Helix Takes Majority Stake in Seatrac

Independent subsea engineering and offshore service provider, Seatrac Pty Ltd said Thursday that Helix Energy Solutions Group, Inc. of Houston, USA has taken an equity position in the company. The deal signed in Perth last week has seen the transfer of 58% of the company for an undisclosed amount. Seatrac founders and current directors Jon Edwards and Jeff Burns are to be joined on the company's Board by Mr. Bart Heijermans, the Chief Operating Officer of Helix Energy Solutions and Mr. Bill Morrice, General Manager of Helix subsidiary, Well Ops UK.

As part of the deal Helix ESG has injected capital into Seatrac's innovative research and development efforts to complete a suite of subsea well intervention tools, designed in Perth for use in the Australasian and the Asian regions.

Jon Edwards of Seatrac said that, "In joining the Helix group of companies, Seatrac has effectively taken the next big step in its evolution as a company. We have invested heavily in recent years in a unique set of capabilities which we have gone on to prove in the field, providing cost effective solutions for our clients. Helix understands the full potential that Seatrac brings to the Group and for our part we will benefit from the backing of a strong and dynamic new parent company."

Since its inception in 1999, Seatrac has established itself as a specialist in subsea well abandonment and wellhead removal, rig-less subsea well intervention for repair, maintenance, subsea tree installation and change out. Seatrac's systems are work boat based providing significant cost savings for offshore field operators who have traditionally relied on drilling rigs to perform this type of work.

Seatrac operates from its offices and workshops in Jandakot and currently employs fifty people including consultant engineering personnel, project managers, subsea engineers, draftsmen, service technicians and support staff. The company currently has consulting staff placed with many of the major oil and gas operating companies based in Perth as well as having a team working offshore for Fina Exploration Minh Hai B.V. in Vietnamese waters in the Gulf of Thailand. On this project, Seatrac engineers have successfully deployed the company's proprietary Cement Injection Tool to plug five subsea wells and have used the AXE cutting tool to sever and remove a number of wellheads.

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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