Helix Energy Solutions Group, Inc. (HLX) announced a multi‑year riserless plug‑and‑abandonment (P&A) contract for up to 34 subsea wells in the UK North Sea, with work scheduled to begin in 2026. The award will be executed with Helix’s Well Enhancer or Seawell vessels, a subsea intervention lubricator, and remotely operated vehicles, complemented by project‑management and engineering services.
The contract expands Helix’s decommissioning footprint in a market where it is the only provider capable of delivering all facets of shallow‑water abandonment. By adding 34 wells to its backlog, the company strengthens its competitive moat and positions itself to capture a larger share of the anticipated abandonment supercycle expected to accelerate in 2026‑27.
Helix’s North Sea backlog stands at 2,250 wells, with roughly 50 P&A operations performed annually. Securing 34 wells therefore represents a meaningful boost to future revenue streams and reinforces the company’s growth trajectory in a cyclical services business. The award also underscores the value of Helix’s proprietary riserless well intervention technology, which allows the company to complete P&A jobs without the need for large drillships or riser pipework, driving cost and time efficiencies for clients.
Executive Vice President and Chief Operating Officer Scotty Sparks said the award “demonstrates Helix’s position as a leading decommissioning provider in the North Sea and globally. By leveraging our integrated assets and industry‑leading operational track‑record, we are proud to support our client in executing a safe and cost‑effective decommissioning program.” The comment highlights Helix’s confidence in its specialized fleet and its strategy of using integrated assets to win high‑value, long‑term contracts.
Helix has recently secured other multi‑year contracts, including a U.S. Gulf of America production‑enhancement and well‑abandonment agreement also slated to begin in 2026, and a long‑term subsea trencher agreement with NKT A/S. While the company reported a net loss in Q2 2025 and faced headwinds such as vessel dockings and reduced customer spending, the North Sea award signals a tailwind that could help offset those challenges and support the company’s transition toward a more resilient decommissioning portfolio.
The contract’s timing and scale reinforce Helix’s strategic focus on the growing decommissioning market, positioning the company to benefit from the expected acceleration of field retirements in the North Sea and beyond. The award also demonstrates the continued demand for riserless P&A solutions, validating Helix’s technology and fleet as a differentiator in a competitive market.
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