The merger is closed and the investor presentation outlines a strong pro forma balance sheet and synergy targets. Traders should monitor upcoming quarterly results for evidence of synergy realization and integration execution, as well as any updates on the two MPSV newbuilds expected in 2027 and 2028.
Price Chart
Executive Summary
Hornbeck Offshore Services, Inc. (NYSE: HOS) filed an 8-K furnishing an investor presentation detailing the completed merger with Helix Energy Solutions Group, effective September 1, 2026. The presentation highlights a pro forma combined company with 85 vessels, $2.0 billion in total backlog, $551 million in LTM Adjusted EBITDA, and a pro forma market capitalization of ~$3.4 billion, targeting $75 million in annual revenue and cost synergies within three years. This is a post-merger integration update with no new financial results or guidance.
Key Facts
- Merger with Helix completed on September 1, 2026.
- Pro forma combined fleet of 85 vessels, including 57 OSVs and 15 MPSVs.
- Total backlog of $2.0 billion as of 2Q2026.
- Pro forma LTM Adjusted EBITDA of $551 million as of 2Q2026.
- Pro forma market capitalization of ~$3.4 billion.
- Targeting $75 million in annual revenue and cost synergies within three years.
- Pro forma net debt / LTM Adjusted EBITDA of 0.4x.
- Pro forma liquidity of ~$618 million as of 2Q2026.
- Pro forma LTM Adjusted Free Cash Flow of $290 million as of 2Q2026.
- Pro forma fully diluted shares outstanding of ~327 million.
Financial Impact
Pro forma LTM Adjusted EBITDA of $551 million, pro forma LTM revenue of $1.9 billion, pro forma market cap of ~$3.4 billion, pro forma net leverage of 0.4x.
Risk Factors
- Integration risk: failure to achieve $75 million in annual synergies.
- Execution risk on MPSV newbuild deliveries in 2027 and 2028.
- Cyclicality in oil and gas end markets could impact utilization and dayrates.
- Dilution from ~327 million pro forma fully diluted shares outstanding.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-380897 |
| Document: d138666d8k.htm | 0001193125-26-380897 |
| Document: 0001193125-26-380897-index-headers.html | 0001193125-26-380897 |
| Document: 0001193125-26-380897-index.html | 0001193125-26-380897 |
| Document: 0001193125-26-380897.txt | 0001193125-26-380897 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 7w ago | 8-K | $10.75 | awaiting T+5 | — | — |
Sep 3, 2026 7w ago | 8-K | $10.75 | awaiting T+5 | — | — |
Aug 24, 2026 9w ago | 425 | $9.97 $10.30 | ▲ +3.31% | ▲ +2.84% | — |
Aug 6, 2026 11w ago | 8-K | $9.81 $10.12 | ▲ +3.16% | ▲ +1.95% | — |
Jun 12, 2026 19w ago | 425 | $9.74 $8.69 | ▼ −10.78% | ▼ −11.45% | — |
Jun 12, 2026 19w ago | 8-K | $9.74 $8.69 | ▼ −10.78% | ▼ −11.45% | — |
Jun 5, 2026 20w ago | 425 | $9.24 $9.74 | ▲ +5.41% | ▲ +4.84% | — |
Jun 4, 2026 20w ago | S-4 | $9.24 $9.74 | ▲ +5.41% | ▲ +4.84% | — |
Jun 2, 2026 20w ago | 425 | $9.54 $9.63 | ▲ +0.94% | ▲ +4.76% | — |
Jun 2, 2026 20w ago | 425 | $9.54 $9.63 | ▲ +0.94% | ▲ +4.76% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers