Helix Energy Solutions and Hornbeck Offshore Services have agreed to combine in an all-stock transaction to create an integrated offshore services company.
Under the agreement, Hornbeck shareholders will own about 55% of the combined company, while Helix shareholders will hold around 45%.
The combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker ‘HOS’.
The companies said the combination will bring together fleets of specialty vessels and capabilities including subsea robotics and well intervention services, providing offshore services across deepwater energy, defense and renewables.
“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.
“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,” said Owen Kratz, President and Chief Executive Officer of Helix.
“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.
“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,” added Todd M. Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck.
The companies said the transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years of closing.
Following completion, Todd M. Hornbeck will serve as President and Chief Executive Officer, and the board will comprise seven directors, including representatives from both companies.
The deal is expected to close in the second half of 2026, subject to shareholder approvals and regulatory clearances.