Helix Energy Solutions Group (NYSE:HLX) announced today that it intends
to purchase up to 1.5 million shares of the Company's common stock as
permitted by the Company’s principal credit facility. The Company’s
Board of Directors has previously granted the Company the authority to
repurchase shares of its common stock in an amount equal to any equity
grants pursuant to the Company’s equity compensation plans. The Company
may continue to make purchases pursuant to this authority from time to
time as additional equity grants are made under such plans.
The size, scope and timing of any purchases will be based on business,
market and other conditions and factors, including price, regulatory and
contractual requirements or consents, and capital availability. The 1.5
million shares to be repurchased reflect prior equity awards made by the
Company.
The share repurchase program is intended to be implemented through
purchases made from time to time using a variety of methods, which may
include open market purchases, privately negotiated transactions or
block trades, or by any combination of such methods, in accordance with
applicable insider trading and other securities laws and regulations.
The repurchase program does not require the Company to acquire any
particular amount of common stock, and the program may be suspended,
modified or discontinued at any time at the Company's discretion without
prior notice. Shares of stock repurchased under the program will be
cancelled.
Helix Energy Solutions, headquartered in Houston, Texas, is an
international offshore energy company that provides development
solutions and other key life of field services to the open energy market
as well as to our own oil and gas business unit. That business unit is a
prospect generation, exploration, development and production company.
Employing our own key services and methodologies, we seek to lower
finding and development costs, relative to industry norms.
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of
historical fact, are statements that could be deemed "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, any projections of
revenue, gross margin, expenses, earnings or losses from operations, or
other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations
expenditures, and prospective reserve levels of property or wells; any
statements of the plans, strategies and objectives of management for
future operations; any statement concerning developments, performance or
industry rankings; any statements regarding future economic conditions
or performance; any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the performance
of contracts by suppliers, customers and partners; employee management
issues; complexities of global political and economic developments;
geologic risks and other risks described from time to time in our
reports filed with the Securities and Exchange Commission ("SEC"),
including the company's Annual Report on Form 10-K for the year ending
December 31, 2008. We assume no obligation and do not intend to update
these forward-looking statements.
Helix Energy Solutions
Tony Tripodo, 281-618-0400
Chief
Financial Officer
