Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.

History

1980–1989 In 1980, Oceaneering executives, Lad Handleman, John Swinden, Don Sites, and Rick Foreman left the company and named their new company Cal Dive International.

Oceaneering was formed in 1964 when Handelman merged his California oilfield diving company, Cal Dive, with Canadian-based Can-Dive, and upon his departure, Handleman reclaimed his original company name for the new venture. In 1983, Cal Dive Intl. was acquired by Diversified Energy International (DEI) whose financial backing allowed the company to expand with two converted diving vessels.

1990–1999 In 1990, new CEO Jerry Reuhl, led a management team that included future CEO, Owen Kratz, purchased Cal Dive Intl. from DEI for $11 million with Merrill Lynch acting as the financial partner, providing all of the holding a 45% equity position."Twst interview with Cal Dive CEO Owen Kratz, Published on June 18, 2001."

In 1992, after it established a business model of acquiring offshore oil and gas properties near the end of their production life in the Gulf of Mexico, Cal Dive Intl. created a subsidiary called Energy Resource Technology (ERT) to manage its growing portfolio of Gulf shelf properties.

In 1993, Cal Dive Intl. management bought out Merrill Lynch in 1993, and then sold 50% of the company to First Reserve Corporation in 1995, to raise more capital to support a growing deepwater program.

In 1994, Cal Dive Intl. acquired the Uncle John semi-submersible drilling rig and extended the company's well intervention capabilities.

In 1997, Kratz succeeded Reuhl as CEO, having previously been the COO and Executive Vice President. Kratz was an accomplished oilfield diver who had previously owned his own marine construction company.

2000–2010 In March 2001, Cal Dive Intl. purchased Professional Divers of New Orleans for $11.5 million and in December acquired 85 percent of outstanding Canyon Offshore shares, and purchased the remaining 15 percent over the next three years. With the acquisition of Canyon Offshore, Cal Dive Intl. could now offer operators ROV, intervention, and cable/flowline burial services."Cal Dive International acquires Canyon Offshore for $66-74 million, Published on December 5, 2001." In 2002, The world's first deepsea well intervention semi-submersible, the Q4000, is launched into service in the Gulf of Mexico."Cal Dive takes delivery of Q4000, Published on April 12, 2002 ."

In July of that same year, the company changed its corporate name to Helix Energy Solutions Group and moved its stock listing from NASDAQ to the New York Stock Exchange under the new ticker symbol, HLX. In 2009, the Newbuild well intervention vessel, Well Enhancer, was launched into service in the North Sea."WELL ENHANCER launched at IHC Krimpen Shipyard, Published on May 31, 2008." In 2010, Helix ESG deployed multiple assets and resources to contain the 2010 Gulf of Mexico Oil Spill."Helix Announces Sale of Pipelay Vessels, Published on July 2, 2010."

2011 - 2023 In 2012, Helix ESG announced plans r business unit,"Helix Producer could be collecting spilled oil by July 7, Published on October 16, 2012." Helix Subsea Construction, and the sale of its vessels. Helix ESG also announced that going forward well intervention and ROV services would be its primary contracting businesses and new vessels would be purchased or chartered to meet growing demand in those service sectors. In 2015, Helix Energy Solutions Group saw its profit tumble 78 percent in the fourth quarter as upstreams curb drilling activity. In 2019, the Newbuild Q7000 well intervention semisubmersible vessel is delivered to Helix Energy Solutions In 2022, Helix acquired the Alliance group of companies, based in Louisiana, which added to the decommissioning of oil wells in the Gulf of Mexico.

Management Owen Kratz is the President and Chief Executive Officer.

See also

References

Notes