Helix Energy Solutions Group completed its acquisition of all of the equity interests of the Alliance group of companies, expanding its decommissioning presence in the Gulf of Mexico shelf and advancing Helix’s environmental, social and governance initiatives by responsibly supporting end-of-life requirements of oil and gas projects.

“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,” Owen Kratz, president and CEO of Helix, said. “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.”

In conjunction with its acquisition of Alliance, Helix amended its existing asset-based revolving credit facility. Bank of America served as administrative agent for the 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
• Inclusion of ESG/sustainability-linked performance targets that may result in adjustments to commitment and borrowing rates.

“We have increased the size of our ABL facility to accommodate the increase in our expected borrowing base with the Alliance acquisition,” Krantz said. “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.”