Norwegian offshore vessel operator Siem Offshore has signed new deals with Houston-based offshore energy services company Helix Energy Solutions for the well intervention vessel tandem Siem Helix 1 and Siem Helix 2.
On November 24, Siem announced that it potentially lined up long-term extension deals for the two vessels. The company said at the time that it inked a letter of intent with Helix Energy Solution for the charter extension on the 2016-built vessels.
In a statement from Tuesday, Siem Offshore said that it signed agreements for the well intervention duo. The new contracts will commence on January 1, 2025, and January 1, 2026, and replace the existing contracts.
The new contracts have a duration of six years for each vessel, with subsequent options of up to five years. Previously, Siem Offshore said the deal would firmed up at improved dayrates, but no precise financial details have been disclosed.
“Securing long-term employment for these key vessels, with firm utilization through at least 2030, is important for Siem Offshore and gives a solid base for future income,” the company explained.
Helix Energy has been the sole client of these vessels since they were built in 2016. The previous extension for the vessels was agreed in March 2022 with a firm period of three years for the Siem Helix 1 and five years for the Siem Helix 2 with subsequent options.
According to the Norwegian company, the total contract backlog for the two vessels is now $682m, following this latest agreement.
