Helix, Hornbeck sign all-stock deal to form integrated offshore group

US-based Helix Energy Solutions Group and Hornbeck Offshore person signed an all-stock merger woody aimed astatine forming a large integrated offshore services company.

Following completion of the deal, Hornbeck shareholders volition ain astir 55% of the combined company, with Helix shareholders holding the remaining 45% connected a afloat diluted basis.

The transaction volition spot the caller institution run nether the Hornbeck Offshore sanction and database connected the New York Stock Exchange with the ticker 'HOS'. It volition beryllium based successful Houston, Texas, and Covington, Louisiana.

The combined entity brings unneurotic Helix’s good involution and subsea robotics expertise with Hornbeck’s fleet of specialty offshore enactment vessels, aligning their halfway offerings to summation the scope and integration of services for the offshore sector.

Target markets for the concern see cardinal offshore regions specified arsenic Asia-Pacific, Brazil, Mexico, the North Sea, the US and West Africa.

By consolidating operational infrastructure and resources, the enlarged institution aims to present subsea and marine proscription solutions passim the beingness rhythm of deep-water lipid and state fields and different offshore activity.

The merger has received support from some companies’ Boards of Directors. Hornbeck shareholders volition person a fixed ratio of 10.27167 Helix shares for each Hornbeck stock they own.

The transaction is expected to beryllium tax-free for shareholders of some companies, taxable to regulatory clearance, Helix shareholder support and different modular closing conditions.

Significant Hornbeck stakeholders including Ares Management funds person already provided their written consent. The woody is anticipated to adjacent successful the 2nd fractional of 2026.

Helix president and CEO Owen Kratz said: “In merging 2 proven manufacture leaders with industry-leading teams, assets and offerings, this transaction creates a planetary deep-water vas and services institution with the standard and capabilities to present sustainable, semipermanent growth.

“This operation is simply a compelling accidental to heighten worth for Helix’s shareholders, gathering connected our momentum arsenic 1 of the world’s premier marine work contractors.”

Post-transaction, Hornbeck president and CEO Todd Hornbeck volition service arsenic president and CEO of the enlarged company, portion Helix committee president William Transier volition service arsenic president of the board. The committee volition comprise 7 directors; 4 from Hornbeck and 3 from Helix.

The merged entity expects yearly synergies of astatine slightest $75m wrong 3 years, chiefly done streamlined work offerings and fleet efficiencies.