Overview of the Merger

Helix Energy Solutions and Hornbeck Offshore have signed a definitive all-stock agreement to combine, forming a premier integrated offshore services company. This consolidation occurs amid rapid merger activity in the offshore support vessel market, exemplified by recent deals such as Tidewater’s acquisition of Wilson Sons Ultratug and the combination of OceanPact with CBO.

Transaction Details

Under the terms approved by both boards, Hornbeck stockholders will receive a fixed exchange ratio of 10.27167 Helix shares for each Hornbeck share. Post-merger, Hornbeck shareholders will own approximately 55% of the combined company, while Helix shareholders will hold the remaining 45%. The new entity, named Hornbeck Offshore Services, will trade on the New York Stock Exchange under the ticker “HOS” and be headquartered in Houston, Texas, and Covington, Louisiana.

Strategic Benefits and Synergies

The combination aims to create a leader in offshore operations by leveraging a diversified, high-specification fleet of specialty vessels, supported by subsea robotics, well intervention, and technical services like trenching subsea pipelines and cables. The transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years, primarily from integrated service offerings.

Leadership and Governance

Following the close, Hornbeck CEO and co-founder Todd Hornbeck will serve as president and CEO of the combined company. The board will consist of seven directors, with four from Hornbeck and three from Helix. The transaction is anticipated to close in the second half of 2026, pending Helix shareholder approval, regulatory approvals, and other customary conditions. A significant portion of Hornbeck’s ownership has already provided written consent for the merger.