Helix Energy to buy oil services provider Alliance in $120M deal

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Helix Energy Solutions (NYSE:HLX) said Tuesday it agreed to acquire Alliance, a privately held company that provides services in support of the upstream and midstream ‎industries in the Gulf of Mexico shelf.

The purchase price totals $120M of cash at closing, plus the potential for post-closing earnout consideration payable in 2024 if Alliance achieves certain financial metrics in 2022 and 2023.

Helix (HLX) said the deal aligns with its energy transition business model by expanding its decommissioning presence in the Gulf of Mexico shelf and advancing its ESG initiatives by responsibly supporting end-of-life requirements of oil and gas projects.

Helix Energy (HLX) recently reported a wider than expected Q1 loss and an 8% Y/Y decline in revenues, including a 20% drop in well intervention sales.