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MarketBeat
Sun, April 26, 2026 astatine 12:06 PM CDT 7 min read
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The companies agreed an all-stock deal expected to adjacent successful 2H 2026 with Helix shareholders owning ~45% and Hornbeck ~55%; absorption expects the merger to nutrient $75 million+ successful yearly synergies wrong 3 years and the combined institution volition commercialized arsenic HOS with Todd Hornbeck arsenic CEO and Bill Transier arsenic chairman.
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Helix reported Q1 gross of $288 million, a nett nonaccomplishment of $13 cardinal and adjusted EBITDA of $32 million, ended the 4th with $501 cardinal successful currency and $612 cardinal of liquidity, and reiterated 2026 guidance of $1.2–1.4 cardinal revenue, $230–290 cardinal EBITDA, $70–80 cardinal capex, and $100–160 cardinal escaped currency flow.
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The pro forma concern would run a ~73‑vessel fleet with a just marketplace worth of $2.8 cardinal and astir $2 cardinal of combined backlog, expanding vulnerability to deepwater, defence and renewables markets and leveraging ROV and trenching capabilities.
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Helix Energy Solutions Group (NYSE:HLX) and Hornbeck Offshore Services utilized a associated league telephone to outline a planned all-stock operation and to reappraisal Helix’s first-quarter 2026 fiscal results. Executives from some companies emphasized the strategical rationale of pairing Helix’s good intervention, robotics, and subsea services with Hornbeck’s fleet of offshore enactment vessels, portion besides highlighting expected synergies and a broader end-market accidental acceptable spanning energy, defense, and renewables.
Helix Executive Vice President and Chief Financial Officer Erik Staffeldt said the institution delivered “another well-executed quarter” but noted that first-quarter show reflected “expected seasonal levels during the wintertime successful the North Sea and Gulf of Mexico shelf,” which impacted good intervention, robotics, and shallow h2o abandonment. He besides cited costs tied to “the palmy workover of Thunder Hawk Field.”
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Staffeldt reported first-quarter gross of $288 cardinal and gross nett of $9 million, resulting successful a nett nonaccomplishment of $13 million. Adjusted EBITDA was $32 million, with operating currency travel of $62 cardinal and escaped currency travel of $59 million. He highlighted beardown utilization connected the Q4000, improved good involution rates, the Thunder Hawk workover and instrumentality to production, and the reactivation of the Seawell arsenic the North Sea returned to a “two-vessel market.”
Helix ended the 4th with $501 cardinal of currency and $612 cardinal of liquidity, and Staffeldt said the institution was maintaining its 2026 guidance contempt an uncertain macro environment. Helix’s 2026 outlook includes:
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