Attached files
EXHIBIT
99.1
 |
PRESSRELEASE
www.HelixESG.com
|
For Immediate Release
09-023
Contact: Tony
Tripodo
Date: October
12,
2009 Title: Chief
Financial Officer
Helix
Extends Term of Revolving Credit Facility
HOUSTON, TX – Helix
Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has
successfully extended its revolving credit facility from July 1, 2011 to
November 30, 2012. In addition, Helix’s lenders agreed to amend
certain restrictive covenants related to asset sales and
furthermore, increased the amount of capacity under the revolving
credit facility to $435 million through June 2011, decreasing to $407 million
from July 2011 through November 2012. The revolving credit facility’s
accordion feature was also increased to allow for a potential increase in the
maximum size of the facility from $450 million to $550 million. The
July 1, 2013 maturity date of Helix’s senior secured term loan under the credit
agreement remains unchanged. Lastly, borrowings under the amended
revolver will bear interest based on current market rates. Presently,
Helix has no outstanding borrowings under the revolving credit
facility.
Tony Tripodo,
Executive Vice President and Chief Financial Officer of Helix, stated, “our
ability to extend the maturity of our revolving credit facility reflects the
enhanced financial position of the Company while the amendments provide Helix
with more flexibility in terms of our efforts to monetize non-core
assets.”
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. That business unit is a prospect generation, exploration,
development and production company. Employing our own key services
and methodologies, we seek to lower finding and development costs, relative to
industry norms.
This press release
contains forward-looking statements that involve risks, uncertainties and
assumptions that could cause our results to differ materially from those
expressed or implied by such forward-looking statements. All
statements, other than statements of historical fact, are statements that could
be deemed "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any
projections of revenue, gross margin, expenses, earnings or losses from
operations, or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations expenditures,
and prospective reserve levels of property or wells; any statements of the
plans, strategies and objectives of management for future operations; any
statement concerning developments, performance or industry rankings; any
statements regarding future economic conditions or performance; any statements
of expectation or belief; and any statements of assumptions underlying any of
the foregoing. The risks, uncertainties and assumptions referred to
above include the performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and economic
developments; geologic risks and other risks described from time to time in our
reports filed with the Securities and Exchange Commission ("SEC"), including the
company's Annual Report on Form 10-K for the year ending December 31,
2008. We assume no obligation and do not intend to update these
forward-looking statements.