Helix Energy Solutions Group, Inc. (HLX) completed the sale of its Gulf‑of‑America‑focused Shallow‑Water Abandonment business to C‑Dive, LLC, a member of the Chouest Group, for $107.5 million in cash at closing. The transaction, signed and closed on May 1, 2026, will be reflected in Helix’s financial statements as a non‑core asset disposal, allowing the company to streamline its portfolio and concentrate on higher‑margin robotics and well‑intervention services.
The $107.5 million cash proceeds strengthen Helix’s balance sheet, providing liquidity that can be deployed toward the ongoing Hornbeck merger integration and future capital expenditures. By divesting a lower‑margin shallow‑water segment, Helix reduces exposure to cyclical market conditions and aligns its operations with the deep‑water focus that underpins its growth strategy.
Helix’s executive team emphasized the strategic rationale behind the sale. “This transaction sharpens Helix’s focus on deep‑water well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy. We are pleased with our accomplishments since acquiring the Shallow‑Water Abandonment business, as we achieved record financial performance, made improvements in processes and systems, and emphasised safety culture. We believe the Chouest Group will serve as a strategic owner well positioned to capitalise on this positive momentum and continue the long‑term growth of that business,” said Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer.
The sale also dovetails with Helix’s pending merger with Hornbeck Offshore Services, which is expected to close in the second half of 2026. The combined entity will create a premier integrated offshore services company, combining Helix’s well‑intervention and robotics expertise with Hornbeck’s fleet of specialized offshore support vessels. The liquidity from the divestiture will support the integration process and help fund the combined company’s future capital needs.
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