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Helix Energy explores strategic alternatives, including sale: WSJ
October 9, 2017 / 6:38 PM / 9 days ago

Helix Energy explores strategic alternatives, including sale: WSJ

(Reuters) - Helix Energy Solutions Group Inc is exploring strategic alternatives, including a potential sale, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The Houston-based offshore services company is in early talks with bankers regarding a sale, WSJ reported, adding that the discussion may not necessarily result in a deal. (on.wsj.com/2ycdu49)

Helix Energy’s shares rose as much as 11.2 percent to $7.37 on Monday, giving the company a market cap of about $1.09 billion.

In 2012, the company said it would sell its oil and gas unit for at least $610 million to focus on providing well intervention and robotics services.

Helix Energy, like other oilfield services providers has been hit hard by the oil price slump in the past two years. The company has posted losses since the fourth quarter of 2016.

Helix Energy was not immediately available for comment.

The company shares were up 10.3 percent in afternoon trading, they had fallen nearly 25 percent this year.

Reporting by Taenaz Shakir in Bengaluru; Editing by Shounak Dasgupta

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