en.Wedoany.com Reported - Helix Energy Solutions has sold its equity interest in its shallow water abandonment business in the U.S. Gulf of Mexico to C-Dive, a company under the Chouest Group, for $107.5 million in cash (subject to working capital adjustments). The sale, completed on May 1, is intended to support the company's strategic focus on deepwater operations.

The company is advancing a merger with Hornbeck Offshore Services, and the combined entity will provide integrated subsea and marine transportation solutions serving the deepwater energy, defense, and renewable energy sectors.

Helix Executive Vice President and Chief Operating Officer Scotty Sparks stated, "This transaction allows Helix to sharpen its focus on deepwater well intervention and decommissioning, robotics, and other offshore services, which are key components of our global strategy."

Scotty Sparks also said, "We are pleased with the achievements made since acquiring the shallow water abandonment business, having delivered record financial performance, improved processes and systems, and emphasized a safety culture. We believe the Chouest Group will be a strategic owner capable of fully leveraging this positive momentum to continue driving the long-term growth of the business."

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