Helix Energy Announces Merger with Hornbeck Offshore Services

An announcement from Helix Energy ( (HLX) ) is now available.

On April 22, 2026, Helix Energy Solutions Group agreed to merge with Hornbeck Offshore Services through a two-step structure that will ultimately combine Hornbeck into a wholly owned Helix LLC subsidiary, with Helix first converting from a Minnesota to a Delaware corporation. Upon closing, Hornbeck shareholders are expected to own about 55% of the renamed Hornbeck Offshore Services, Inc., Helix holders about 45%, with Hornbeck stock converted into 10.27167 shares of new Helix common stock, NYSE listing preserved and both boards endorsing the deal, which also comprehensively addresses equity awards, warrants and post-closing governance.

The combined company’s seven-member board will be controlled by four Hornbeck designees and three Helix designees, with Helix’s William L. Transier chairing the board and committees split between Helix and Hornbeck representatives. Completion remains subject to Helix shareholder approvals, antitrust and other regulatory clearances, NYSE listing of the new shares and effectiveness of a Form S-4, while reciprocal termination fees of up to roughly $49.5 million, detailed registration and securityholder agreements and multi-year standstill and lock-up provisions underscore the negotiated balance of control and protections for major investors.

The most recent analyst rating on (HLX) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Helix Energy stock, see the HLX Stock Forecast page.

Spark’s Take on HLX Stock

According to Spark, TipRanks’ AI Analyst, HLX is a Neutral.

The score is driven primarily by improving fundamentals—strong cash/FCF profile and manageable leverage—tempered by still-thin profitability and cyclical variability. Technicals are mildly constructive but not strongly bullish, while valuation (P/E ~30) is a headwind given near-term margin pressure and execution risk around achieving reiterated 2026 targets.

To see Spark’s full report on HLX stock, click here.

More about Helix Energy

Helix Energy Solutions Group is an energy services company focused on offshore operations, including marine support and specialized services to the oil and gas sector. The group operates primarily in U.S.-regulated waters and internationally, and its shares are listed on the New York Stock Exchange, where it targets institutional and industrial clients in offshore energy markets.

Average Trading Volume: 2,161,374

Technical Sentiment Signal: Strong Buy

Current Market Cap: $1.43B

For detailed information about HLX stock, go to TipRanks’ Stock Analysis page.