As part of the transaction, Helix will perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.
President and Chief Executive Officer of Helix Owen Kratz said: “This transaction represents the first instance of executing our strategy to secure utilization for our assets in non-traditional ways during this continuing challenging market period. We may see some production revenues from the acquired property; however, the principal driver for this transaction is asset utilization.”
Source: Company Press Release.
