Helix Energy Solutions, Hornbeck announce merger agreement

Helix Energy Solutions Group, Inc. and Hornbeck Offshore Services, Inc. have signed a definitive agreement to combine in an all-stock transaction to create a “premier integrated offshore services company.”

The companies say that the combination will create a “recognized leader” in offshore operations through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention, and technical service capabilities, including trenching subsea pipelines and cables.

The deal comes amid strong offshore market momentum, with elevated deepwater rig utilization, robust E&P activity, and a pipeline of high-impact wells planned globally in 2026. Rather than a downturn-driven consolidation, this is a growth play: the companies are capitalizing on operator demand for integrated, end-to-end deepwater solutions while adding resilience through exposure to renewables, defense, and decommissioning markets.

Company officials say that combining Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high specification offshore support vessels will form a complementary, end-to-end service offering that materially expands the combined company’s ability to meet a broader share of customers’ deepwater needs.

Together, Helix and Hornbeck will have a multi-faceted service portfolio that spans the entire life-cycle of deepwater fields, improves macro resilience, and increases exposure to specialty non-oilfield markets. The transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years through integrated offerings, fleet optimization, and operational efficiencies. The combined company is projected to have a ~$2 billion backlog, low leverage, and substantial free cash flow generation.

Owen Kratz, President and Chief Executive Officer of Helix, said: “In merging two proven industry leaders with industry-leading teams, assets and offerings, this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth. This combination is a compelling opportunity to enhance value for Helix’s shareholders, building on our momentum as one of the world’s premier marine service contractors.”

Todd M. Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck, said: “We are confident that by capitalizing on each company’s unique expertise, we will unlock meaningful strategic and operational benefits that enhance our ability to serve customers worldwide and drive significant shareholder value creation. The combined company will be a growth-oriented company driven by the desire to provide innovative, high-quality, value-added business solutions with an emphasis on safety and an entrepreneurial culture.”

The deal is expected to expand the new company’s global presence with strong exposure to key offshore markets: Helix’s global presence in the West Africa, Asia Pacific and North Sea regions, as well as the United States and Brazil; and Hornbeck’s concentration in the Americas, including Brazil and Mexico. Services will span deepwater energy, defense, and renewables.

Following the completion of the transaction, Todd M. Hornbeck will serve as President and Chief Executive Officer of the combined company. The combined company’s Board of Directors will comprise seven directors, three of whom will be from Helix and four from Hornbeck, including Mr. Hornbeck. William L. Transier will serve as Chairman of the combined company’s board.

Post closing, the combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol “HOS.” The combined company’s headquarters will be in Houston, Texas, and Covington, Louisiana.