* To transform into a contracting services company
* Says environment favorable for deal
March 8 Helix Energy Solutions Group Inc
(HLX.N), an operator of offshore oil and gas facilities, said
it is looking to divest its entire oil and gas business.
Helix intends to become a contracting services company
focused on deepwater well intervention and subsea construction,
the company said in a statement.
The company did not provide a timetable for the divestment,
but said the business environment has become favorable for a
Helix is engaging financial advisers to assist it with the
As part of the transformation, Robert Murphy, executive
vice president of oil and gas is leaving the company, Helix
In December 2008, the company had announced plans to divest
some non-core assets, including all or part of its oil and gas
In June last year, Helix Energy said it intends to reduce
its stake in its majority owned subsidiary, Cal Dive
International Inc DVR.N to 25 percent and offer 20 million
Cal Dive common shares. [ID:nBNG444545]
Shares of Houston, Texas-based company closed at $11.86
Friday on the New York Stock Exchange.
(Reporting by Arundhati Ramanathan in Bangalore; Editing by
Ratul Ray Chaudhuri)