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Helix Energy Solutions Group, Inc. (NYSE:HLX) shares are trading relatively flat on Wednesday.
The company has secured a new multi-year agreement with Shell Offshore Inc, a unit of Shell PLC (NYSE:SHEL), starting in 2025, to continue delivering well intervention services in the U.S. Gulf of Mexico.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “The contract is reflective of improving market conditions and increased demand for Helix’s assets and services, as we continue executing on our strategy by providing best-in-class and global leading well intervention services.”
Under this contract, Helix will provide an increased minimum number of days annually using the Q5000 riser-based well intervention vessel, Intervention Riser Systems (IRSs), remotely operated vehicles (ROVs), as well as project management and engineering services.
The contract covers fully integrated operations ranging from production enhancement to well plug and abandonment.
Additionally, the operations will include equipment from the Subsea Services Alliance, leveraging the combined strengths of Helix and Schlumberger (NYSE:SLB).
According to Benzinga Pro, HLX stock has gained over 4.9% in the past month. Investors can gain exposure to the stock via Invesco Oil & Gas Services ETF (NYSE:PXJ).
Price Action: HLX shares are trading higher by 0.23% to $10.67 on Wednesday.
Photo via Shutterstock
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