Helix Energy Solutions agreed on 23 April to combine with Hornbeck Offshore Services in an all-stock transaction that hands Hornbeck's owners about 55% of the enlarged offshore services group.
Why Helix Energy Solutions Group, Inc. is buying Hornbeck Offshore Services, Inc.
The companies said combining Helix's well intervention assets and robotics with Hornbeck's specialty and ultra-high-specification offshore support vessels would create an end-to-end service offering across the life of deepwater fields, with greater exposure to defence and renewables. They expect $75m or more of annual revenue and cost synergies within three years.
“this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth”
Deal terms and financing
Hornbeck stockholders receive a fixed 10.27167 Helix shares per share. Holders of a significant portion of Hornbeck, including Ares Management funds, approved the deal by written consent on signing. The combined company is headquartered in Houston and Covington, Louisiana.
Regulatory approvals and timing
The deal required Helix shareholder approval and regulatory clearances. It completed at the start of September 2026; the combined company adopted the Hornbeck Offshore Services name and began trading on the NYSE under the ticker HOS on 2 September.
Market context
Helix operates seven well intervention vessels, six ROV support vessels and 20 shallow-water abandonment vessels, while Hornbeck lists more than 70 offshore support vessels, according to Offshore Technology.
