Texas-headquartered offshore energy services provider Helix Energy Solutions and Hornbeck Offshore Services, a Louisiana-headquartered supplier of offshore transport services, have completed their merger, establishing what they describe as a premier integrated offshore services company.
As announced in April, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company, which has assumed the Hornbeck Offshore Services, Inc. name and will begin trading on the New York Stock Exchange as of today, September 2, under the ticker symbol “HOS.”
Helix’s common stock ceased trading on the New York Stock Exchange under the ticker symbol “HLX” at the close of trading on September 1.
The company will be headquartered in Houston, Texas, and Covington, Louisiana, with Todd M. Hornbeck serving as President, Chief Executive Officer (CEO) and Director, and William L. Transier being the Chairman of the Board of Directors.
The merger combines Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high specification offshore support vessels to form a complementary, end-to-end service offering said to meet a broader share of clients’ deepwater needs.
“By bringing together Hornbeck’s industry-leading marine expertise with Helix’s differentiated robotics, well intervention and subsea capabilities, we have created a global offshore services leader, providing innovative and integrated solutions to our customers across the deepwater oilfield, defense and renewables industries,” said Hornbeck.
“Together, we are building a stronger, more diversified company with the scale, capabilities and financial strength to capitalize on opportunities across our offshore markets while delivering long-term value for our shareholders.”
The company will provide engineered solutions for the offshore oil & gas, defense and renewables industries, with the transaction expected to generate $75 million or more in annual revenue and cost synergies within three years following close.
“The closing of this transaction represents the successful culmination of a shared vision to create a market-leading offshore services company with unique capabilities and strategic flexibility,” said Transier. “The merger brings together two highly complementary organizations with strong cultures, exceptional people and deep customer relationships. On behalf of the Board, I am grateful to our shareholders for their support and confidence. We believe this merger positions the company to generate sustainable growth and to create significant value for all stakeholders.”
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