Sept. 1 (splash247) Helix Energy Solutions Group has completed its combination with Hornbeck Offshore Services after shareholders cleared the all-stock deal, creating a larger US offshore services group under the Hornbeck name.
Helix shareholders approved the proposals required to complete the transaction at a special meeting and the merger became effective on September 1.
The deal effectively brings the curtain down on the Helix corporate name. The combined business will operate as Hornbeck Offshore Services and trade on the New York Stock Exchange.
Hornbeck securityholders hold around 55% of the combined company on a fully diluted basis, with former Helix shareholders retaining approximately 45%. Todd Hornbeck takes the president and chief executive role, while William Transier chairs the seven-member board.
Under the original merger terms, Hornbeck shareholders receive 10.27167 Helix shares for every Hornbeck share held. The companies agreed the transaction in April, with Hornbeck investors including Ares Management funds backing the combination from the outset.
The merger brings Helix’s well intervention, subsea robotics and trenching businesses together with Hornbeck’s high-specification offshore support vessel fleet. The companies are targeting deepwater oil and gas, defence and offshore renewables work.
The combination is expected to deliver at least $75m of annual revenue and cost synergies within three years. Management has highlighted lower reliance on third-party vessel charters as one of the main benefits, alongside savings across maintenance, procurement and operations.
The merger also comes after Helix stripped out its US shallow-water abandonment operation. The company sold Helix Alliance to the Chouest Group for $107.5m in May, leaving it more concentrated on deepwater well intervention, robotics and subsea services ahead of the Hornbeck combination.
Hornbeck, meanwhile, brings a sizeable Jones Act and high-spec OSV platform focused on the Gulf of America and Latin America, along with US government and emerging non-oilfield work. Splash recently reported the company was also investing in nuclear technology startup Deployable Energy to explore maritime uses for transportable microreactors.
By Adis Ajdin
Brazil Energy Insight 
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