Helix Energy Solutions Group and Hornbeck Offshore Services agreed to combine in an all-stock transaction that will create a larger offshore services company with an expected $75 million or more in annual revenue and cost synergies within three years of closing.
Under the deal, Hornbeck shareholders will own about 55% of the combined company and Helix shareholders about 45% on a fully diluted basis. Hornbeck stockholders will receive 10.27167 shares of Helix common stock for each Hornbeck share.
The combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under “HOS.” Its headquarters will be in Houston and Covington, Louisiana.
Todd M. Hornbeck will become president and chief executive officer of the combined company. William L. Transier will serve as chairman. The board will have seven directors, with three coming from Helix and four from Hornbeck, including Hornbeck.
The companies said the merger will bring together Helix’s well intervention and robotics capabilities with Hornbeck’s specialty and ultra-high-specification offshore support vessels, creating a broader fleet and service platform across deepwater energy, defense and renewables.
Helix’s footprint in West Africa, Asia Pacific, the North Sea, the United States and Brazil will combine with Hornbeck’s presence in the Americas, including Brazil and Mexico. The companies said the combined business will have exposure to cabotage-protected markets and direct access to offshore customers.
The transaction is expected to close in the second half of 2026. It has already been approved by both boards, and parties representing a significant portion of Hornbeck ownership, including Ares Management funds, have delivered written consent approving the deal. Following these announcements, the company's shares moved 1.61%, and are now trading at a price of $10.08. Check out the company's full 8-K submission here.
