Hornbeck completes Helix merger, creating integrated offshore services leader

HELIX ENERGY SOLUTIONS GROUP INC

Merger with Helix completed Sept 1, 2026; combined company operates 85 vessels incl. 57 OSVs and 15 MPSVs.
Pro forma backlog $2.0B; LTM Adj. EBITDA $551M; market cap ~$3.4B based on ~327M shares and Helix close of $10.30.
Fleet includes 22 ultra high-spec OSVs, 7 well intervention vessels, 41 work-class ROVs, and 6 subsea trenching systems.
Two newbuild MPSVs expected in 2027 and 2028; net debt/LTM Adj. EBITDA 0.4x as of 2Q2026.

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