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Helix Energy Solutions Group, Inc. (HLX - Snapshot Report) has closed the sale of its pipelay vessel, the Caesar, to Trevaskis Ltd. The all-cash deal was settled at $138 million with $108 million received at the time of selling and the rest received earlier as advance.

Helix is also moving forward towards disposing its remaining pipelay vessel, the Express. This sale is expected to close in Jul 2013. The disposal of pipelay vessels is in-line with Helix’s business strategy to exit non-core businesses and increase exposure in its core areas of well intervention and robotics businesses.

Houston, Texas-based Helix Energy is a major supplier of deepwater oilfield services mainly in the Gulf of Mexico, the Asia Pacific, West African regions and North Sea. Helix Energy provides production services, which include repairing, inspecting and maintaining jumpers, pipelines, risers, trees, subsea tools.

The company also supplies well intervention and life of field support services. The principal customers of Helix Energy comprise oil and gas companies, independent suppliers and producers of oil and gas, and oil and gas pipeline companies.  

Helix is expected to release its second quarter results on Jul 22. The Zacks Consensus Estimate for the second quarter is 24 cents per share (down 52.9% year over year) on revenues of $221 million (down 36.3% year over year).

Helix Energy currently retains a Zacks Rank #3 (Hold), implying that it is expected to perform in-line with the broader U.S. equity market over the next one to three months.     

There are other stocks in the sector that appear rewarding. These include Summit Midstream Partners, LP (SMLP - Snapshot Report), Dawson Geophysical Company (DWSN - Snapshot Report) and Exterran Holdings, Inc. (EXH - Snapshot Report). All three companies are expected to perform impressively over the next few months and carry a Zacks Rank #1 (Strong Buy).

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