US-based Helix Energy Solutions Group and Hornbeck Offshore have signed an all-stock merger deal aimed at forming a major integrated offshore services company.
Following completion of the deal, Hornbeck shareholders will own around 55% of the combined company, with Helix shareholders holding the remaining 45% on a fully diluted basis.
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The transaction will see the new company operate under the Hornbeck Offshore name and list on the New York Stock Exchange with the ticker ‘HOS’. It will be based in Houston, Texas, and Covington, Louisiana.
The combined entity brings together Helix’s well intervention and subsea robotics expertise with Hornbeck’s fleet of specialty offshore support vessels, aligning their core offerings to increase the range and integration of services for the offshore sector.
Target markets for the business include key offshore regions such as Asia-Pacific, Brazil, Mexico, the North Sea, the US and West Africa.
By consolidating operational infrastructure and resources, the enlarged company aims to deliver subsea and marine transportation solutions throughout the life cycle of deep-water oil and gas fields and other offshore activity.
The merger has received approval from both companies’ Boards of Directors. Hornbeck shareholders will receive a fixed ratio of 10.27167 Helix shares for each Hornbeck share they own.
The transaction is expected to be tax-free for shareholders of both companies, subject to regulatory clearance, Helix shareholder approval and other standard closing conditions.
Significant Hornbeck stakeholders including Ares Management funds have already provided their written consent. The deal is anticipated to close in the second half of 2026.
Helix president and CEO Owen Kratz said: “In merging two proven industry leaders with industry-leading teams, assets and offerings, this transaction creates a global deep-water 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.”
Post-transaction, Hornbeck president and CEO Todd Hornbeck will serve as president and CEO of the enlarged company, while Helix board chairman William Transier will serve as chairman of the board. The board will comprise seven directors; four from Hornbeck and three from Helix.
The merged entity expects annual synergies of at least $75m within three years, mainly through streamlined service offerings and fleet efficiencies.
Todd Hornbeck said: “We are confident that by capitalising 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.”
In August 2025, Helix secured a multi-year contract to deliver production enhancement and well abandonment services in the Gulf of Mexico.
