Why These Energy Stocks are Losing This Week

3. Helix Energy Solutions Group, Inc. (NYSE:HLX)

Share Price Decline Between Dec. 17 – Dec. 24: 5.11%

Helix Energy Solutions Group, Inc. (NYSE:HLX) is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention.

Helix Energy Solutions Group, Inc. (NYSE:HLX) faced downward pressure on December 18 when the company announced that its long-standing President and CEO, Owen Kratz, had informed the Board of his intention to retire. Mr. Kratz joined the company (then known as Cal Dive International) in 1984 and has been serving as its CEO since 1997. To ensure leadership continuity and a smooth transition, he will continue in his role until the Board has appointed his successor.

In other news, Helix Energy Solutions Group, Inc. (NYSE:HLX) announced on December 22 that it has secured a multi-year contract with a major operator for riserless plug-and-abandonment (P&A) operations on up to 34 subsea wells in the UK North Sea. The work under the contract is scheduled to commence next year and will include pipeline flushing and disconnection, as well as well P&A.

Scotty Sparks, Executive Vice President and COO of Helix Energy Solutions Group, Inc. (NYSE:HLX), stated:

“This new multi-year and multi-well 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.”