Hornbeck Offshore Services, Inc. has announced the completion of its combination with Helix Energy Solutions Group, Inc. on September 1, 2026. The merger creates a combined company with a fleet of 85 vessels and a pro forma market capitalization of approximately $3.4 billion.
The combined entity, which will trade under the ticker symbol HOS on the New York Stock Exchange, is positioned as a premier integrated offshore services company. As of the second quarter of 2026, the combined company reported a pro forma LTM Adjusted EBITDA of approximately $855 million and a pro forma net debt to LTM Adjusted EBITDA ratio of 0.4x.
The combined fleet consists of 57 offshore support vessels, including 22 ultra-high-specification vessels, 15 multi-purpose support vessels (MPSVs), and seven well intervention vessels. The company also operates 41 work-class remotely operated vehicles (ROVs) and six subsea trenching systems. The combined company has a diversified geographic footprint spanning the United States, Latin America, North Sea, Brazil, West Africa, and Asia Pacific.
The merger is expected to create a platform with strong free cash flow generation and a conservatively capitalized balance sheet. The combined company has a pro forma cash position of approximately $518 million as of the second quarter of 2026 and a pro forma liquidity of approximately $1.9 billion. The transaction is expected to be accretive to earnings per share in 2027.
