Hornbeck and Helix Complete Merger, Creating Offshore Services Giant

Hornbeck Offshore Services and Helix Energy Solutions Group have completed their previously announced all-stock merger, creating a larger offshore services company spanning marine transportation, subsea services, well intervention and robotics.

The combined company will operate under the Hornbeck Offshore Services name and begin trading on the New York Stock Exchange under the ticker “HOS” on September 2. Helix shares will cease trading under the “HLX” ticker at the close of trading Tuesday.

The closing comes one day after Helix shareholders approved the transaction at a special meeting.

Under the terms announced previously, Hornbeck securityholders will own approximately 55% of the combined company on a fully diluted basis, while former Helix shareholders will own approximately 45%.

Todd Hornbeck has taken over as president and CEO of the combined company and will also serve on its board of directors. William Transier has been named chairman.

“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,” Hornbeck said.

The combination brings together two companies with largely complementary offshore businesses. Louisiana-based Hornbeck operates a fleet of high-specification offshore service vessels serving the offshore energy industry, U.S. government and other markets, primarily in the Gulf of America and Latin America.

Houston-based Helix brings specialized subsea capabilities, including well intervention, robotics and decommissioning operations, along with operations supporting offshore renewable energy projects.

The combined company said the broader platform will allow it to offer integrated services across deepwater oil and gas, defense and renewable energy markets.

“Today marks the beginning of an exciting new chapter for our company, our employees, our customers and our shareholders,” Hornbeck said. “Together, we are building a stronger, more diversified company with the scale, capabilities and financial strength to capitalize on opportunities across our offshore markets.”

The new executive leadership team includes Potter Adams as chief financial officer; Scotty Sparks as chief operating officer for subsea services and well intervention; Ben Todd as chief operating officer for marine transportation and specialty operations; Samuel Giberga as general counsel and secretary; Brian Cook as chief accounting officer; Priscilla Heistad as chief human resources officer; Daniel Stuart as chief commercial officer; and Carl Annessa overseeing defense and emerging technologies.

Michael Nicaud will serve as senior vice president, associate general counsel and chief compliance officer.

Helix shareholders approved the merger on August 31, clearing the final major hurdle ahead of the September 1 closing.

At the time of the shareholder vote, outgoing Helix President and CEO Owen Kratz said the combination would create an offshore services company with greater scale and expanded capabilities across deepwater energy, defense and renewables.

“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,” Transier said Tuesday.

Goldman Sachs advised Helix on the transaction, while Barclays, Piper Sandler and J.P. Morgan served as financial advisors to Hornbeck.

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