Houston-based offshore energy services company Helix Energy Solutions has entered into a definitive agreement to merge with compatriot offshore vessel owner Hornbeck Offshore Services in an all-stock transaction. Upon closing of the transaction, Hornbeck shareholders will own approximately 55%, and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis. According to a statement by the two, the combined company will provide integrated subsea and marine transportation solutions to customers across deepwater energy, defence, and renewables. The transaction is expected to generate $75m or more in annual revenue within three years following the close of the transaction. Helix stated that the scale of the combined company’s fleet will enable asset optimisation, reducing reliance on third-party vessel charters and delivering efficiencies across maintenance, procurement, and operations. Under the terms of the agreement, Hornbeck stockholders would receive a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck common stock owned. “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 and CEO of Helix. Following the completion of the transaction, Todd Hornbeck will serve as president and CEO of the combined company. The combined company’s board of directors will comprise seven directors, three from Helix and four from Hornbeck, including the CEO. William Transier will serve as chairman of the board. Post closing, the combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange. Its headquarters will be in Houston, Texas, and Covington, Louisiana. The transaction is expected to close in the second half of 2026. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsUnited States