Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

Note 15 — Related Party Transactions

In April 2000, we acquired a 20% working interest in Gunnison, a Deepwater Gulf of Mexico prospect of Kerr-McGee. Financing for the exploratory costs of approximately $20 million was provided by an investment partnership (OKCD Investments, Ltd. or "OKCD"), the investors of which include certain current and former Helix senior management, in exchange for a revenue interest that is an overriding royalty interest of 25% of Helix's 20% working interest. Production from the Gunnison field commenced in December 2003. We have made payments to OKCD totaling $8.3 million, $11.2 million and $11.3 million in the years ended December 31, 2011, 2010 and 2009  respectively. Our Chief Executive Officer, Owen Kratz, through Class A limited partnership interests in OKCD, personally owns approximately 80.7% of the partnership.  In 2000, OKCD also awarded Class B revenue interests to key Helix employees, who are required to maintain their employment status with Helix in order to retain such income participations.

A former member of our board of directors is part of the senior management team of Weatherford International, Ltd. ("Weatherford)".  This individual resigned from our board of directors in May 2011.   We paid Weatherford $3.6 million for services provided to us in 2011.  During 2010 and 2009, while this individual was still a member of our board of directors, we paid $6.9 million and $3.3 million, respectively, to Weatherford, an oil and gas industry company, for services provided to us.