Helix Energy Solutions Group

Helix ESG

Type	Public company
Traded as	NYSE:  HLX S&P 600 Component
Industry	Oil and Gas Equipment, Services
Founded	1980 (as Cal Dive Intl.)
Headquarters	Houston, Texas, United States
Key people	Owen Kratz, President and CEO
Products	Well Intervention Operations Remotely Operated Vehicle Operations Oil Exploration and Production Offshore Production Facilities
Revenue	$873 Million [1] USD (2022)
Operating income	$68 Million [1] USD (2022)
Net income	$88 Million [1] USD (2019)
Number of employees	2,280 (2022)
Website	helixesg.com
Footnotes /references [2]

Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.

History

1980–1989

In 1980, Oceaneering executives, Lad Handleman, John Swinden, Don Sites, and Rick Foreman left the company and named their new company Cal Dive International.^{[ citation needed ]}

Oceaneering was formed in 1964 when Handelman merged his California oilfield diving company, Cal Dive, with Canadian-based Can-Dive, and upon his departure, Handleman reclaimed his original company name for the new venture.^{[ citation needed ]} In 1983, Cal Dive Intl. was acquired by Diversified Energy International (DEI) whose financial backing allowed the company to expand with two converted diving vessels.^{[ citation needed ]}

1990–1999

In 1990, new CEO Jerry Reuhl, led a management team that included future CEO, Owen Kratz, purchased Cal Dive Intl. from DEI for $11 million with Merrill Lynch acting as the financial partner, providing all of the holding a 45% equity position. ^[3]

In 1992, after it established a business model of acquiring offshore oil and gas properties near the end of their production life in the Gulf of Mexico, Cal Dive Intl. created a subsidiary called Energy Resource Technology (ERT) to manage its growing portfolio of Gulf shelf properties.^{[ citation needed ]}

In 1993, Cal Dive Intl. management bought out Merrill Lynch in 1993, and then sold 50% of the company to First Reserve Corporation in 1995, to raise more capital to support a growing deepwater program.^{[ citation needed ]}

In 1994, Cal Dive Intl. acquired the Uncle John semi-submersible drilling rig and extended the company's well intervention capabilities.^{[ citation needed ]}

In 1997, Kratz succeeded Reuhl as CEO. Kratz had previously served as the COO and Executive Vice President. Kratz was an accomplished oilfield diver who had previously owned his own marine construction company.^{[ citation needed ]}

2000–2010

In March 2001, Cal Dive Intl. purchased Professional Divers of New Orleans for $11.5 million ^[4] and in December acquired 85 percent of outstanding Canyon Offshore shares, and purchased the remaining 15 percent over the next three years. ^[5] With the acquisition of Canyon Offshore, Cal Dive Intl. could now offer operators ROV, intervention, and cable/flowline burial services. ^[6] In 2002, The world's first deepsea well intervention semi-submersible, the Q4000 , is launched into service in the Gulf of Mexico. ^[7]

In July of that same year, the company changed its corporate name to Helix Energy Solutions Group ^[8] and moved its stock listing from NASDAQ to the New York Stock Exchange under the new ticker symbol, HLX.^{[ citation needed ]} In 2009, the Newbuild well intervention vessel, Well Enhancer, was launched into service in the North Sea. ^[9] In 2010, Helix ESG deployed multiple assets and resources to contain the 2010 Gulf of Mexico Oil Spill. ^[10]

2011 - 2023

In 2012, Helix ESG announced plans r business unit, ^[11] Helix Subsea Construction, and the sale of its vessels. Helix ESG also announced that going forward well intervention and ROV services would be its primary contracting businesses and new vessels would be purchased or chartered to meet growing demand in those service sectors.^{[ citation needed ]} In 2015, Helix Energy Solutions Group saw its profit tumble 78 percent in the fourth quarter as upstreams curb drilling activity. ^[12] In 2019, the Newbuild Q7000 well intervention semisubmersible vessel is delivered to Helix Energy Solutions ^[13] In 2022, Helix acquired the Alliance group of companies, based in Louisiana, which added to the decommissioning of oil wells in the Gulf of Mexico. ^{[14] [15]}

Management

Owen Kratz is the President and Chief Executive Officer of Helix Energy Solutions Group, Inc. ^[16]

See also

• List of oilfield service companies

References

Notes

1. "."
2. "Helix ESG History" (PDF). Helix Energy Solutions. March 2, 2023.
3. "Twst interview with Cal Dive CEO Owen Kratz, Published on June 18, 2001."
4. "CAL DIVE INTERNATIONAL: 2001 Annual Report" (PDF). Annual Reports. 2001. Retrieved 31 May 2023.
5. "Cal Dive International Buys Canyon Offshore". MarineLink. 2001-12-10. Retrieved 2023-05-31.
6. "Cal Dive International acquires Canyon Offshore for $66-74 million, Published on December 5, 2001."
7. "Cal Dive takes delivery of Q4000, Published on April 12, 2002."
8. "StackPath". www.offshore-mag.com. Retrieved 2023-07-13.
9. "WELL ENHANCER launched at IHC Krimpen Shipyard, Published on May 31, 2008."
10. "Helix Announces Sale of Pipelay Vessels, Published on July 2, 2010."
11. "Helix Producer could be collecting spilled oil by July 7, Published on October 16, 2012."
12. "Helix Energy profit tumbles 78 percent in 4Q". Petro Global News. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
13. "Newbuild Q7000 well intervention semisubmersible vessel is delivered to Helix Energy Solutions - Helix Energy Solutions". www.helixesg.com. Retrieved 2020-07-29.
14. Cavcic, Melisa (2022-05-18). "Helix expanding decommissioning presence in Gulf of Mexico with new acquisition". Offshore Energy. Retrieved 2023-05-30.
15. "Gulf of Mexico: Helix Energy Solutions Buys Alliance Group of Companies". Offshore Engineer Magazine. 2022-07-05. Retrieved 2023-05-30.
16. Pulsinelli, Olivia (December 9, 2022). "Year in Review: Helix Energy Solutions' Alliance acquisition was a Deal of the Week". www.bizjournals.com. Retrieved 2023-02-28.