Hornbeck Offshore Services and Helix Energy Solutions Group have completed their all-stock merger, creating a bigger offshore services company that covers marine transportation, subsea services, well intervention, and robotics.
The new company will continue under the Hornbeck Offshore Services name and will start trading on the New York Stock Exchange with the ticker “HOS” on September 2. Helix shares will stop trading under the “HLX” ticker at the end of trading on Tuesday.
The merger was finalized just one day after Helix shareholders approved it during a special meeting.
According to the announced terms, Hornbeck shareholders will own about 55% of the merged company, while former Helix shareholders will own around 45%.
Todd Hornbeck has become the president and CEO of the new company and will also sit on its board of directors. William Transier has been appointed as chairman.
"By combining Hornbeck's leading marine expertise with Helix's unique robotics, well intervention, and subsea capabilities, we've created a leader in global offshore services," Hornbeck stated.
This merger unites two companies with mostly complementary offshore operations. Hornbeck, based in Louisiana, operates a fleet of advanced offshore service vessels that serve the offshore energy sector, the U.S. government, and various markets, mainly in the Gulf of Mexico and Latin America.
Helix, located in Houston, offers specialized subsea services, including well intervention, robotics, and decommissioning operations, as well as support for offshore renewable energy projects.
The combined company stated that this broader platform will enable it to provide integrated services across deepwater oil and gas, defense, and renewable energy sectors.
"Today starts an exciting new chapter for our company, our employees, our customers, and our shareholders," Hornbeck remarked. "Together, we are building a stronger, more diverse company with the scale, capabilities, and financial strength to seize opportunities in our offshore markets."
The new executive 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 leading defense and emerging technologies.
Michael Nicaud will serve as senior vice president, associate general counsel, and chief compliance officer.
Helix shareholders voted in favor of the merger on August 31, removing the last significant obstacle before the closing on September 1.
During the shareholder vote, outgoing Helix President and CEO Owen Kratz noted that this merger would form a more robust offshore services company with larger capabilities in deepwater energy, defense, and renewables.
"The closing of this deal marks the successful achievement of a shared vision to create a market-leading offshore services company with unique capabilities and strategic flexibility," Transier commented on Tuesday.
Goldman Sachs advised Helix on this transaction, while Barclays, Piper Sandler, and J.P. Morgan acted as financial advisors to Hornbeck.