Helix and Hornbeck agree to merge in all-stock offshore services deal

Helix Energy Solutions Group (NYSE: HLX) and Hornbeck Offshore Services announced they have entered into a definitive agreement to combine in an all-stock transaction. Under the terms, Hornbeck stockholders will receive 10.27167 shares of Helix common stock for each share of Hornbeck common stock owned.

Upon closing, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis. The combined entity will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol "HOS."

The companies expect the transaction to generate $75 million or more in annual revenue and cost synergies within three years following the transaction close. The merger aims to create a combined fleet of specialty vessels supported by subsea robotics, well intervention and technical service capabilities.

Todd M. Hornbeck will serve as President and Chief Executive Officer of the combined company. The Board of Directors will comprise seven directors, three from Helix and four from Hornbeck, with William L. Transier serving as Chairman. The combined company will maintain headquarters in both Houston, Texas, and Covington, Louisiana.

Parties representing a significant portion of Hornbeck ownership, including Ares Management funds, have provided written consent approving the transaction. The merger is expected to close in the second half of 2026, subject to approval by Helix shareholders, regulatory approvals and other customary closing conditions.

The transaction is expected to be tax-free to shareholders of both companies. Goldman Sachs is serving as financial advisor to Helix, while Barclays, Piper Sandler and J.P. Morgan are advising Hornbeck.

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