Helix Wins Three Contracts for M/V Olympic Canyon

Helix Energy Solutions' subsidiary, Canyon Offshore, has been awarded a $160 million, three-year contract by an E & P operator in South East Asia, to provide the M/V Olympic Canyon DP II multipurpose vessel for offshore inspection, repair and maintenance operations.

The Olympic Canyon is scheduled to commence work in April 2008 and will support client's numerous offshore projects. The vessel will be outfitted with two deepwater 150 HP TRITON XLS work class ROV systems, a variety of intervention tooling and support equipment, and a 140 mT active heave compensated crane.

Canyon has recently grown its fleet of chartered vessels with the addition of two new Norwegian built vessels the M/V Olympic Canyon and sister ship M/V Olympic Triton. Canyon has also added the M/V Island Pioneer to its fleet. All three vessels are state of the art deepwater multipurpose vessels, exceeding 300 ft. in length. In addition Canyon has the M/V Northern Canyon and the M/V Seacor Canyon in its fleet of long term chartered deepwater ROV intervention vessels. Canyon operates the vessels in the European, Asian, and Americas regions and is actively bidding projects in all active offshore energy markets worldwide. Canyon is also looking for two additional multipurpose vessels to meet current demand.

Bart Heijermans, Helix's Executive Vice President and Chief Operating Officer, stated, "This is the third significant international deepwater contract we have been awarded in as many months. These contracts have added over $300 million to our rapidly growing deepwater contracting backlog, which now extends into 2011. Canyon has become very successful at bundling third party vessels with their robotic assets to provide key customers with a full suite of subsea intervention."