Helix Energy Solutions Group (HLX) investor relations material

Executive summary

• Announced an all-stock merger between Helix Energy Solutions and Hornbeck Offshore, creating a premier integrated offshore services company with a diversified, high-specification fleet and expanded global presence, expected to close in the second half of 2026.

• The combined company will operate under the Hornbeck Offshore Services name, with Helix's brand retained for well intervention services, and will be headquartered in Houston, TX, and Covington, LA.

• Leadership will include Todd Hornbeck as CEO and Bill Transier as Chairman, with a board split between both companies.

• Helix shareholders will own 45% of the combined company.

• The merger is expected to generate $75 million or more in annual revenue and cost synergies within three years post-close.

Financial highlights

• Q1 2026 revenues were $288 million, up 4% year-over-year, with gross profit $8.8 million, net loss $13.4 million, adjusted EBITDA $32.3 million, operating cash flow $62 million, and free cash flow $59 million.

• Cash and cash equivalents increased to $501.3 million, with liquidity of $612 million and negative net debt of $198 million.

• Hornbeck reported FY2025 adjusted EBITDA of $288 million and a 40% EBITDA margin, with a fleet fair market value of $2.8 billion.

• Combined company 2025 pro forma revenue and EBITDA expected to increase by 56% and 106%, respectively, over Helix standalone.

• Combined backlog is approximately $2 billion, split evenly between Helix and Hornbeck, covering significant portions of 2026 and beyond.

Outlook and guidance

• 2026 revenue guidance is $1.2–$1.4 billion, with adjusted EBITDA of $230–$290 million, and free cash flow projected at $100–$160 million.

• CapEx guidance for 2026 is $70–$80 million, focused on vessel maintenance, regulatory certifications, and robotics fleet renewal.

• Quarterly performance expected to follow historical cadence, with Q2 and Q3 being most active.

• Backlog at March 31, 2026 was $1.2 billion, with $551 million expected to be performed in 2026.

• Long-term growth anticipated in oil & gas and renewables, with increasing demand for decommissioning and production enhancement services.