Helix Energy Solutions and Hornbeck Offshore Merge to Form Offshore Services Leader

Helix Energy Solutions Group and Hornbeck Offshore Services have entered into a definitive agreement to merge in an all-stock transaction, creating a significant player in the offshore services sector. The merger will result in Hornbeck shareholders owning approximately 55% of the combined entity, while Helix shareholders will hold the remaining 45%. The new company will operate under the Hornbeck Offshore Services name and will be listed on the New York Stock Exchange under the ticker symbol HOS. The merger is expected to close in the second half of 2026, pending approval from Helix shareholders and regulatory bodies.

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The merger aims to combine Helix's subsea robotics and well intervention capabilities with Hornbeck's fleet of high-specification offshore support vessels. This integration is expected to create a comprehensive service offering that spans subsea intervention, marine transportation, and offshore construction support. The combined company will also provide trenching services for subsea pipelines and cables, enhancing its operational capabilities across deepwater energy, defense, and renewable markets.

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Todd M. Hornbeck, who will serve as president and CEO of the merged entity, emphasized that the combination will unlock strategic and operational benefits, enhancing the ability to serve customers globally and drive shareholder value. The companies project that the merger will generate at least $75 million in annual revenue and cost synergies within three years of closing.

Hornbeck Offshore to merge with Helix Energy Solutions

The governance of the new company will consist of a seven-member board, with four directors from Hornbeck and three from Helix. William L. Transier will serve as chairman of the board. This leadership structure aims to leverage the strengths of both companies and ensure a balanced approach to decision-making.

Hornbeck, Helix merge to form offshore services giant

Owen Kratz, president and CEO of Helix, stated, “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.” Todd Hornbeck echoed this sentiment, asserting that the merger will enhance the companies' ability to serve customers and create significant shareholder value.

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While the merger has received backing from Ares Management funds, which represent a significant portion of Hornbeck's ownership, it still requires approval from Helix shareholders and regulatory bodies. Concerns may arise regarding the integration of two large entities and the potential impact on competition within the offshore services market.

Hornbeck, Helix merge to form offshore services giant

The merger is anticipated to close in the latter half of 2026, contingent upon the necessary approvals. As the companies prepare for this transition, they will focus on integrating their operations and maximizing the synergies expected from the merger.

Hornbeck, Helix merge to form offshore services giant

• “In merging two proven industry leaders… this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth,” — Owen Kratz, President and CEO of Helix

Helix and Hornbeck combine to form deepwater offshore services leader

• “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.” — Todd M. Hornbeck, Chairman, President, and CEO of Hornbeck

Hornbeck, Helix merge to form offshore services giant