Helix ESG Announces Startup of Phoenix Production

Oct 20, 2010, 18:00 ET from Helix Energy Solutions Group

HOUSTON, Oct. 20 /PRNewswire/ -- Helix Energy Solutions Group (NYSE: HLX) announced today that it has commenced oil and gas production from its Phoenix field in the deepwater Gulf of Mexico (GOM).  The company is in the process of ramping up production from the four subsea wells and will be in a position to discuss production rates during its earnings conference call next Thursday morning.

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The Phoenix field is located in the Green Canyon 237 area of the GOM. Helix acquired the field, formerly called Typhoon, in 2006 following destruction of the field's tension-leg platform by Hurricane Rita in 2005.  

Helix has constructed the Helix Producer I dynamically-positioned Floating Production Unit (HPI) for the purpose of producing the Phoenix field and other oil fields in the GOM.  The HPI is designed to economically produce marginal fields while mitigating future storm damage risk.  The HPI incorporates a disconnectable turret system that allows the vessel to disconnect from the production buoy in a matter of minutes in the event of an emergency.  The flexibility of the FPU concept was successfully demonstrated on the deployment of the HPI as a rapid-response vessel during the BP Macondo oil spill response in 2010.  The HPI represents the first deployment of an FPU in the GOM.

Helix Energy Solutions, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the open energy market as well as to our own oil and gas business unit.  Employing our own key services and methodologies, we seek to lower finding and development costs, relative to industry norms.

SOURCE Helix Energy Solutions Group



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