Friday, January 4, 2013

Helix Energy Jumps On Takeover Speculation

Shares of Helix Energy Solutions Group Inc. (NASDAQ: HLX) jumped nearly 3% on Friday after Bloomberg reported that the company is turning into a takeover target after streamlining to focus on its expanding operations for offshore oil-well support. The Houston-based company agreed last month to sell its oil-and-gas unit and earlier exited a pipe-laying business, helping Helix reduce debt and center its operations on deepwater vessels and robotics for well maintenance. The divestments make the $2.2 billion company more appealing to a potential suitor such as Aker Solutions ASA (AKSO) or Technip SA (TEC) that may want to expand in marine contracting, said Capital One Financial Corp.

Helix Energy Solutions Group, Inc., together with its subsidiaries, operates as an offshore energy company. It provides reservoir development solutions and other contracting services to the energy market, as well as to its oil and gas properties. The company offers various contracting services in the Gulf of Mexico, North Sea, the Asia Pacific, and west Africa regions primarily in deepwater.

Full Disclosure: None
Related Posts with Thumbnails

Wikinvest Wire