Hornbeck Offshore Services, Covington, La., and Helix Energy Solutions Group, Houston, announced Thursday that they have signed a definitive agreement to combine in an all-stock transaction that will create an integrated offshore services powerhouse.
Under the terms of the deal, Hornbeck shareholders will receive a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck common stock held, resulting in Hornbeck shareholders owning approximately 55% of the combined company and Helix shareholders holding the remaining 45% on a fully diluted basis. The merger is expected to be tax-free to shareholders of both companies.
The combined entity will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol HOS, with dual headquarters in Covington, La., and Houston.
Todd M. Hornbeck, currently chairman, president, and CEO of Hornbeck, will lead the combined company as president and CEO. A seven-member board will include three directors from Helix and four from Hornbeck, with William L. Transier serving as chairman.
The deal pairs Helix's well intervention assets and subsea robotics capabilities with Hornbeck's specialty and ultra-high specification offshore support vessel fleet, creating what the companies describe as an end-to-end service offering across deepwater energy, defense, and renewables markets. The combined company will also offer trenching of subsea pipelines and cables.
Geographically, the merger extends both companies' existing reach. Helix currently operates in West Africa, Asia Pacific, the North Sea, the United States, and Brazil, while Hornbeck is concentrated in the Americas, including Brazil and Mexico.
The transaction is projected to generate $75 million or more in annual revenue and cost synergies within three years of closing, driven by integrated service offerings, fleet optimization, reduced reliance on third-party vessel charters, and efficiencies across maintenance, procurement, and operations.
"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," said Owen Kratz, president and CEO of Helix.
Hornbeck added, "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."
Ares Management funds, representing a significant portion of Hornbeck's ownership, have already delivered written consent approving the transaction. The deal still requires approval from Helix shareholders and applicable regulatory bodies. Closing is expected in the second half of 2026.
