Helix Energy Solutions Group (NYSE:HLX) shares continued to rally after Thursday’s premarket session as the company announced a strategic merger with Hornbeck Offshore Services.

This move is expected to create a premier integrated offshore services company, enhancing their operational capabilities and market reach.

Merger With Hornbeck Offshore

Hornbeck shareholders are receiving a fixed exchange ratio of 10.27167 shares of Helix common stock for each share of Hornbeck common stock owned.

The deal should unlock at least $75 million in annual revenue and cost synergies within three years of closing.

The companies expect the transaction to close in the second half of 2026, subject to regulatory approvals and shareholder consent. After the transaction closes, Hornbeck shareholders will own about 55% of the combined entity. Helix shareholders will hold roughly 45% on a fully diluted basis.

The company affirmed FY26 sales outlook at $1.200 billion-$1.400 billion vs consensus of $1.304 billion.

Combined Company & Synergies

This combination will establish a strong player in offshore operations, with capabilities in subsea robotics, well intervention, and pipeline and cable trenching.

The merged company will offer integrated subsea and marine transportation solutions across deepwater energy, defense, and renewable markets.

This expanded platform is expected to enhance its ability to serve a wider range of deepwater needs, support the full lifecycle of offshore fields, improve resilience, and increase exposure to specialized non-oilfield sectors.

Todd M. Hornbeck will lead the combined company as President and CEO. Following the close of the transaction, the business will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker "HOS."

HLX Earnings Preview And Analyst Price Targets

On Wednesday, the company reported first quarter loss per share of 9 cents which met the analyst consensus estimate. Meanwhile, Helix reported sales of $287.9 million which beat the analyst consensus estimate of $262.5 million.

The results were impacted by the typical seasonal slowdown in the North Sea and Gulf of America shelf, along with costs related to the successful Thunder Hawk field workover.

Cash and cash equivalents stood at $501.3 million as of March 31, 2026.

Helix CEO Owen Kratz noted “ongoing macro uncertainties” and rising commodity prices, which are boosting demand for the company’s services. Government actions in the North Sea provided a regulatory catalyst to spur decommissioning activities by our customers, he added.

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $10.23. Recent analyst moves include:

  • TD Cowen: Buy (Raises Target to $12.00) (Oct. 24, 2025)

What Helix Energy Solutions (HLX) Does

Helix Energy Solutions Group Inc is an offshore energy services company. It provides specialty services to the offshore energy industry, with an emphasis on well intervention and robotics operations. Helix provides services in deep water in the Gulf of Mexico, Brazil, the North Sea, Asia Pacific, and West Africa regions. It has four segments: Well Intervention, Robotics, Shallow Water Abandonment, and Production Facilities.

HLX Stock Price Activity: Helix Energy Solns Gr shares were up 7.06% at $10.31 during premarket trading on Thursday, according to Benzinga Pro data.

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