The former drillship will be equipped with a full intervention riser system but it will retain top hole drilling capability.
At the end of 2012 Helix had spent $113.5 million on the acquisition and subsequent upgrades of the vessel.
The company estimates it will invest an additional $50 million before Helix 534 is placed into service.
Helix acquired the former Discoverer 534 drillship from Transocean last August for $85 million.
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