Helix Energy Solutions Group (HLX) Corporate presentation summary

Strategic rationale and combination benefits

• Merger creates an integrated deepwater offshore services platform with expanded offerings and customer diversification.

• Significant revenue and cost synergies expected, leveraging complementary well intervention, subsea robotics, and technical services.

• Combined company will operate a high-specification fleet and retain aligned cultures and proven leadership.

• The new entity will be named Hornbeck Offshore Services and listed on the NYSE as "HOS."

Transaction structure and governance

• All-stock transaction with pre-merger Helix shareholders owning 45% and Hornbeck securityholders 55%.

• Leadership includes Todd Hornbeck as CEO and William Transier as Chairman, with a 7-member board split between both companies.

• Headquarters in Houston, TX and Covington, LA; Helix brand retained for well intervention services.

• Transaction expected to close in the second half of 2026, pending regulatory and shareholder approvals.

Financial highlights and synergy potential

• Combined backlog of $2.0bn at year-end 2025 and over $500mm cash at closing.

• At least $75 million in annual synergies within three years, with $45 million from revenue and $30 million from cost savings.

• Pro forma leverage of 0.1x net debt/LTM adjusted EBITDA.

• Hornbeck Q1 2026 revenue of $173mm and adjusted EBITDA of $65mm, up 24% and 126% YOY, respectively.