The Helix Energy Solutions Group (HESG) and Hornbeck Offshore Services (HOS) have entered into a definitive agreement to combine in an all-stock transaction, establishing an integrated offshore services company.
Upon closing of the transaction, HOS shareholders will own approximately 55 per cent and HESG shareholders will own approximately 45 per cent of the combined company on a fully diluted basis.
"The strategic combination will create a recognised leader in offshore operations through a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities, including trenching subsea pipelines and cables," HESG and HOS said via a joint press release on Thursday, April 23.
The combined company will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defence and renewables.
"Combining Helix’s well intervention assets and robotics with Hornbeck’s specialty and ultra-high specification offshore support vessels will form a complementary, end-to-end service offering that materially expands the combined company’s ability to meet a broader share of customers’ deepwater needs," the companies said.
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 HESG and four from HOS, including Mr Hornbeck. William L. Transier will serve as Chairman of the combined company’s board.