Investors haven't been too fond of offshore energy service plays over the last six months, with shares of companies like Oceaneering (NYSE:OII), GulfMark (NYSE:GLF), Tidewater (NYSE:TDW), and Technip (OTCQX:TKPPY) all in the red. Against a peer group that has declined from around 5% to 20%, Helix Energy Solutions' (NYSE:HLX) roughly 5% decline doesn't seem quite as bad. More importantly, the company's backlog continues to build and the company is likely looking at many years of well intervention deepwater support work. Helix looks about as undervalued as its peer group, but the company's more aggressive newbuild program and increasing acceptance of the company's well intervention approach could lead to outperformance....
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