Helix Energy Solutions Group (NYSE: HLX) sold its shallow water abandonment business to C-Dive, a member of the Chouest group of companies, for $107.5 million in cash, according to a company statement.

The transaction, which was signed and closed May 1, involved the sale of all equity interests in the Gulf of America-focused business. The final price will be adjusted for working capital and other transaction expenses.

The divestiture follows Helix's recent announcement of a definitive agreement with Hornbeck Offshore Services to combine operations and create what the companies describe as a leader in offshore operations through a diversified fleet of specialty vessels supported by subsea robotics and well intervention capabilities.

"This transaction sharpens Helix's focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy," said Scotty Sparks, Helix's executive vice president and chief operating officer.

Helix stated that the sale supports its strategic focus on deepwater operations. The Houston-based company provides specialty services to the offshore energy industry, with operations focused on well intervention, robotics and decommissioning.

Sparks noted that the company achieved record financial performance with the shallow water abandonment business and made improvements in processes and systems while emphasizing safety culture since acquiring the unit.

The sale positions Helix to concentrate on what it describes as innovative and integrated subsea and marine transportation solutions for customers across deepwater energy, defense and renewable sectors through its planned combination with Hornbeck.