Hornbeck Offshore Services and Helix Energy Solutions have combined, establishing a premier integrated offshore services company. The merger combines world-class vessels, subsea technology, engineering expertise and offshore execution capabilities into a single integrated platform.
In September 2026, Helix Energy Solutions Group and Hornbeck Offshore Services announced they had completed an all-stock transaction to merge the two companies. The combined company has assumed the Hornbeck Offshore Services name and began trading on the New York Stock Exchange (NYSE: HOS) on September 2, 2026.
“Today marks the beginning of an exciting new chapter for our company, our employees, our customers and our shareholders,” said Todd M Hornbeck, President & CEO of Hornbeck Offshore Services, Inc, in a press release. “By bringing together Hornbeck’s industry-leading marine expertise with Helix’s differentiated robotics, well intervention and subsea capabilities, we have created a global offshore services leader, providing innovative and integrated solutions to our customers across the deepwater oilfield, defence and renewables industries.
“I want to thank the employees of both organisations for their professionalism and commitment throughout this process. Together, we are building a stronger, more diversified company with the scale, capabilities and financial strength to capitalise on opportunities across our offshore markets while delivering long-term value for our shareholders.”
Joining forces
Although finalised in September, the merger was first announced in April. Helix and Hornbeck then announced they had entered into a definitive agreement to combine in an all-stock transaction and establish a premier integrated offshore services company. Following the close of the transaction, Hornbeck shareholders own approximately 55% and Helix shareholders own approximately 45% of the combined company on a fully diluted basis.
The strategic combination created a recognised leader in offshore marine services through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities, including trenching subsea pipelines and cables.
The combined company will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater oilfield, defence and renewables. Combining Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high specification deepwater vessels will form a complementary, end-to-end service offering that materially expands the combined company’s ability to meet a broader share of customers’ deepwater needs.
“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 & Chief Executive Officer of Helix in a press release in April. “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.”
Into action
Together, Helix and Hornbeck offer a multi-faceted service portfolio that spans the entire life cycle of deepwater fields, improves macro resilience and increases exposure to specialty non-oilfield markets.
As a subsidiary of Hornbeck, the Helix Well Intervention division recently announced it had secured a multi-year decommissioning contract with a major operator in the North Sea. The contract is expected to commence in the second quarter of 2027 and has a firm duration of two years, with customer options to extend.
The contract allows Helix, under the Hornbeck umbrella, to perform riserless plug and abandonment operations utilising either the Well Enhancer or Seawell – both are purpose-built riserless well intervention vessels. In addition, the company will deliver a fully integrated solution, including the vessel, a well access system, ROVs, and saturation diving, along with project management and engineering services.
“This new multi-year award builds directly on Hornbeck’s previous success and strengthens our expertise in delivering safe, efficient, rigless decommissioning solutions in the North Sea,” said Mr Hornbeck, in a press release. “By leveraging our asset base and extensive operational expertise, we are proud to support our customer in executing our integrated decommissioning solution under a single contract.”
The Helix DNA
Looking back, Helix Energy Solutions focused its services and capabilities on supporting a global energy transition. The company’s assets and methodologies have always been specifically designed to efficiently enhance and extend the lives of existing oil and gas reserves.
When it came to decommissioning, Helix made its mark as a full-field abandonment contractor. The company ethos was that the regulatory push for plug and abandonment, and the transition to renewable energy will facilitate the continued growth of the abandonment market.
The company was also an established global leader in jet trenching and provided specialty support services to renewable energy developments such as offshore wind farms, including boulder removal and unexploded ordnance clearance.
Helix was well known for its well intervention segment, which will also be integrated into the Hornbeck offering. This means providing services that enable customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas.
The company’s well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered monohull vessels, the Sea Helix 1 and the Sea Helix 2. The well intervention equipment includes intervention systems such as intervention riser systems, subsea intervention lubricators and the Riserless Open-water Abandonment Module, some of which the company can provide on a stand-alone basis.
Hornbeck Offshore Subsea Services, as mentioned by Mr Hornbeck in the press release about the merger, provides trenching, seabed clearance, offshore construction and inspection, repair and maintenance services to both the oil and gas, and the renewable energy markets globally. This allows Hornbeck to support the delivery of renewable energy.
These robotics services are used in the well intervention services. The segment includes remotely operated vehicles, trenchers, IROV boulder grabs and robotics support vessels under term charters as well as spot vessels as needed. Customers have always been offered ROVs, trenchers and IROV boulder grabs either on a stand-alone basis or on an integrated basis with chartered robotics support vessels.
The strength of partnership
The newly combined company creates a scaled, life-of-field business providing engineered solutions spanning the offshore oil and gas, defence and renewables industries. One of the aims of the merger is to reduce cyclicality and earnings volatility through the cycle, while enabling flexible global asset deployment.
Helix has a global presence in West Africa, Asia Pacific and the North Sea region, as well as the United States and Brazil. Hornbeck’s concentration in the Americas, including Brazil and Mexico, enhances a global footprint spanning the key offshore basins worldwide. The combined footprint will include cabotage-protected markets and will have direct access to leading offshore customers, enabling the delivery of premier deepwater services through technologically advanced assets.
The merger also created a well-capitalised organisation with a strong balance sheet, low leverage and significant cash at closing to further the execution of the combined company’s value-driven strategy. This financial strength and projected substantial free cash flow generation will provide significant flexibility for organic growth or other strategic M&A to increase long-term shareholder value creation.
The transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years following the transaction close. The synergies are expected to result from combined and integrated service offerings, as well as expanding services offered to existing customers, driving revenue pull-through. The scale of the combined company’s fleet enables asset optimisation, reducing reliance on third-party vessel charters and delivering efficiencies across maintenance, procurement and operations.
Helix and Hornbeck share core values of integrity, operational excellence, teamwork and innovation. These values will be reflected in the combined company’s focus on health, safety, personal responsibility, environmental protection and financial and operational performance.
“The closing of this transaction represents the successful culmination of a shared vision to create a market-leading offshore services company with unique capabilities and strategic flexibility,” said William L Transier, Chairman of the Board of Hornbeck Offshore Services in a press release. “The merger brings together two highly complementary organisations with strong cultures, exceptional people and deep customer relationships.
“On behalf of the Board, I am grateful to our shareholders for their support and confidence. We believe this merger positions the company to generate sustainable growth and to create significant value for all stakeholders.”