Helix completes Alliance Group acquisition, amends its ABL facility

The acquisition will expand the decommissioning presence of Helix in the Gulf of Mexico and advance its environmental, social, and governance initiatives

American oil and gas services company, Helix Energy Solutions Group has recently announced that it has completed the earlier announced acquisitions of all the equity interests of the Alliance Group of companies.

According to sources, the acquisition has been undertaken to expand the decommissioning presence of Helix in the Gulf of Mexico shelf and advance its ESG (environmental, social, and governance) initiatives by reliably supporting the end-of-life needs of oil and gas projects.

Commenting on the move, Owen Kratz, President and CEO of Helix, stated that the firm is extremely pleased to complete the acquisition and add Alliance to its family.

Kratz says that Alliance complements the company’s current deepwater abandonment offerings by adding shelf & facility abandonment capabilities and considerably enhancing the firm's position as a full-field abandonment solution provider.

This acquisition is a significant step taken by the firm in view of participating in the Energy Transition and Helix is thrilled to welcome the new colleagues to its family.

Apart from the Alliance Group acquisition, Helix also has recently announced that it has modified its current asset-based ABL Facility.

The amendment is expected to enlarge eligible credit line and determine a link in its pricing to sustainability targets.

Mr. Kratz also continued that the firm has increased the size of the ABL facility to accommodate the surge in estimated borrowing base with the acquisition of Alliance. Helix is pleased to have included a sustainability-linked performance target which may result in declining the fees under the facility. It is also grateful for receiving this support from the bank group.

Credible sources cite that the Bank of America, N.A. is serving as an Administrative Agent for the ABL facility.

Source Credit - https://www.businesswire.com/news/home/20220705005123/en/Helix-Energy-Solutions-Announces-Completion-of-Acquisition-of-Alliance-and-Amendment-to-its-ABL-Facility

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