HLX stock rises as Hornbeck closes merger

Hornbeck Offshore Services stock (ISIN US42330P1049) moves after the company completed its all-stock merger with Helix Energy Solutions Group on September 1, 2026, with the combined company set to trade on the New York Stock Exchange as HOS on September 2, 2026. Reuters reported the closing on September 1, 2026, and the company said the transaction creates a larger offshore services group.

Revenue and profit were stronger

The latest audited figures in the filing show 2025 revenue of $719.8 million, up from $640.9 million in 2024, while net income rose to $173.4 million from $92.8 million. Basic earnings per share increased to $10.86 in 2025 from $5.43 a year earlier, and operating income climbed to $189.2 million from $131.3 million.

That matters for investors because the merger now sits on top of a business that already showed a clear earnings step-up before the combination closed. The same filing shows total stockholders equity of $568.4 million at December 31, 2025, compared with $434.1 million a year earlier.

Cash flow and leverage

For the first half of 2026, the company reported revenue of $356.0 million, net income of $30.2 million and operating cash flow of $61.9 million. In the same period of 2025, those figures were $346.4 million, $74.7 million and $36.4 million, respectively, so cash generation improved while profit eased.

The balance sheet also changed with the merger period. Long-term debt stood at $416.96 million on June 30, 2026, after $440.61 million at December 31, 2025, while cash and cash equivalents increased to $95.65 million from $54.17 million.

Offshore vessels stay central

The business still rests on offshore supply vessels, multi-purpose support vessels and related marine services, with 2025 vessel revenue of $669.0 million and non-vessel revenue of $50.8 million. In the six months ended June 30, 2026, vessel revenue reached $331.4 million, while non-vessel revenue was $24.6 million.

Hornbeck also reported remaining performance obligations of $309.0 million at June 30, 2026, compared with $229.2 million at December 31, 2025, which points to a fuller charter backlog entering the new company structure.

Stock and valuation

The share count used in the June 30, 2026 balance sheet was 5,271, while the merger filing says 37,818,435 shares were issued to consenting Legacy Hornbeck stockholders. On September 2, 2026, the market will judge the new Hornbeck Offshore Services stock against that enlarged capital base and the stronger 2025 earnings profile.

Hornbeck Offshore Services at a glance

• Company: Hornbeck Offshore Services, Inc.
• ISIN: US42330P1049
• Ticker: HOS
• Trading venue: New York Stock Exchange
• Sector / Industry: Energy / Oil, Gas and Consumable Fuels
• Index membership: Not a major U.S. benchmark member
• Market capitalization: Not quoted in the available sources