Helix Energy Solutions Group

Helix Energy Solutions Inc.

Company type	Public
Industry	Oil and gas services
Predecessor	Cal Dive International
Founded	1980
Founder	Lad Handleman, John Swinden, Don Sites, Rick Foreman
Headquarters	Houston , United States
Area served	Global
Key people	Owen Kratz (President and CEO)
Products	Offshore well intervention, Remotely Operated Vehicles (ROVs)

Helix Energy Solutions Inc., previously known as Cal Dive International until 2006, is an American oil and gas services firm headquartered in Houston. The company specializes in offshore well intervention and operates Remotely Operated Vehicles (ROVs) for oil and gas projects across the globe.

1980–1989

Cal Dive International was established in 1980 by former Oceaneering executives Lad Handleman, John Swinden, Don Sites, and Rick Foreman. After departing from Oceaneering, Handleman reclaimed the original Cal Dive brand, which had originated in 1964 through the merger of his California-based Cal Dive with Canadian company Can-Dive. In 1983, Diversified Energy International (DEI) acquired Cal Dive International, providing financial backing that facilitated expansion through the addition of two repurposed diving vessels.

1990–1999

Under CEO Jerry Reuhl’s leadership in 1990, Cal Dive International underwent a management buyout from DEI valued at $11 million, with Merrill Lynch acquiring a 45% equity position. By 1992, the company had developed a business strategy focused on acquiring aging offshore oil and gas assets in the Gulf of Mexico and founded Energy Resource Technology (ERT) to oversee its Gulf shelf holdings.

In 1993, management purchased Merrill Lynch’s shares, and in 1995 sold half of the company to First Reserve Corporation to finance its deepwater expansion program. The firm enhanced its well intervention services in 1994 by purchasing the semi-submersible drilling rig Uncle John. Owen Kratz replaced Reuhl as CEO in 1997; Kratz brought prior experience as COO and EVP along with a background as an oilfield diver and marine construction business owner.

2000–2010

In March 2001, Cal Dive International acquired Professional Divers of New Orleans for $11.5 million. Later that year, it secured an 85% stake in Canyon Offshore, completing full acquisition over three years. These moves broadened Cal Dive’s capabilities to include ROV operations, intervention services, and cable/flowline burial. In 2002, the company launched the Q4000, the world’s first deepwater well intervention semi-submersible platform, operating in the Gulf of Mexico.

That same July, the company rebranded to Helix Energy Solutions Group and transitioned its stock listing from NASDAQ to the New York Stock Exchange, trading under the symbol HLX. In 2009, Helix introduced the Well Enhancer, a new well intervention vessel deployed in the North Sea. The following year, Helix played a critical role by deploying several assets for containment efforts during the 2010 Gulf of Mexico oil spill.

2011–2023

In 2012, Helix announced a strategic focus on well intervention and ROV services as its core contracting activities, divesting pipelay vessels while prioritizing new vessel acquisitions or charters to meet operational demands. The company experienced a 78 percent decline in profits during Q4 of 2015 due to diminished upstream drilling activity.

The delivery of the Q7000 semi-submersible well intervention vessel in 2019 significantly expanded Helix’s operational capabilities. In 2022, Helix strengthened its footprint in the Gulf of Mexico by acquiring Louisiana-based Alliance group of companies, enhancing its offerings in oil well decommissioning within this vital market.

Management

Owen Kratz holds the positions of President and Chief Executive Officer at Helix Energy Solutions Group, Inc.