Helix Energy Solutions Announces Completion of Acquisition of Alliance and Amendment to its ABL Facility

Expanded decommissioning presence represents significant step for Helix’s Energy Transition business model

Helix Energy Solutions Group, Inc. (“Helix”) announced its successful completion of the previously announced acquisition of all of the equity interests of the Alliance group of companies (collectively “Alliance”), expanding its decommissioning presence in the Gulf of Mexico shelf and advancing Helix’s environmental, social and governance (“ESG”) initiatives by responsibly supporting end-of-life requirements of oil and gas projects.

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Owen Kratz, President and Chief Executive Officer of Helix, stated, “We are pleased to have completed our acquisition and added Alliance to the Helix family, which complements Helix’s existing deepwater abandonment offerings by adding shelf and facility abandonment capabilities and significantly enhances our position as a full-field abandonment services provider. The acquisition marks a meaningful step in our participation in the Energy Transition, and we are excited to welcome our new colleagues to the Helix family.”

Helix also announced that in conjunction with its acquisition of Alliance, it has amended its existing asset-based revolving credit facility (“ABL Facility”). The amendment aligns with Helix’s Alliance acquisition, expanding the eligible credit line and establishing a link in its pricing to sustainability targets. The key features of the amendment include:

• Increase of the size of the ABL Facility to $100 million; and
• Inclusion of ESG/sustainability-linked performance targets that may result in adjustments to commitment and borrowing rates.

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Mr. Kratz continued, “We have increased the size of our ABL Facility to accommodate the increase in our expected borrowing base with the Alliance acquisition. We are also pleased to have included a sustainability-linked performance target that may reduce our fees under the facility and we are appreciative of the support from our bank group in this amendment.”

Bank of America, N.A. serves as Administrative Agent for the ABL facility.

Additional information on the Alliance acquisition and the amendment to the ABL facility is available in the Current Report on Form 8-K filed by Helix with the Securities and Exchange Commission (“SEC”) on July 1, 2022

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