Helix Sells Stake in Phoenix Oilfield

Symbol: HLX

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Date: 2007-10-02

On September 30, 2007 Energy Resource Technology GOM, Inc. , a wholly owned subsidiary of Helix Energy Solutions sold a 30% working interest in the Phoenix oilfield , the Boris oilfield and the Little Burn oilfield to Sojitz GOM Deepwater, Inc., a wholly owned subsidiary of Sojitz Corporation for a cash payment of $40 million and the proportionate recovery of all past and future capital expenditures related to the re-development of the field, excluding the conversion of the Helix Producer I, which Helix plans to use as a redeployable floating production unit .