Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) and Hornbeck Offshore Services, Inc. ("Hornbeck") announced they have entered into a definitive agreement to combine in an all-stock transaction, establishing a premier integrated offshore services company. Upon closing of the transaction, Hornbeck shareholders will own approximately 55% and Helix shareholders will own approximately 45% of the combined company on a fully diluted basis. Following the completion of the transaction, Todd M. Hornbeck will serve as President and Chief Executive Officer of the combined company.
The combined company?s Board of Directors will comprise seven directors, three of whom will be from Helix and four from Hornbeck, including Mr. Hornbeck. William L. Transier will serve as Chairman of the combined company?s Board.
Helix Energy Solutions Group, Inc. is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Its services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. Its segments include Well Intervention, Robotics, and Production Facilities. Its Well Intervention segment provides services enabling its customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations. Its Robotics segment provides trenching, seabed clearance, offshore construction and inspection, repair and maintenance (IRM) services to both the oil and gas and the renewable energy markets globally. Its robotics services are used in and complement its well intervention services.
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