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News Breaks | | | | December 13, 2012 | | 13:58 EDT |  | HLX | Helix Energy announces sale of oil and gas subsidiary for base price $610M
Helix Energy Solutions Group has entered into a definitive agreement to sell Energy Resource Technology GOM, the company's oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company. The selling price involves a base purchase price of $610M plus contingent consideration in the form of overriding royalty interests on ERT's Wang exploration prospect as well as certain other exploration prospects. In addition, the parties have agreed to adjust the purchase price at closing, upward or downward, depending upon the results of the Wang exploration well. The estimated value of the transaction is approximately $700M if the Wang exploration prospect is successful and meets expectations. If the Wang exploration prospect is determined to be unsuccessful, the estimated value of the transaction to Helix is closer to $600M. | |
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