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Commitments And Contingencies And Other Matters
9 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies And Other Matters
Commitments and Contingencies and Other Matters 
 
Commitments 
 
In February 2013, we contracted to charter the Grand Canyon II and the Grand Canyon III for use in our robotics operations. The terms of the charters are for five years from the respective delivery dates. We took delivery of the Grand Canyon II in late April 2015 and received a $4.7 million non-refundable payment from the shipyard that constructed the vessel related to the delayed delivery of the vessel. This payment will be amortized as a reduction in our cost of sales over the five-year charter for the vessel. The delivery of the Grand Canyon III has been extended until February 2016.
 
In September 2013, we executed a second contract with the same shipyard in Singapore that constructed the Q5000. This contract is for the construction of a newbuild semi-submersible well intervention vessel, the Q7000, which is to be built to North Sea standards. This $346.0 million shipyard contract represents the majority of the expected costs associated with the construction of the Q7000. Pursuant to the original terms of this contract, 20% of the contract price was paid upon the signing of the contract and the remaining 80% was to be paid upon the delivery of the vessel. Pursuant to an amendment we entered into with the shipyard in June 2015, the remaining 80% will now be paid in two installments, with 20% in June 2016 and 60% upon the delivery of the vessel. We agreed to pay the shipyard incremental costs of up to $14.5 million to extend the scheduled delivery of the Q7000 from mid-2016 to July 30, 2017. These costs are capitalizable as they are incurred during the construction of the vessel. We paid $7.3 million of these costs in July 2015 and the remaining costs will be paid upon the delivery of the vessel. At September 30, 2015, our total investment in the Q7000 was $108.9 million, including the $69.2 million paid to the shipyard upon signing the contract.
 
In February 2014, we entered into agreements with Petróleo Brasileiro S.A. (“Petrobras”) to provide well intervention services offshore Brazil. The initial term of the agreements with Petrobras is for four years with options to extend. In connection with the Petrobras agreements, we entered into charter agreements with Siem Offshore AS for two newbuild monohull vessels, the first of which is expected to be in service for Petrobras in 2016 and the second in late 2016 or early 2017. At September 30, 2015, our total investment in the topside equipment for the two vessels was $99.9 million. In November 2014, we paid a charter fee deposit of $12.5 million, which will be used to reduce our future charter payments.
 
In September 2015, we extended the charter of the Skandi Constructor through April 1, 2017 at reduced rates to be effective October 15, 2015.
 
Contingencies and Claims 
 
We believe that there are currently no contingencies which would have a material effect on our financial position, results of operations or cash flows.
 
Litigation 
 
On July 31, 2015, a purported stockholder, Parviz Izadjoo, filed a class action lawsuit styled Parviz Izadjoo v. Owen Kratz and Helix Energy Solutions Group, Inc. against the Company and Mr. Owen Kratz, our Chief Executive Officer, in the United States District Court for the Southern District of Texas on behalf of a putative class of all purchasers of shares of our common stock between October 21, 2014, and July 21, 2015, inclusive. The lawsuit asserts violations of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and SEC Rule 10b-5 as to both us and Mr. Kratz, and Section 20(a) of the Exchange Act against Mr. Kratz based on alleged misrepresentations and omissions in SEC filings and other public disclosures regarding projections for 2015 dry docks of two of the Company’s vessels working in the Gulf of Mexico, which allegedly caused the price at which putative class members bought stock during the proposed class period to be artificially inflated. The complaint seeks, among other relief, undisclosed damages. The deadline to apply for appointment as lead plaintiff was September 29, 2015. A lead plaintiff has not yet been appointed in this case. The Court has set an initial conference on November 16, 2015. We believe this lawsuit to be without merit and intend to vigorously defend against it.
 
We are involved in various legal proceedings, some involving claims for personal injury under the General Maritime Laws of the United States and the Jones Act based on alleged negligence. In addition, from time to time we incur other claims, such as contract disputes, in the normal course of business.