Helix Receives LOI for Reliance Project in India

Helix Energy Solutions Group, Inc. said that it has executed a letter of intent with Allseas Marine Contractors S.A. for the installation of the subsea infrastructure in connection with Allseas' engineering, procurement, installation and construction of Reliance Industries Ltd.'s Dhirubhai gas field development project in the Krishna Godavari Basin in the Bay of Bengal. Helix plans to use its deepwater construction vessel "Express" and its dive support vessel "Eclipse" on this project. The work consists of the installation suction piles, manifolds, rigid jumpers and spool pieces, flying leads and trees. The work is scheduled to commence in the fourth quarter of 2007. The estimated contract value is in the $140-150 MM range and the vessel utilization exceeds 400 days.

"We are extremely pleased with this important award," commented Martin Ferron, President and CEO of Helix. "This project is one of the largest planned deepwater field developments in the world and we are proud that Allseas and Reliance have full confidence in our employees, vessels and technologies. We are looking forward to contributing to a successful project in this emerging deepwater basin."

The MSV Express was acquired by Helix in the third quarter of 2005 and is currently working in the North Sea before leaving for work in Trinidad later this quarter. The vessel was recently upgraded with the addition of a second reel making the total reel capacity 3000 T and a new 150 T deepwater crane was installed to compliment the existing 400 T crane.

The DSV Eclipse is owned by Helix's wholly owned subsidiary, Cal Dive, and is currently working in the Mediterranean. It will perform a project in South African waters early next year before returning to its base in the Middle East.

Helix Energy Solutions, headquartered in Houston, Texas, is an energy services company that provides innovative solutions to the oil and gas industry worldwide for marginal field development, alternative development plans, field life extension and abandonment, with service lines including diving services, shelf and deepwater construction, robotics, well operations, well engineering and subsurface consulting services, platform ownership and oil and gas production.

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