Helix Energy Solutions reported on Thursday that its well intervention vessel Q5000 has started operations for BP after resolving the start-up issues related to certain subsea equipment.
The Q5000 was contracted by BP in 2013 for a five-year contract in the Gulf of Mexico.
In February 2015, the companies agreed to postpone the start of the work until April 01, 2016, instead of previously agreed third quarter of 2015.
The overall contract period remains at five years with options to renew with a minimum of 270 days annually.
According to Helix, the vessel is now working on contracted rates after resolving the subsea equipment issues. The company did not reveal any further details about the nature of the issues.
Furthermore, the company said that there is still uncertainty surrounding the full financial impact of the equipment start-up issues, but Helix believes that the range of its previously issued guidance should accommodate this impact.