Offshore services provider Helix Energy Solutions has amended its existing credit agreement dated as of September 26, 2014, with Nordea Bank ABP and the lender parties related its Q5000 well intervention unit.
The amendment extends the final maturity date of the term loan made under the Credit Agreement from April 30, 2020, to January 31, 2021.
Erik Staffeldt, Executive Vice President and Chief Financial Officer of Helix, stated: "The purpose of this extension is to align the maturity of the term loan with our expected cash flow generation in the second half of 2020.
"The short-term extension is consistent with our stated goals of reducing our debt and carefully managing our balance sheet and liquidity position. We thank our bank syndicate members for their support during this period of market volatility.”
The Q5000 the loan is related to is a DP3 semi-submersible harsh environment Well Intervention Unit.
The Helix Q5000 DP3 Well Intervention Vessel is a second-generation design based on the successful Q4000 MODU. The unit can be used for subsea well intervention, field, and well decommissioning, installation and recovery of subsea equipment, well testing as well as subsea construction activities.
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