Helix to Combine With Hornbeck in All-Stock Deal
Hornbeck shareholders will own about 55% of the combined offshore-services company, which the parties said will span deepwater energy, defense and renewables.
Helix Energy Solutions Group, Inc. (HLX) and Hornbeck Offshore Services, Inc. said they have entered into a definitive agreement to combine in an all-stock transaction, with the deal expected to close on September 1, 2026.
The offshore-services companies said the combination is expected to establish an integrated offshore services company with enhanced scale, expanded capabilities, and opportunities for growth across the deepwater energy, defense, and renewables industries. Owen Kratz, president and chief executive officer of Helix, said: “We believe this combination establishes an integrated offshore services company with enhanced scale, expanded capabilities and opportunities for growth across the deepwater energy, defense and renewables industries.”
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 company will operate under the Hornbeck Offshore Services name and trade on the NYSE under “HOS.”
The companies said the deal will bring together Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high-specification offshore support vessels, forming a complementary, end-to-end service offering. The combined fleet and capabilities are described as spanning the entire life cycle of deepwater fields, with subsea robotics, well intervention, and technical services, including trenching subsea pipelines and cables.
The parties said the portfolio will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense, and renewables, and that the combination is expected to generate $75 million or more in annual revenue and cost synergies. They also said the combined company is well-positioned for future growth and sustained shareholder value creation, supported by increased scale, balance-sheet strength, and robust free cash flow generation.
In May, Helix sold all of the equity interests of its Gulf of America-focused Shallow Water Abandonment business to C-Dive, LLC, a member of the Chouest group, for $107.5 million in cash at closing, subject to adjustment for working capital and other transaction expenses. The company said the divestiture, signed and closed on May 1, follows its entry into the Hornbeck combination and furthers its strategic focus on deepwater operations. Scotty Sparks, Helix’s executive vice president and chief operating officer, said the sale sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics, and other offshore services as part of a larger global strategy.
The combined company will provide subsea and marine transportation solutions to customers across deepwater energy, defense, and renewables. Closing is expected on September 1, 2026.