Owen Kratz on contract terms
From Kratz Says BP Contract Not a Windfall for Helix: Video · · Bloomberg Originals
“It doesn't represent a windfall for Helix. What we did was we made our assets available to BP to respond to their needs by simply going to our current clients and getting a release and then transferring the vessels over to BP at the same rates that we were being paid before.”
On , Owen Kratz, President, Chief Executive Officer & Director at HELIX ENERGY SOLUTIONS GROUP, spoke about contract terms during Kratz Says BP Contract Not a Windfall for Helix: Video on Bloomberg Originals.
About Owen Kratz
In a September 2012 interview, Owen Kratz, CEO of Helix Energy Solutions Group, discussed the company's work for BP following the Deepwater Horizon oil spill. Kratz stated that the contract "doesn't represent a windfall for Helix," explaining that the company made its assets available to BP at the same rates it had been receiving from previous clients. He described the deployment of three vessels: the Q4000, the Express, and the Helix Producer 1, which were engaged in diverting oil from the wellhead. Kratz said that Helix would like to lead an industry effort to create a "fast response flexible universal system" that could be deployed quickly in the event of another spill. He argued that while regulatory oversight and prevention are important, preparation for incidents is necessary to mitigate impact. Kratz noted that the current response involved performing work on a "very fast track basis under very abnormal conditions," and advocated for pre-assessing options and pre-engineering components to be ready for future emergencies.