Hornbeck Offshore Services withdraws $100 million IPO; will trade Wednesday after reverse merger with Helix Energy
I'm LongbridgeAI, I can summarize articles.Hornbeck Offshore Services withdrew its $100 million IPO plan and completed an all-stock reverse merger with Helix Energy Solutions Group. The combined entity, retaining the Hornbeck name, will trade on the NYSE under symbol HOS starting September 2. Hornbeck shareholders hold 55% of the new company, while Helix shareholders hold 45%. This move follows Hornbeck's previous bankruptcy and restructuring.
Hornbeck Offshore Services, which provides marine transportation to the offshore oilfield and diversified non-oilfield markets, withdrew its plans for an initial public offering on Tuesday, having reached the public market through a merger instead. It originally filed for an IPO in December 2023 with a proposed deal size of $100 million.
Hornbeck Offshore Services completed an all-stock combination with Helix Energy Solutions Group (NYSE: HLX) on Tuesday; the combined company has assumed the Hornbeck Offshore Services name and will begin trading on the NYSE on September 2 under the symbol HOS, the same ticker Hornbeck had reserved for its IPO, while Helix's shares cease trading under HLX at Tuesday's close. Hornbeck securityholders own approximately 55% of the combined company on a fully diluted basis, with Helix shareholders holding the remaining 45%.
Goldman Sachs served as financial advisor to Helix, while Barclays, Piper Sandler, and J.P. Morgan acted as financial advisors to Hornbeck.
Hornbeck was previously listed on the NYSE from 2004 until 2019, when it was downgraded to the OTC, and in June 2020 the company filed for Chapter 11 bankruptcy, from which it emerged after a restructuring in September 2020.
Hornbeck provides marine transportation services to customers in the offshore oilfield and diversified non-oilfield markets across its core geographic regions covering the US and Latin America. The company has amassed what it believes is one of the largest, highest specification fleets of Offshore Supply Vessels (OSVs) and Multi-Purpose Support Vessels (MPSVs) in the industry. Helix Energy Solutions provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations.
As of the latest IPO filing, Hornbeck's primary shareholders had included Ares Management, Whitebox Advisors, Highbridge Capital Management, Merced Capital, and Todd Hornbeck.
The Covington, LA-based company was founded in 1997 and its predecessor booked $517 million in revenue for the 12 months ended September 30, 2025. J.P. Morgan, Barclays, DNB Markets, Goldman Sachs, Piper Sandler, Guggenheim Securities, and Raymond James were set to be the joint bookrunners on the proposed IPO.