Helix Wants Split From Oil And Gas - Forbes

Helix Energy Solutions delighted investors on Monday when it announced that has enlisted advisors to help sell its oil and gas operations.

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In conjunction with the intended sale of its oil and gas business, Robert Murphy , executive vice president of that division, will step down from his post and leave the Houston, Texas-based company. Johnny Edwards, president of the oil and gas business, will lead the unit through its sale. The company provided no timetable for the sale, nor did it suggest any deals were in the works. In its fourth-quarter earnings report released on February 24, Owen Kratz , Helix's chief executive, said the company was "poised to increase its oil and gas production in 2010" after repairs to a third-party pipeline that services the company's Noonan natural gas field negatively impacted Helix's production late in 2009.

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