Helix Energy Solutions seeks to divest entire oil and gas business, focus on contracting

Helix Energy seeks to sell oil and gas business

HOUSTON — Oil services provider Helix Energy Solutions Group Inc. said Monday it plans to sell its entire oil and gas business in order to transform into a contracting services company focused on deepwater wells and subsea construction.

While the company provided no timetable for the divestment, it said it “believes the business environment has become more favorable for a transaction.”

In connection with this strategy, the company said Robert Murphy is stepping down as executive vice president of oil and gas and leaving the company. Johnny Edwards, currently president of the company’s oil and gas subsidiary, will lead the division.

The news is in keeping with the company’s broader plan since December 2008 to sell noncore assets. Since that time, Helix has divested nearly all of its stake in Cal Dive International and its entire reservoir consulting business, Helix RDS. It also has sought to sell parts of its Gulf of Mexico shelf oil and gas assets.

Shares of the Houston-based company climbed 80 cents, or 6.8 percent, to $12.66 in morning trading.