IRVING (dpa-AFX) - Helix Energy Solutions has signed a three-year framework agreement with ExxonMobil (XOM) to provide offshore plug and abandonment - P&A services in the U.S. Gulf of Mexico.
The deal highlights Helix's leadership in well intervention and decommissioning, reinforcing its commitment to delivering high-value offshore solutions.
The services will be delivered through Helix Alliance, its Louisiana-based shallow water abandonment unit, and include well intervention, diving, heavy lift, and marine support. The partnership strengthens Helix's market position while ensuring ExxonMobil gains access to dependable, high-quality decommissioning services.
This agreement comes at a critical time for the energy sector, which faces mounting challenges such as supply chain disruptions and the need for stringent operational safeguards, exemplified by recent quality concerns like the zinc contamination in Chevron's Mars crude. The collaboration aims to boost safety and efficiency amid increasing regulatory and market pressures.
The strategic partnership reflects the growing importance of robust decommissioning practices as offshore infrastructure ages and the industry shifts toward more sustainable operations.
Monday, XOM closed at $113.92, down 1.31%, and slipped further after hours to $113.63, a 0.25% decline on the NYSE.
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