Hornbeck Offshore Services (HOS) Q3 2026 earnings summary

Executive summary

• Helix merger closed September 1, expanding the platform across Marine Transportation & Specialty, Subsea Services, and Well Intervention; Q3 reported results include three months of legacy operations and one month of Helix.

• Five-year integrated Shell agreements and a North Sea well-intervention decommissioning contract broaden service opportunities, with work starting in 2027.

Financial highlights

• Q3 reported revenue was $293.3M and Adjusted EBITDA was $105.9M; reported net loss was $85.7M.

• As adjusted to include Helix's two pre-merger months, Q3 revenue was $503.5M, Adjusted EBITDA $155.3M and margin 30.8%; the presentation is illustrative and excludes pro forma adjustments.

• Reported Q3 Adjusted Free Cash Flow was $58.7M; as-adjusted free cash flow was $99.4M, with 64.0% conversion.

• Reported results included $79.0M of merger and integration costs and $43.4M of stock-based compensation; transaction costs totaled $110.9M, including $40.6M accelerated stock compensation.

Outlook and guidance

• Adjusted EBITDA guidance is $90M–$100M for Q4 2026 and $500M–$550M for FY 2027.

• FY 2027 guidance includes $20M of implemented cost-synergy benefits, normal seasonality and project timing, and the first 400-class MPSV contribution after expected late-Q3 entry into service.

• Guidance assumes no material contribution from non-core operations and no meaningful increase in U.S. Gulf of America drilling activity.

• Regulatory dry-dockings are heavier in Q4 and weighted toward H1 2027; 223 days are scheduled in Q4 2026 and 407 in Q1 2027.

• Synergy targets include $30M of annual cost savings within the first year and ~$15M of first-year revenue synergies; $20M of annualized cost actions are implemented.