Helix and Hornbeck Merge to Create Offshore Services Powerhouse

HOUSTON, TX & COVINGTON, LA – April 23, 2026 – In a transformative move set to reshape the offshore energy services landscape, Helix Energy Solutions Group, Inc. (NYSE: HLX) and Hornbeck Offshore Services, Inc. today announced a definitive agreement to combine in an all-stock transaction. The merger will create a premier integrated offshore services company with a diversified, high-specification fleet and a broad range of technical capabilities.

Under the terms of the deal, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined entity. The new company will operate under the respected Hornbeck Offshore Services name and is expected to trade on the New York Stock Exchange under the ticker symbol “HOS.” The leadership structure will see Hornbeck’s Todd M. Hornbeck serve as President and Chief Executive Officer, with Helix’s William L. Transier taking the role of Chairman of the Board. The combined company will maintain dual headquarters in Houston, Texas, and Covington, Louisiana.

A New Integrated Offshore Giant

The strategic combination is built on a complementary vision, merging Helix’s world-class well intervention assets, subsea robotics, and technical services with Hornbeck’s fleet of specialty and ultra-high specification offshore support vessels. This integration aims to create a comprehensive, end-to-end service offering that can address a larger share of customer needs throughout the entire life-cycle of deepwater fields, from exploration and development to decommissioning.

Market analysts see the move as a significant consolidation that enhances operational efficiencies and expands market reach in a competitive global sector. The combined company will possess a multi-faceted service portfolio designed to improve macro resilience by reducing cyclical earnings volatility.

“In merging two proven industry leaders with industry-leading teams, assets and offerings, this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth,” said Owen Kratz, President and Chief Executive Officer of Helix. “This combination is a compelling opportunity to enhance value for Helix’s shareholders, building on our momentum as one of the world’s premier marine service contractors.”

Echoing this sentiment, Todd M. Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck, emphasized the future-oriented nature of the deal. “We are confident that by capitalizing on each company’s unique expertise, we will unlock meaningful strategic and operational benefits that enhance our ability to serve customers worldwide and drive significant shareholder value creation,” he stated. “The combined company will be a growth‑oriented company driven by the desire to provide innovative, high-quality, value-added business solutions with an emphasis on safety and an entrepreneurial culture.”

Financial Strength and Market Confidence

The all-stock transaction, structured to be tax-free for shareholders of both companies, has been met with positive initial reactions from the market. Shares of Helix (HLX) climbed more than 3% in trading following the announcement, reflecting investor confidence in the merger's strategic rationale and financial benefits. The deal promises to create a financially robust entity with a strong balance sheet and low leverage, estimated at approximately 0.5x the combined 2025 adjusted EBITDA.

Central to the deal's financial appeal is the projection of at least $75 million in annual revenue and cost synergies within three years of closing. These savings are expected to be realized through integrated service offerings, asset optimization that reduces reliance on third-party vessel charters, and streamlined maintenance and procurement operations. Pro forma financials based on 2025 figures suggest the merger could boost revenue by approximately 56% and EBITDA by about 106% compared to Helix operating alone, largely driven by Hornbeck’s strong earnings base.

This enhanced financial profile is projected to generate substantial free cash flow, providing the new company with significant flexibility for organic growth initiatives, strategic M&A, and increased shareholder value creation. The combined backlog at the end of 2025 stood at a healthy $2.0 billion, signaling a strong pipeline of future work.

Diversifying Beyond the Oilfield

A key driver behind the merger is a strategic push to diversify revenue streams and reduce dependence on the cyclical oil and gas market. The combined company is poised to become a major player across deepwater energy, defense, and the burgeoning renewables sector. By expanding its service portfolio, the new Hornbeck Offshore aims to build a more resilient business model that can thrive through various market conditions.

The merger significantly strengthens the company's position in the offshore wind industry. Helix’s market-leading expertise in the subsea trenching of power cables will be paired with Hornbeck's extensive fleet of support vessels, creating a powerful, integrated solution for offshore wind farm construction and maintenance. This synergy directly addresses the growing global demand for renewable energy infrastructure.

Furthermore, the deal enhances the company's exposure to the defense sector. Hornbeck already serves as a provider to the U.S. government, and the combined entity's cutting-edge fleet and advanced subsea capabilities are expected to open new opportunities to support military operations and other government-related maritime needs.

The Road to Completion

The transaction is expected to close in the second half of 2026, pending customary closing conditions. These include approval from Helix shareholders and the successful navigation of regulatory reviews, which will likely involve antitrust scrutiny from agencies such as the Federal Trade Commission (FTC) or the Department of Justice (DOJ). A significant step has already been secured, as parties representing a major portion of Hornbeck’s ownership, including Ares Management funds, have delivered their written consent approving the deal.

While the strategic and financial logic appears sound, the leadership team will face the complex task of integrating two distinct corporate cultures, operational systems, and employee bases. Successfully managing this integration will be critical to retaining key talent and customers and realizing the full $75 million-plus in projected synergies.

With a combined global footprint spanning the Americas, West Africa, the Asia Pacific, and the North Sea, the new Hornbeck Offshore Services is positioned to become a dominant force. Its ability to offer a seamless, life-of-field service portfolio gives it a formidable competitive advantage in an evolving global energy market.