US offshore services player Helix Energy Solutions is set to expand its offshore decommissioning footprint in the US Gulf of Mexico through its acquisition of the Louisiana-based Alliance company.

Alliance is a privately held offshore shallow water energy services company focused on offshore oil field decommissioning, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services, operating primarily in the US Gulf of Mexico shelf.

In addition to the $120 million cash payment at time of closing, the deal includes the potential for post-closing earnout consideration in 2024 if Alliance meets certain financial metrics in 2022 and 2023, according to Helix.