Helix Energy Solutions Group (NYSE:HLX) and Hornbeck Offshore Services announced a definitive agreement to combine in an all-stock transaction on Thursday, aiming to capitalize on a resurgent global offshore market.
The strategic merger joins Helix’s specialized well intervention and subsea robotics with Hornbeck’s high-specification fleet of offshore support vessels.
Under the terms of the agreement, which has been approved by the boards of both companies, Hornbeck stockholders will receive a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck owned.
Upon completion of the deal, Hornbeck shareholders will own approximately 55% of the combined entity, while Helix shareholders will hold approximately 45% on a fully diluted basis.
The combined company, which will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker “HOS,” expects to generate at least $75 million in annual revenue and cost synergies within three years of closing.
The pro forma entity enters the market with a combined backlog of approximately $2 billion and a fortress balance sheet characterized by low leverage of approximately 0.5x 2025 adjusted EBITDA.
The transaction, which is expected to be tax-free for shareholders, is targeted to close in the second half of 2026.