Helix Energy Solutions Group and Hornbeck Offshore Services have signed a definitive agreement to combine in an all-stock transaction, creating a larger offshore services company with a broader vessel and subsea service base.
After closing, Hornbeck Offshore Services shareholders will own about 55% of the combined company, while Helix Energy Solutions Group shareholders will hold about 45% on a fully diluted basis.
The transaction will bring together Helix Energy Solutions Group’s well intervention and subsea robotics assets with Hornbeck Offshore Services’ specialty and ultra-high-specification offshore support vessels. The combined company will provide subsea and marine transportation services for deepwater energy, defense, and renewables customers.
The new business will cover a wider part of the deepwater field life cycle and increase exposure to specialty non-oilfield markets. Its operating footprint will include Helix Energy Solutions Group’s presence in West Africa, Asia Pacific, the North Sea, the United States, and Brazil, together with Hornbeck Offshore Services’ position in the Americas, including Brazil and Mexico.
The companies expect the combined business to have low leverage, strong free cash flow generation, and significant cash at closing. They also expect at least $75 million in annual revenue and cost synergies within three years after completion.
Todd M. Hornbeck will become President and CEO of the combined company. The board will have seven directors, with three from Helix Energy Solutions Group and four from Hornbeck Offshore Services, including Todd M. Hornbeck. William L. Transier will serve as Chairman.
After closing, the company will operate as Hornbeck Offshore Services and trade on the New York Stock Exchange under the ticker symbol “HOS.” Its headquarters will be in Houston, Texas, and Covington, Louisiana.
The transaction is expected to close in the second half of 2026.
