers to assist in the deal.