Helix Energy Solutions Group will acquire the privately held Alliance group of companies for $120 million cash at closing, plus the potential for post-closing earnout consideration. Louisiana-based Alliance provides services in support of the upstream and midstream industries in the Gulf of Mexico (GOM) shelf, including offshore oilfield decommissioning and reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy-lift, and commercial diving services.
The deal will expand Helix’s decommissioning presence in the GOM shelf and advancing the company’s ESG initiatives by supporting end-of-life requirements of oil and gas projects. It will also augment Helix’s decommissioning and life-of-field maintenance service capabilities with the addition of Alliance’s shallow-water assets, including a fleet of Jones Act-compliant lift boats, offshore supply vessels, a heavy-lift derrick barge, diving vessels, plug-and- abandonment systems, coiled tubing systems, and snubbing units.
“Based on a number of market and regulatory drivers and our current expectations, we fully believe that the offshore oil and gas decommissioning market will grow significantly in the near term,” said Owen Kratz, Helix’s president and chief executive. “This acquisition complements Helix’s present deepwater abandonment offerings by adding shelf and facility abandonment capabilities, and significantly enhances our position as a full-field abandonment services provider, both in the Gulf of Mexico and globally. We also see possibilities to expand our opportunities within our existing late-life production business.”
The acquisition is expected to close mid-2022.
The marine fleet Helix is acquiring is made up of 14 crew boats ranging in length from 135 to 172 ft; eight offshore supply vessels from 150 to 185 ft; and nine liftboats from 175 to 265 ft. Other vessels in the deal include Alliance subsidiary Triton Offshore’s three diving support vessels and one heavy-lift derrick barge.
