Hornbeck Offshore Services, Inc.

Hornbeck earns revenue by supplying vessels, subsea robotics and equipment for offshore transportation, construction, well maintenance and decommissioning. It serves energy, defense and renewable-energy customers. Charter rates, working vessel-days, project mix and maintenance interruptions affect earnings.

Its all-stock combination with Helix closed on September 1, 2026. The listed company was formerly Helix Energy Solutions Group and began trading on the New York Stock Exchange as HOS on September 2. Legacy Hornbeck is the accounting predecessor, so the third-quarter results include three months of Hornbeck and one month of Helix.

Reported results and the cash difference

Three months ended September 30, $ millions. The 2025 column is legacy Hornbeck; 2026 adds one month of Helix. EBITDA and adjusted free cash flow are company-defined. Operating cash is reconstructed from nine-month less first-half statements.

Measure	2025	2026
Revenue	199.1	293.3
Net income / (loss)	51.9	(85.7)
Adjusted EBITDA	84.7	105.9
Adjusted free cash flow	44.2	58.7
Cash from operations	60.5	(76.7)

Changes in receivables, payables and other operating balances used $63.1 million in Q3 2026. The company's adjusted free cash flow starts from adjusted EBITDA and deducts selected upkeep, interest and tax payments. It excludes those operating-balance movements, growth and commercial investment, while adjusted EBITDA removes merger costs, stock compensation and other specified expenses.

The $85.7 million reported net loss included $79 million of merger and integration costs and $43.4 million of stock compensation. Adjusted net income was $28.2 million after selected removals. Across the first nine months, operating cash flow was negative $14.8 million, compared with positive $97 million a year earlier.

Funding and investments

The merger brought $637.9 million of acquired cash into the investing section of the cash statement. September 30 cash was $471.6 million, with another $1.6 million restricted. GAAP debt carrying value was $736.2 million; contractual face value was $730.6 million. An undrawn $125 million revolving credit line brought cash plus available borrowing capacity to $596.6 million.

The original $42.6 million shipyard obligation for two new multipurpose support vessels had been paid by June 2026. Separate outfitting, engineering and enhancement investment is now estimated at $109.3 million, with $74.4 million still to be spent at September 30. The first vessel is expected to enter commercial service late in Q3 2027 and the second in Q2 2028.

Hornbeck also agreed in August 2026 to buy eight remotely operated underwater vehicle systems for about $56.4 million. Only $0.4 million had been incurred by September 30. Deliveries are expected to start in Q2 2027.

The first combined-company outlook

Management expects adjusted EBITDA of $90 million to $100 million in Q4 2026, the first full combined quarter, and $500 million to $550 million for 2027. The annual forecast includes about $20 million of anticipated cost savings and the first new vessel's late-Q3 contribution. It assumes no meaningful increase in U.S. Gulf deepwater drilling activity.

The maintenance plan shows 223 vessel-days out of service in Q4 2026 and 1,225 during 2027, including 407 in the first quarter. The heavier regulatory drydock schedule is weighted toward the first half of 2027.

The original merger plan targeted $75 million in annual revenue and cost benefits within three years. Hornbeck now expects to reach the $30 million annual cost-saving target within the first year and targets $15 million of revenue benefits over that period. Implemented cost measures are expected to save $20 million a year.

Five-year Shell contracts for a well-intervention vessel and an offshore supply vessel begin in 2027, supported by subsea equipment and other vessels. A two-year integrated North Sea decommissioning contract begins in Q2 2027. Contracted revenue backlog was about $1.9 billion at September 30. Cash collection, vessel availability and the pace of savings are the main checks against the new outlook.

Share structure after the merger

September 30 common shares outstanding were about 222 million. Jones Act warrants represented rights to another 103.6 million shares, subject to U.S. citizenship procedures. The company's roughly 325.6 million basic share-equivalent total includes those warrant rights.