Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Merger or Acquisition (April 2026)
22 slides from Helix Energy Solutions's merger presentation, Apr 23, 2026
Slide 1: Creating a Premier Integrated Offshore Services Company
Creating a Premier Integrated Offshore Services Company April 23, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. All statements, other than statements of present or historical fact included in this presentation, regarding Helix Energy Solutions Group, Inc.’s (“Helix”) proposed merger with Hornbeck Offshore Services, In
Slide 3: Today's Presenters
Today’s Presenters William Transier Todd Hornbeck Chairman of the President, CEO and Board Chairman Erik Staffeldt Scotty Sparks Jim Harp Executive Vice Executive Vice Executive Vice President and CFO President and COO President and CFO 3
Slide 4: Combination Rationale
Combination Rationale Combines Two Market Leaders Into an Integrated Deepwater Offshore Services Platform + Complementary Businesses Expanded Service Offerings and Customer Diversification Growth Platform with Scale Significant Revenue and Cost Well Intervention, Subsea High-Specification Fleet of S
Slide 5: Transaction Summary
Transaction Summary Select Combination Highlights ◼ All-stock transaction Transaction ◼ Pre-merger Helix shareholders will own 45% and pre- Structure merger Hornbeck shareholders will own 55% of the combined company 100+(1) $2.0bn Total Vessels Total Backlog YE 2025 ◼ Todd Hornbeck will serve as CEO
Slide 6: Stronger and More Competitive Together
Stronger and More Competitive Together Hornbeck Helix Helix Today Pro Forma Combined Before Synergies $ 2,011 $ 1,291 $ 720 2025 Revenue $ 1,291 LTM LTM Before Synergies $ 560 2025 $ 288 EBITDA(1) $ 272 $ 272 LTM LTM 2 21 Newbuild Vessels Incremental > $500mm Cash Multi-Purpose Available for Drivers
Slide 7: Hornbeck at a Glance
Hornbeck at a Glance Company Overview Hornbeck by the Numbers Leading Deepwater High - and Ultra High-Spec footprint across the U.S. GoA, Mexico, the Caribbean, 71 Northern South America and Brazil Vessels in Current Fleet +2 = 73 58 Multi-class Offshore Support New MPSVs expected to Vessels (“OSVs”
Slide 8: Global Presence in Key Offshore Markets
Global Presence in Key Offshore Markets Transaction Merges Two Industry Leaders with Complementary Businesses and Geographic Presence providing Diversified Services to the Full Deepwater Life Cycle Hornbeck Helix Asia Pacific Other Other Mexico Other West 5% <1% 6% 7% West Africa 5% Africa 7% 5% Bra
Slide 9: Complementary Businesses Providing Diversified Service Offerings
Complementary Businesses Providing Diversified Service Offerings Oil and Gas Non – Oil and Gas 20% 80% Non-O&G O&G ▪ Operational logistics for submarine fleet ▪ Submarine rescue, training & support Drilling Support Defense ▪ Long range acoustic survey support 2025 Revenue Mix ▪ Autonomous vessels ▪
Slide 10: World Class Deepwater Fleet
World Class Deepwater Fleet Combined Company Forms an Expanded and Enhanced High-Specification Fleet with a Focus on Well Intervention, Subsea & Specialty Services, Robotics, Marine Transportation, and Emerging Technologies to Support the Energy, Defense and Renewable Markets Well Intervention Multi
Slide 11: Pro Forma Company is a Market Leader in Maritime Services for the Defense Industry
Pro Forma Company is a Market Leader in Maritime Services for the Defense Industry Defense Fleet and Representative Functions Emerging Technologies: Submarine Support Vessel Support Blocking Vessel Autonomy / AI ✓ Surveillance Towed Array Sensor System – Expeditionary ✓ Proof of concept design by HO
Slide 12: Scale and Growth Platform
Scale and Growth Platform Helix Hornbeck Well-Positioned for Future Growth and Sustained Shareholder Value Supported by Increased Scale, Balance Sheet Strength and Robust Free Cash Flow Generation Active Organic Growth Key Growth Expectations Potential well intervention vessel dayrate expansion with
Slide 13: Synergy Potential
Synergy Potential Expected to Generate $75+ Million in Annual Revenue and Cost Synergies Expected Revenue Synergies Expected Cost Synergies ▪ Integrated service offerings ▪ Reduced reliance on third-party vessel charters ▪ Asset optimization ▪ G&A / Support cost rationalization ▪ Expanded portfolio
Slide 14: The Premier Integrated Offshore Services Company
The Premier Integrated Offshore Services Company Complementary Innovative Marine Solutions Global Presence with Strong Exposure to Key Deepwater and Specialty Offshore Markets Growth Platform with Scale Value Creation via Organic Growth, Operational Efficiencies and Strategic M&A Aligned Cultures wi
Slide 15: Appendix
Appendix Helix ENERGY SOLUTIONS
Slide 16: Hornbeck's Operating Footprint
Hornbeck’s Operating Footprint Geographic Footprint(1) Key Differentiators of Target Markets(2) East Coast 4 Active OSVs ~73% 3 Active MPSVs of global deepwater(3) hydrocarbons are located in the West Coast 2 Managed OSVs U.S. GoA, Mexico GoA, the Caribbean, Northern South 2 Active OSVs 73% America
Slide 17: Hornbeck's Differentiated Deepwater OSV Fleet
Hornbeck’s Differentiated Deepwater OSV Fleet Hornbeck’s Primary OSV Differentiators HOS MAX OSV Versatile offshore logistics: Transports equipment and supplies to drilling rigs, production platforms, subsea construction sites, and non-oilfield markets (wind, defense) High-capacity cargo and deck sp
Slide 18: Hornbeck's Differentiated Deepwater MPSV Fleet
Hornbeck’s Differentiated Deepwater MPSV Fleet Hornbeck’s Primary MPSV Differentiators Subsea Flotel Comprehensive subsea lifecycle services: Spanning construction, IRM, commissioning / decommissioning, and flotel accommodations Purpose-built, multi-market fleet: Delivering specialized construction
Slide 19: Hornbeck Unaudited Reconciliations of Non-GAAP Financial Measures
Hornbeck Unaudited Reconciliations of Non-GAAP Financial Measures
Slide 20: Hornbeck | Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Hornbeck | Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations Twelve Months Ended Dec. 31, Dec. 31, Dec. 31, ($ in 000s) 2025 2024 2023 EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation to GAAP: Net cash flows provide
Slide 21: Helix Unaudited Reconciliations of Non-GAAP Financial Measures
Helix Unaudited Reconciliations of Non-GAAP Financial Measures
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATIONS Non-GAAP Reconciliation ($ in thousands, unaudited) 12/31/2023 12/31/2024 12/31/2025 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (10,838) $ 55,637 $ 30,827 Adjustments: Income tax provision (benefit) 18,352 26,427 11,653 Net interest expense
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