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    Siem Offshore to provide Helix/Petrobras with two well intervention vessels

    Vessel & ROV News // February 13, 2014

    Siem Offshore is to build two well intervention units for a deal with Helix.

    Siem Offshore has entered into agreements with Helix Energy Solutions Group to provide two well-intervention vessels.

    The vessels will be owned by Siem Offshore and chartered by Helix for an initial period of seven years, with options that can extend the charter periods up to 22 years.

    Siem Offshore will provide marine management, including crewing, for the two vessels, which will be constructed at Flensburger shipyard in Germany, based on a design developed by Salt Ship Design.

    The vessels will have an overall length of 158m, beam of 31m, and be built in compliance with the requirements of MODU classification.

    Siem Offshore’s aggregate project cost for the two vessels is expected to be approximately US$420 million. The company will finance the aggregated project cost for the two vessels by a combination of mortgage debt and a bond issue.

    Helix will provide the topsides and manage the integration of the well-intervention equipment onto the vessels.

    Helix has entered into agreements with Petrobras to provide well-intervention services offshore Brazil for an initial period of four years with options to extend.

    The first vessel is expected to be in service for Petrobras by mid-2016, with the second vessel to follow later the same year.

    Terje Sorensen, Chief Executive Officer of Siem Offshore, said: "The agreements with Helix represent a targeted entry for Siem Offshore as vessel provider into this segment. Helix and Siem Offshore will capitalise on Siem Offshore’s experience and position in Brazil to support Helix in their operations for Petrobras."


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