Cal Dive acquires UK-based Helix Energy

Company News - November 8, 2005

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Cal Dive International in the US has acquired Helix Energy Limited, an Aberdeen-based provider of reservoir and well technology services to the upstream oil and gas industry with offices in London, Kuala Lumpur (Malaysia) and Perth (Australia), for US$31 million.

Helix Energy, which operates as Helix RDS around the world, has 180 employees. It offers clients a full range of multidisciplinary specialist consultancy services encompassing geoscience, reservoir and petroleum engineering, production technology and well/drilling operations.

The company has built a reputation and track record for consistent delivery of value to clients through which it has established a strong brand presence in the market place.

Owen Kratz, Cal Dive's Chairman and Chief Executive Officer, said: "With the addition to our capacity in this service line, we are able to bring even greater value to our clients both as a service contractor and as a value adding development and production partner. This acquisition will aid in our ability to establish our production contracting model in the North Sea and elsewhere."

Phil Moore, Helix Energy's Managing Director said: "We are very excited about this development which will form the basis for the next significant stage in our growth. As part of the Cal Dive Group, our ability to leverage our expertise to create value in partnership with both existing and new clients is significantly enhanced."


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