Helix completes merger with Hornbeck, new Hornbeck Offshore begins trading as HOS

What happened

Hornbeck Offshore Services, Inc. (ticker: HLX) filed a Form 8-K with the SEC on Sept. 1, 2026, disclosing the completion of a series of transactions that resulted in Helix Energy Solutions Group merging with and into Legacy Hornbeck Offshore Services. The combined company is now named Hornbeck Offshore Services, Inc. and its common stock is expected to begin trading on the New York Stock Exchange under the ticker symbol 'HOS' on Sept. 2, 2026.

The merger was approved by Helix shareholders at a special meeting on Aug. 31, 2026. Helix first converted from a Minnesota corporation to a Delaware corporation, then a Helix subsidiary merged with Legacy Hornbeck, and finally the surviving entity merged into another Helix subsidiary. After these steps, the company was renamed Hornbeck Offshore Services.

Under the merger agreement, each share of Legacy Hornbeck common stock was converted into the right to receive 10.27167 shares of the new Hornbeck common stock, plus cash for fractional shares. Legacy Hornbeck stock options and warrants were also converted or assumed under the terms of the merger.

The new Hornbeck's board of directors was reconstituted, with several Legacy Hornbeck directors, including Todd M. Hornbeck, joining former Helix directors. Certain former directors resigned as part of the transition.

Credit facilities and other agreements

In connection with the merger, Legacy Hornbeck's first-lien revolving credit facility was amended to permit the merger and its revolving commitments were increased from $75 million to $125 million. The second-lien term loan credit facility was also amended to permit the merger.

Helix's existing $120 million asset-based credit facility was terminated at the effective time of the merger. There were no outstanding borrowings under that facility.

The company also entered into amended agreements related to Jones Act warrants, which are designed to ensure compliance with U.S. cabotage laws. Anti-dilution warrants were issued to preserve value in certain circumstances.

What this means

This filing is a Form 8-K, a report that public companies must file with the SEC within four business days of certain significant events. The form lists numerous items because the merger triggered multiple disclosure obligations, including completion of an acquisition, changes in control, director changes, and financial obligation changes.

The transactions described are the final steps of a merger that was first announced in April 2026. The new company takes the Hornbeck name because Hornbeck Offshore is the surviving brand in the combination.

Shareholders of Legacy Hornbeck received a fixed exchange ratio of 10.27167 shares of the new company for each share they held. This ratio was set in the merger agreement and reflects the agreed valuation of the two companies.

The credit facility amendments were needed because the merger constituted a change of control that would otherwise have triggered defaults under those agreements. By amending the facilities, the company preserved its access to credit.

The new ticker 'HOS' replaces the previous trading symbol. Investors should note that the old Helix Energy Solutions (ticker HLX) no longer exists as a separate public company; its shares were converted into shares of the new Hornbeck Offshore Services.