Helix Energy Solutions Group Inc said it would sell its oil and gas production business to private-equity backed Talos Energy LLC for at least $610 million to focus on its core oilfield services business.Houston-based Helix's shares were down 3 percent at $18.34 on the New York Stock Exchange in late afternoon trading on Thursday.The deal value could go up to $700 million if Helix's Wang exploration well in the Gulf of Mexico meets expectations. The company said it expects to evaluate the results from the well in the next few days.The oil and gas unit, Energy Resource Technology GOM Inc, contributed about 37 percent to Helix's revenue of $336.2 million in the third quarter.
Helix Energy Solutions Group, Inc. (Helix) is an international offshore energy company, which provides field development solutions and other contracting services to the energy market, as well as to its own oil and gas properties. Shares of HLX fell by 3.32% or $-0.63/share to $18.32. In the past year, the shares have traded as low as $14.61 and as high as $21.09. On average, 813152 shares of HLX exchange hands on a given day and today's volume is recorded at 2250983.
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