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Company Overview
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Company Overview
Company Overview
 
We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We seek to provide services and methodologies that we believe are critical to developing offshore reservoirs and maximizing production economics. We provide services primarily in deepwater in the U.S. Gulf of Mexico, North Sea, Asia Pacific and West Africa regions, and are expanding our operations offshore Brazil. Our “life of field” services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 11).
 
Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico and North Sea regions. Our Well Intervention segment also includes intervention riser systems (“IRSs”), some of which we rent out on a stand-alone basis, and subsea intervention lubricators (“SILs”). Our well intervention vessels include the Q4000, the Q5000, the Well Enhancer, the Seawell, the Helix 534 and the Skandi Constructor, which is a chartered vessel. In April 2016, the Q5000, a newbuild semi-submersible well intervention vessel, commenced operations in the Gulf of Mexico under our five-year contract with BP. The vessel went on contracted rates on May 19, 2016, and we have been notified by BP that they will not take more than the minimum 270 contracted days in 2017. We currently have another semi-submersible well intervention vessel under construction, the Q7000. We are chartering the Siem Helix 1 and have contracted to charter the Siem Helix 2. These two newbuild monohull vessels are to be used in connection with our contracts to provide well intervention services offshore Brazil.
 
Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates three chartered ROV support vessels following the expiration of the Rem Installer charter on July 12, 2016. Another chartered ROV support vessel, the Grand Canyon III, was delivered by the shipyard to the vessel owner in May 2016. The vessel is currently stacked by the owner and is expected to be in service for us in May 2017.
 
Our Production Facilities segment includes the Helix Producer I vessel (“HP I”), a ship-shaped dynamic positioning floating production unit, and the Helix Fast Response System (“HFRS”), which provides certain operators access to our Q4000 and HP I vessels in the event of a well control incident in the Gulf of Mexico. The HP I is currently contracted to process production from the Phoenix field. Our existing contract for service to the Phoenix field has been extended until at least December 31, 2017. The Production Facilities segment also includes our ownership interest in Independence Hub, LLC (“Independence Hub”) and included our former ownership interest in Deepwater Gateway, L.L.C. (“Deepwater Gateway”) that we sold for $25 million in February 2016 (Note 5).
 
In January 2016, we sold our office and warehouse property located in Aberdeen, Scotland for approximately $11 million and entered into a separate agreement with the same party to lease back the facility for a minimum lease term of 15 years with two five-year options to extend the lease at our option. A gain of approximately $7.6 million from the sale of this property is deferred and will be amortized over the 15-year minimum lease term.