Helix Energy Solutions announced that Martin R. Ferron has informed the Board of Directors that he will resign as president and chief executive officer and as a director of the company, effective February 4, 2008. Owen Kratz, who currently serves as executive chairman and chairman of the company's Board of Directors, will resume the role of CEO and assume all of the duties formerly performed by Ferron.
"Martin has been with the company for over ten years and has played a prominent role in our rapid and profitable growth, Kratz, Helix's executive chairman, stated. We credit him with many important strategic contributions, particularly in regards to: acquisitions of Canyon Offshore and Remington Oil & Gas Corporation; entry into the hub production facilities business; and consolidation acquisitions of the Gulf of Mexico shelf diving business, followed by a partial divestment in Cal Dive. We are appreciative to Martin for his work and commitment to the company, and we wish him the best in his future endeavors."
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